A small Ahmedabad-based chartered accountancy firm, whose appointment was questioned by a US short seller in its scathing report against the conglomerate run by billionaire Gautam Adani, has resigned due to "pre-occupation", Adani Total Gas Ltd said. Hindenburg Research in its January 24 report that levelled allegations of fraud, stock manipulation and money laundering against the Adani group, had also raised the issue of the size and capability of the firms auditing the conglomerate. Adani group has repeatedly denied all allegations.
Moody's Investors Service on Wednesday raised the rating outlook for 18 Indian corporates and banks, including Reliance Industries, Infosys, SBI and Axis Bank, to 'stable' from 'negative'. This follows the upgrade by the US-based rating agency in India's sovereign rating outlook to 'stable' from 'negative' on Tuesday. The agency had affirmed the sovereign rating at 'Baa3'.
The seized hazardous cargo containers were en route from Karachi in Pakistan to Shanghai in China, and the containers were not destined for Mundra Port.
The Pakistan Foreign Office issued a statement in response to questions from the press about reports in the media on the 'seizure of possible radioactive material' by Indian authorities at Mundra Port on a cargo ship from Karachi Port to Shanghai in China.
The Rs 56,000-crore (Rs 560 billion) Adani Group on Monday received a major blow from the Gujarat High Court, which ordered a shutdown of 12 units in Adani Ports and Special Economic Zone (APSEZ), located in Mundra, Kutch district, with immediate effect.
Adani group will demerge all ports, power assets into two 2 listed firms.
Richest Indian Gautam Adani's ports-to-power-to-cement conglomerate is "deeply overleveraged" with the group predominantly using debt to invest aggressively across existing as well as new businesses, CreditSights, a Fitch Group unit, said on Tuesday. In a report titled 'Adani Group: Deeply Overleveraged', CreditSights said, "In the worst-case scenario, overly ambitious debt-funded growth plans could eventually spiral into a massive debt trap, and possibly culminate into a distressed situation or default of one or more group companies." Starting out as a commodities trader in the late 1980s, the Adani group has diversified from mines, ports and power plants into airports, data centers and defence.
Weeks after confusion over three Mauritius-based funds whipsawing shares of Adani group firms, billionaire Gautam Adani on Monday said that "twisted narrative" seems to imply that companies have regulatory powers over their shareholders and can compel disclosures. Shares of port-to-energy group nosedived last month after reports that accounts of three of the six Mauritius-based funds that have invested most of their money in Adani group firms had been frozen by the national share depository. The three funds owned about $6 billion of shares across the conglomerate.
Adani Ports and Special Economic Zone and Adani Green Energy are the other two Adani Group firms to have crossed the Rs 1-trillion mark in m-cap.
Flipkart on Monday said it has entered into a commercial partnership with the Adani group to strengthen logistics and data centre capabilities of the Walmart-owned company and create about 2,500 direct jobs.
Unlike RIL, the Adani group has not yet brought in any big stakeholders to refinance debt or expand.
Proceeds likely to be used for Dhamra port buy.
The Environment Ministry had earlier this month termed as "incorrect" claims that Adani Port and SEZ was spared a hefty fine of Rs 200 crore.
Adani Enterprises, the flagship company of the Adani Group, reported a profit after tax of Rs 557 crore for the first quarter ended June 30, 2014 on the back of a 43 per cent jump in revenue.
Billionaire Gautam Adani-led Adani Group on Monday announced a Rs 20,000-crore investment for expanding the capacity of its Gujarat ports to 100 million tons per annum by 2020.
The S&P BSE Midcap and S&P BSE Smallcap indices hit a new lifetime high
A mixed global trend and weakness in rupee influenced the sentiments during the day.
Sensex, Nifty put up a good show in closing trade.
Technical rallies and short covering may arise only if the markets break this 500 point band
Even while the union budget may not have announced many direct schemes for Gujarat, the state has been a major beneficiary under Prime Minister Narendra Modi's first 100 days in office.
Top 5 losers include Infosys, TCS, ITC, M&M and HUL.
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