Tokyo Stocks Advanced, India Indexes Trended Lower

Arjun Pandit
25 Jan, 2023
New York City

Stocks in Tokyo traded higher on rate optimism and investors reacted to corporate earnings. 

The Nikkei 225 average increased 0.3% to 27,395.01 and the yen edged higher to 129.77 against the U.S. dollar.

Nidec Corporation declined 5.4% to ¥7,145.0 after the maker of spindle motors used in electronic devices reported weaker-than-expected earnings. 

Disco Corp declined 3.5% to ¥39,000.0 after the maker of precision tools reported weaker-than-anticipated quarterly results. 

Net sales in the nine-month period ending in December rose 13.8% to 205 billion yen and net income increased 25.7% to 57.2 million yen. 

Earnings per share increased to 1,585 yen from 1,261 yen in the previous year. 

 

Weakness In Adani Group Drags Lower India Indexes 

Stocks in Mumbai traded lower ahead of the Republic Day holiday and Adani Group stocks declined after the U.S.-based research company published negative comments ahead of the $2.5 billion secondary offering. 

Hindenburg Research alleged that Adani Group operates multiple entities in tax havens and siphons revenue from the publicly listed entities. 

The research note also alleges that the company is involved in "brazen stock manipulation and accounting fraud scheme," without citing any specific transaction. 

Hindenburg holds short positions in the group's stocks and debts and the short seller is looking for a decline in valuation as much as 85%. 

"The report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India's highest courts," Adani Group refuted in a statement Wednesday. 

The Sensex declined 1.3% or 773.69 points to 60,205.06 points and the Nifty index dropped 1.3% or 226.35 points to 17,891.95. 

The Indian rupee inched lower to 81.49 against the U.S. dollar.