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The capital expenditure target can be raised to Rs 9-9.5 trillion from Rs 7.5 trillion set for FY23. It will significantly improve the infrastructure spending and enhance the business for other elide sectors such as cement, metals and capital goods.

The Relative Strength Index of the stock stood at 27.32 on Friday.

Its revenue from operations rose 3.3% YoY to Rs 9,315.14 crore whereas EBITDA increased by a sharp 29.4% YoY to Rs 1,777 crore and margins expanded by a whopping 386 basis points to 19.07%.

Over the medium term, as the company targets further growth in annual sales bookings, a strong business development pipeline and expansion into Pune and Bengaluru markets remains key.

Promoters held 38.17 per cent stake in the company as of 31-Dec-2022, while FII and DII ownership stood at 16.72 per cent and 4.58 per cent, respectively.

It looked like a ‘Black Friday’ sale on Dalal Street as traders dumped Adani Group stocks relentlessly with many counters hitting multi-month and multi-year lows.

A total of 807 shares changed hands on the counter till 01:11PM (IST).

While India is doing markedly better on inflation, the global factors will have a significant impact on the RBI’s policy stance as it will need to balance interest rates and currency to protect the flight of capital from the country.

Additionally, in order to promote investments in ETFs, which are relatively safer products, especially for newbies and young investors, I would provide special tax incentive on similar lines to Additional NPS Contribution under Section 80CCD1B.

"Even if you ignore the findings of our investigation and take the financials of Adani Group at face value, its 7 key listed companies have 85% downside purely on a fundamental basis owing to sky-high valuations," Hindenburg said.