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'.
From the Sensex firms, Infosys declined by 3.54 per cent. Power Grid, Eternal, HCL Tech, Tata Consultancy Services, Bharti Airtel, IndusInd Bank, NTPC and HDFC Bank were the major laggards. Sun Pharma, Adani Ports, Bajaj Finance, State Bank of India and Tech Mahindra were the gainers.
Former India captain Mithali Raj has been roped in as mentor and advisor by Women's Premier League side Gujarat Giants.
Dominic Xavier offers his take on Adani group's takeover bid of of NDTV, arguably the rare English and Hindi news television network that is not part of what has come to be known as the godi media.
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.
Congress general secretary (communications) Jairam Ramesh said they will pose three questions a day to Prime Minister Narendra Modi over the issue.
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.
Ron Malka, former envoy of Israel to India, has said that he has assumed charge as the executive chairman of the Haifa Port Company (HPC) owned by a consortium led by the ports-to-energy conglomerate Adani Group. A consortium of Adani Ports and Special Economic Zone (APSEZ) and Israel's Gadot Group won the tender in July last year to privatise the strategic Port of Haifa in Israel for $1.18 billion. "I'm honoured and privileged to take office today as executive chairman of the Haifa Port Company, on behalf of @AdaniOnline.
Ambani's wealth jumped $3.59 billion in the past 24 hours, while Adani added $2.96 billion to his net worth.
Adani Enterprises on Wednesday said it has decided to withdraw its fully subscribed Rs 20,000-crore follow-on public offer (FPO) and will return the proceeds to investors. The announcement came a day after the company's FPO was subscribed fully on the last day of the offer on Tuesday. "The Board of Adani Enterprises Ltd., (AEL) decided not to go ahead with the fully subscribed FPO.
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.
Parliament remained paralysed for the sixth day in a row on Monday due to protests from rival sides.
HCL Tech, Adani Ports, Eternal, Maruti, Reliance Industries and Asian Paints were among the gainers. HDFC Bank, ICICI Bank, Bharti Airtel and Infosys added to the rally. IndusInd Bank emerged as the only laggard.
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.
State-run Hindustan Aeronautics Limited has won a bid under which it will receive technology from the Indian Space Research Organisation for the end-to-end commercial production of the Small Satellite Launch Vehicle (SSLV), a first for the industry as India seeks to become a global hub for small satellite manufacturing and launches.
The SEBI and the RBI will look into it. Let their reports come in, BJP MP Mahesh Jethmalani said.
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 recent notification by the Insolvency and Bankruptcy Board of India (IBBI) allowing part-resolution of stressed assets of companies under the insolvency process has sent many resolution professionals (RPs) and committees of creditors (CoCs) back to the drawing board to reassess their strategies for resolving corporate insolvencies.
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.
From the 30-share Sensex pack, Bharti Airtel, Mahindra & Mahindra, UltraTech Cement, Adani Ports, Reliance Industries, Larsen & Toubro, JSW Steel, Hindustan Unilever, Titan and Tata Motors were the biggest gainers. Power Grid, Nestle, State Bank of India and Infosys were the laggards.
Five state-run general insurance companies have a total exposure of Rs 347.64 crore, or 0.14 per cent of their total assets under management (AUM), in Adani group of companies, the finance ministry said on Monday. In a written reply to a question by Congress' Manish Tewari, Minister of State for Finance Bhagwat Karad said Life Insurance Corp (LIC) held Rs 35,917.31 crore in debt and equity of Adani group of companies as on December 31, 2022. This is 0.97 per cent of its total assets under management (AUM) of Rs 41.66 trillion.
Adani Group is expected to report a 20 per cent rise in its earnings before interest, tax, depreciation, and amortisation (Ebitda) at Rs 61,200 crore for the year that ended in March 2023 (2022-23, or FY23), according to a note submitted by the group to lenders recently. The group had earned Ebitda of Rs 57,299 crore in the preceding financial year that ended in March 2022 (2021-22). The group's gross debt was Rs 2.27 trillion as of March 31, 2023, and has projected to not take on additional debt until it lowers its existing one.
Adani group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. The group has maintained it complies with all laws and disclosure requirements.
NDTV founders Prannoy Roy and his wife Radhika Roy on Friday said they will sell all but 5 per cent of their remaining shareholding in the news broadcaster to Adani Group for up to Rs 647.6 crore. Roys, who founded New Delhi Television Ltd (NDTV) as India's first and largest private producer of news current affairs and entertainment television, lost their status of being the company's largest shareholder in recent weeks. This follows Adani Group becoming the majority shareholding of NDTV after first buying out a company backed by the founders and then acquiring more shares from the open market.
Uttam Ghosh offers his take on Gautam Adani's hostile takeover attempt of Radhika and Prannoy Roy's NDTV.
Gautam Adani was the world's third and Asia's richest man a month back but a damning report by a US firm triggered a massive sell-off in shares of his apples-to-airport group, plunging his own wealth by $80 billion and the tycoon slipping to No.30 on the world billionaire index. Adani's sprawling conglomerate, which spans from sea ports to airports, edible oil and commodities, energy, cement and data centres, is under attack by US short-seller Hindenburg Research, which successfully deflated electric-vehicle maker Nikola Motors in 2020. Hindenburg, which held short positions in unidentified shares of Adani Group firms through its US-traded debt and offshore derivatives, on January 24 accused the conglomerate of "brazen stock manipulation and accounting fraud" and using a number of offshore shell companies to inflate stock prices.
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.
Shares of most of the Adani group firms ended lower on Monday, a day after it released a 413-page response to allegations of wrongdoing brought by a US-based short seller Hindenburg Research.
Against an offer of 4.55 crore shares of Adani Enterprises Ltd, only 4.7 lakh were subscribed, according to information available from the BSE. Adani Enterprises fell almost 20 per cent to below the offer price of its secondary sale as all the seven listed companies of the conglomerate took a beating in the aftermath of Hindenberg Reserach alleged that the group was "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades".
The Congress on Wednesday asserted that the only way to comprehensively investigate the Adani issue is through a Joint Parliamentary Committee (JPC) and claimed that the Supreme Court-appointed expert committee would be a 'clean chit' panel for the government.
Adani Green Energy (AGEL) on Tuesday announced it has secured a funding of $1.36 billion from a consortium of international banks as part of its construction financing framework. The $1.36-billion senior debt facility will enhance the company's funding pool to $3 billion since initial project financing in March 2021, AGEL said in a statement. According to the statement, AGEL, India's largest and world's leading renewable energy player, announced a follow-on funding of $1.36 billion to further boost its construction financing framework to $3 billion backed by a consortium of renowned international banks.
From the Sensex firms, Tech Mahindra, Tata Steel, Tata Motors, Titan, HDFC Bank, IndusInd Bank, Infosys and Kotak Mahindra Bank were among the biggest laggards. On the other hand, Adani Ports, Mahindra & Mahindra, Power Grid, Eternal and Hindustan Unilever were among the gainers.
The crucial hearing on the PILs by a bench headed by Chief Justice D Y Chandrachud assumes significance in the wake of recent developments in which the Centre agreed to the apex court's proposal to set up a committee, likely to be headed by a former Supreme Court judge, to look into the regulatory regimes.
Markets regulator Sebi has approved Adani Group's open offer to buy an additional 26 per cent stake in media firm New Delhi Television (NDTV) and the offer will commence on November 22. According to an update on Sebi's website on Monday, the regulator gave its final comments on the proposed Rs 492.81 crore-open offer on November 7. The offer will tentatively open on November 22 and close on December 5. The price fixed is Rs 294 per share, as per a recent regulatory filing by NDTV.
'It concerns the sea and the security of the nation. What has happened is a big tragedy.'
Benchmark equity indices Sensex and Nifty surged more than 1 per cent on Monday, registering their fifth day of rally on the back of buying in banking and IT shares after encouraging quarterly earnings and foreign fund inflows. The 30-share BSE Sensex jumped 855.30 points or 1.09 per cent to settle above the 79,000 mark at 79,408.50.
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".
Industrialist Gautam Adani-led Adani Group has signed a pact with South Korea's Posco to explore business opportunities in sectors like steel, renewable energy among others. Both the entities have signed a memorandum of understanding (MoU) to this effect. In a statement on Thursday, Adani Group said the investment under the MoU is estimated to be up to $5 billion.
Battling a hostile takeover bid, NDTV's promoter entity RRPR Holding Ltd has sought clarity from Sebi on whether its earlier order bars the conversion of warrants issued to VCPL, now owned by the Adani group. Passing an order on November 27, 2020, the Securities and Exchange Board of India (Sebi) has restrained NDTV founders Radhika and Prannoy Roy to access the securities market for a period of 2 years. As restrictions are still in force, hence a prior written approval from Sebi was required for Vishvapradhan Commercial Private Limited (VCPL) for the exercise of the conversion option on the warrants, NDTV founders had said.
Vadra said he keeps away from politics but "I will speak to fight for my name because if there is anything they say they have to prove it".
