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☆ Gautam Adani hit by fresh Hindenburg allegations against India’s market regulator
▼ + stars: | 2024-08-12 | by ( ) edition.cnn.com time to read: +3 min

Adani Group companies shed as much as $19 billion in market value on Monday after Hindenburg Research accused the Indian market regulator probing the group of having links to offshore funds also used by Adani. Adani Enterprises and Adani Ports were among the biggest losers on India’s blue-chip Nifty 50 index. Total losses in Adani companies narrowed to $9 billion after the early plunge. It caused one of the most stunning upheavals in India’s corporate history in January 2023 when it alleged improper use of tax havens and stock manipulation by the Adani Group. “We do not think SEBI can be trusted as an objective arbiter in the Adani matter,” Hindenburg said on Saturday.

Persons: Adani, Gautam, Hindenburg, Madhabi Puri, Vinod Adani, Gautam Adani, ”, Sunny Agrawal, Buch, ” Hindenburg, SEBI, “, Kranthi Bathini, Rahul Gandhi, ” Ajay Seth Organizations: Adani, Hindenburg Research, Adani Enterprises, Securities and Exchange Board of India, SBICAPS Securities, Equity, WealthMills Securities Locations: New York, Madhabi Puri Buch

☆ An Indian billionaire has an audacious plan to take down part of China's economic masterplan
▼ + stars: | 2024-08-06 | by ( Hannah Abraham | ) www.businessinsider.com time to read: +1 min

Indian billionaire Karan Adani announced plans to challenge Chinese dominance in global seaports. Adani Ports has received "in-principle" approval for a $2 billion project in Da Nang, Vietnam. Adani Group has plans for ports in the Middle East, Africa, and Southeast Asia, Bloomberg said. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy .

Persons: Karan Adani, —, Karan Organizations: Ports, Adani, Bloomberg, Service, Business Locations: Da Nang, Vietnam, East, Africa, Southeast Asia, India

India's Prime Minister Narendra Modi flashes victory sign at the Bharatiya Janata Party (BJP) headquarters to celebrate the party's win in country's general election, in New Delhi on June 4, 2024. Completed vote counts by the Election Commission of India showed that Modi's BJP won just 240 seats. India's Parliament has 543 seats, and the party or coalition that wins at least 272 forms the government. Modi's decade-long ruleUnder Modi, India, home to 1.4 billion people, has witnessed robust economic growth. While India has seen robust economic growth under Modi, observers and critics have warned about the country's "democratic decline."

Persons: Narendra Modi, Money Sharma, Modi, Aiyar, CNBC's, Shilan Shah, Shah, Kranthi, Sensex, Samir Kapadia, that's, Malcolm Dorson Organizations: India's, Bharatiya Janata Party, BJP, Afp, Getty, Indian, Modi's BJP, National Democratic Alliance, Developmental Inclusive Alliance, Indian National Congress, Policy Research, Centre, Monitoring, Capital Economics, BSE, WealthMills Securities, Adani, Adani Enterprises, State Bank of India, ICICI Bank, Monetary Fund, India Index, Vogel, Dem, Global, Vogel Group, IMF Locations: New Delhi, India, INDIA, China, Sweden

Narendra Modi, India's prime minister, center, during a campaign rally in Agra, Uttar Pradesh, India, on Thursday, April 25, 2024. Local exit polls over the weekend suggested Prime Minister Narendra Modi and his Bharatiya Janata Party-led alliance was set for a rare third consecutive term in power. The BJP-led National Democratic Alliance is expected to secure around 365 out of the 543 seats in the lower house of India's parliament, according to local news channel NDTV's exit poll summary. However, final results, expected on Tuesday, can diverge from exit poll projections. With the incoming government expected to highly prioritize building up India's infrastructure development, shares of Adani Group companies rose on the back of exit poll results as well.

Persons: Narendra Modi, India's, Modi, Prakash Singh Organizations: Bloomberg, Getty, BSE, Bharatiya Janata Party, BJP, National Democratic Alliance, Adani, Adani Enterprises, Ambuja Locations: Agra, Uttar Pradesh, India

☆ 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

A U.S. foreign development agency announced on Wednesday it would lend $553 million to establish a deepwater shipping-container terminal at the Port of Colombo in Sri Lanka, expanding America’s effort to finance infrastructure around strategic parts of Asia. Adani will help develop the terminal with Sri Lankan partners. The money from the U.S. International Development Finance Corporation resembles the kind of big-ticket deals that China’s development banks have struck around the world over the past decade. Under its Belt and Road Initiative, central to the foreign policy of President Xi Jinping, China made loans to build up ties around Asia, including in Sri Lanka. The Development Finance Corporation was created during the Trump administration to bankroll international infrastructure projects, cooperating with the State Department to support U.S. foreign policy and curb Chinese influence.

Persons: Narendra Modi, Adani, Xi Jinping, Trump Organizations: Port, Adani, Sri, U.S . International Development Finance Corporation, Initiative, Development Finance Corporation, State Department Locations: Colombo, Sri Lanka, Asia, India, China, United States

COLOMBO, Sri Lanka (AP) — The U.S. announced a $553- million project Wednesday to build a new, deep-water shipping container terminal in the Port of Colombo as it competes with China in international development financing. The U.S.-backed financing comes at a time when Sri Lanka is struggling to recover from a dire financial and economic crisis. Sri Lanka borrowed heavily from China to build the port and other infrastructure including an airport and a city being built on reclaimed land. Both neighboring India and China are jostling for influence in Sri Lanka and both have already invested in expanding facilities at the Colombo port. Colombo port also has a terminal run by China Merchants Port Holdings.

Persons: ”, Scott Nathan, Sri Lanka’s John Keells, Lanka’s, Wang Wenbin, William & Mary, AidData, China's, saysChina, Bradley Parks, “, ” ___ Didi Tang Organizations: South, U.S . International Development Finance Corp, West, Local, Sri, Sri Lanka’s John Keells Holdings, Initiative, Foreign Ministry, China Merchants Port Holdings, CHEC Port City Colombo Co, China Communications Construction Company, William & Locations: COLOMBO, Sri Lanka, U.S, Port, Colombo, China, Bay, Bengal, Beijing, Hambantota Port, Hambantota, India, oceanside, Port City, Virginia, “ Beijing, Washington

[1/3] A general view shows Haifa Port, which is to be sold to India's Adani Ports and local partner Gadot in Haifa, Israel July 24, 2022. Ashdod port has imposed restrictions on the transport of hazardous materials which has meant slower transits. Around 13 ships - comprising cargo, container and dry bulk vessels - were currently moored inside Ashdod port, according to MarineTraffic data. "The Suez Canal, a critical waterway for various commercial vessels, including container ships, may face disruptions," Container xChange CEO Christian Roeloffs said. The Marshall Islands registry, one of the world's top shipping flags, last week raised the security level for Israel's ports and its territorial waters to their highest.

Persons: Gadot, Ilan Rosenberg, Christian Roeloffs, Jonathan Saul, Ari Rabinovitch, David Evans, Louise Heavens Organizations: Haifa Port, Adani, REUTERS, Rights, Israel's, Port, MSC, Ministry, Marshall, Thomson Locations: Haifa, Israel, Gaza, Ashkelon, Ashdod, Port, Port of Haifa, ”, Israel's, Suez, Hormuz, United States, Arabian, Strait, Gulf of Oman and Red, Jerusalem

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

☆ What are global firms with presence in Israel doing after Hamas attack
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +4 min

Following are the steps taken by the companies ranging from airlines to banks:TRAVELSeveral Asian, European and U.S. airlines have suspended direct flights to Tel Aviv. Delta Air Lines (DAL.N):The airline said it continues to monitor events in the region and has made the decision to cancel Delta-operated Tel Aviv flights through Oct. 31. Goldman Sachs (GS.N):The bank's employees at its office in Tel Aviv have been asked to work from home, a spokesperson said. TECHNvidia (NVDA.O):The world's largest maker of chips used for artificial intelligence and computer graphics said it had canceled an AI summit scheduled for Tel Aviv next week. CONSUMER AND RETAILH&M (HMb.ST):The clothing company said its local franchise partner has temporarily closed all stores in Israel.

Persons: Amir Cohen, El, Goldman Sachs, Morgan Stanley, Gautam Adani's, Jensen Huang, PHARMA Eli Lilly, Lilly, Priyamvada C, Mehr Bedi, Ananya Mariam Rajesh, Khushi, Jaiveer Singh, Samrhitha, Helen Reid, Sriraj Kalluvila, Shounak Dasgupta, Shinjini Organizations: Gaza, REUTERS, Palestinian, Hamas, Tel Aviv . Delta Air Lines, Royal, Chevron, JPMorgan Chase, Reuters, Bank of America, Bloomberg News, FedEx, TECH Nvidia, Tel, Inditex SA, PHARMA, Thomson Locations: Sderot, Israel, U.S, Tel Aviv, Royal Caribbean, Haifa Port, Zara, Bengaluru, London

☆ India's Adani Ports stock drops on Haifa port worries over Israel conflict
▼ + stars: | 2023-10-09 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

Adani Ports is closely monitoring the conflict in Israel and is prepared with a business continuity plan, the company said in a statement. Haifa's contribution to Adani Ports' numbers is "relatively small" at 3% of the total cargo volume, the statement added. Shares of Adani Ports are down 2.1% this year, compared with nearly 8% gains in the broader Nifty 50 index (.NSEI). "The next couple of months are going to be volatile for Adani Ports as the war has just started and will trade with a negative bias ... Earlier in the year, Adani Ports completed the sale of its port in sanction-hit Myanmar for $30 million, significantly lower than its investment in the project.

Persons: Gautam Adani's, Adani, Avinash Gorakshakar, Indranil Sarkar, Dhanya Ann Thoppil Organizations: Hamas, Saturday, Ports, Profitmart Securities, Adani Ports, Adani Group, Sethuraman, Thomson Locations: BENGALURU, Israel, South Israel, Haifa, Haifa Port, Iran, Myanmar, Bengaluru

Oct 9 (Reuters) - Shares in U.S. and European-listed companies with business exposure to Israel fell on Monday on worries that an escalation in conflict with Palestinian Islamist group Hamas would impact their operations. Wall Street opened lower, while European stocks dipped as surging oil prices fanned inflation worries and investors fled to the safety of government bonds and the dollar. U.S. shares of Israeli chipmaker Tower Semiconductor fell 5.2%, while Intel (INTC.O) dipped 1.1% and Nvidia (NVDA.O) 2.1%, dragging the chip sector lower. U.S.-listed shares of Israel's Teva Pharmaceutical (TEVA.TA), the world's largest generic drugmaker, fell 3.3%, while those in fertilizer group ICL Group (ICL.TA) dipped 1.4%. U.S. exchange-traded funds exposed to Israel such as the iShares MSCI Israel ETF and the ARK Israel Innovative Technology ETF fell 6.6% and 4.4%, respectively.

Persons: Benjamin Netanyahu, Raffi Boyadjian, Energean, Adani Ports, Danilo Masoni, Sruthi Shankar, Amanda Cooper, Deborah Kyvrikosaios, Arun Koyyur Organizations: Palestinian, Semiconductor, Intel, Nvidia, Energy, Tel Aviv ., U.S, Cruise Line Holdings, Royal Caribbean Group, XM, Israel's, ICL, ARK Israel Innovative Technology, Adani, Thomson Locations: Israel, Tel Aviv, Saudi Arabia, Gaza, London, India, Adani, Haifa Port, Northern Israel

☆ What are global firms with presence in Israel doing after Hamas attacks
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +2 min

A rocket launched from the Gaza Strip strikes an area near Sderot, southern Israel October 9, 2023. REUTERS/Amir Cohen Acquire Licensing RightsOct 9 (Reuters) - Global companies with a presence in Israel have temporarily shut some operations and asked employees to work from home following attacks by the Palestinian Islamist group Hamas over the weekend. BANKSJPMorgan Chase (JPM.N):The Wall Street bank has asked more than 200 employees in Israel to work from home, a source familiar with the matter told Reuters. Goldman Sachs (GS.N):The bank's employees at its office in Tel Aviv have been asked to work from home, a spokesperson said. CONSUMER AND RETAILH&M:The clothing company said its local franchise partner has temporarily closed all stores in Israel.

Persons: Amir Cohen, El, Goldman Sachs, Morgan Stanley, Gautam Adani's, Jensen Huang, Priyamvada C, Mehr Bedi, Ananya Mariam Rajesh, Helen Reid, Sriraj Kalluvila, Shounak Organizations: Gaza, REUTERS, Hamas, Royal, Chevron, JPMorgan Chase, Reuters, Bloomberg News, TECH Nvidia, Tel, Thomson Locations: Sderot, Israel, Palestinian, Tel Aviv, Royal Caribbean, U.S, Haifa Port, Bengaluru, London

☆ Indian shares set for muted opening on weak global cues
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/file photo Acquire Licensing RightsBENGALURU, Sept 27 (Reuters) - Indian shares are set for a muted opening on Wednesday, tracking weakness in global equity markets as investors continue to grapple with prospects of higher interest rates denting economic growth. India's GIFT Nifty (.GIFc1) was mostly unchanged at 19,609 points at 7:34 a.m. IST on the NSE International Exchange. Meanwhile, foreign investors remained net sellers this month, offloading about $1.5 billion of shares as of Sept. 22, after pouring over $15 billion into Indian equities this year. Foreign investors sold 6.93 billion rupees of shares, while domestic investors bought 7.14 billion rupees shares on Tuesday, provisional exchange data showed.

Persons: Francis Mascarenhas, Dhanya Ann Thoppil Organizations: Bombay Stock Exchange, REUTERS, Rights, NSE, Exchange, BSE, U.S, Federal, Vedanta, Sethuraman NR, Thomson Locations: Mumbai, India, Bengaluru

☆ 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

☆ GQG Partners buys additional stake in Adani Ports
▼ + stars: | 2023-08-19 | by ( ) www.reuters.com time to read: +1 min

Traffic moves past the logo of the Adani Group installed at a roundabout on the ring road in Ahmedabad, India, February 2, 2023. REUTERS/Amit Dave/File Photo Acquire Licensing RightsAug 19 (Reuters) - Investment firm GQG Partners raised its stake in Adani Ports And Special Economic Zone Ltd (APSE.NS) on Aug. 17 to 5.03% after buying more shares, GQG said in a disclosure on Saturday. GQG Partners, which held a 4.93% stake in Adani Ports, acquired another 0.10% or 2.2 million shares of the company through a bulk deal, the disclosure made late on Saturday said. The investment comes after Deloitte quit as auditor for Adani Ports, in the first such move after U.S. short-seller Hindenburg Research's critical report on the Adani group that was published in January. Reuters reported last Wednesday that GQG partners bought an 8.1% stake in Adani Power for $1.1 billion via block deal.

Persons: Amit Dave, GQG, Hindenburg, Jose Joseph, Tomasz Janowski, Toby Chopra, Jane Merriman Organizations: Adani, REUTERS, GQG Partners, Deloitte, Adani Ports, Reuters, Thomson Locations: Ahmedabad, India, Adani Ports, Power, Bengaluru

☆ 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

☆ Indian shares set to open lower; domestic inflation data in focus
▼ + stars: | 2023-08-14 | by ( Manvi Pant | ) www.reuters.com time to read: +2 min

A security guard walks past the logo of the National Stock Exchange (NSE) inside its building in Mumbai, India, May 28, 2019. REUTERS/Francis Mascarenhas/File PhotoBENGALURU, Aug 14 (Reuters) - Indian shares on Monday are expected to start on a slightly weaker note in the holiday-truncated week as earnings season draws to a close, ahead of domestic retail inflation data due later in the day. India's GIFT Nifty on the NSE International Exchange was down 0.28% at 19,432 at 7.58 a.m. IST. Foreign investors sold shares worth 30.73 billion Indian rupees ($370.80 million) on Friday, according to provisional data from the National Stock Exchange (NSE). ($1 = 82.8740 Indian rupees)Reporting by Manvi Pant in Bengaluru; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Manvi, Eileen Soreng Organizations: National Stock Exchange, REUTERS, NSE, Reserve Bank of India's, ITC, Vodafone, BSE, Associates, Deloitte, Natural Gas Corporation, Jindal Steel, Thomson Locations: Mumbai, India, BENGALURU, China, Beijing, Manvi Pant, Bengaluru

The Deloitte company logo is seen at their office in Gurugram, India, June 13, 2023. The auditor's resignation has brought fresh scrutiny of the financial management at Adani Group, led by Indian billionaire Gautam Adani. "The Audit Committee (of Adani Ports) was of the view that the grounds advanced by Deloitte for resignation as Statutory Auditor were not convincing or sufficient to warrant such a move," it said. Adani Ports has named MSKA & Associates, an independent member firm of BDO International, as its new auditor, it said in the statement. Deloitte in May first pointed to certain transactions flagged by Hindenburg in its report and gave only a qualified opinion related to Adani Ports, indicating concerns by a company's auditor.

Persons: Anushree, Gautam Adani, Hindenburg, Aditya Kalra, Ros Russell Organizations: Deloitte, REUTERS, U.S, Adani Group, GQG Partners, Sanghi Industries, Associates, BDO International, Thomson Locations: Gurugram, India, Adani Ports, Australia, New Delhi

REUTERS/Anushree Fadnavis/File PhotoNEW DELHI, Aug 11 (Reuters) - Deloitte has decided to resign as auditor of India's Adani Ports (APSE.NS) amid concerns over certain transactions flagged in a report by Hindenburg, which the company did not wish to independently look into, a source with direct knowledge said. Deloitte in May had pointed to certain transactions flagged by the U.S. short-seller in its report and gave only a qualified opinion, which indicates concerns by a company's auditor. Deloitte's resignation comes after it asked Adani Ports to conduct an independent inquiry on related party transactions flagged by Hindenburg, to which the company did not agree, the source said. Deloitte and Adani Ports did not immediately respond to Reuters' requests for comments. Deloitte's decision to quit as Adani Ports' auditor might come as soon as Monday, the source added.

Persons: Anushree, Hindenburg, Adani, Gautam Adani, Aditya Kalra, Sethuraman, Varun Organizations: Deloitte, REUTERS, May, U.S, Adani, Bloomberg News, Sethuraman NR, Thomson Locations: Gurugram, India, India's Adani, New Delhi, 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

[1/2] A lifeguard patrols Juhu beach, during a red flag alert due to rough seas caused by cyclone Biparjoy, in Mumbai, India, June 12, 2023. Eight districts in coastal Gujarat are expected to be affected, the state government said. Gujarat is home to many offshore oil installations and major ports in the country and most have been forced to suspend operations. Two of India's largest ports - Kandla and Mundra - located in Gujarat, have suspended operations, the state government said. Other ports including Bedi, Navlakhi, Porbandar, Okha, Pipavav and Bhavnagar have also closed due to the cyclone, according to shipping sources.

Persons: Francis Mascarenhas, Kamal Dayani, Bedi, Navlakhi, Jamnagar, Sumit Khanna, Rajendra Jadhav, Mohi Narayan, Sudipto Ganguly, Raju Gopalakrishnan Organizations: REUTERS, India Meteorological Department, Force, Reliance Industries, Adani, Indian Coast Guard, Key Singapore, Oil, Gas, Vedanta Ltd, National Disaster Management Authority, Rajendra, Thomson Locations: Mumbai, India, Francis Mascarenhas AHMEDABAD, MUMBAI, Gujarat, Pakistan, Mandvi, India's Gujarat, Karachi, Kutch, Rajkot, Pipavav, Bhavnagar, Mundra, Tuna, Kandla, Key, Dubai, Ahmedabad

☆ Cyclone likely to hit India's west coast, south Pakistan on Thursday
▼ + stars: | 2023-06-12 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +3 min

[1/7] A lifeguard patrols Juhu beach, during a red flag alert due to rough seas caused by cyclone Biparjoy, in Mumbai, India, June 12, 2023. REUTERS/Francis MascarenhasMUMBAI, June 12 (Reuters) - A storm off India's west coast has strengthened to become a powerful cyclone and could hit India's western state of Gujarat and southern parts of Pakistan this week, the Indian weather department said on Monday. "Rescue and relief teams of the Coast Guard, Army and Navy along with ships and aircraft have been kept ready on standby," it said. In neighbouring Pakistan, the National Disaster Management Authority said instructions were being given to take precautionary measures in southern and southeastern parts that may be affected. A 1998 cyclone killed at least 4,000 people and caused hundreds of millions of dollars in damage in Gujarat.

Persons: Francis Mascarenhas MUMBAI, Biparjoy, Rajendra Jadhav, Asif Shahzad, Sumit Khanna, Sakshi Dayal, Shivam Patel, Raju Gopalakrishnan, Philippa Fletcher, Jonathan Oatis, Mark Heinrich Our Organizations: REUTERS, India Meteorological Department, Adani, Indian Coast Guard, Key Singapore, Oil, Gas, Vedanta Ltd, Response Force, Coast Guard, Army, Navy, National Disaster Management Authority, Thomson Locations: Mumbai, India, Gujarat, Pakistan, Mandvi, Karachi, Fishermen, Mundra, Tuna, Kandla, Key, Dubai, Gujarat Pipavav, Kerala, Maharashtra, Karnataka, Andhra Pradesh, Tamil Nadu

☆ Indian ports will test tycoons' safe harbour
▼ + stars: | 2023-06-02 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

For the public market wannabe, it tees up a tricky benchmark in a global industry with few listed giants. JSW Infrastructure is closely aligned to India’s growth story. More than half of cargo handled at Indian ports last year was coal, petroleum oil and lubricants. JSW Infrastructure grew revenue 92% in the three years to March 2022, three times as fast as its rival. JSW Infrastructure, India’s second largest commercial ports operator by cargo handling capacity, in May filed for an initial public offering in Mumbai to raise up to 28 billion rupees ($340 million).

Persons: Gautam Adani, Sajjan Jindal, Adani, JSW, ”, Una Galani, Katrina Hamlin Organizations: Reuters, Hindenburg Research, Deloitte, JSW, Infrastructure, Deloitte Haskins, Securities and Exchange Board of India, JM Financial, Axis Bank, State Bank of India, HSBC, Credit Suisse, Thomson Locations: BENGALURU, Mumbai, Goa, Tamil Nadu, West, JSW

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.

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