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☆ India's markets regulator puts seven Adani companies on notice for violations
▼ + stars: | 2024-05-03 | by ( ) www.cnbc.com time to read: +1 min

Chairperson of Indian conglomerate Adani Group, Gautam Adani, speaking at the World Congress of Accountants in Mumbai on November 19, 2022. India's markets regulator has sent notices of regulatory violations to seven companies of the Adani conglomerate, including its flagship Adani Enterprises, the group said in stock exchange filings. The regulator began probing the Adani group, led by billionaire Gautam Adani, after Hindenburg Research in January 2023 alleged improper use of tax havens and stock manipulation by the group, accusations the group has denied. Adani Green Energy, Adani Power, Adani Total Gas, Adani Energy Solutions, Adani Wilmar, and Adani Ports have also received notices from SEBI in the first quarter, the companies said in separate filings to the exchanges this week. Typically such violations attract monetary penalties or management can be barred from capital markets for a certain period.

Persons: Gautam Adani, Wilmar Organizations: Adani, World, Accountants, Adani Enterprises, Hindenburg Research, Securities and Exchange Board of India, Energy, Adani Energy Solutions Locations: Mumbai, SEBI

☆ CNBC's Inside India newsletter: A $270 billion gamble on green?
▼ + stars: | 2024-04-25 | by ( Ganesh Rao | ) www.cnbc.com time to read: +8 min

Solar panels stand at the Welspun Energy solar power plant in Neemuch, Madhya Pradesh, India. One sector in particular — electrical power transmission — will see $270 billion in financial benefits, according to Goldman Sachs. While utilities like the Power Grid Corporation of India may be perceived as unsexy, compared to growth stocks like Tesla, India plans to promote renewable energy without the taxpayer spending a single rupee. The country has added about 70 gigawatts of solar power capacity over the past decade without piling on further costs by simply maximizing the grid's usage. Currently, state governments in India levy surcharges and taxes on every unit of carbon-intensive energy transmitted through the grid.

Persons: Vivek Prakash, Elon Musk, Narendra Modi, Goldman Sachs, It's, Vinay Dwivedi, India Anna Dravida, Vinay, Modi, Mohamed Muizzu's, Jamie Dimon, Modi's Organizations: Bloomberg, Getty, U.S, Power Grid Corporation of India, Goldman, Companies, Reliance Industries, Adani Enterprises, Tamil Nadu —, Dravida Munnetra Kazhagam, India Anna Dravida Munnetra Kazhagam, CNBC, Modi's Bharatiya Janata Party, Vodafone Idea, Vodafone, West, Economic, of New, JPMorgan, CNBC Pro, we'll Locations: Neemuch, Madhya Pradesh, India, Tamil Nadu, Dravida, New Delhi, Maldives, China, Beijing, West Indies, Pakistan, U.S, of New York

☆ India’s Gautam Adani rebounds from Hindenburg attack with return to the $100 billion club
▼ + stars: | 2024-02-08 | by ( Diksha Madhok | ) edition.cnn.com time to read: +5 min

Hindenburg Research published a blistering report in January 2023, accusing Gautam Adani, then Asia’s richest man, of engaging in fraud over decades. “The group has done exceptionally well on various fronts since the Hindenburg report,” said Manish Chowdhury, head of research at brokerage StoxBox. On Thursday, his wealth once again crossed the $100 billion threshold, according to the Bloomberg Billionaires Index. An ‘attack’ on IndiaHindenburg Research, named after the 1937 airship disaster, had accused the Adani Group of “brazen stock manipulation” and it questioned the “sky-high” valuations of Adani firms. However, since the Hindenburg report, the group has worked on reducing its borrowing.

Persons: David, Gautam Adani, Hindenburg, Adani, ”, Manish Chowdhury, ” Adani, Jeff Bezos, Mukesh Ambani, John D Rockefeller, Cornelius Vanderbilt, Narendra Modi, Chowdhury, “ Organizations: New, New Delhi CNN, Hindenburg Research, Bloomberg, India Hindenburg Research, Adani, GQG Partners, “, America’s, Adani Enterprises, Indian, Bharatiya Janata Party Locations: New Delhi, India, ’, ”, Times

☆ This fund scored a big win with its bet on Adani. Now, it could be pressing pause
▼ + stars: | 2024-01-18 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

Art school teacher Sagar Kambli gives final touches to a painting of Indian businessman Gautam Adani (L) highlighting the ongoing crisis of the Adani group in Mumbai on February 3, 2023. One of the biggest investors in India's Adani Enterprises says he may be done doubling down on his investment. So I don't know [if] we'll double down further," Jain said on "Street Signs Asia." I don't know whether we'll go further from here." Adani Enterprises, owned by one of India's richest men Gautam Adani, is one of the country's top three conglomerates.

Persons: Sagar Kambli, Gautam Adani, Rajiv Jain, Jain, we'll Organizations: India's Adani Enterprises, GQG Partners, CNBC, Adani Enterprises, Hindenburg Locations: Mumbai, New

Adani has denied wrongdoing, saying that Indian authorities assessed its coal shipments before releasing them from ports. India's Supreme Court is also overseeing the market regulator's probe of Hindenburg's allegations. If India's Supreme Court allows the agency's latest request, it would then need to seek an order from Singapore's Court of Appeal to release the material. The Singapore court declined requests from Reuters last month to inspect related case documents, saying in written responses that the files were sealed. The stance adopted by Adani's companies in Singapore "created impediments" and the investigation "remains stalled", the revenue agency told India's Supreme Court in 2021 filings.

Persons: Adani, Hindenburg, Gautam Adani, Narendra Modi's, Modi, Lucien Wong, Adani's, Arpan Chaturvedi, Aditya Kalra, Sudarshan Varadhan, David Crawshaw Organizations: Adani Group, Revenue Intelligence, Adani, Adani Enterprises, Reuters, India's, Ministry of Finance, Ministry of Home Affairs, Hindenburg Research, Investigators, Singapore Attorney, Thomson Locations: India, DELHI, Singapore, Adani, Gujarat, Indonesia, SINGAPORE, Singapore's, Mumbai, New Delhi

Regulators have so far not mandated any minimum net worth or investor qualifications for those trading stock options, and the stock markets almost always rise each year - both recipes for higher risk-taking and complacency. The "stark" increase in daily options trading turnover raises issues of investor protection, said Ajay Tyagi, former SEBI chief. The platform has seen an uptick in futures and options trading activity, Zerodha said in response to Reuters queries. Siddharth Joshi, a 36-year old from Surat in western India, said he lost 200,000 rupees trading options on Adani Enterprises (ADEL.NS) shares in January. "In options trading, I know my loss is capped but there is an opportunity to make maximum profit," he said.

Persons: Francis Mascarenhas, Mihir Vora, SEBI, Ashish Chauhan, Ajay Tyagi, Kailash, Bhavesh Shah, Shah, Zerodha, Siddharth Joshi, he's, Ira Dugal, Vidya Ranganathan, Raju Gopalakrishnan Organizations: Bombay Stock Exchange, REUTERS, Rights, Securities, Exchange Board of India, Trust Mutual Fund, National Stock Exchange of India Ltd, BSE Ltd, Reuters, Axis Mutual Fund, National Stock Exchange, Adani Enterprises, Thomson Locations: Mumbai, India, Rights MUMBAI, South Korea, Bhavesh, Ahmedabad, Surat

The fund is called Gulf Asia Trade & Investment, the sources said. The Adani Group did not comment on the SEBI probe and its possible ties with the fund when contacted by Reuters. EZY had been incorporated in the British territory in 2006, while Gulf Asia was incorporated there in May 2011. In April 2014, Gulf Asia held $51.4 million worth of shares in Adani Enterprises and Adani Power (ADAN.NS). In March 2017, that had increased to $202 million in four group companies - Adani Enterprises, Adani Power, Adani Transmission and Adani Ports (APSE.NS), according to the OCCRP data.

Persons: Francis Mascarenhas, Nasser Ali Shaban, OCCRP, Hindenburg, Ahli, Gautam Adani, EZY, SEBI, Jayshree, Krishn Kaushik, Sumeet Chatterjee, Edwina Gibbs, Louise Heavens Organizations: Securities and Exchange Board of India, REUTERS, Adani, Gulf Asia Trade & Investment, Dubai, Reuters, Securities and Exchange, India's, Hindenburg, Adani Enterprises, Al, Trade, United Arab, British Virgin Islands, Gulf, EZY Global, EZY, Thomson Locations: Mumbai, India, British Virgin, Nasser Ali Shaban Ahli, Gulf, Gulf Asia, United Arab Emirates, British, Asia

☆ Total’s green bet on Gautam Adani is a win-win
▼ + stars: | 2023-09-21 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

On Tuesday, the company said it would invest $300 million to form a joint venture with $19 billion Adani Green Energy (ADNA.NS) to build solar and wind farms in the country. The latest tie-up ought to help Total to hit its target of having 100 gigawatts of renewable energy capacity by 2030. Adani Green Energy and Adani Total Gas (ADAG.NS), in which Total owned stakes of about 20% and 37% at the end of June, have lost about 50% and 80% of their market value since January, and are among the worst performing of the group’s nine core listed entities. Total’s green capacity targets may be more pressing than the risk of further Adani problems. Adani Green will contribute assets to the joint venture, it said in a statement, adding that the deal will help it achieve its target of having 45 gigawatts of renewable energy capacity by 2030.

Persons: Gautam Adani, Carmichael, Hindenburg, Patrick Pouyanné, Adani, Una Galani, Katrina Hamlin Organizations: Reuters, Adani Enterprises, Adani, Green Energy, Australia, GQG, Barclays, Deutsche Bank, Energy, Thomson Locations: Indian, Ahmedabad, Queensland, BENGALURU, –, India

[1/3] Traffic moves past the 'Bharat Mandapam', the main venue of the G20 Summit in New Delhi, India, September 5, 2023. U.S. President Joe Biden, British Prime Minister Rishi Sunak, Saudi Crown Prince Mohammed Bin Salman, Canadian Prime Minister Justin Trudeau and Japanese Prime Minister Fumio Kishida are expected to be part of the gathering in New Delhi. For years, Ambani and Adani have competed across a wide range of industries from telecoms to media, and energy to finance. Adani Group has denied any wrongdoing. Reliance Industries, Adani Enterprises, Tata Sons, Bharati Airtel, Aditya Birla Group and the Indian government did not reply to emails seeking comment on the invitation.

Persons: Mandapam, Adnan Abidi, Mukesh Ambani, Gautam Adani, Narendra Modi, Joe Biden, Rishi Sunak, Prince Mohammed Bin Salman, Justin Trudeau, Fumio Kishida, N, Kumar Mangalam Birla, Sunil Mittal, Ambani, Xi Jinping, Vladimir Putin, Modi, Adani, Sarita Chaganti Singh, Shivangi, Clarence Fernandez Organizations: REUTERS, British, Canadian, Japanese, Tata, Bharti Airtel, Reliance Industries, Adani, Hindenburg Research, Adani Enterprises, Tata Sons, Bharati Airtel, Aditya Birla Group, Thomson Locations: New Delhi, India, DELHI, Saudi

☆ Adani shares slide after report alleges 'opaque' offshore investment funds
▼ + stars: | 2023-08-31 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Chairperson of Indian conglomerate Adani Group, Gautam Adani, speaking at the World Congress of Accountants in Mumbai on November 19, 2022. Shares of Adani Enterprises , as well as its subsidiaries, fell on Thursday following new allegations published by global investigative journalism network the Organized Crime and Corruption Reporting Project (OCCRP). Adani Enterprises fell 3%, while Adani Green Energy led losses among the group's subsidiaries, falling 3.3%. The OCCRP alleged in a report published Thursday that hundreds of millions of dollars were secretly invested into publicly traded stocks of the Adani Group via "opaque" funds based in Mauritius. The report claimed that, at one point in time, the value of both men's investment in Adani was worth $430 million.

Persons: Gautam Adani, Nasser Ali Shaban Ahli, Chang Chung, Ling Organizations: Adani, World, Accountants, Adani Enterprises, Energy, CNBC Locations: Mumbai, Mauritius, Adani

☆ Adani fault lines raise bar for India’s regulator
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. It was a hunt an Indian panel probing allegations of stock manipulation warned might be "a journey without a destination". Adani on Thursday rejected OCCRP’s claims, saying they are based on decade-old closed cases. Shares of Adani Total Gas (ADAG.NS), a joint venture with France’s Total, and Adani Power (ADAN.NS) and Adani Enterprises (ADEL.NS) fell 2.5%, 3.5% and 3% respectively. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Gautam Adani, Amir Cohen, Gautam, Hindenburg, Madhabi Puri, she’s, Nasser Ali Shaban Ahli, Taiwan’s Chang Chung, Ling, Vinod Adani, Gautam Adani’s, Adani, OCCRP’s, Mukesh Ambani’s, Didi, Antony Currie, Thomas Shum Organizations: Adani Group, Haifa Port, REUTERS, Rights, Reuters, India’s Securities, Exchange Board of India, United Arab Emirates, France’s, Adani Enterprises, X, Thomson Locations: Haifa, Israel, Madhabi Puri Buch, Una

The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. Citing review of files from multiple tax havens and internal Adani Group emails, nonprofit media organization OCCRP said its investigation found at least two cases where the investors bought and sold Adani stock through such offshore structures. Adani Group has called Hindenburg's claims misleading and without evidence and said it always complied with laws. The panel in May said the regulator had so far "drawn a blank" in investigations into suspected violations in overseas investments in the Adani group. In an interview with a reporter from the Guardian, OCCRP said Chang said he knew nothing about any secret purchases of Adani stock.

Persons: Amit Dave, OCCRP, Adani, Hindenburg, HINDENBURG, Gautam, India's, Nasser Ali Shaban Ahli, Chang Chung, Chang, Aditya Kalra, Krishn Kaushik, Lisa Shumaker Organizations: Adani, REUTERS, Adani Enterprises, NEW, Hindenburg Research, Reuters, Guardian, Thomson Locations: Ahmedabad, India, NEW DELHI, Mauritius, Ahli

☆ India's Adani group stocks hit by first auditor quitting over Hindenburg report
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

Traffic moves past the logo of the Adani Group installed at a roundabout on the ring road in Ahmedabad, India, February 2, 2023. Adani Ports said Deloitte, which does not audit any of the other six listed Adani group companies, had all the necessary information and its reason to quit was "not convincing." "The spotlight is back on Adani Group stocks and this time the auditor has raised concerns and resigned. The flagship Adani Enterprises (ADEL.NS) dropped 5.5%, while Adani Power (ADAN.NS), Adani Energy Solutions (ADAI.NS), Adani Wilmar (ADAW.NS), Adani Green Energy (ADNA.NS) and Adani Total Gas (ADAG.NS) declined between 3% and 5%. "In the near term, the Adani group stocks will likely remain under pressure and any re-rating will happen gradually when the water settles down."

Persons: Amit Dave, Hindenburg, Gautam Adani, Prashant Tapse, Adani, Avinash Gorakshakar, Rama Venkat, Savio D'Souza Organizations: Adani, REUTERS, Deloitte, Reuters, Adani Ports, Mehta, Adani Enterprises, Adani Energy Solutions, Energy, Profitmart Securities, Associates, BDO International, Thomson Locations: Ahmedabad, India, BENGALURU, Bengaluru

☆ Adani Enterprises weighs exiting $6 bln Wilmar venture - Bloomberg News
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

Workers transport tins of edible oil inside a storeroom of Adani Wilmar Ltd at Mundra, 375 km (233 miles) from the western Indian city of Ahmedabad, June 10, 2009. REUTERS/Amit Dave/File PhotoAug 8 (Reuters) - India's Adani Enterprises (ADEL.NS) is exploring selling its stake in its consumer-staple joint venture with Wilmar International (WLIL.SI), Bloomberg News reported on Tuesday, citing people familiar with the matter. Deliberations are at an early stage and Adani Enterprises may decide to keep its stake, the report said. Adani Enterprises and Wilmar did not respond to Reuters requests for comment, while Adani Wilmar said it would not like to comment on the report. Last week, Adani Wilmar reported loss in the first quarter, hurt by a steep decline in edible oil prices.

Persons: Wilmar, Amit Dave, Adani, Gautam Adani, Adani Wilmar, Shubhendu Deshmukh, Shounak Dasgupta, Shilpi Majumdar Organizations: REUTERS, Adani Enterprises, Wilmar, Bloomberg, Adani, Hindenburg, Thomson Locations: Mundra, Indian, Ahmedabad, India, Bengaluru

Speaking at the Adani Enterprises' annual general meeting, Adani said the Hindenburg short-seller report was a "deliberate and malicious attempt aimed at damaging our reputation and generating profits through a short-term drive-down of our stock prices." "While the Securities and Exchange Board of India is still to submit its report, we remain confident of our governance and disclosure standards," billionaire Adani said. The short-seller report had also forced Adani Enterprises to shelve its key $2.5 billion share sale in February. Adani Enterprises shares climbed over 4% on Tuesday, while Adani Transmission (ADAI.NS) and Adani Green Energy (ADNA.NS) rose 4.7% and 5.7%, respectively. He also added that Adani Ports (APSE.NS), in the next 12-24 months, will commission India's largest transshipment hub.

Persons: Gautam Adani, Adani, Chris Thomas, Nallur, Savio D'Souza, Nivedita Organizations: U.S, Adani Enterprises, Securities and Exchange Board, Green Energy, Thomson Locations: BENGALURU, India, Bengaluru

☆ India's Adani confident of governance and disclosure standards, chairman says
▼ + stars: | 2023-07-18 | by ( ) www.cnbc.com time to read: +1 min

Signage of Adani Group at Adani Defence and Aerospace booth during the Aero India 2023 at Air Force Station Yelahanka in Bengaluru, India, on Monday, Feb. 13, 2023. India's Adani Group is confident of its governance and disclosure standards after a top court panel found no lapses at the conglomerate, its chairman said on Tuesday, while detailing the fallout of a U.S. short-seller's scathing report that jolted its stocks. The panel report "confirmed the quality of our group's disclosures and found no instance of any breach," Adani Chairman Gautam Adani said in his first comments on the findings, in a shareholder address at Adani Enterprises' annual general meeting. "While SEBI is still to submit its report, we remain confident of our governance and disclosure standards, Adani said, referring to the Securities and Exchange Board of India. Adani Enterprises shares climbed over 4% on Tuesday.

Persons: India's, Gautam Adani, Adani, SEBI, Hindenburg Organizations: Adani Defence, Aerospace, Aero, Air Force, Adani Enterprises, Securities and Exchange Board of India, Adani Group Locations: Bengaluru, India

☆ India's Adani mulls bidding for Anil Ambani's bankrupt coal plants, Bloomberg reports
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

July 11 (Reuters) - Indian billionaire Gautam Adani is considering a bid for the bankrupt coal-fired power plants belonging to industrialist Anil Ambani, Bloomberg News reported on Tuesday, citing people familiar with the matter. Ambani's Reliance Power Ltd (RPOL.NS) will also likely make an offer to win back control of the firm, the report added. Last week, Adani Green Energy Ltd (ADNA.NS) approved raising 123 billion rupees ($1.49 billion), while two other Adani group companies - Adani Transmission (ADAI.NS) and Adani Enterprises (ADEL.NS) - had in May outlined plans to raise funds totalling $2.57 billion. Adani's bids are aimed at strengthening the company's growing portfolio of coal power projects, the report said. Adani Enterprises or Reliance Power did not immediately respond to a Reuters' request for comment.

Persons: Gautam Adani, Anil Ambani, Ambani, Adani, Jose Joseph, Kashish Tandon, Sohini Goswami Organizations: Bloomberg, Vidarbha Industries Power Ltd, Ambani's Reliance Power, Green Energy Ltd, Adani Enterprises, Hindenburg Research, Reliance, Thomson Locations: Vidarbha, Nagpur, Maharashtra, Bengaluru

Shares of companies of the coal-to-airports conglomerate, controlled by billionaire Gautam Adani, were up between 1.2% to 7% in late trade on Friday in a largely flat wider market. The group's listed companies lost more than $100 billion in market value earlier this year after U.S.-based Hindenburg Research raised several governance concerns. The court on Wednesday granted SEBI additional time until Aug. 14 to complete its investigation into possible violation of securities law and regulatory disclosures by the Adani group. Beside flagship Adani Enterprises (ADEL.NS), other group companies include edible oils business Adani Wilmar (ADAW.NS), Adani Ports (APSE.NS), Adani Green Energy (ADNA.NS), Adani Transmission (ADAI.NS), Adani Total Gas (ADAG.NS), Adani Power (ADAN.NS), broadcaster NDTV (NDTV.NS) and cement units ACC Ltd (ACC.NS) and Ambuja Cements (ABUJ.NS). The panel said, citing SEBI, there was evidence of a build-up in short positions on Adani group stocks ahead of the Hindenburg report.

☆ Adani shares tumble on report group seeking time to pay ACC, Ambuja debt
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, March 28 (Reuters) - Shares of Adani Group companies tumbled on Tuesday after a report said the conglomerate was seeking to renegotiate terms of outstanding loans worth $4 billion taken last year to buy cement firms ACC (ACC.NS) and Ambuja Cements (ABUJ.NS). The group's flagship firm, Adani Enterprises (ADEL.NS), slid nearly 8% to a near four-week low, while Adani Ports (APSE.NS) tumbled 9.2%. The Adani Group and lenders Standard Chartered, Barclays and Deutsche Bank did not immediately respond to Reuters' requests for comment. Whatever expansion plans announced by Adani Ports, Adani Enterprises, and even Adani Total, for the next two years will undergo delays," said Avinash Gorakshakar, head - research of Profitmart Securities. Since the Hindenburg report, Adani Group stocks have lost between 22% and 80%.

☆ The short seller who took on Adani and caused a $150 billion rout in the conglomerate's stock is releasing a new report — but it's not saying who's the next target yet
▼ + stars: | 2023-03-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Short seller Hindenburg Research teased it's releasing a new report. The research firm targeted the Adani Group in a January 24 report alleging manipulation and fraud. The research firm teased the upcoming report in a tweet on Wednesday, saying "New report soon — another big one." The report hit investor sentiment and sent Adani-related stocks into a tailspin, losing over $150 billion in about five weeks, according to Bloomberg. The Adani Group defended itself vigorously against Hindenburg's accusations, but the research firm also doubled down on its initial report.

☆ Middle East pivot to Asia is strategic this time
▼ + stars: | 2023-03-14 | by ( Una Galani | ) www.reuters.com time to read: +6 min

Xi Jinping has brokered a deal the United States would have found hard to secure, despite its traditional military influence in the Middle East. The Middle East has trained its financial sights on Asia before. At current rates of growth, emerging Asia will become the top trade partner for the Gulf countries by 2028, per Asia House, surpassing advanced economies. As U.S.-China relations continue to sour, the Asian financial centre is looking to the Middle East to find new foreign companies to trade in the territory. Delegations from the two Middle East countries held talks in Beijing between March 6 and 10, the statement added.

Entities rated by MSCI ESG Research include Adani Green Energy, Adani Power, Adani Total Gas, Adani Transmission and Adani Enterprises, according to the statement. This week, MSCI ESG Research flagged all its covered Adani Group entities for the metric of accounting investigations, while some were flagged for the securities valuations metric, it said. "Across various Adani Group entities, MSCI ESG Research has identified issues relating to governance, board independence, related party transactions, and controlling shareholders," the company said. Since the short-seller report release, MSCI ESG Research has added "Bribery and Fraud" and "Governance Structures" controversy cases to all Adani Group companies in its coverage, it said. Sustainability ratings company Sustainalytics downgraded corporate governance-related scores for some Adani Group companies last month.

☆ Indian shares set for muted start as Powell reiterates hawkish message
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, March 9 (Reuters) - Indian shares are set for a muted open on Thursday, on concerns of a prolonged high-interest rate regime after U.S. Federal Reserve Chair Jerome Powell reiterated his hawkish stance on the second day of congressional testimony. Indian shares extended gains for a third session in a row on Wednesday, in contrast to global peers. Indian equities are likely to remain rangebound ahead of the Federal Reserve's policy decision on March 22, two analysts said. ** Adani Enterprises (ADEL.NS), Adani Power (ADAN.NS), Adani Wilmar (ADAW.NS): NSE places three group firms under short-term additional surveillance measures from March 1. ($1 = 81.9910 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

☆ Indian open lower on rate fears after Powell's testimony
▼ + stars: | 2023-03-08 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

The Nifty 50 index (.NSEI) fell 0.49% to 17,625.95, while the S&P BSE Sensex (.BSESN) lost 0.48% to 59,931.07 as of 9:31 a.m. IST. The slide comes after Powell's testimony before the U.S. Congress on Tuesday, in which he said strong economic data in the United States raised the possibility of prolonged and higher-than-expected interest rate hikes. Global markets fell after Powell's testimony, with the MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) losing 1.82%. Thirty-seven of the Nifty 50 constituents logged losses with Hindalco (HALC.NS) and IT stocks falling the most. The group's flagship firm Adani Enterprises (ADEL.NS) rose over 1% and was the top Nifty 50 gainer.

☆ India's Adani Group pre-pays over $900 mln worth share-backed financing
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

The billionaire Gautam Adani-led Adani Group has been looking to ease concerns about its credit profile after a U.S.-based short seller noted high debt and alleged improper use of offshore tax havens and stock manipulation, which Adani denied. Promoters of the group's flagship firm, Adani Enterprises (ADEL.NS) will release 31 million shares, or a 4% stake, while Adani Ports' (APSE.NS) promoters will release 155 million shares, or an 11.8% stake, the group said in a statement. Promoters of Adani Green Energy (ADNA.NS) and Adani Transmission (ADAI.NS) will release 1.2% and 4.5% stakes in the respective companies. In a similar move, the group in February pre-paid $1.11 billion. With Tuesday's repayment, the group has so far repaid around $2.02 billion of share-backed financing, it said.

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