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☆ Explainer: Adani vs Hindenburg: What you need to know
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +3 min

Founded in 2017 by Nathan Anderson, Hindenburg Research is a forensic financial research firm which analyses equity, credit and derivatives. Hindenburg disclosed that it holds short positions in Adani companies through U.S.-traded bonds and non-Indian-traded derivative instruments. Reuters reported the regulator will continue this scrutiny and draw on any fresh information in the Hindenburg report. The Adani group said that several of the CFOs that the Hindenburg report points to have remained within the group and moved on to new roles. The report says key listed Adani companies have substantial debt and are over-leveraged.

The stunning market selloff has cast a shadow over Adani Enterprises' secondary share sale that started on Friday. The share sale is being managed by Jefferies, India's SBI Capital Markets, Axis Capital, and ICICI Securities among others. Shares of other listed Adani firms also plummeted, with Adani Transmission Ltd (ADAI.NS), Adani Total Gas (ADAG.NS), Adani Green Energy (ADNA.NS) and Adani Ports (APSE.NS) sinking 20% each. Adani Ports, Adani Green Energy and Adani Transmission marked their worst intraday drop ever, with heavy volumes. Billionaire U.S. investor Bill Ackman said on Thursday that he found the Hindenburg report "highly credible and extremely well researched."

Adani, whose home state is Gujarat in western India, built his business empire from scratch after starting as a commodities trader. Adani's business empire grew rapidly and his wealth ballooned. In recent years, the $220 billion Adani Group empire has attracted foreign investment - France's TotalEnergies (TTEF.PA), for example, partnered with Adani last year to develop the world's biggest green hydrogen ecosystem. It is not known what was discussed and Adani Group did not respond to a request for comment on Friday. Adani Group's consolidated gross debt stands at $23.34 billion, Jefferies says.

☆ Gautam Adani, Asia's richest man, is addicted to ChatGPT
▼ + stars: | 2023-01-23 | by ( Diksha Madhok | ) edition.cnn.com time to read: +4 min

New Delhi CNN —Asia’s richest man Gautam Adani says he is addicted to ChatGPT, the powerful new AI tool that interacts with users in an eerily convincing and conversational way. “But there can be no doubt that generative AI will have massive ramifications,” Adani wrote in his post, adding that generative AI holds the “same potential and danger” as silicon chips. Chipmaking has emerged recently as a new flashpoint in US-China tensions, with Washington blocking sales of advanced computer chips and chip-making equipment to Chinese companies. Many of Adani companies have become leading players in their respective sectors. A college dropout and a self-made industrialist, Adani is worth over $120 billion, making him the world’s third richest man, ahead of Jeff Bezos and Bill Gates.

☆ India's Sun Pharma says plant listed under U.S. FDA import alert
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Dec 8 (Reuters) - The U.S. Food and Drug Administration (FDA) had listed Indian drugmaker Sun Pharmaceutical Industries Ltd's (SUN.NS) facility in the western Indian state of Gujarat under an import alert, the company said on Thursday, sending its shares down 3.6%. The import alert means all future shipments of products made at the Halol plant can be refused admission to the U.S. market until the facility becomes compliant with the FDA's Current Good Manufacturing Practice standards, Sun Pharma said in a statement. The FDA has excluded 14 products from the import alert, subject to certain conditions. It was not immediately clear what the conditions are and what remedial action the FDA had asked the company to take. Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Subhranshu Sahu and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ India's Reliance makes rare buy of Russian naphtha, ups fuel oil imports
▼ + stars: | 2022-12-02 | by ( Mohi Narayan | ) www.reuters.com time to read: +2 min

The private refiner did not buy Russian naphtha in 2020 and 2021. Its annual imports of Russian naphtha were restricted to just one parcel in four years to 2019, the data showed. The data showed a panamax carrier Okyroe sailing towards India laden with about 59,000 tonnes of Russian naphtha. Russian naphtha is being sold at lower premiums to countries like India, two Asian naphtha traders said. FUEL OIL IMPORTS SURGEReliance, its two plants together capable of processing 1.4 million barrels of oil a day, has emerged as a key buyer of Russian oil since Moscow's February military action in Ukraine.

☆ Indian Bridge Collapse Casts Harsh Spotlight on Safety Practices
▼ + stars: | 2022-11-06 | by ( Krishna Pokharel | Tripti Lahiri | ) www.wsj.com time to read: 1 min

Prakash Parmar was supposed to meet a prospective bride for his brother last Sunday in his hometown of Morbi in northwestern India. But when those plans were postponed, he, his brother and his sister decided to visit the town’s star attraction: a colonial-era suspension bridge. The bridge had reopened days earlier after being closed for months for repairs, just in time for the first major holiday season—celebrations of Diwali and the new year in the state of Gujarat—without Covid-19 restrictions. Three young cousins and a neighbor joined them.

☆ India's Gujarat state suspends senior local administrator for bridge collapse
▼ + stars: | 2022-11-04 | by ( Sumit Khanna | ) www.reuters.com time to read: +2 min

"The state government has suspended Sandeepsinh Zala, chief officer of Morbi municipality in view of the bridge collapse," Pankaj Joshi, secretary to Gujarat Chief Minister Bhupendra Patel, told Reuters. The bridge - 233 metres in length and 1.25 metres wide - was originally built in 1877 and had been closed for six months for repairs until last week. India Prime Minister Narendra Modi, who hails from the state and was its chief minister for close to 13 years, has called for a detailed and extensive inquiry into the cause of the disaster. The government in the Western Indian state, where legislative elections are due to be held next month, called off the search operation for survivors on Thursday. Local fire brigade, state and national disaster teams will be kept on standby, a government statement said.

☆ Nine arrested after bridge collapses in India, killing 134
▼ + stars: | 2022-11-01 | by ( The Associated Press | ) www.nbcnews.com time to read: +4 min

MORBI, India — Police in western India arrested nine people on Monday as they investigated the collapse of a newly repaired 143-year-old suspension bridge in one of the country’s worst accidents in years, officials said. The collapse Sunday evening in Gujarat state plunged hundreds of people into a river, killing at least 134. The same month, Oreva closed the bridge, which spans a wide section of the Machchu river, for repairs. Modi was the top elected official of Gujarat for 12 years before becoming India’s prime minister in 2014. A Gujarat state government election is expected in coming months and opposition parties have demanded a thorough investigation of the accident.

CNN —More than 50 children are among 135 people killed in Sunday’s bridge collapse in India’s Gujarat state, according to a list of victims published by state authorities on Wednesday. Rescue workers conduct search operations after a bridge across the river Machchhu collapsed at Morbi in India's Gujarat state on October 31, 2022. A shoe lies near a damaged suspension bridge in Morbi, India, November 1, 2022. Mourners take part in a funeral procession while carrying the coffins of victims who died after a bridge across the river Machchhu collapsed at Morbi in India's Gujarat state on October 31, 2022. Indian Prime Minister Narendra Modi visited the site of the deadly bridge collapse in western India on Tuesday.

☆ India's first fully solar village lights up the lives of poor residents
▼ + stars: | 2022-11-01 | by ( Sunil Kataria | ) www.reuters.com time to read: +3 min

[1/3] Solar panels are installed on the rooftops of residential houses in Modhera, India's first round-the-clock solar-powered village, in the western state of Gujarat, India, October 19, 2022. Now, however, his machine moves on solar power as earlier this month Prajapati's village of around 6,500 residents, consisting mainly of potters, tailors, farmers and shoemakers, was declared India's first village to run entirely on solar energy all the time. The government buys excess energy produced here from residents if they do not use all of the capacity allotted to the households. For Reena Ben, 36, a housewife, who also works as a tailor part time, the solar power has hugely aided her work. "When we got access to solar power, I bought an electric motor worth 2,000 rupees ($24) to attach to the sewing machine.

☆ Death toll in India bridge collapse rises to at least 132
▼ + stars: | 2022-10-31 | by ( The Associated Press | ) www.nbcnews.com time to read: +3 min

The bridge had been closed for renovation for almost six months and was reopened just four days ago. It was not immediately clear exactly how many people were on the 761-foot-long bridge, but officials fear the death toll could rise. State minister Harsh Sanghvi told reporters that 132 people had died so far and many were admitted to hospitals in critical condition. Rescuers search the Machchu river in the Indian state of Gujarat on Monday after a cable suspension bridge collapsed, sending hundreds of people plunging into the water. The bridge collapse is Asia’s third major disaster involving large crowds in a month.

☆ Collapse of Overcrowded Suspension Bridge Kills 68 in India’s Gujarat State
▼ + stars: | 2022-10-31 | by ( Krishna Pokharel | Tripti Lahiri | ) www.wsj.com time to read: 1 min

Rescue operations continued Sunday night after the bridge, which had spanned over the Machchhu River for over a century, collapsed earlier in the evening. A suspension bridge collapsed and killed at least 68 people in the western Indian state of Gujarat after the more-than-century-old structure was crowded with hundreds of visitors on Sunday, according to the state disaster management agency. Officers managing emergency operations for the Gujarat State Disaster Management Authority said that as of late Sunday night, 68 bodies had been recovered. Some 170 people had been rescued and taken to a local hospital in Morbi district, where the incident occurred. Rescue operations are continuing, the disaster agency said.

☆ Pedestrian bridge collapses in Western India
▼ + stars: | 2022-10-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPedestrian bridge collapses in Western IndiaCNBC’s Shomari Stone joins Shep Smith to report on a pedestrian bridge collapse in Western India that led to the death of more than 130 people. The government is now calling for an investigation.

☆ Factbox: Century-old India hanging bridge collapses days after repair
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

Here are some details about the bridge:* It was built in 1877 in the town of Morbi in Gujarat state when the British ruled India. * Local authorities call the bridge an "engineering marvel" that was "built to give a unique identity to Morbi using the latest technology available in those days, in Europe". * Local authorities said the Oreva group, maker of Ajanta clocks and electrical products, was this year awarded a contract to maintain and manage the bridge for 15 years. * The bridge was earlier maintained by the local municipality, which used to limit the number of people on the bridge at one time to 20. Reporting by Sumit Khanna; Writing by Krishna N. Das; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ At least 60 dead, many injured after India bridge collapse
▼ + stars: | 2022-10-30 | by ( Associated Press | ) www.nbcnews.com time to read: +1 min

NEW DELHI — At least 60 people died and many are feared injured after a cable bridge collapsed into a river in the western Indian state of Gujarat on Sunday evening, local media reported. Officials told local media over a hundred people were plunged into the Machchu river when the bridge in the state’s Morbi district collapsed. It was not immediately clear how many people were on the bridge, but officials fear the death toll could rise. They are being rushed to hospitals.”Videos on social media showed people clinging onto the partly submerged bridge in distress while another showed people swimming to safety. Rescue operations are underway, with National Disaster Response Force Teams rushing to the site, local media reported.

☆ Video: Bilkis Bano goes into hiding after her rapists walk free in India
▼ + stars: | 2022-10-18 | by ( ) edition.cnn.com time to read: 1 min

11 men, who were serving life sentences for gang-raping Bilkis Bano during the 2002 anti-Muslim riots in the Western Indian state of Gujarat, walked out of prison to a heroes' welcome in August. Now, Bano is reliving the trauma of the event while living in hiding. CNN's Vedika Sud reports.

Prakash Singh/AFP/Getty ImagesThe recommendation to free the men was made by an advisory panel appointed by the Gujarat government, led by Narendra Modi’s Bharatiya Janata Party (BJP). Some lawmakers and activists have petitioned the Supreme Court for the men to be rearrested. Some saw the assailants’ release as a deliberate pitch for votes from BJP supporters ahead of the Gujarat state election. The couple want the decision reversed, as do those who have filed petitions with the Supreme Court. “We strongly believe that what happened with Bilkis was wrong and the convicts should be sent back to jail,” he said.

☆ India festival spending booms despite inflation worries, global slowdown
▼ + stars: | 2022-10-14 | by ( Manoj Kumar | ) www.reuters.com time to read: +7 min

The sales would include nearly $15.2 billion offline sales, compared to about $8.5 billion in 2019, according to the Confederation of All India Traders (CAIT). read moreBut economists said the sense in India was that inflation has peaked while economic activity was picking up. The bump in consumer demand is expected to support economic growth of around 6.5% in the fiscal year ending March 2023, the highest among the world's major economies. Credit demand increases Credit demand increasesThe retail boom is also a boon for the government - goods and services tax collections, a barometer of consumer demand, rose 26% year-on-year in September, data showed. "After two consecutive downbeat festive seasons, consumer sentiment and spending appear to have rebounded this year... which may boost economic growth in the current quarter, but may not sustain thereafter."

☆ Indian billionaire Gautam Adani was a college dropout. Now he may be too big to fail
▼ + stars: | 2022-10-10 | by ( Diksha Madhok | ) edition.cnn.com time to read: +11 min

Indian billionaire Gautam Adani’s conglomerate had just launched a hostile bid to take over an influential broadcaster in the capital. Rupak De Chowdhuri/ReutersMuch of his fortune is tied up in the sprawling Adani Group, which he founded over 30 years ago. Most of the companies in the Adani empire are held closely by the billionaire, his family and associated firms, including nearly 75% stakes in AEL, Adani Power, and Adani Transmissions. Yet, the Adani Group has continued to raise billions from Indian and foreign banks. CreditSights, a research firm owned by Fitch Group, in August published a report about Adani Group titled “Deeply Overleveraged” in which it expressed strong concerns.

Indian consultancy Coalmint expects September thermal coal imports from Russia to decline 30% from August to 1.4 million tonnes, it said in a note to clients. London-based analytics firm DBX Commodities estimates Indian shipments of the power generation fuel to fall to 1.5 million tonnes this month from 1.9 million tonnes in August, Chief Executive Alexandre Claude told Reuters on Thursday. Coal shipments from Russia had risen in July and August despite a decline in overall Indian imports of the fuel, making Russia India's third largest coal supplier. DBX expects India's total thermal coal imports to fall to about 13 million tonnes from 15 million tonnes in August, Claude said. "(Overall Indian) thermal coal imports have been declining since June as the heatwave then started to recede and the economy started to falter," he said.

☆ India's Adani pledges shares of ACC, Ambuja Cements worth about $12.5 billion
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Amit DaveBENGALURU, Sept 20 (Reuters) - India's Adani Group has pledged shares worth about $12.5 billion in two cement units, days after the conglomerate controlled by billionaire Gautam Adani completed the purchase of stakes in those businesses from Switzerland's Holcim (HOLN.S). The pledged shares of ACC and Ambuja were worth around 989.46 billion rupees based on Monday's closing prices and accounted for a 57% stake in ACC (ACC.NS) and a 63% stake in Ambuja Cements (ABUJ.NS). (https://bityl.co/EZE6) (https://bityl.co/EZEE)Deutsche Bank AG's Hong Kong branch, which is the agent for the pledged shares in ACC and Ambuja, made the disclosure in filings to India's stock exchanges. Register now for FREE unlimited access to Reuters.com RegisterThe group in May announced the acquisition of Holcim's cement businesses in India for $10.5 billion to become the country's No. read more($1 = 79.7210 Indian rupees)Register now for FREE unlimited access to Reuters.com RegisterReporting by Chris Thomas in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ India, Saudi Arabia discuss rupee-riyal trade
▼ + stars: | 2022-09-19 | by ( Idrees Ali | ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterSaudi Arabia's Crown Prince Mohammed bin Salman speaks at a meeting with Indian Prime Minister Narendra Modi as he looks on, at Hyderabad House in New Delhi, India, February 20, 2019. REUTERS/Adnan AbidiNEW DELHI, Sept 19 (Reuters) - The Indian government said on Monday that it had discussed the feasibility of institutionalising rupee-riyal trade with its South Arabian counterpart. Both governments reaffirmed cooperation in joint projects including a refinery in western India, LNG infrastructure investment and development of strategic petroleum storage facilities in India, the statement added. Register now for FREE unlimited access to Reuters.com RegisterReporting by Tanvi Mehta; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

The AstraZeneca vaccine received approval from UK regulators in December 2020, and Poonawalla became a household name in India. India's Covid-19 tsunamiBut Poonawalla's plans soon went awry when a second wave of Covid-19 hit India in the spring. But by January 2021, the company had a stockpile of just 70 million doses . SII also says that it has increased its production to 220 million doses a month as of October. SII is also expanding its partnerships, having signed a deal with American biotech firm Novavax to manufacture its Covid-19 vaccine, which is awaiting regulatory approvals.

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