The 'sudden volatility' in Adani stocks is entirely due to a series of events that was extreme and unique, and played out in too short a period. Investors and regulators pretended that it wasn't so. But then, along came Hindenburg, which forced some eyes to open, points out Debashis Basu.
Two Adani group companies -- Adani Enterprises and Adani Transmission -- have uprooted the traditional leader Reliance Industries in annual wealth creation in 2022 so far, while the top 100 of them created a massive Rs 92.2 lakh crore of wealth, according to a report. However, Reliance Industries has smashed all records to emerge as the largest wealth creator during the five-year period ending March 2022, says the leading brokerage Motilal Oswal in its 27th annual wealth creation study. The Gautam Adani group companies have been rallying to dizzying heights in the year as the group snapped up many assets and diversified into newer areas.
This will add to the woes of the conglomerate that had received a show-cause notice from the Directorate of Revenue Intelligence (DRI) last week for alleged over-valuation of imported machinery by Rs 2,000 crore.
Australia's green political party on Wednesday warned the government for approving India's Adani group's plan to expand a major coal port on the fragile Great Barrier Reef coast, saying it will hasten the death of the natural wonder, a World Heritage site.
The group will be in a better position to now scale up most of its segments irrespective of government policy, but the bad news others add is its growing debt.
Bajaj Finserv, Infosys, Mahindra & Mahindra, Tech Mahindra, Hindustan Unilever, State Bank of India and HCL Technologies were the biggest gainers. On the contrary, Asian Paints, JSW Steel, NTPC and Adani Ports were among the laggards.
CreditSights has dialed back on its language on debt levels at richest Indian Gautam Adani's group but has maintained that the group's leverage is elevated. In a new note published after discussions with the group's management, CreditSights, a Fitch group firm, said it "has discovered calculation errors" in its recent debt report on two Adani Group companies but these did not change its investment recommendations. On August 23, CreditSights stated that the Adani group was "deeply over-leveraged" and may "in the worst-case scenario" spiral into a debt trap and possibly a default.
Adani Group on Thursday said it has formed a 50:50 joint venture with Japanese conglomerate Kowa Group for sale of green hydrogen in Japan, Taiwan and Hawaii markets. Billionaire Gautam Adani-led conglomerate is investing up to $50 billion over the next 10 years in setting up a fully integrated green hydrogen ecosystem in India. This includes the production of 1 million tonne of green hydrogen in the initial phase which will be ramped up to 3 million tonne later.
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.
Days after completing a $6.5 billion acquisition of Ambuja Cements and ACC, billionaire Gautam Adani said his group has planned to double cement manufacturing capacity and become the most profitable manufacturer in the country. He saw a multifold rise in cement demand in India on the back of record-breaking economic growth and the government's infrastructure creation push, which will give significant margin expansion. In a speech made at an event to mark the completion of the acquisition on September 17, the Adani Group founder and chairman said the ports-to-energy conglomerate has in a single stroke become the second largest cement manufacturer in the country.
So far the government has been silent on the charges being levelled, even after the stock price rout. Perhaps it is hoping for the share price to settle so that the matter goes away, predicts Aakar Patel.
Mr Adani has a fight on his hands. It is not a fight to the death, asserts T N Ninan.
Leaders of several opposition parties were stopped by the police at Vijay Chowk in New Delhi as they took out a protest march from Parliament House to hand over a complaint to the Enforcement Directorate on the Adani issue.
An expert committee appointed by the Supreme Court said it cannot conclude any regulatory failure around Adani Group's stock rallies, and that Sebi has "drawn a blank" in its probe into alleged violations in money flows from offshore entities into the conglomerate. But the six-member panel said there was an evidence of a build-up in short positions on Adani Group stocks ahead of the report of US-based short seller Hindenburg Research, and profiting from squaring off positions after prices crashed post-publication of the damning allegations. "At this stage, taking into account the explanations provided by Sebi, supported by empirical data, prima facie, it would not be possible for the committee to conclude that there has been a regulatory failure around the allegation of price manipulation," the panel said in the report submitted to the Supreme Court.
From the Sensex pack, ITC jumped 4.74 per cent. The other major gainers were IndusInd Bank, Hindustan Unilever, Infosys, Wipro, HCL Technologies, Tata Consultancy Services and ICICI Bank. HDFC, Tata Steel, Bajaj Finance, NTPC, Power Grid and HDFC Bank were the major laggards.
'An area of land has already been earmarked for their protected habitation.' 'There are also steps being taken to take care of the coral zone and mangroves.'
Richest Asian Gautam Adani's group on Tuesday said it will pay an additional Rs 48.65 a share to NDTV stockholders who tendered their shares in its open offer to help match what it had paid to buy out a stake of the news broadcaster's founders. Adani Enterprises in a stock exchange filing said it will pay an additional Rs 48.65 per NDTV share to investors, who had sold their shares in an open offer between November 22 and December 5, taking the payout to Rs 342.65 a share and matching what it paid to buy Prannoy Roy and Radhika Roy's stake. Adani Group first acquired Vishvapradhan Commercial Private Limited, a little-known company that had given Rs 403 crore of an interest-free loan to RRPR Holdings - a company founded by the Roys and bore their initials in its name - in 2009-10 in exchange for warrants that allowed it to buy a stake in the newsgroup at any time.
Adani Enterprises, which is launching India Inc's second-largest follow-on public offer worth Rs 20,000 crore next week, on Thursday said it is planning to enter the water segment as this is a key element of its core business of infrastructure. The group is into the entire gamut of infrastructure -- being its ports, airports, roads, expressways power generation & distribution, among others. In ports and airports, the group is the largest player in the private sector. Addressing media from Milan, group chief financial officer Jugeshinder Singh said the company has fixed the price band for the Rs 20,000-crore issue in the range of Rs 3,112-3,276 per share.
From highways connecting once-remote regions to aviation networks carrying millions, India's infrastructure story is one of transformation.
'Granting the country's highest civilian honour to Prime Minister Modi was surprising as it indicated the government was going out of its way to have India as a close partner.'
Ramesh asked the PM why river Ganga is "dirtier than before" even after spending Rs 20,000 crore on the Namami Gange project.
Mukesh Ambani, the patriarch of Reliance Industries (RIL), and Gautam Adani, the chairman of Adani Group of companies, have secured the top positions on the Fortune India Rich List, created in partnership with Waterfield Advisors, with respective wealth of $99.7 billion and $63.71 billion. With a wealth of $34.6 billion, the Mistry family of Shapoorji Pallonji Group holds the third position on the list, while the Poonawalla family, owners of vaccine maker Serum Institute, with a wealth of $32.9 billion, stands fourth. Stockbroker and founder of D-Mart-branded grocery stores, Radhakishan Damani, claims the fifth spot on the India Rich List with a wealth of $23.4 billion
Richest Indian Gautam Adani's conglomerate has cited an improved net debt to operating profit ratio and more than halving of loans from public sector banks to allay concerns about it being overleveraged. In a 15-page note in response to CreditSights report calling the group overleveraged, it said companies in the group have consistently de-levered, with the net debt to Ebitda ratio declining to 3.2 times from 7.6 times in the last nine years. "The businesses operate on a simple yet robust and repeatable business model focused on development and origination, operations and management and capital management plan," the note, reviewed by PTI, said.
Adani has blamed opposition to its mine for delays in moving the $7 billion project to the construction phase
An expert committee appointed by the Supreme Court said it cannot conclude any regulatory failure around Adani Group's stock rallies, and that Securities and Exchange Board of India (SEBI) has 'drawn a blank' in its probe into alleged violations in money flows from offshore entities into the conglomerate.
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.
Gautam Adani on Tuesday said his ports-to-energy conglomerate never slowed or stopped investing in the country as the group's success is based on its alignment with the India growth story. Speaking at the annual shareholder meeting of the group companies, he said the previously announced $70 billion investment in new energy business will help turn India from being a net importer of oil and gas to an exporter of clean energy. "Never have we walked away from investing in India, never have we slowed our investments," he said. "We believe our scale, our diversified business, and our track record of performance positions us very strongly to continue to perform well in a variety of market conditions."
The SEBI and the RBI will look into it. Let their reports come in, BJP MP Mahesh Jethmalani said.
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.
'If there is any reason to change my holding in Adani group stocks, the Hindenburg report on the group is not the one.'
Adani Ports, NTPC, Infosys, Hindustan Unilever, HCL Technologies and Sun Pharma were among the other big gainers. However, Larsen & Toubro, Bajaj Finance, State Bank of India, Axis Bank and HDFC Bank were amonh the major laggards.
Richest Indian Gautam Adani-led group's flagship firm on Wednesday filed an offer letter with stock exchanges for a proposed Rs 20,000 crore follow-on public offer (FPO). The FPO of Adani Enterprises Ltd (AEL) is planned to open on January 27 and close on January 31, according to the offer letter. Of the Rs 20,000 crore proceeds of the FPO, Rs 10,869 crore will be used for green hydrogen projects, work at the existing airports and construction of a greenfield expressway.
Billionaire Gautam Adani on Tuesday said China will feel increasingly isolated as rising nationalism, shift in supply chains and technology restrictions threaten the world's second-biggest economy. This is because globalisation, of which China was seen as the foremost champion, is at an inflection point. "It will look very different from what we had come to accept in a largely unipolar world," he said.
Adani's $15-billion Carmichael coal mine is stuck since 2010.
Billionaire Mukesh Ambani's Reliance Industries Ltd climbed eight spots to the 45th rank, the highest for an Indian company on Forbes' latest Global 2000 list of public companies worldwide.
News, as a business, faces its biggest crisis ever, globally. To fight it needs investment in feet-on-the-ground journalism, tech tools like artificial intelligence among other things.
'It's a clear case of political patronage helping an individual grow.'
From the Sensex pack, Tata Motors slumped over 7 per cent. Adani Ports, Tata Steel, SBI, Power Grid, JSW Steel and Maruti were the other big laggards. However, Hindustan Unilever and Nestle ended in positive territory.
'We know a day will come very soon when people will realise our fight was for the environment and not against the nation.'
The central government's Great Nicobar development project, proposed around an unprecedented transhipment port, will be executed to keep environmental impact minimal, and is essential as it is of national importance, the government has said amid calls to abort the controversial project due to ecological concerns, the Centre said in an official statement.
