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☆ MSCI to announce changes to free float status of some Adani securities
▼ + stars: | 2023-02-09 | by ( ) www.cnbc.com time to read: +1 min

Index provider MSCI said on Thursday it had determined that some Adani securities should no longer be designated as free float after market participants raised concerns about the eligibility of the Indian conglomerate's companies for some of its indexes. Changes for Adani securities associated with its MSCI Global Investable Market Indexes are due to be announced on Thursday as part of its regular review for February, it added. The Adani Group has denied the allegations, saying the short seller's narrative of stock manipulation has "no basis" and stems from an ignorance of Indian law. MSCI defines the free float of a security as the proportion of shares outstanding that is considered available for purchase in public equity markets by international investor. Adani Group did not immediately respond to a Reuters request for comment.

☆ Norway wealth fund has sold its stakes in Adani companies
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

OSLO, Feb 9 (Reuters) - Norway's sovereign wealth fund has sold its stakes in three Adani Group companies worth just over $200 million since the start of the year, the world's largest stock investor said on Thursday. The $1.35 trillion fund at the end of 2022 held stakes in Adani Total Gas (ADAG.NS), Adani Ports & Special Economic Zone (APSE.NS) and Adani Green Energy (ADNA.NS). "We have monitored Adani for many years (on ESG) issues, many on their handling of environmental risks," he said. Norway's sovereign wealth fund at the end of 2022 held a stake in Adani Total worth $83.6 million, a stake in Adani Ports worth $63.4 million and a stake in Adani Green Energy of $52.7 million. The fund, managed by a unit of the central bank, owns 1.3% of all globally listed shares with stakes in some 9,200 companies.

☆ India's largest lender discusses exposure to Adani
▼ + stars: | 2023-02-09 | by ( Tanvir Gill | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndia's largest lender discusses exposure to AdaniDinesh Khara of the State Bank of India speaks to CNBC's Tanvir Gill about the Adani crisis and the bank's exposure to the company.

☆ NYU's 'Dean of Valuation' says Adani Group exploited 'weakest links' in Indian institutions
▼ + stars: | 2023-02-09 | by ( Sumathi Bala | ) www.cnbc.com time to read: +4 min

The Adani Group didn't play a "con game" but has exploited the "weakest links" in India's institutions to its advantage, according to NYU's "Dean of Valuation" Aswath Damodaran. It's not healthy for a market," Damodaran, told CNBC's "Streets Sign Asia" on Thursday. "That's why I said Adani is not about the company … this is about the weakest links in the India story. 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. The Adani Group firmly denied the accusations, calling it a "calculated attack on India" and its institutions.

☆ Watch CNBC's full interview with NYU's 'Dean of Valuation' Aswath Damodaran
▼ + stars: | 2023-02-09 | 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 EmailWatch CNBC's full interview with NYU's 'Dean of Valuation' Aswath DamodaranAswath Damodaran of the New York University's Stern School of Business discusses the Adani crisis, and says "this is the Indian market in a nutshell, Adani is not the exception."

☆ Indian shares muted on Fed rate-hike concerns; Adani stocks tumble
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 9 (Reuters) - Indian shares struggled for direction on Thursday, on concerns over the U.S. Federal Reserve's rate-hike trajectory, while a drop in Adani Group company stocks also dampened sentiment. Twenty-six of the Nifty 50 constituents declined, with Adani Enterprises (ADEL.NS) and Adani Ports (APSE.NS) falling 7.9% and 3.5%, respectively. Index provider MSCI said on Thursday it had determined that some Adani securities should no longer be designated as free float. read moreSeveral institutional investors and funds allocate as per the MSCI index and consider it a benchmark. If the weightage of Adani stocks gets reduced in the index following a review, it would lead to outflows and likely result in a slide in the group's stock, two analysts said.

☆ MSCI reviews Adani Group securities amid sell-off crisis
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

"This determination has triggered a free float review of the Adani Group securities." Adani Group did not immediately respond to a Reuters request for comment. Adani Group has rejected the criticism and denied any wrongdoing. MSCI said the Adani review would be carried out as part of its regular February review. The index provider said in late January it was seeking feedback from market participants as the sell-off crisis engulfed Adani.

☆ Morning Bid: Corporate scatter
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +5 min

A look at the day ahead in U.S. and global markets from Mike Dolan. A hail of mega corporate updates distracted stock markets from a confusing macro picture - but offers little more clarity with scattergun fortunes and ambiguous readouts for the wider economy. The flub fed worries that the Google parent is losing ground to rival Microsoft (MSFT.O) in the renewed craze around artificial intelligence. European shares touched a fresh nine-month high on Thursday as Germany's Siemens and UK's AstraZeneca boosted earnings euphoria, while Britain's bank, commodity and pharma heavy FTSE100 hit another record high. Norway's $1.35 trillion sovereign wealth fund said it had recently divested virtually all its remaining shares in the Adani group.

☆ Adani Group Bonds Claw Back Losses After Distressed-Debt Investors Pile In
▼ + stars: | 2023-02-08 | by ( Frances Yoon | ) www.wsj.com time to read: 1 min

Some of the bonds sold by Adani Group companies have recovered around half of their losses since the publication of a short seller’s report late last month, after investors that specialize in beaten-down debt jumped in to buy them. Dollar bonds of Adani Green Energy Ltd. that are due to mature next September rose around 5 cents on the dollar on Wednesday, recovering some of their losses since Hindenburg Research, a U.S. research firm, published a report on Jan. 24 alleging that companies in India’s Adani Group had used overseas shell companies to manipulate their share prices, among other allegations. Adani Group has denied the claims.

☆ 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.

☆ TotalEnergies has not signed contract on new Adani hydrogen venture - CEO
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

PARIS, Feb 8 (Reuters) - TotalEnergies (TTEF.PA) has not yet signed a contract announced last year to extend its partnership with India's Adani to the production of green hydrogen, the chief executive of the French oil major said on Wednesday. Pouyanne said TotalEnergies was "not in charge" of the financial health of Adani group, with whom it has a number of joint-ventures. He said the stakes held by TotalEnergies in Adani Total Gas (ADAG.NS) and Adani Green Energy (ADNA.NS) were still worth more than when the French company purchased them. "Adani Green is still worth twice as much as we invested, Adani Gas is still worth eight times more. He added that Adani had not requested financial support from TotalEnergies for existing projects.

☆ Adani Group Stocks Extend Recovery After Steep Slide
▼ + stars: | 2023-02-08 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

Some of Adani Group’s controlling shareholders have promised to repay $1.1 billion in loans that were backed by shares. Most shares of companies in Adani Group rose Wednesday, continuing a rebound in the Indian conglomerate’s combined market value after a plummet in its stock prices over the past two weeks. Shares of five of the seven companies named after Indian billionaire Gautam Adani climbed, with the flagship Adani Enterprises Ltd. ending the day up around 20%. The rally brought the market value of the seven companies to $112 billion, up from the $105 billion it hit Monday. The valuation is still down 48% from levels reached before U.S. short seller Hindenburg Research published a scathing report on the conglomerate on Jan. 24 .

☆ 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.

☆ India's Adani faced margin call on $1.1 bln loan before repaying in full- FT
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: 1 min

Feb 8 (Reuters) - Adani Group Chairman Gautam Adani faced a margin call of more than $500 million on a $1.1 billion share-backed loan, prompting him to repay the whole debt, the Financial Times reported on Wednesday, citing four people with direct knowledge of the matter. The repayment was meant to avoid any further damage to investor confidence, which has been rocked by allegations of fraud by short-selling firm Hindenburg, the report added. An Adani spokesperson did not immediately respond to a Reuters request for comment outside business hours. Reporting by Juby Babu in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ TotalEnergies hits pause on new Adani deal
▼ + stars: | 2023-02-08 | by ( ) edition.cnn.com time to read: 1 min

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☆ Gautam Adani’s woes were in banks' plain sight
▼ + stars: | 2023-02-08 | by ( Una Galani | ) www.reuters.com time to read: +9 min

MUMBAI, Feb 8 (Reuters Breakingviews) - Gautam Adani’s recent woes have vindicated persistent doubts in India about the tycoon’s rise. The Indian group dismisses those claims as a “malicious combination of selective misinformation and stale, baseless and discredited allegations”. By contrast, other big Indian groups like Mukesh Ambani’s Reliance Industries (DBKGn.DE) and those carrying the Tata name are more popular with institutional investors. Fee-hungry international banks were much less picky. Deutsche, Barclays and StanChart pocketed $57 million of the $260 million of investment banking revenue generated by the Adani group since Dealogic records began.

BENGALURU, Feb 7 (Reuters) - Adani Total Private Ltd expects to receive 2.2 million tonnes of liquefied natural gas (LNG) at its terminal at Dhamra on India's eastern coast during the year ending March 2024, the company's chief executive told Reuters on Tuesday. Adani Total has a 20-year take-or-pay contract to provide regasification services to state-run Indian Oil Corp (IOC.NS) for 3 million tonnes of LNG per annum at the Dhamra terminal. Government-run gas distributor GAIL (India) Ltd (GAIL.NS) has a similar 1.5 million tonnes per annum deal. The energy-hungry country expects deeper penetration of city gas distribution to drive LNG demand in the coming years. Global LNG prices eased off record highs in the second half of 2022, amid ample inventories in North Asia and Europe.

Fed Chair Jerome Powell has spoken and luckily for bulls and bears, there was something for everyone, so where Asian markets go on Wednesday is something a coin flip. With an expected interest rate rise in India taking center stage regionally, investors in Asia will be digesting the mixed U.S. picture that saw stocks rise but the dollar and Treasuries ease lower on Tuesday. But he also said "it will take some time" to get the inflation genie back in the 2% bottle. The Reserve Bank of India is likely to raise its key interest rate by 25 basis points to 6.50%, which most economists reckon will be the last of the hiking cycle. With the rupee within a whisker of October's record low, however, traders will be on RBI intervention alert.

☆ India's Adani Green posts surge in quarterly profit on higher power supply
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 7 (Reuters) - India's Adani Green said on Tuesday its profit jumped more than two-fold in the third quarter, as the total power it supplied to customers increased. Consolidated profit of Adani Green rose to 1.03 billion rupees ($12.45 million) in the October-December quarter, from 490 million rupees a year ago. Revenue of power producers such as Adani Green gets a boost as the size of their portfolio with long-term deals increases. Adani Green said on Tuesday it had commissioned 1,915 megawatts in new power projects in the current financial year. Its total income rose to 22.58 billion rupees from 14.71 billion rupees a year earlier.

☆ Adani Companies Report Profits, Easing Market Rout
▼ + stars: | 2023-02-07 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

The shares of some companies owned by India’s Adani Group rallied Tuesday, showing investors had a mixed view of the embattled conglomerate near the start of a crowded week of earnings releases from its subsidiaries. Adani Enterprises Ltd., the flagship part of the group of companies owned by billionaire Gautam Adani , closed the day 14.6% higher, reversing some of the heavy losses it sustained in the wake of a scathing report by U.S. short seller Hindenburg Research. Adani Ports & Special Economic Zone Ltd. and Adani Wilmar Ltd. also ended the day higher, but four other companies bearing the Adani name continued to fall.

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%.

☆ India's Adani still eligible to be part of influential JPMorgan bond indexes
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, Feb 7 (Reuters) - India's Adani group of companies, which in recent weeks has seen a brutal selloff in its bonds and shares after being targetted by a U.S. short-seller, is still eligible for inclusion in JPMorgan's influential bond indexes, the bank said in a note. Adani, whose business interest includes ports, power generation and transmission, and renewable energy, has a total notional value of $7.7 billion in the JPMorgan's CEMBI and JACI indexes, the bank said on Monday. JPMorgan Corporate Emerging Market Bond Index series (CEMBI) tracks dollar debt issued by emerging market corporations, while its Asia Credit Index (JACI) tracks the total return performance of the Asia fixed-rate dollar bond market. After the release of Hindenburg's report, Adani's weight has decreased by 10 basis points to 36 basis points in the CEMBI Broad Div index and by 15 basis points to 48 basis points in the CEMBI Broad Div IG index, the JPMorgan note said. The Indian conglomerate's weight decreased by 16 basis points to 52 basis points in the JACI index, it added.

☆ Indian banks' exposure to Adani group "insufficient" to pose credit risk - Fitch
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +3 min

MUMBAI, Feb 7 (Reuters) - The exposure of Indian banks to the embattled Adani Group is "insufficient in itself" to present a substantial risk to the credit profiles of these lenders, Fitch Ratings said in a note on Tuesday. Fitch estimated that loans to all Adani group entities generally account for 0.8%-1.2% of total lending for Indian banks rated by the agency, equivalent to 7%-13% of total equity. SBI's total exposure was 0.9% of its total loan book, or around 270 billion rupees, Chairman Dinesh Kumar Khara has said. Additionally, most of the bank's exposure to the Adani Group was secured by completed and cash-generating assets while the rest of the exposure was to on-schedule, under-construction projects, said CreditSights. Fitch, however, cautioned that Indian state banks could face pressure to provide refinancing for Adani entities if foreign banks scale back their exposure or investor appetite for the group's debt weakens in global markets.

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