Eqwires | Stock Market Advisory

Unlisted Shares in Focus as Legal Hurdles Begin to Clear

The National Stock Exchange (NSE) is back in the spotlight as it takes a major step toward resolving long-standing regulatory challenges. On Wednesday, June 25, the exchange filed two applications with the Securities and Exchange Board of India (SEBI) to settle the co-location and dark fibre cases by offering to pay a record ₹1,388 crore—the highest-ever settlement amount proposed by any Indian entity.

📈 Unlisted Shares React

The development has sparked renewed interest in NSE’s unlisted shares, which are currently trading in the ₹2,325–2,400 range on the grey market. A successful settlement could pave the way for the exchange to relaunch its long-awaited Initial Public Offering (IPO).

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📜 A Long-Awaited IPO

• NSE first filed its draft IPO papers back in 2016, with plans to sell a 22% stake and raise nearly ₹10,000 crore.
• However, those plans were derailed by regulatory probes stemming from a 2015 controversy, where certain high-frequency traders were alleged to have received preferential access to NSE’s co-location servers.

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⚖️ Clearing Legal Clouds

SEBI Chairman Tuhin Kanta Pandey, speaking at the FE CFO Awards, stated that no major obstacles remain in NSE’s path.

“Some legal settlements and related issues need to be closed. A certain amount will have to be paid, and cases withdrawn,” he said.

On May 7, during an earnings call, NSE MD & CEO Ashishkumar Chauhan confirmed the exchange had replied to SEBI’s February 28 letter and formally requested the No Objection Certificate (NOC) needed to initiate the IPO process.

Chauhan emphasized that regulatory uncertainties around clearing corporation divestment and KMP salaries might still slow progress, but added:

“Pending Supreme Court matters will be disclosed in the DRHP. Beyond that, there are no major hurdles.”

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🔁 Derivatives Expiry Day Changes

NSE was recently in the news after SEBI approved changes to the expiry day for derivatives contracts.

• Contracts expiring on or before August 31, 2025, will continue with the Thursday expiry.
• For contracts expiring on or after September 1, 2025, the expiry day will shift to Tuesday.
• Long-dated index options will be realigned accordingly.

This move aims to streamline trading activity and better align expiry days across products and exchanges.

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🧾 Conclusion

With its settlement offer on the table and regulatory clarity improving, NSE appears closer than ever to reviving its IPO ambitions. For investors and market watchers, this signals not only a potential listing from India’s largest exchange but also a renewed push for transparency, accountability, and innovation in capital markets.

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In a strategic move set to reshape India’s private fuel retail landscape, Adani Total Gas Ltd. (ATGL) and Jio-bp, the fuel retail arm of Reliance BP Mobility, have announced a new partnership that will see cross-distribution of fuels at each other’s outlets.

Announced on June 25, the collaboration aims to improve fuel availability and quality for consumers while leveraging the combined infrastructure and reach of both energy giants.

🔁 What’s the Deal?

• Jio-bp’s premium petrol and diesel will now be available at select Adani fuel stations.
• In return, Adani’s CNG will be dispensed at select Jio-bp outlets through ATGL’s units.
• The partnership spans existing and upcoming fuel stations across India.

🗣️ Leadership Commentary

Suresh P Manglani, CEO of ATGL, said the alliance will enhance customer experience by utilizing each other’s infrastructure and extending product offerings.

Sarthak Behuria, Chairman of Jio-bp, highlighted that the collaboration brings together the strengths of both companies to deliver greater consumer value.

🛠️ Scale and Reach

• ATGL, a joint venture of Adani Group and TotalEnergies (France), currently operates around 650 CNG stations, with a growing footprint in biogas, EV charging, and LNG for transport.
• Jio-bp, backed by Reliance Industries and bp, runs ~2,000 fuel outlets across India and is focused on delivering cleaner energy solutions. Many stations also include convenience stores.

🔄 A Growing Partnership

This isn’t the first time Adani and Reliance have collaborated. In March 2025, Reliance Industries acquired a 26% stake in Adani Power’s Mahan Energen Ltd, signaling warming ties between the two conglomerates.

⛽ Industry Impact

India’s fuel retail market is dominated by public-sector giants like Indian Oil, BPCL, and HPCL, which together control nearly 90% of the 97,000 fuel stations in the country. This partnership between Adani and Reliance signals a strong private-sector challenge to the status quo—offering consumers more choice, higher quality fuel, and modern service experiences.

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Conclusion:
With growing demand for diverse and cleaner fuel options, the Adani-Reliance partnership is a bold step toward reshaping India’s fuel retail ecosystem. For Indian motorists, it means more choices and better access—driven by innovation and private collaboration.

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Sensex Surges 700 Points | Nifty Crosses 25,200 | Titan, Infosys Lead the Rally

Indian benchmark indices extended their winning streak on Wednesday, June 25, with strong buying interest across sectors lifting both Sensex and Nifty to fresh highs. A mix of easing geopolitical tensions, positive global cues, and broad-based domestic buying sentiment powered the rally.

🔔 Market Snapshot

• BSE Sensex jumped 700.40 points (0.85%) to close at 82,755.51, after hitting an intraday high of 82,815.91.
• NSE Nifty 50 surged 200.40 points to settle at 25,244.75.

🌟 Top Performers

Out of the 30 Sensex constituents, several large-cap stocks led the uptrend:

• Titan (+3.61%) emerged as the top gainer
• Infosys, Mahindra & Mahindra, Bharti Airtel, and TCS followed closely
• Bharti Airtel touched a 52-week high during the session

🔻 Stocks Under Pressure

• Bharat Electronics Ltd (BEL) slipped by 1.52%
• Kotak Mahindra Bank and Axis Bank also ended lower

💡 Expert View

According to Vaibhav Vidwani, Research Analyst at Bonanza Portfolio,

“Market breadth remained robust with nearly 2,000 stocks advancing against around 600 decliners—an indication of broad-based buying. Gains in sectors like IT, Auto, and FMCG supported the momentum. A tentative ceasefire between Israel and Iran eased global tensions, which in turn led to a decline in crude oil prices, boosting investor sentiment.”

💰 FII-DII Activity

• FIIs continued to book profits, selling shares worth Rs 5,266.01 crore on Tuesday.
• On the other hand, DIIs provided crucial support, buying equities worth Rs 5,209.60 crore.

🌍 Global Markets at a Glance

• Asian markets closed in the green: South Korea’s Kospi, Japan’s Nikkei 225, China’s SSE Composite, and Hong Kong’s Hang Seng all ended higher.
• European markets traded mixed in mid-session.
• Brent crude prices rose 1.21% to $67.95 per barrel, despite overall easing tensions in the Middle East.

📊 Previous Day Recap (June 24, 2025)

• Sensex gained 158.32 points to close at 82,055.11
• Nifty added 72.45 points to end at 25,044.35

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Conclusion:
Markets rode the wave of positive sentiment with strong support from heavyweight stocks and improved global outlook. While FIIs booked profits, domestic investors kept the buying spirit alive. Going forward, global developments and corporate commentary will remain key triggers.

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After a promising start, domestic benchmark indices Nifty 50 and Sensex cooled off in the afternoon session on Tuesday, June 24, as renewed geopolitical tensions in the Middle East weighed on investor sentiment. The markets closed modestly higher, but well off their intraday peaks.

The dampened mood followed reports that Israel intercepted two missiles fired from Iran, just hours after a ceasefire between the two nations was declared. An official from the Israel Defense Forces (IDF) confirmed the interception, as reported by CNN.

Reacting strongly, Israeli Defence Minister Israel Katz stated, “In light of Iran’s blatant violation of the ceasefire declared by the President of the United States… I have instructed the IDF to continue high-intensity operations targeting regime assets and terror infrastructure in Tehran.”

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Closing Bell Snapshot: Nifty & Sensex End in Green

• Sensex rose 158 points (0.19%) to close at 82,055.11
• Nifty 50 gained 72 points (0.29%) to settle at 25,044.35

Market breadth was positive, with 2,570 stocks advancing, 1,289 declining, and 129 unchanged.

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Midcaps, Smallcaps Outshine; PSU Banks Rally Over 2%

Despite the pullback in the frontline indices, the broader market outperformed, with both the Nifty Midcap 100 and Nifty Smallcap 100 ending about 0.7% higher.

Sectorally, most indices held firm. Notably:

• Auto, PSU banks, and metal stocks were among the top gainers.
• The Nifty PSU Bank index surged over 2%, driven by renewed buying interest. The rally was bolstered by a report from HDFC Securities, which highlighted signs of a ‘secular turnaround’ in the public banking space.

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Defence Stocks Decline as Geopolitical Risk Eases

Defence-related stocks took a hit after a two-day rally, with investors booking profits amid hopes of de-escalation in the Israel-Iran conflict. Former U.S. President Donald Trump’s statement that a ceasefire had been reached between the two nations also contributed to the dip, calming crude oil prices and reducing fears of a broader regional crisis.

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Technical View: Key Levels to Watch on the Nifty

The Nifty’s breakout attempt above its recent consolidation zone faced resistance, with the index once again retreating to the 24,500–25,000 range. However, analysts remain cautiously optimistic.

According to Dhupesh Dhameja, Derivatives Research Analyst at SAMCO Securities, the index continues to find strong buying support around 24,700–24,750.

“A close above 25,250 could reignite bullish momentum and push the index toward 25,500,” he said. “On the downside, any meaningful weakness would only emerge if Nifty breaks below 24,700—until then, dips are likely to be bought.”

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Outlook

While today’s session reflected the market’s sensitivity to geopolitical news, underlying strength in mid- and small-cap segments, as well as in PSU banks, suggests that investors remain cautiously optimistic. Traders will be watching for clarity on the Middle East situation, along with global cues, before making their next move.

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At the Adani Group’s Annual General Meeting (AGM), Chairman Gautam Adani addressed recent allegations and laid out an ambitious roadmap for the Group’s future. Refuting claims tied to an alleged bribery scandal, Adani asserted, “Despite all the noise, the facts are that no one from the Adani Group has been charged with violating the FCPA or conspiring to obstruct justice.”

His remarks follow reports that the U.S. Department of Justice (DOJ) and Securities and Exchange Commission (SEC) are investigating Adani Green Energy for potential violations of the Foreign Corrupt Practices Act. The DOJ alleges the Group ran a $250–265 million bribery scheme between 2020 and 2024 to secure solar energy contracts in India.

Adani emphasized that the Group is fully cooperating with legal proceedings and reiterated its commitment to global compliance and governance standards, calling them “non-negotiable.”

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Innovation & Sustainability: Green Energy and India’s First Hydrogen Mining Truck

The AGM wasn’t just about damage control. Adani used the platform to spotlight a series of bold initiatives in energy, infrastructure, and sustainability.

Among the highlights was the launch of India’s first hydrogen-powered mining truck, a significant step toward decarbonizing industrial operations. The Group also continues to scale up in green energy, with Adani Green Energy building the world’s largest renewable energy park in Khavda, Gujarat. The company aims to hit 50 GW of renewable capacity by 2030, contributing to a broader goal of 100 GW when including thermal and hydro power.

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Big Numbers, Bigger Ambitions: Record Performance in FY25

Despite global scrutiny, the Adani Group posted strong financials for FY25.

• Consolidated revenue rose 7% to ₹2,71,664 crore
• EBITDA increased 8.2% to ₹89,806 crore
• Net debt-to-EBITDA ratio remained healthy at 2.6x

“Even in a year of turbulence, we saw record-breaking revenue, unprecedented growth, and historic profitability,” Adani told shareholders.

The Group plans to invest $15–20 billion annually over the next five years, channeling funds into infrastructure, energy, logistics, and digital services. “These are not just investments in our Group, but investments in building India’s infrastructure,” he added.

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Sector-by-Sector: Key Milestones Across the Adani Empire

• Power: Adani Power crossed 100 billion units of electricity generation and is on track to reach 31 GW capacity by 2030.
• Transmission: Adani Energy Solutions secured ₹44,000 crore in orders and is rolling out smart metering projects worth ₹13,600 crore.
• Solar Manufacturing: Adani New Industries is building a 10 GW integrated solar module facility to support India’s clean energy mission.
• Cement: The Group has already crossed 100 MTPA capacity, achieving 72% of its goal to reach 140 MTPA by FY27-28.
• Gas & EVs: Adani Total Gas now serves 1 million PNG customers and operates 3,400 EV charging stations across 22 states.

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Ports, Airports, and a New Mega-Airport

• Adani Ports handled a record 450 MMT of cargo in FY25, while continuing to expand integrated logistics services under the Gati Shakti Mission.
• Aviation: The Group’s airport business had its best year yet, handling 94 million passengers. The much-anticipated Navi Mumbai International Airport is on track to open this year, launching with a capacity of 20 million passengers and aiming for 90 million in the long term—targeting 35% of India’s passenger traffic.

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Looking Ahead

While facing external challenges, the Adani Group appears committed to its high-growth trajectory and national infrastructure goals. Gautam Adani’s message was clear: “We are building businesses that matter—for India’s future, and for global sustainability.”

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