Shares of Life Insurance Corporation (LIC) of India hit fresh record lows amid sustained decline in Adani Group stocks. Its stock finished at Rs 567.8, down 2.9 per cent over its previous close. The state-owned insurer's market value is now down Rs 2.4 trillion, or 40 per cent, compared to initial public offering levels.
Tata Group remained India's largest business conglomerate in market capitalisation in calendar year 2023 while the Mukesh Ambani camp raced ahead of the Adani businesses to become the second-largest. The Tata companies ended 2023 with a combined group market capitalisation of Rs 28.68 trillion, up 35 per cent from the Rs 21.2 trillion at the end of December 2022. Ambani's group mcap is Rs 19.42 trillion at the end of CY23, up 10.7 per cent from the Rs 17.6 trillion a year ago.
Corporate India is starting to step up its capital expenditure plans amid government incentives and signs of rising demand, company executives and analysts have indicated. This coincides with the Reserve Bank of India (RBI) recently citing a double-digit growth in private capital expenditure. Healthy balance sheets of banks and corporates, along with increasing capacity utilisation and improving business sentiment, are contributing to a favourable environment for sustained growth in private sector investments, the RBI said in its policy last week.
'If there is any reason to change my holding in Adani group stocks, the Hindenburg report on the group is not the one.'
Richest Indian Gautam Adani's group, which has grown on acquisitions, has fairly solid fundamentals but debt-funded future acquisitions can start putting pressure on ratings, S&P Global Ratings said on Thursday. Starting out as a commodities trader in 1988, the Adani group has diversified from mines, ports and power plants into airports, data centres and defence. It recently forayed into the cement sector with a $10.5 billion acquisition of Holcim's India units and is also looking to set up an aluminium factory. Most of this expansion has been funded by debt.
The Supreme Court on Thursday ordered setting up of a six-member committee headed by former apex court judge Justice A M Sapre to investigate the recent Adani group shares crash triggered by the Hindenburg Research's fraud allegations and other regulatory aspects related to stock markets.
The Centre has no objection to a proposal for setting up a panel of domain experts to look into strengthening the regulatory mechanisms for the stock market, the Supreme Court was told on Monday while it was hearing pleas relating to the Adani stocks rout after the Hindenburg report.
Amid a political furore over a meltdown in the Adani group shares, stock market data shows it is not only the plunge now but the sharp surge of the past also drew regulatory attention and enhanced surveillance. Adani group stocks have taken a huge beating on the bourses, losing billions of dollars in market value, after US-based activist short-seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. The Adani group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
Billionaire Gautam Adani-led group's renewable energy firm on Thursday announced plans to raise Rs 12,300 crore through a share sale to investors as the group continues to build on a comeback strategy to emerge out of allegations of fraud levelled by a US short-seller. Adani Green Energy Ltd in a stock exchange filing said its board has approved raising up to Rs 12,300 crore through an issue of equity shares by way of qualified institutional placement (QIP). The funds are intended to be used for meeting capital needs of the company's expansion plans.
Auditor Deloitte flagged three transactions, including recoveries from a contractor identified in the Hindenburg report, as it issued a qualified opinion on the accounts of Adani Ports & Special Economic Zone.
Actively managed mutual fund (MF) schemes had been at the receiving end over the past few years for their inability to beat their benchmarks. However, the slump in shares of Adani Group companies - two of which are part of the benchmark National Stock Exchange Nifty50 index - have helped them improve their performance vis--vis exchange-traded funds (ETFs) or index funds.
The Supreme Court on Friday refused to accept in a sealed cover the Centre's suggestion on a proposed panel of experts for strengthening regulatory measures for stock markets in the wake of the recent Adani group shares crash triggered by Hindenburg Research's fraud allegations.
The Securities and Exchange Board of India's (Sebi's) investigation into the Hindenburg allegations is making slow progress when it comes to obtaining information from overseas regulators, particularly around ultimate beneficial ownerships of certain foreign portfolio investors (FPIs), said people in the know. "Establishing ultimate beneficial ownerships for FPIs is a very complex exercise. "Several jurisdictions allow omnibus structures where the end beneficiaries are not required to be captured or are based in some other geographies.
The Adani Group led in adding net fixed assets, which are up more than 90 per cent since September 2019 or before COVID-19.
The combined market capitalisation of Adani Group companies fell by Rs 54,876 crore, to Rs 10.92 trillion, as investor sentiment turned bearish on Wednesday. Shares of Adani Transmission fell by 7.7 per cent to close at Rs 886 while those of Adani Power lost 7.1 per cent to end the day at Rs 323. The stock of Adani Enterprises, the flagship company of the group, lost 6.2 per cent to finish at Rs 2,530.
Six entities including four foreign portfolio investors (FPIs) are under lens for suspicious trading in Adani group shares prior to the release of the damning Hindenburg report, the Supreme Court-appointed expert committee has said. There was a build up of short positions in the Adani scips prior to the January 24 release of the Hindenburg report, and substantial profits were booked thereafter as stocks crashed, the 178-page report said. A "short" position is generally the sale of a stock one does not own.
The combined market-cap of all listed Adani group firms has plunged nearly Rs 7.11 trillion since January 24 when the Hindenburg report was made public.
Adani Enterprises, the flagship firm of billionaire Gautam Adani's group, has bought a close to 30 per cent stake in Start Enterprises Pvt Ltd, which owns the online train ticket booking platform Trainman. Adani Enterprises last month announced that it has signed a pact to acquire 100 per cent of SEPL In a stock exchange filing on Saturday, Adani Enterprises said Adani Digital Labs Pvt Ltd, a wholly-owned subsidiary of the company, has bought a 29.81 per cent stake in SEPL for Rs 3.56 crore.
Prime Minister Narendra Modi, Union home minister Amit Shah, Congress president Mallikarjun Kharge, and Nationalist Congress Party-Sharadchandra Pawar supremo Sharad Pawar were among the famous faces who queued up at the polling booths on Tuesday to caste their votes in the third phase of the Lok Sabha elections.
Gandhi has been attacking the prime minister on the Adani issue and has been demanding an investigation into the matter.
The Adani group has exited the financial services business by selling its entire 90 per cent stake in Adani Capital and Adani Housing to private equity (PE) firm Bain Capital for Rs 1,440 crore. The total valuation of the Adani financial services business stands at Rs 1,600 crore. Gaurav Gupta, managing director (MD) and chief executive officer (CEO) of the Adani firms will hold the rest of the stake.
'It's a clear case of political patronage helping an individual grow.'
Chip giant Qualcomm chief executive Cristiano R Amon and billionaire Gautam Adani on Monday discussed role of AI, semiconductors and edge appliances across markets in the fast changing global technology space. The two leaders met in Mumbai on Monday morning to discuss India's potential around semiconductors, AI and mobility, according to a social media post by Adani. While Qualcomm is big on designing and manufacturing semiconductors and wireless telecommunications products, Adani group had in 2022 bought a small quantity of fifth generation or 5G spectrum for private captive network deployment in ports, logistics and power generation among others.
For India to view the new Sri Lankan leadership only through the prism of the past or through their narrow view on China, is fraught with possibilities that should be avoided, asserts N Sathiya Moorthy.
Adani Group on Friday launched its Rs 31,000-crore open offer to acquire 26 per cent additional stake from the public shareholders of Swiss firm Holcim's two Indian listed entities ACC Ltd and Ambuja Cements. In May this year, the Adani Group had announced that it had clinched a deal to acquire a controlling stake in Holcim Ltd's businesses in India for $10.5 billion. Markets regulator Sebi granted approval for the open offer last week.
Earlier this week, Congress president Mallikarjun Kharge and Rahul Gandhi held a series of meetings, including with Nationalist Congress Party supremo Sharad Pawar, Bihar Chief Minister Nitish Kumar, Rashtriya Janata Dal leader and Bihar Deputy Chief Minister Tejashwi Yadav and Janata Dal-United president Rajiv Ranjan Singh Lallan.
Trinamool Congress members and some from the Congress trooped in the Well of the House raising slogans demanding a copy of the report.
The DGCA has derostered the Air Traffic Controller (ATC) who was on duty at the time of the incident on Saturday, while IndiGo has initiated a probe into the matter
Lok Sabha on Friday passed the Finance Bill 2023 with 64 official amendments, including the one that seeks withdrawal of long-term tax benefits on certain categories of debt mutual funds and another for setting up the GST Appelate Tribunal. The Finance Bill that gives effect to tax proposals for fiscal year starting April 1 was passed without a discussion amidst ruckus by opposition members demanding a JPC (Joint Parliamentary Committee) probe into the allegations against the Adani group of companies. While moving the bill for passage and consideration, finance minister Nirmala Sitharaman also announced the setting up of a committee under finance secretary to look into pension issues of government employees.
Adani Enterprises on Wednesday said it has decided to withdraw its fully subscribed Rs 20,000-crore follow-on public offer (FPO) and will return the proceeds to investors. The announcement came a day after the company's FPO was subscribed fully on the last day of the offer on Tuesday. "The Board of Adani Enterprises Ltd., (AEL) decided not to go ahead with the fully subscribed FPO.
Asia's richest man Gautam Adani's group on Tuesday said it will deploy hydrogen fuel cell operated trucks for mining logistics and transportation as part of its decarbonisation plan. "Adani Enterprises Ltd (AEL), part of the diversified Adani portfolio of companies, signed an agreement to launch a pilot project to develop a hydrogen fuel cell electric truck (FCET) for mining logistics and transportation with Ashok Leyland, India, and Ballard Power, Canada," it said in a statement. This collaboration marks Asia's first planned hydrogen powered mining truck.
How much do you know about the Vibrant Gujarat Global Summit 2024?
Markets regulator Sebi has approved Adani Group's open offer to buy an additional 26 per cent stake in media firm New Delhi Television (NDTV) and the offer will commence on November 22. According to an update on Sebi's website on Monday, the regulator gave its final comments on the proposed Rs 492.81 crore-open offer on November 7. The offer will tentatively open on November 22 and close on December 5. The price fixed is Rs 294 per share, as per a recent regulatory filing by NDTV.
'Only if the Budget springs some surprises we may see a halt in the selling.'
The IPO boom in 2023 added four new promoters to the billionaires' list.
She expressed confidence that a three-way alliance is very much possible in West Bengal between her Trinamool Congress, Congress and the Left.
Sharad Pawar's comments were at variance from ally Shiv Sena-UBT, whose leader Sanjay Raut had said PM Modi should come forward to inform about his academic qualification and that his degree should be displayed at the entrance of the Parliament building.
Abu Dhabi's International Holding Company, one of the first high-profile investors in billionaire Gautam Adani's conglomerate, has decided to sell its stake in two Adani companies. In a disclosure, IHC said it has "entered into a definitive agreement with a buyer to dispose of its FDI investment in Adani Green Energy Ltd and Adani Transmission Ltd". It, however, did not name the buyer.
Parliament's Budget session has been a washout since the beginning of its second part on March 13, with the BJP demanding an apology from Gandhi.
The sharp rally in the broader markets has propelled India's market capitalisation (m-cap) to a new high. The combined m-cap of all BSE-listed firms rose to Rs 291.9 trillion in intraday trade on Thursday before settling lower at Rs 290.9 trillion. The previous record was on December 14, 2022, at Rs 291.3 trillion.
