DIRS.INFO The most relevant business & tech news

☆ 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.

☆ 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.

☆ 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 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.

☆ 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.

☆ 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 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.

☆ Adani says it will repay over $1 billion in debt ahead of schedule in a bid to halt stock-market rout
▼ + stars: | 2023-02-07 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Embattled Indian conglomerate Adani Group is paying back $1.1 billion in debt ahead of schedule. It's scrambling to halt a stocks rout that's wiped out over $110 billion in market value over the past fortnight. The selloff came after US short-seller Hindenburg Research accused the group of market manipulation and fraud. The borrowings were backed by Adani Ports, Adani Green Energy, and Adani Transmission – three of the group's companies that have seen their share prices plummet over the past fortnight. Adani said it had paid off its debt ahead of schedule "in light of recent market volatility and in continuation of the promoters' commitment to reduce the overall promoter leverage backed by Adani Listed Company shares."

☆ 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.

☆ Mark Mobius: Adani had 'big problems' that put me off, but India still looks appealing
▼ + stars: | 2023-02-07 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Investor Mark Mobius was put off Adani's massive planned share sale because of concerns about the group's debt pile and exposure to political risk, he told CNBC Tuesday. So that's one of the big problems that I had," Mobius said. His firm, Mobius Capital Partners, focuses on emerging markets and India is one of its top allocations. Companies including Adani Enterprises, Adani Transmission, Adani Green Energy, Adani Power and Adani Total Gas have plummeted in value since then, with the group shedding more than $113 billion from its market value. On Feb. 1, Adani called off a fully subscribed $2.5 billion sale of Adani Enterprises shares, citing the stock price movements.

☆ 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.

☆ 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.

☆ India's Adani Ports says Q3 profit drops; to cut capex, repay debt next year
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

Adani Ports said its consolidated net profit fell 16% to 13.16 billion rupees ($159.10 million) in the third quarter. It expects EBITDA to increase to 145 billion rupees to 150 billion rupees next financial year. It also expects capital expenditure for the next financial year to drop to between 40 billion rupees and 45 billion rupees, from 86 billion rupees this financial year that ends in March. Adani Ports said it expects to repay loans, including bonds, worth 50 billion rupees next financial year. Its cash and cash equivalent were 62.57 billion rupees as of Dec. 31, while its net debt was 392.77 billion rupees.

☆ India's stock market crisis isn't just the Adani Group's problem — it's a political issue for Prime Minister Modi too
▼ + stars: | 2023-02-07 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Indian tycoon Gautam Adani's companies have lost over $110 billion in market value since a US short seller attack in January. Even Modi has been dragged into the kerfuffle — since both he and Adani are from the western Indian state of Gujarat. The prime minister's political opponents say that the leader favors Adani — a claim the Modi government has rejected, per Reuters. "The Hindenburg scandal is the perfect weapon for the Indian political opposition against PM Modi. On its part, the Adani Group has been troubleshooting hard.

☆ Adani Plans $1.1 Billion Loan Repayment After Share Collateral Plummets
▼ + stars: | 2023-02-06 | by ( Dave Sebastian | Weilun Soon | ) www.wsj.com time to read: 1 min

The ports-to-energy conglomerate controlled by Indian billionaire Gautam Adani said its founders will prepay a $1.1 billion loan that was backed by shares of some of its companies, a move to shore up investor confidence after a rout in its stock prices over the past two weeks. The Adani Group said Monday that its so-called promoters—a term used to describe controlling shareholders—have posted amounts to pay off the loan ahead of its maturity in September 2024. The loan was backed by shares in several Adani companies, all of which have fallen dramatically since U.S. short seller Hindenburg Research published a scathing report on the Adani Group on Jan. 24.

☆ Adani Group Plans $1.1 Billion Loan Repayment After Share Collateral Plummets
▼ + stars: | 2023-02-06 | by ( Dave Sebastian | Weilun Soon | ) www.wsj.com time to read: 1 min

☆ Adani rout deepens despite soothing words from India's government and billionaires
▼ + stars: | 2023-02-06 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

Indranil Mukherjee | Afp | Getty ImagesShares of most Adani Group companies fell further on Monday, continuing to drop as a feud between the conglomerate and short-seller firm Hindenburg deepened. Adani Green Energy , Adani Power and Adani Total Gas fell 5% each. The Sensex is the benchmark index of the BSE — formerly the Bombay Stock Exchange — and the Nifty 50 is the flagship index of the National Stock Exchange of India. Gautam Adani, chairman of Adani Group, speaks during the Forbes CEO Summit in Singapore, on Tuesday, Sept. 27, 2022. Adani Power is included on the long-term list, while Adani Enterprises, Adani Green Energy, Adani Ports and Special Economic Zone, Adani Transmission and Adani Total Gas are on the short-term list.

☆ India's Adani shares see extended sell-off as credit warnings kick in
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 6 (Reuters) - The sell-off in India's Adani Group's seven listed companies, where more than $110 billion in market value has already evaporated, continued on Monday as a U.S. short-seller's report critical of the group's finances now led to credit warnings. Shares of Adani Enterprises Ltd (ADEL.NS) sank 9.6% on Monday, taking the group's flagship company's losses to nearly $28 billion since the report. Adani Transmission Ltd (ADAI.NS) dropped 10%, while Adani Green Energy Ltd (ADNA.NS), Adani Total Gas Ltd (ADAG.NS), Adani Power (ADAN.NS), and Adani Wilmar (ADAW.NS) fell roughly 5%. Adani Ports and Special Economic Zone (APSE.NS) was the only stock in green, with a 1.2% rise. India's market regulator moved to calm investor concerns on Saturday, saying that its financial markets remain stable and continue to function in a transparent and efficient manner, despite recent dramatic stock falls in Adani Group companies.

Search resuls for: "Hindenburg"

25 mentions found