Shaily Engineering, Adani Energy and Other Stocks Recently Included in ST-ASM Framework

Synopsis: Several Indian stocks, including Adani Energy Solutions, Shaily Engineering Plastics, Delta Corp, and others, were recently included in the SEBI Short-term Additional Surveillance Measure (ST-ASM) framework following reviews that identified unusual price movements, high trading volumes, and other reasons.

The Short-term Additional Surveillance Measure (ST-ASM) is a regulatory mechanism introduced by SEBI and Indian stock exchanges to closely monitor stocks that exhibit unusual or sudden trading activity. Its primary goal is to safeguard investors and uphold market stability by applying temporary, tighter trading restrictions on highly volatile or speculative stocks.

Criteria for Inclusion & Exclusion in ST-ASM

Stocks are placed under the Short-term Additional Surveillance Measure (ST-ASM) based on sudden abnormal price movements, sharp volume changes, high client concentration, limited trader diversity, and short-term volatility (typically over 5–15 trading days). These factors help exchanges identify stocks with unusual or speculative trading activity for closer, temporary monitoring.

A stock may be removed from ST-ASM if it no longer meets the inclusion criteria. After completing a minimum period (5–15 trading days), the stock is reviewed stage-wise; it may move to a lower stage or, if in Stage I, be fully exited. Continuous monitoring ensures that only stocks with recent abnormal trading patterns remain under ST-ASM. Here is the list of stocks that have been recently included from the ST-ASM Framework:

Adani Energy Solutions Ltd

Adani Energy Solutions Limited (AESL), part of the Adani Group and headquartered in Ahmedabad, is India’s largest private sector power transmission and distribution company. It specializes in building, operating, and maintaining high-voltage transmission lines and distribution networks, with a growing focus on smart metering and district cooling solutions. On April 28th, the company was included in the ST-ASM Stage I Framework by the stock exchanges.

Shaily Engineering Plastics Ltd

Shaily Engineering Plastics Ltd (established 1987) is a Vadodara-based manufacturer specializing in precision injection-moulded plastic components and sub-assemblies for industries like healthcare, home furnishings, and FMCG. Known as a major exporter, it serves Fortune 100 companies with high-performance polymers, manufacturing, and in-house tooling capabilities. On April 27th, the company was included in the ST-ASM Stage I Framework by the stock exchanges.

Delta Corp Ltd

Delta Corp Ltd is India’s largest listed gaming and hospitality company. It operates casinos in Goa and Sikkim, along with online gaming platforms. Founded in 1990, the company focuses on entertainment, tourism, and luxury experiences, and is a key player in India’s regulated gaming industry. On April 27th, the company was included in the ST-ASM Stage I Framework by the stock exchanges.

Electrotherm (India) Ltd

Electrotherm (India) Ltd is a diversified engineering company and a global leader in induction melting furnaces. The company provides turnkey solutions for the steel industry, including manufacturing furnaces, ductile iron pipes, and TMT bars, while diversifying into electric vehicles (e-bikes/e-rickshaws) and renewable energy. On April 27th, the company was included in the ST-ASM Stage I Framework by the stock exchanges.

IRM Energy Ltd

IRM Energy Ltd (IRMEL) is an Indian city gas distribution company incorporated in 2015 that supplies Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) for domestic, industrial, and commercial use. Based in Ahmedabad, it operates networks in Gujarat, Punjab, and Tamil Nadu. On April 28th, the company was included in the ST-ASM Stage I Framework by the stock exchanges.

Vidya Wires Ltd

Vidya Wires Limited is an Indian manufacturing company which produces copper and aluminium winding wires used in power, electrical, automotive, and renewable sectors. The company is among India’s leading wire manufacturers, offering a wide product range, strong production capacity, and serving diverse industrial customers domestically and internationally. On April 27th, the company was included in the ST-ASM Stage I Framework by the stock exchanges.

Fujiyama Power Systems Ltd

Fujiyama Power Systems Limited is an Indian renewable energy company which manufactures rooftop solar products such as solar panels, inverters, and batteries. The company operates in on-grid, off-grid, and hybrid solar solutions, serving residential and commercial sectors, with strong growth driven by India’s expanding solar energy market. On April 27th, the company was included in the ST-ASM Stage I Framework by the stock exchanges.

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