Shares of eight of the ten listed firms of the Adani Group ended with gains on Tuesday after taking a beating in recent sessions. Adani Enterprises stock jumped 14.22 per cent to settle at Rs 1,364.05 on the BSE. During the day, it rallied 19 per cent to Rs 1,421.95.
Both the BJP leaders asserted that Gandhi's disqualification was a natural outcome of the law as the Supreme Court has made it clear that a lawmaker stands disqualified from the time of his conviction.
The Supreme Court on Thursday asked the Sebi to probe within two months allegations of stock price manipulation by the Adani group and any lapses in regulatory disclosures, and also set up a panel to look into protection of Indian investors after a damning report by a US short seller wiped out more than USD 140 billion of the conglomerate's market value. The top court while directing the setting up of a six-member committee headed by former apex court judge Justice A M Sapre for the assessment of the extant regulatory framework and for making recommendations to strengthen the process said it was appropriate to set up such a panel of experts in order to "protect Indian investors against volatility of the kind which has been witnessed in the recent past". The court-appointed Justice Sapre panel, which will be provided assistance by the Centre and other statutory agencies including the Sebi chairperson, will have to submit its report in a sealed cover within two months, said the bench which comprised Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala.
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.
Industrialist Gautam Adani slipped out of the World' Real-time Billionaires list of Forbes on Friday and was placed in 22nd position. Gautam Adani's wealth had declined 21.77 per cent or $16.2 billion. The current net worth of the industrialist was $581.1 billion at 1.23 pm (IST) on Friday afternoon, while Reliance Industries Mukesh Ambani's net worth was at $82 billion.
S&P Dow Jones has said it will remove Adani Group's flagship firm Adani Enterprises from sustainability indices with effect from February 7 following a media and stakeholder analysis triggered by allegations of accounting fraud. The move comes amid leading stock exchanges BSE and NSE putting three Adani Group companies -- Adani Enterprises, Adani Ports and Special Economic Zone and Ambuja Cements -- under their short-term additional surveillance measure (ASM) framework. "Adani Enterprises will be removed from the Dow Jones sustainability indices following a media and stakeholder analysis triggered by allegations of accounting fraud," S&P Dow Jones Indices said in a statement.
S&P Global Ratings on Tuesday said there will not be any significant direct financial spillover risks because of the problems being faced by the Adani group, though there can be some secondary impact such as banks undertaking extra due diligence while giving loans to corporate. S&P senior director (infrastructure & utilities ratings), Abhishek Dangra said as per external estimates, the exposure of the banking sector to Adani group companies is less than 1 per cent and also the credit ratings of the firms are not at 'distress level'.
Among the Sensex firms, Tata Motors jumped over 3 per cent. Tech Mahindra, Infosys, HCL Technologies, Axis Bank, Mahindra & Mahindra, ICICI Bank, UltraTech Cement and Kotak Mahindra Bank were the other major gainers. NTPC, Asian Paints, Titan and Power Grid were among the laggards.
'Only if the Budget springs some surprises we may see a halt in the selling.'
Finance Minister Nirmala Sitharaman on Saturday said the country's regulators are very experienced and are seized of the matter relating to the Adani Group crisis. The minister was replying to a question on the observations of the Supreme Court on public interest litigations (PILs) alleging exploitation of investors and "artificial crashing" of the Adani Group's stocks. "I will not disclose here what the government will be saying in the court...India's regulators are very, very experienced and they are experts in their domain.
Billionaire Gautam Adani's embattled conglomerate said its balance sheet is "very healthy" and is laser focused on continuing business momentum, as it looked to reassure investors to keep faith in the conglomerate despite a share rout triggered by a damning report by a US short-seller. Group CFO Jugeshinder (Robbie) Singh in an earnings call said the group is confident of its internal controls, compliance and corporate governance. Separately, it released a compendium of group companies to highlight that it has adequate cash reserves and has ability to refinance debt.
The initial public offering (IPO) market has seen some momentum of late with robust responses to recent issues. However, only some have been able to ride the wave. So far in 2023, 23 companies have let their approval granted by the markets regulator - the Securities and Exchange Board of India (Sebi) - lapse.
Christopher Wood, global head of equity strategy at Jefferies has rejigged his equity portfolios. In his Asia ex-Japan long-only portfolio, he has added Axis Bank (5 per cent weightage) and increased holding in Larsen & Toubro (L&T) by one percentage point. This, Wood said, will be paid for by removing the investment in ICICI Lombard General Insurance and reducing the investments in HDFC Bank and Reliance Industries (RIL) by one percentage point each.
Shares of Adani Group firms continued to remain weak for the seventh day running on Friday amid a host of negative events surrounding the companies. The stock of Adani Enterprises tumbled 20 per cent to Rs 1,173.55 -- its one-year low -- on the BSE. Shares of Adani Ports tanked 10 per cent, Adani Transmission (10 per cent), Adani Green Energy (10 per cent), Adani Power (5 per cent), Adani Total Gas (5 per cent), Adani Wilmar (4.99 per cent), NDTV (4.98 per cent), ACC (4.24 per cent) and Ambuja Cements (3 per cent).
The National Stock Exchange (NSE) and the BSE has announced that three Adani group companies -- Adani Enterprises, Adani Power and Adani Wilmar -- will move out of the short-term additional surveillance measure (ASM). The stocks will be excluded from the short-term ASM framework with effect from March 17, according to separate circulars available on the exchanges. The NSE and the BSE had put the three Adani group firms, including the flagship firm Adani Enterprises, under the ASM framework on March 8.
The investor education and protection fund authority (IEPFA) has reached out to top hundred companies to reduce the documentation required for individuals trying to claim their shares, according to a senior government official. Recently, the Supreme Court-appointed expert panel on the Adani-Hindenburg case had raised issues such as capacity constraints faced by IEPFA in clearing these claims which are over Rs 5,000 crore. "Our immediate priority is to ensure that claims of those investors whose application was approved a year ago but the transfer has not gone through yet are settled first.
Leading stock exchange NSE has tweaked the constituents of its major indices with Adani Group's two companies -- Adani Wilmar and Adani Power -- all set to make their way into some of the Nifty indices from March 31, 2023. Adani Wilmar will be part of Nifty Next 50 and Nifty 100 indices, while Adani Power will be included in Nifty 500, Nifty 200, Nifty Midcap 100, Nifty Midcap 150, Nifty LargeMidcap 250, and Nifty Midsmallcap 400 indices. All the changes in the indices will be effective from March 31 this year, the exchange said in a late night statement on Friday.
However, the AICC general secretary Jairam Ramesh said the SC committee has limited terms of reference and 'cannot bring out the deep nexus between' the prime minister and the billionaire businessman.
Benchmark Sensex dropped 334 points on Monday due to intense selling pressure in metal and power stocks as FII outflows dampened investor sentiment. Besides, a sharp decline in the rupee against the US dollar also put pressure on domestic equities, traders said. After losing nearly 500 points, the 30-share BSE index recovered some lost ground to settle at 334.98 points or 0.55 per cent lower at 60,506.90. During the session, the index touched its intra-day low of 60,345.61.
With Sebi telling the Supreme Court that it was not investigating the Adani group since 2016, the Congress on Monday cited a Union minister's reply in the Lok Sabha to challenge the claim and asked whether Parliament was misled or the market regulator was "fast asleep" as investors were "duped".
The 92-year-old hedge fund tycoon, who has been associated with supporting liberal causes, on Thursday sent shockwaves in the Indian political scene saying Gautam Adani and Prime Minister Narendra Modi's fates are entwined, and alleged that Modi was not a "democrat."
Those who worry that the Adani saga will turn the world off India are not looking at the entire picture, asserts Mihir S Sharma.
On Thursday, Adani Enterprises announced that it will not go ahead with acquiring Macquarie group's two road companies at an enterprise valuation of Rs 3,100 crore.
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.
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.
Raut said industrialists should be supported, but not corruption.
The Reserve Bank of India (RBI) has sought details about lenders' exposures to the Adani Group, banking sources said, a day after the conglomerate withdrew the Rs 20,000-crore follow on public offer (FPO) of its flagship firm Adani Enterprises amid the steep fall in its stock prices. On Wednesday, Swiss lender Credit Suisse stopped accepting bonds by Adani group companies as collaterals for margin lending. The going has been tough for the diversified conglomerate over the past week ever since US-based short seller Hindenburg Research levelled a slew of allegations about the group's operations, calling it the biggest corporate con ever.
The Securities and Exchange Board of India (Sebi) has notified stricter timelines of just seven working days for foreign portfolio investors (FPIs) to disclose vital information. This could include informing their custodians about any false or misleading information about the fund or disclosing any change in structure or common ownership, or control of the investor group. The new changes have been brought into effect from March 14 through a notification amending the Sebi (FPIs) Regulations.
Citing news reports, Ramesh said they have "exposed" in considerable detail how the process was manipulated to help the Adanis.
Actively-managed large-cap mutual fund (MF) schemes have managed to regain some lost sheen this year after faring poorly in the 2022 calendar year (CY22). At the end of the first six months (H1) of CY23, 78 per cent of the active large-cap schemes were ahead of the Nifty50 index funds as against just 26 per cent in 2022. When compared to the Sensex index funds, 61 per cent active funds have delivered better returns, shows an analysis of Value Research data.
Leading the Opposition attack over the Adani-Hindenburg issue in the Lok Sabha, Rahul Gandhi on Tuesday linked Gautam Adani's meteoric rise to Prime Minister Narendra Modi's coming to power and said "magic" happened after 2014 that propelled the businessman from the 609th to the second spot on the global rich list.
Sounding a note of caution, former Reserve Bank Governor Raghuram Rajan has said that India is "dangerously close" to the Hindu rate of growth in view of subdued private sector investment, high interest rates and slowing global growth. Rajan said that sequential slowdown in the quarterly growth, as revealed by the latest estimate of national income released by the National Statistical Office (NSO) last month, was worrying. Hindu rate of growth is a term describing low Indian economic growth rates from the 1950s to the 1980s, which averaged around 4 per cent.
Was our economy very big when we were fighting the Britishers? asked Gandhi.
The government on Monday said it was willing to discuss every issue under rules during the Budget session of Parliament and sought the support of the Opposition in running the proceedings smoothly.
Adani group firm Adani Ports & SEZ paid Rs 1,500 crore loan and promised to repay more as the embattled conglomerate mapped a comeback strategy after a sellout triggered by a damning report by US-based Hindenburg Research. Adani Ports and SEZ paid SBI Mutual Funds' due amount of Rs 1,500 crore on Monday and will also pay another Rs 1,000 crore of commercial papers due in March (as per the payment scheme), a company spokesperson said. "This part prepayment is from the existing cash balance and funds generated from the business operations," the spokesperson said.
The session will commence with the maiden address of President Droupadi Murmu to the joint sitting of both Houses of Parliament. The address essentially highlights the government's achievements and policy priorities.
Asking the Congress members, who were on their feet, to maintain the decorum of the House and not show placards, Birla said they should let the House function.
The opposition leaders are expected to meet at Leader of Opposition in Rajya Sabha Mallikarjun Kharge's office in the Parliament complex around 10 am, sources said.
In his Marathi autobiography Lok Maze Saangati published in 2015, Pawar has lavished praise on Adani describing him as 'hard-working, simple, down to earth' and with ambition to make big in the infrastructure sector.
In his speech in the Lok Sabha on February 7, Rahul made several allegations against the government over the Hindenburg-Adani row.
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