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Investors in multiple smallcap and penny stocks, in which entities involved in the multi-crore Mahadev Online Book illegal betting application scam held a stake, have lost up to 37% this month. While Dubai-based alleged hawala operator Hari Shankar Tibrewala and related entities owned more than 30 listed stocks, at least 6 of them have been forced to issue public clarifications denying any links to the accused following a crash in share prices.Many of the stocks that are in the portfolios of the accused have given multibagger returns. Gensol Engineering, for example, which has given an eye-popping return of 800% in just 2 years, has lost one-third of its value since March 1."Zenith, a passive shareholder since September 2022, holds less than 1.5% in Gensol and holds neither decision-making rights nor any involvement in the business and operational strategies of the company," Gensol said in a regulatory filing.Tibrewala invested in the Indian stock market through entities such as Zenith Multitrading DMCC, Ability Games, Tano Investment Opportunities Fund, Brilliant Investments, Discovery Buildcon, Forest Vincom, Dreams Achievers Consultancy Services, Caterfield Global DMCC, Ecoteck General Trading, Sawarnbhumi Vanija Private, and Yudiz Solutions.Gensol said any developments related to Zenith will have no impact on our growth trajectory or strategic vision. But the stock ended 5% in lower circuit on Thursday when most smallcaps rebounded. <iframe title="Smallcaps in trouble amid Mahadev scam" aria-label="Table" id="datawrapper-chart-zIb3q" src="https://et-infographics.indiatimes.com/graphs/zIb3q/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="683" data-external="1"></iframe><script type="text/javascript">!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data["datawrapper-height"][t]+"px";e[r].style.height=i}}}))}();</script>Similarly, Cellecor Gadgets has fallen 37% this month, Toyam Sports 31% and Sigachi Industries 29%.Hyderabad-based Sigachi also denied any connection whatsoever with Tano Investment Opportunities Fund and Caterfield Global DMCC."The company has no control and access to its shareholders and their business/private transactions. Sigachi reaffirms that its business operations across its five Production facilities, and subsidiaries are unaffected and the scheduled capex plans and commissioning schedules are not impacted," Sigachi said.Also read | Little stocks in big trouble! 374 smallcaps fall at least 30% from peak. Worst ahead?Other companies which have distanced itself from the accused in the case include North Eastern Carrying Corporation, Pritika Auto Industries, Cellecor and Servotech Power.Last week, the Enforcement Directorate (ED) said it has frozen shares worth Rs 1,100 crore held in demat accounts linked to the accused in the case.“...As on 29.02.2024, the Indian companies under control of associates of Hari Shankar Tibrewal held around securities worth Rs 580 crore in stock portfolios. That the foreign entities also invested in India via the FPI route and as on 29.02.2024 they were found to be holding securities worth Rs 606 crore in stock portfolios,” the ED had said in a statement on Friday.Investigators have found that the fugitive promoters of the Mahadev app used a betting website ‘skyexchange’ to divert funds through companies under Chokhani’s directorship to stock portfolios. The ED suspects most of these were small and mid-cap stocks.(Data: Ritesh Presswala)(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Brokerage action on One 97 Communications, Info Edge (India) and Westlife Foodworld are likely to impact their stocks today.While Jefferies sees NCPI approval of its third-party app as the last regulatory challenge cleared by the Paytm operator, BofA retains its underperform rating on Info Edge. Meanwhile, Investec has initiated a ‘Buy’ view on Westlife Food. We have collated a list of recommendations from top brokerage firms from ETNow:BofA on Info Edge: Underperform | Target: Rs 4,050BofA has maintained an 'Underperform' rating on the Naukri.com operator but hiked the target price to Rs 4,050 from Rs 3,540, earlier. The US-based brokerage sees slight uptake in Naukri though refrained from calling a turnaround in the company. Meanwhile, it sees strong traction in 99Acres. Next Zomato or PB FinTech among InfoEdge's investee companies may be some time away, it said in a note, arguing that there was limited visibility on which of the investee companies has the potential to lead to value unlocking in the counter.Jefferies on PaytmWith NCPI approving One97 Communications to operate as a third-party app provider, the last remaining regulatory challenge for ensuring a smooth transition of customers and merchants has been done with, says Jefferies in a note. Axis, HDFC, SBI & YES Bank will be the PSP banks and YES Bank will be acting as the merchant acquiring bank for both existing and new UPI merchants.However, clarity is awaited on user/merchant retention and the path to normalisation for the lending business, it said. The brokerage noted an 8-15% hit to payments value/app usage citing the February data points. The business model is moving to a pure payments company. Paytm is likely to dip into >$1 billion cash reserves for merchant/customer retention, the brokerage said.Investec on Westlife Foodworld: Buy | Target: Rs 923Investec has initiated a 'Buy' rating on Westlife Foodorld for a target price of Rs 923 arguing for its sustainable growth and attractive market potential. It sees a material runway for margin expansion while expecting revenue and PAT to grow at a CAGR of 17% and 43% over FY 2024-26. Longer-term store expansion and SSSG (same-store sales growth) opportunities remain attractive, it said.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Equity markets rebounded on Thursday and even broader markets saw some recovery from the previous day's sharp losses. The 30-share Sensex climbed 335 points to settle at 73,097 and the broader Nifty gained 148 points to close at 22,146.Stocks that were in focus included names like ITC, which fell 0.82%, Swan Energy, which rose 10%, and Kalyan Jewellers, whose shares dropped nearly 1% on Thursday.Here's what Riyank Arora, Technical Analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today.ITCThe stock held its mark despite the weak market sentiment in Wednesday’s session. With the stock opening gap up and losing most of its gain for the day, a strong support lies at 407-410 levels. A strict stop loss should be kept at 405 for all long positions, and we can see higher levels of 445 and 450 coming in over the period of time.Swan EnergyThe stock faced continuous selling pressure in consecutive 8 trading sessions and fell almost 38%. A major support is placed at around 450 levels below which the stock would lose its strength. An immediate resistance is placed near 525 levels as per the daily charts.Kalyan JewellersThe stock touched its important support of 360-365 mark and successfully managed to hold above the same. Overall trend is still positive for the stock and a strict stoploss at 350 should be kept for all longs. Upside we can see 420-430 in the near term.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Mamata Banerjee sustained injuries including a deep gash on her forehead, a cut on the nose, and concussion following a fall at her residence in Kalighat on Thursday evening. The director of the state-run SSKM Hospital told ToI that the injuries appeared to have been caused by "some push from behind."Around 7:30 pm, the Chief Minister of Bengal was admitted to the Woodburn Ward of the hospital. Medical professionals addressed the bleeding and subsequently treated the wound on her forehead with three stitches, while the cut on her nose required only one stitch. Following the recommendations of a multidisciplinary medical team, she underwent various procedures including a CT scan and an MRI. By 9:45 pm, she was discharged and returned home.“We wanted to find out whether the fall was an accident or she suffered any fluctuation in blood pressure,” a health department official told.Mamata Banerjee accident: Conspiracy Theory The narrative surrounding Mamata's fall shifted significantly at approximately 11 pm, as SSKM director Manimoy Bandyopadhyay hinted at a potential external force being responsible for the incident. Rather than attributing it to a simple trip, Bandyopadhyay suggested the possibility of an unknown "push" leading to her injuries. However, he refrained from providing further details regarding the specific cause.“Investigations like ECG and CT scan were done. She was advised admission for observation, but she preferred to go home. She will continue to be under close watch. She will be assessed on Friday,” Bandyopadhyay told ToI. Kajari Banerjee, Mamata's sister-in-law and a Trinamool councillor, added to the conspiracy theory, saying she heard that "Didi fell after a dhakka". The Bengali word can be interpreted variously, including "impact after colliding with something"."I wasn't present but spoke to my wife, who accompanied Didi to SSKM Hospital," Kajari's husband Kartik Banerjee said.Another family member said Mamata "fell face first and hit the sharp edge of a small cabinet".On Thursday evening, the CM attended an event near south Kolkata's Gariahat, not far from her Kalighat home, to unveil the statue of the late Trinamool leader Subrata Mukherjee. Soon after returning home, she fell and injured herself.PM Narendra Modi wrote Mamata a get-well message on X. "I pray for a quick recovery and the best health for Mamata Didi," he posted.Earlier in March 2021, Banerjee suffered a ligament injury in Nandigram while campaigning for the assembly elections. She hit the campaign trail in a wheelchair with a plastered leg.Last June, the Bengal CM suffered another injury in her left knee and hip during an emergency helicopter landing at the Sevoke airbase in North Bengal. She was brought to SSKM Hospital, where doctors found fluid accumulation in her left knee joint and a ligament injury in the left hip joint. The Bengal CM had to restrict her movement for several days after that and went through a rehabilitation regimen. The last time she visited the hospital for that injury was in September 2023.