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Daily Money Show 940 - GVK Power Bankruptcy and Ukraine War Selloff
Original: # 940 Daily Money Show | Money Purse Stock Market News
Takeaway
Avoid buying bankrupt stocks like GVK Power expecting revival - equity gets cancelled in CIRP regardless of who acquires the company.
Summary
- Markets opened positive but sold off in last 30 min: Sensex +239 at 77,578, Nifty +64 at 23,518; midcap +0.9%, smallcap +0.8%
- Russia-Ukraine war intensifies: Ukraine fired first missile inside Russia, Putin approved possible nuclear weapon use against Western-backed strikes
- Critical warning on GVK Power: in bankruptcy/CIRP - bidders include Vedanta, Jindal Power, JSW Energy, Shyam Sel; equity holders get NIL (zero) after acquisition, like Videocon precedent
- PG Electroplast signed agreement with African EV leader Spiro Mobility (Nigeria, Kenya, Uganda, Ghana, Tanzania) for EV manufacturing via subsidiary PG Technoplast
bankruptcyCIRPwar risk
Original description
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