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☆ Adani Group shares nosedive after chairman Gautam Adani charged with fraud in New York
▼ + stars: | 2024-11-21 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 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 saw shares of its companies plunge Thursday after its billionaire chairman Gautam Adani was indicted in a New York federal court over his alleged involvement in an extensive bribery and fraud operation. The Indian group's flagship firm Adani Enterprises fell 10%, while the company in the eye of the storm Adani Green Energy tanked 17.28%. Adani Energy fell 20%. Adani Power lost 13.81%, Adani Port's share price dropped 10%, while the group's retail arm Adani Wilmar shed 7.87%.

Persons: India's, Gautam Adani, Adani, Sagar Adani, Ranjit Gupta, Rupesh Agarwal, Saurabh Agarwal, Cyril Cabanes, Deepak Malhotra, CDPQ, shortseller, Hindenburg, Raymond James ', Matt Orton Organizations: Adani Defence, Aerospace, Aero, Air Force, India's Adani, Adani Enterprises, Energy, Adani Energy, Adani Power, NSE, Adani Green Energy, Power, Quebec, U.S, Hindenburg Research, CNBC Locations: Bengaluru, India, New York, U.S, Brooklyn

☆ Adani Group shares shed billions after Hindenburg allegations against regulator
▼ + stars: | 2024-08-12 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Adani group is one of the India's largest multinational company with a diversified business portfolio. Shares of Adani Group fell on Monday, after a new report from U.S. short seller Hindenburg accused the chair of India's capital markets regulator of having conflicts of interest that prevented an in-depth probe of fraud allegations. Shares of Adani Total Gas, Adani Power, Adani Wilmar and Adani Energy Solutions also fell sharply on the news. Madhabi Puri Buch and Dhaval Buch both denied wrongdoing and said the report's claims were baseless. Hindenburg's latest report comes roughly 18 months after it first accused the Adani Group of stock manipulation and corporate fraud.

Persons: Hindenburg, Adani, Madhabi Puri, Dhaval Buch, Puri, Gautam Adani, CNBC's Ganesh Rao Organizations: Adani, Adani Enterprises, Adani Energy Solutions, Securities and Exchange Board of India, Sunday Locations: Mumbai, Madhabi Puri Buch, Puri Buch

☆ India asks utilities to order $33 billion in equipment this year to boost coal power output, Reuters reports citing sources
▼ + stars: | 2024-07-04 | by ( ) www.cnbc.com time to read: +1 min

This photograph taken on April 6, 2022, shows a general view of the National Thermal Power Corporation (NTPC) plant in Dadri. The mounds of jet-black coal shimmering under the afternoon sun at the Dadri power plant are a raw illustration of India's coal dependence -- a habit that despite increasing pressure, the country is finding hard to kick. India has asked power companies to order equipment worth $33 billion this year to fast track capacity additions of coal-fired power in the years ahead, as the South Asian nation struggles to meet booming electricity demand, two government officials said. India is rushing to add fresh coal-fired plants as it is barely able to meet high power demand with the existing fleet in non-solar hours. Post pandemic, the country's power demand scaled new records on the back of the fastest rate of economic growth among major economies and increased instances of heatwaves.

Persons: Manohar Lal, Narendra Organizations: National Thermal Power Corporation, Adani, Power Locations: Dadri, India

☆ Sensex, Nifty 50: Indian stocks hit record highs as markets hope for a big Modi election win
▼ + stars: | 2024-06-03 | by ( Diksha Madhok | ) edition.cnn.com time to read: +3 min

New Delhi CNN —Indian markets hit record highs on Monday as experts predicted a resounding victory for incumbent Prime Minister Narendra Modi in national elections. India’s benchmark Sensex index, which tracks 30 large companies, and the broader Nifty 50 index each jumped over 3% in early trade. The 73-year-old ran on his economic record over the past 10 years, a period of robust growth for India. “With the exit polls pointing towards 370 seats mark and ahead of street expectations of 320-350 seats, markets have reacted positively,” said Manish Chowdhury, head of research at brokerage StoxBox. The country’s stock markets have performed well during his tenure.

Persons: Narendra Modi, ” Modi, India’s, ”, Manish Chowdhury, Modi, Adani, Gautam Adani, Mukesh Ambani, Ambani, Hindenburg’s Organizations: New, New Delhi CNN, Adani, Adani Enterprises, Reliance Industries, Bloomberg, Modi, Hindenburg, National Stock Exchange of India, Shenzhen Stock Exchange, Hong Kong Exchange, bourse, World Federation of Exchanges Locations: New Delhi, India, United States, China, American

☆ 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

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

☆ 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

☆ 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

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.

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.

☆ Beaten-up Adani stocks have now fallen below $100 billion in market value after coming under short-seller attack
▼ + stars: | 2023-02-21 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +3 min

The combined market value of Adani Group's companies fell below $100 billion on Tuesday, per Bloomberg. The 10 listed companies have wiped out over $136 billion in market cap since a short-seller's bombshell report. The Indian conglomerate's 10 listed companies — with businesses ranging from power, ports, transmission, gas, green energy, and food — now have a combined equity market value under $100 billion, Bloomberg reported. But Adani Power was up 5%, and Adani Ports edged 0.6% higher. The Adani Group has denied the claims repeatedly and dismissed the report as "misinformation and stale, baseless and discredited allegations."

☆ India invokes emergency law to force coal-based power plants to boost output
▼ + stars: | 2023-02-21 | by ( ) www.cnbc.com time to read: +1 min

India on Monday invoked an emergency law to force power plants that run on imported coal to maximize output ahead of an expected record surge in power usage this summer, according to an internal power ministry notice seen by Reuters. Many of India's power plants that use imported coal, including those owned by Adani Power and Tata Power in the western state of Gujarat, have not operated at full capacity recently because they have found it difficult to compete with power generated from cheap domestic coal. Reuters reported last month on India's plans to use the law to maximize coal power output. In the notice sent to all imported coal-based power plants, the ministry said it expects them to operate at full capacity and sell power to buyers on exchanges. India's imported coal plants have a total capacity of 17 gigawatts.

☆ India invokes emergency law to force coal-based power plants to up output
▼ + stars: | 2023-02-20 | by ( Sarita Chaganti Singh | ) www.reuters.com time to read: +2 min

NEW DELHI, Feb 20 (Reuters) - India on Monday invoked an emergency law to force power plants that run on imported coal to maximise output ahead of an expected record surge in power usage this summer, according to an internal power ministry notice seen by Reuters. Reuters reported last month on India's plans to use the law to maximise coal power output. In the notice sent to all imported coal-based power plants, the ministry said it expects them to operate at full capacity and sell power to buyers on exchanges. India's imported coal plants have a total capacity of 17 gigawatts. India expects its power plants to burn about 8% more coal in the financial year ending March 2024, with increased economic activity and erratic weather to continue to boost growth in demand for power.

☆ Adani crisis: Modi's party has 'nothing to hide', says India home minister
▼ + stars: | 2023-02-14 | by ( Sudipto Ganguly | ) www.reuters.com time to read: +3 min

[1/2] BJP President Amit Shah and Indian Prime Minister Narendra Modi are seen after the election results in New Delhi, India, May 23, 2019. The Adani group has denied the allegations and threatened legal action against Hindenburg. Without referring to Adani, Modi told parliament last week that the "blessings of 1.4 billion people in the country are my protective cover and you can't destroy it with lies and abuses", as opposition lawmakers chanted "Adani, Adani". Adani Power (ADAN.NS) and Adani Green Energy (ADNA.NS) fell too in a wider Mumbai market (.NSEI) that was up slightly. India's Economic Times daily reported on Tuesday that Adani group executives had been holding negotiations since last week with Abu Dhabi's International Holding Corp (IHC) for capital infusion into Adani Enterprises or other group entities.

New Delhi/London CNN —India’s market regulator is looking into the explosive allegations against Adani Group made by US short seller Hindenburg Research, which accused the conglomerate of “the largest con in corporate history.”The claims, published in late January, set off a crash in the company’s market value and robbed its owner Gautam Adani of his title as Asia’s richest man, as a 400-page rebuttal by the conglomerate failed to reassure investors. Adani Group did not respond to a CNN request for comment on the inquiry on Tuesday. The balance sheet of each of its independent portfolio companies is “very healthy” and “our business plan is fully funded,” the spokesperson told CNN. On Tuesday, shares of many of the listed firms controlled by the conglomerate slid again in Mumbai. Although Adani Enterprises rose 1.9%, there were 5% falls in the stocks of Adani Transmission, Adani Total Gas, Adani Power and Adani Total.

The Adani Group has denied any wrongdoing. "Depending on the outcome of the MSCI review, we could see more pressure on select Adani group stocks." "This determination has triggered a free float review of the Adani Group securities." Adani Group did not respond to a Reuters request for comment. They accuse his government of giving undue favours to the Adani Group, a charge denied by the government and the company.

"Depending on the outcome of the MSCI review, we could see more pressure on select Adani group stocks." "MSCI has determined that the characteristics of certain investors have sufficient uncertainty that they should no longer be designated as free float ... This determination has triggered a free float review of the Adani Group securities," it added. Adani group did not respond to a Reuters request for comment. Adani Transmission (ADAI.NS), Adani Total Gas (ADAG.NS) and Adani Power (ADAN.NS) were each down 5%, while Adani Ports and Special Economic Zone (APSE.NS) were down nearly 2.9%.

☆ Adani Power profit slumps as fuel costs nearly double
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

Adani Group first said it would evaluate an independent review while reporting results for other group companies on Tuesday. Group company Adani Wilmar too said Hindenburg Research's report had no bearing on its operations. read moreAdani Power - the power generating arm of the Adani Group- posted consolidated net profit of 87.7 million rupees ($1.06 million) in the three months ended Dec 31, down from 2.18 billion rupees a year ago. Fuel costs, which account for about 70% of the company's total expenses, nearly doubled to 55.33 billion rupees. Shares of Adani Power have fallen nearly 34% since Jan. 24, taking the company's losses to $4.3 billion since the Hindenburg report came out, while the group's losses have ballooned to over $102 billion.

☆ India's Modi lashes opposition as Adani allegations persist
▼ + stars: | 2023-02-08 | by ( Shivam Patel | ) www.reuters.com time to read: +3 min

Modi spent a nearly 90-minute speech to parliament mainly listing governments achievements and without naming the under-fire Adani Group. However, opposition lawmakers who are demanding an investigation into the business group interrupted him several times shouting slogans. "The blessings of 1.4 billion people in the country is my protective cover and you can't destroy it with lies and abuses," said Modi as opposition lawmakers chanted "Adani, Adani". Adani Transmission (ADAI.NS), Adani Power (ADAN.NS) and Adani Wilmar (ADAW.NS) rose 5% each, while Adani Green (ADNA.NS) and Adani Total Gas Ltd (ADAG.NS) fell 5% each. They have questioned investments made by state-run Life Insurance Corporation of India (LIFI.NS) and the State Bank of India (SBI.NS) in Adani Group companies.

Adani Group has denied the allegations, saying it complies with all laws and has made necessary disclosures over time. On Monday though, Adani Group said it will pre-pay $1.11 billion of loans on shares. Separately, JPMorgan on Tuesday said the group companies were still eligible for inclusion in the bank's bond indexes. The cumulative losses of Adani group's seven listed companies still stand at $109 billion despite Adani Ports and Special Economic Zone (APSE.NS) also gaining 2.6% on Tuesday and Adani Wilmar (ADAW.NS) adding 5%. Many Adani group companies report results this week.

☆ Some Adani shares climb, after group's market losses top $110 bln
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad, India, April 13, 2021. REUTERS/Amit DaveBENGALURU, Feb 7 (Reuters) - Shares of some listed Adani group companies, including its flagship, rose in early trade on Tuesday while others fell further as the reverberations from a U.S. short-seller's critical report on the Indian conglomerate continued to be felt. Adani group's seven listed companies have lost $110 billion in cumulative stock market value since Hindenburg Research's report was released on Jan. 24. Shares of Adani Green Energy, Adani Total Gas Ltd (ADAG.NS), Adani Power (ADAN.NS) were down 5%, while Adani Transmission rose 3.5%. The group's flagship company, Adani Enterprises Ltd (ADEL.NS), was up 9.5% and Adani Wilmar (ADAW.NS) gained 5%.

☆ These ETFs and mutual funds face millions in losses amid the Adani crisis
▼ + stars: | 2023-02-07 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Retail investors and pension funds are facing millions of dollars in losses on investments in Adani Group companies, CNBC Pro can reveal. New analysis shows that 951 mutual funds and ETFs worldwide have cumulatively lost more than $4.2 billion in the value of their Adani shares this year. Adani Group Chairman Gautam Adani owns 64% of Adani Enterprises. Adani Group includes Adani Enterprises, Adani Green Energy, Adani Ports & Special Economic Zone, Adani Transmission, Adani Total Gas, Adani Power, Adani Wilmar, Ambuja Cements and ACC. Only funds that continue to have a position in Adani Group companies have been analyzed.

☆ The massive selloff in Adani shares eclipses those of other short-seller targets like Enron and Wirecard
▼ + stars: | 2023-02-07 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Adani Group companies have lost over $110 billion in market value in the past fortnight. These losses eclipse those at other short seller targets like Enron and Wirecard. Enron lost more than $65 billion between August 2000 and December 2001 when it filed for Chapter 11 bankruptcy, per Bloomberg's record. In Wirecard's case, it was short seller Fraser Perring, who in a 2016 report, accused the payments firm of money laundering and fraud. Shares of Adani Transmission, Adani Green Energy, and Adani Power were also up.

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