While the collapse of a large financial intermediary can wreak havoc on the system because of the interconnectivity, a large business conglomerate too can play spoilsport if the banks have too much exposure to the entity, explains Tamal Bandyopadhyay.
Those who worry that the Adani saga will turn the world off India are not looking at the entire picture, asserts Mihir S Sharma.
The fire spread to over a dozen nearby camps, causing significant damage.
Shares of Adani group companies witnessed a massive drubbing in morning trade on Monday, tumbling up to 25 per cent, amid reports that the National Securities Depository Ltd (NSDL) has frozen certain FPIs accounts that have holding in some of these firms.
Adani Ports and Special Economic Zone Ltd (APSEZ) on Wednesday said it has decided to exit its investment in Myanmar by June next year. APSEZ, the largest port developer in India, is part of the globally diversified Adani Group. "The Board has decided to actively work on a plan on exiting Company's investment in Myanmar including divestment opportunities (expected to be concluded by March - June 2022)," APSEZ said in notes to its second quarter results.
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.
Private and public defence players can bid to participate in the stealth fighter development programme independently, as a joint venture, or as consortia.
Oil-to-telecom conglomerate Reliance Industries Ltd head Mukesh Ambani continues to be the richest Indian and has now broken into the world's top 10 wealthiest persons in the latest Forbes 2024 Billionaire List. Ambani, 66, is ranked 9th on the list with a wealth of $116 billion, up from $83.4 billion in the 2023 ranking, according to Forbes. Gautam Adani is the second richest Indian and is ranked at No.17 on the global list.
They shouted slogans against the signboard when the airport is named after Chhatrapati Shivaji Maharaj.
Since last year, he has found a new lease of life as an opener, scoring three centuries in five innings across series against Bangladesh and South Africa
42 years of World Cup triumph: A Day that made Indian cricket what it is
At a time 20-odd opposition parties, many of them regional rivals, joined forces over the Adani issue, Nationalist Congress Party supremo Sharad Pawar's open support for industrialist Gautam Adani has put a question mark on the durability of a non-Bharatiya Janata Party block in the run-up to the 2024 parliamentary elections.
A special court in Mumbai has directed the Anti-Corruption Bureau (ACB) to register a first information report (FIR) against former Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch and five other officials in connection with alleged stock market fraud and regulatory violations.
Capital markets regulator Sebi has kept the proposed Rs 4,500-crore initial share-sale of edible oil major Adani Wilmar Ltd (AWL) in "abeyance". However, the Securities and Exchange Board of India (Sebi) did not clarify further. The company had filed preliminary papers with Sebi on August 3, to raise funds through an initial public offering (IPO).
"Independence means if government has done something wrong, you say it's wrong. But at the same time, you should have courage when the government is doing the right thing every day. You have to also say that," he Gautam Adani was quoted as saying by FT.
The Supreme Court on Friday said it has no reason to "discredit" SEBI, which probed allegations against the Adani group, as there was no material before it to doubt what the market regulator has done and the court does not have to treat what was set out in the Hindenburg report as a "true state of affairs".
All nine Adani stocks saw a rise in their share price in H1FY23, ranging from 6.1% in case of Adani Ports to 102% in case of Adani Power.
The OCCRP report alleges that at one point, EIFF and EMRF held free-floating shares ranging from 8 per cent to nearly 14 per cent in the four Adani Group companies.
Billionaire Gautam Adani has said the decision to withdraw a fully subscribed share sale of the flagship firm of his group was primarily because of volatility in the market. Adani Group company stocks have lost over $90 billion in value since a US short seller made damning allegations. Adani Enterprises Ltd's Rs 20,000 crore follow-on public offer managed to get investors on the last day of the share close on Tuesday.
Shiv Sena-Uddhav Balasaheb Thackeray chief Uddhav Thackeray on Thursday accused the Bharatiya Janata Party of trying to scuttle the possibility of his party's alliance with the Maharashtra Navnirman Sena led by his estranged cousin Raj Thackeray ahead of civic polls.
'An HAL-private sector tieup is a possibility.'
Foreign banks and private credit funds are queuing up to fund acquisitions by Indian companies who are buying out their local rivals. The Adani Group, Torrent Group, and the Hindujas have approached several foreign banks and private equity (PE) firms to fund their acquisitions. Global investors have about $2 trillion of funds to invest, and about $100 to $150 billion is set aside for India, according to an estimate by JP Morgan.
Senior Congress leader Shashi Tharoor has criticized the BJP for its allegations that elements in the American "deep state" were behind attempts to destabilize India, saying this "attack-dog" behavior is an embarrassment to India. Tharoor's comments come after the US rejected the BJP's allegations, describing them as "disappointing" and asserting that the US government is a champion of media freedom. The BJP had alleged that the US deep state colluded with the media portal OCCRP and Congress leader Rahul Gandhi to "damage" India's image.
This State-corporate 'cooperation' didn't begin with the arrival of the Modi government.
Many of the big licences, contracts, and even environmental clearances for the Adani group had come in the UPA's time, points out Shekhar Gupta.
The exit of Larsen & Toubro (L&T) from the Hyderabad Metro is a long-term positive for the stock. It could be a bullish trigger, alongside higher international orders, and new opportunities in segments like defence and data centres.
From the Sensex pack, State Bank of India, ICICI Bank, IndusInd Bank, Axis Bank, Kotak Mahindra Bank, HDFC Bank, Reliance Industries were among the major laggards. Bucking the trend, auto stocks Tata Motors and Mahindra & Mahindra closed with gains.
The Congress-led opposition stepped up its attack on Friday against the government over the Adani row and demanded that there should be a thorough investigation into what they alleged was a 'mega scam' as it involved public money.
Among Sensex firms, Bajaj Finserv, ICICI Bank, Reliance Industries, Bajaj Finance, Larsen & Toubro and Bharat Electronics were the major gainers. However, Power Grid, Eternal, Hindustan Unilever and Adani Ports were among the laggards.
Investors became richer by nearly Rs 8 lakh crore on Wednesday as benchmark BSE Sensex surged by 740 points amid value buying in utilities and power shares and a strong trend in global markets. The 30-share BSE Sensex surged by 740.30 points or 1.01 per cent to close at 73,730.23.
Billionaire Gautam Adani's group is building the world's largest renewable energy park in Gujarat, as it eyes a massive 45 GW capacity to generate electricity largely from solar energy. Speaking at the opening of 'Energy Revolution: The Adani Green Energy Gallery' at the Science Museum in London, Gautam Adani said his group's renewable energy arm, Adani Green Energy, is leading an energy transition that honours the commitment of taking care of the planet not just for this generation and the next but also for generations to come. "As the world's leading solar power developer and India's largest renewable energy company, we are taking very big steps," he said.
Billionaire banker Uday Kotak founded bank as well as brokerage created and oversaw an offshore fund used by an unnamed investor to profit from a plunge in Adani shares that followed a damning Hindenburg report, the US short seller said on Tuesday. Hindenburg Research, which had in a January 2023 report alleged stock market manipulations and accounting fraud at the Adani group, said it has received a show cause notice from the Indian markets regulator Sebi over gains made from betting on the conglomerate's shares.
The Supreme Court adjourned to Tuesday the hearing on a plea of the Securities and Exchange Board of India (SEBI) seeking extension of six months to complete a probe into allegations of stock price manipulation by the Adani group. The hearing on the market regulator's plea and PILs could not take place on Monday due to paucity of time and on account of scheduled hearing of certain matters before a special bench at 3 pm. A bench comprising Chief Justice D Y Chandrachud and justices P S Narasimha and J B Pardiwala on May 12 had said it would consider granting three more months to Sebi for concluding its probe into the allegations of stock price manipulation and lapses in regulatory disclosure.
Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations in its report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
Hectic buying in blue chip counters like Reliance Industries, IT and teck shares boosted market sentiment. State Bank of India, Tata Consultancy Services, Titan, ITC, Infosys, Larsen & Toubro, Reliance Industries and Bajaj Finance were the biggest gainers.
Billionaire Gautam Adani-led group's power transmission unit has raised $1 billion through a share sale, the first public equity raise by the conglomerate since a damning Hindenburg report, which wiped away billions in shareholder value. Adani Energy Solutions Ltd raised the funds through a qualified institutional placement (QIP) issue, sources with direct knowledge of the matter said. The QIP, which opened on Tuesday, was oversubscribed three times with demand of about Rs 26,000 crore - making it the largest transaction in India's energy space.
Adani Ports and Special Economic Zone will prepay $195 million of debt due in 2024 as the conglomerate helmed by Gautam Adani looks to boost investors' confidence post being targeted by a US short-seller. In a stock exchange filing, APSEZ said it will buy back $195 million of bonds due in 2024 using its cash reserves. Out of the $520 million principal outstanding, $325 million will be left after the buyback, it said.
US short seller Hindenburg Research, which had rocked the Adani Group with allegations of stock market manipulation and accounting fraud, on Tuesday said it has received a show cause notice from Indian capital market regulator Sebi over alleged violations in placing bets on the conglomerate stocks. Hindenburg termed the show cause notice as "nonsense" and "concocted to serve a pre-ordained purpose: an attempt to silence and intimidate those who expose corruption and fraud perpetrated by the most powerful individuals in India."
Tatas, Ambanis, Adanis, Birlas contributed an average of Rs 800 crore to Rs 1,000 crore per family group.
Billionaire Gautam Adani on Wednesday shared a personal note on the development of Dharavi in Mumbai, days after the Maharashtra government issued a resolution to award the Dharavi redevelopment project to his conglomerate on July 14. In the note shared with the media, Adani said his first tryst with Dharavi in Mumbai was in the late 1970s, and the slum settlement continues to amaze and inspire the billionaire to date. "When this opportunity to renew Dharavi came calling, I seized it with both hands," he said.
Trump's tariff threats spooks markets; Sensex down 106 points
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