Billionaire Gautam Adani's group is planning to build 10 GW of integrated solar manufacturing capacity by 2027, as it looks to capture energy transition business, sources close to the company said. Adani Group currently has a solar manufacturing capacity of 4 GW. Adani Solar has a confirmed order book of over 3,000 MW in exports that are to be serviced over the next 15 months, they said, adding Adani, recently, raised $394 million for solar manufacturing from Barclays PLC and Deutsche Banks AG through a trade finance facility.
Before resigning as an auditor of an Adani Group firm, Deloitte had sought an independent external examination of allegations made by a US short-seller but the company said the allegations had no effect on financial statements and the reasons cited for quitting were not convincing to warrant such a move. In a 163-page filing with stock exchanges relating to Deloitte Haskins & Sells LLP's resignation, Adani Ports and Special Economic Zone (APSEZ) said that in meetings with its leadership, Deloitte indicated concern over a lack of a wider audit role as auditors of other listed Adani companies. However, the firm conveyed to the auditor that it was not within its remit to recommend such appointments as other entities are "completely independent".
After a tumultuous past few days that almost halved value of the Adani group, embattled tycoon Gautam Adani-led conglomerate had some pressure eased on Friday as two global rating firms stuck with their calls on its credit profile and its French partner backed its investments in the group firms. Also for the first time since January 24, shares of the group's flagship firm Adani Enterprises ended in positive territory after erasing an intraday loss of 35 per cent. Adani Ports and SEZ also ended 8 per cent higher. This is after a over $100-billion rout in value of group stock since the US short seller Hindenburg Research accused Adani group of stock manipulation and accounting fraud.
Mahindra & Mahindra on Thursday said it has tied up with a unit of Adani Total Gas to establish electric vehicle charging infrastructure across the country. The auto major and Adani Total Energies E-Mobility Ltd (ATEL) have inked a memorandum of understanding (MoU) in this regard. The MoU sets a roadmap for the creation of an expansive EV charging infrastructure across the country, it added.
From the Sensex firms, Adani Ports, Bajaj Finance, Tech Mahindra, IndusInd Bank, Nestle and Tata Steel were among the major laggards. In contrast, Mahindra & Mahindra, Titan, Larsen & Toubro, Bharti Airtel and Maruti were among the gainers.
Alleging that the BJP would end democracy if it was not voted out, Kharge said it was because of this democracy that a tea-seller's son could become the prime minister of India and he, the son of a labourer, could become the president of the opposition Congress.
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.
Among Sensex firms, Tata Consultancy Services, Adani Ports, Hindustan Unilever, Nestle, Bajaj Finserv and NTPC were the laggards. IndusInd Bank, Titan, Mahindra & Mahindra and Maruti were among the biggest gainers.
Lionel Messi's much-anticipated visit to India has received its final seal of approval with the Argentine superstar set to kick off his three-city tour in Kolkata on December 12.
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.
In the context of market integrity, the IRAI and RBI should go over the minutes of the LIC and SBI board meetings when the decisions to invest in Adani equity or debt were taken, notes Jaimini Bhagwati, former World Bank treasury professional.
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.
With the regulatory approval from the US Department of Energy in its kitty, Indian multinational conglomerate L&T is planning to focus on manufacturing small modular reactors (SMRs) to play a leading role in the commercialisation of nuclear energy in India.
From the Sensex constituents, Adani Ports, Tata Steel, Kotak Mahindra Bank, UltraTech Cement, Bajaj Finserv and Titan were among the biggest gainers. In contrast, Power Grid, Trent, NTPC, Maruti, HCL Tech and Bharat Electronics were among the laggards.
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.
From the Sensex pack, HCL Tech, Infosys, Tech Mahindra, Reliance Industries, Bajaj Finserv, ICICI Bank, Tata Motors and Eternal were the lead gainers. Power Grid, Adani Ports, IndusInd Bank, Nestle, HDFC Bank and Hindustan Unilever were among the laggards.
From the Sensex firms, Eternal, Power Grid, ITC, Bajaj Finserv, Nestle, Axis Bank, Kotak Mahindra Bank and Adani Ports were among the biggest gainers. Sun Pharma was the only laggard, declining nearly 2 per cent.
Finance Minister Nirmala Sitharaman's Budget speech on Wednesday was marked by the usual thumping of benches by the ruling alliance members, but the loudest cheer was reserved for her announcement of income tax relief, which was welcomed by 'Modi, Modi' chants in Lok Sabha that also witnessed a few instances of protest by the Opposition.
Pawar posted on X, formerly known as Twitter, pictures of him and Adani cutting a ribbon of the factory.
Eternal was the biggest gainer in the Sensex pack, jumping 4.50 per cent, followed by Power Grid, ICICI Bank, Reliance Industries, UltraTech Cement, Adani Ports, Sun Pharma, ITC and Hindustan Unilever were also among the winners. In contrast, IndusInd Bank, Axis Bank, Bajaj Finserv and Bajaj Finance were among the laggards.
The Organised Crime and Corruption Reporting Project (OCCRP) on Thursday trained its guns on the Adani Group, alleging hundreds of millions of dollars were invested in publicly traded group stocks through Mauritius-based 'opaque' investment funds managed by partners of promoter family, charges the conglomerate denied vehemently.
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.
When shorts are based on perceived corporate mismanagement or malfeasance, as in cases like Enron and Satyam, they enable the financial system to work efficiently, points out Devangshu Datta.
A plea has been filed in the Supreme Court for initiation of contempt proceedings against the Securities and Exchange Board of India (SEBI), alleging it has violated the timeline for completing the investigation and submitting its report on the allegations of stock price manipulation by the Adani group. An application has been filed by PIL petitioner Vishal Tiwari saying that despite the deadline given to the SEBI it has failed to comply with the direction of the court and has not submitted the final conclusion/report as was directed by the court. It said by the order dated May 17, 2023, the apex court directed SEBI to submit its report till August 14, 2023.
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.
Hundreds of millions of dollars were invested in publicly traded Adani group stocks through Mauritius-based 'opaque' investment funds by partners of promoter family, the Organised Crime and Corruption Reporting Project (OCCRP) alleged on Thursday. The fresh allegations by an organisation funded by likes of George Soros and Rockefeller Brothers Fund come months after a US short seller wiped away close to $150 billion in value of Adani group stocks with allegations of accounting fraud, stock price manipulation and improper use of tax havens by the ports-to-energy conglomerate run by billionaire Gautam Adani. Adani group has denied all allegations. Citing review of files from multiple tax havens and internal Adani Group emails, OCCRP said its investigation found at least two cases where the "mysterious" investors bought and sold Adani stock through such offshore structures.
French energy giant TotalEnergies SE's $300 million investment in clean energy projects of Adani Green Energy Ltd has taken the total investments poured in by global investors in India's largest renewable power producer to $1.63 billion or about Rs 14,000 crore, sources close to the company said. Last week, Total announced it will hold a 50 per cent stake in the new joint venture firm where Adani Green Energy Ltd (AGEL) will hold the rest. The joint venture will hold a portfolio of 1,050 MW, including 300 MW of already operational capacity, 500 MW under construction and 250 MW under-development assets with a blend of solar and wind power.
From the Sensex firms, Kotak Mahindra Bank, Eternal, Asian Paints, NTPC, Bharat Electronics Ltd, Adani Ports, Infosys and State Bank of India were among the major gainers. However, Titan tumbled over 6 per cent. Trent, Axis Bank, Maruti and Hindustan Unilever were also among the laggards.
After investing a staggering amount in May, foreign investors turned net sellers with a withdrawal of Rs 8,749 crore from the Indian equity markets in the first week of this month triggered by renewed US-China trade tensions and rising US bond yields. This momentum follows a net investment of Rs 19,860 crore in May and Rs 4,223 crore in April, data with the depositories showed.
Sensex sinks 573 pts on global tensions and high crude prices
A day after Adani Group's shares took a beating as Hindenburg Research made damaging allegations against it, the group on Thursday said it is examining legal options to take "punitive action" against the US activist investor for its "reckless" attempt to sabotage a share-sale at the conglomerate's flagship firm. "The maliciously mischievous, unresearched report published by Hindenburg Research on January 24, 2023 has adversely affected the Adani Group, our shareholders and investors. "The volatility in Indian stock markets created by the report is of great concern and has led to unwanted anguish for Indian citizens," the group's lead head Jatin Jalundhwala said in a statement.
The market capitalisation of Adani Group companies rose by nearly Rs 73,000 crore on Monday as investors lapped up shares of the power-to-port conglomerate after BJP's electoral wins in three states, spurring hopes of regime continuity at the Centre. The Gautam Adani group's market map once again neared the Rs 12-trillion mark, following sharp gains made over the past week. "Two big overhangs for the Adani Group have receded somewhat following the state election results, there is more certainty that the BJP will win a third time next year.
'At just 18, Gukesh's poise and brilliance are a testament to India's unstoppable youth. Prodigies like him are inspiring a new generation, building an army of champions ready to dominate global chess for decades. This is the confident, resurgent and rising India. Jai Hind!'
42 years of World Cup triumph: A Day that made Indian cricket what it is
Among Sensex firms, Eternal, Infosys, Tata Consultancy Services, Tech Mahindra, Reliance Industries, Asian Paints, HCL Tech and Adani Ports were the laggards. Power Grid, Bajaj Finance, NTPC, State Bank of India and IndusInd Bank were among the gainers.
In a significant win for the Adani group, the Supreme Court on Wednesday refused to transfer the probe into allegations of stock price manipulation by the Indian corporate giant to a special investigation team or the CBI, saying market regulator SEBI was conducting a "comprehensive investigation" and its conduct "inspires confidence".
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.
IndusInd Bank, Nestle, UltraTech Cement, Mahindra & Mahindra, Power Grid, Asian Paints, Sun Pharma and Tech Mahindra were also among the laggards. Bajaj Finance, Bharti Airtel, ICICI Bank, Adani Ports and HCL Tech were among the gainers.
US-based boutique investment firm GQG Partners and other investors have bought close to $1 billion worth of stocks in Adani group's two firms from the founding family in large block trades. The group's flagship Adani Enterprises Ltd saw 18 million shares, or 1.6 per cent, trade in a single block while the renewable energy firm Adani Green Energy saw a total 35.2 million shares, or 2.2 per cent, change hands, sources aware of the matter said.
Aviation regulator DGCA plans to implement measures to control excessive air ticket price increases, following concerns raised during a parliamentary panel meeting. The meeting also addressed air safety issues in light of the Ahmedabad plane crash.
