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☆ 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.

☆ Indian index hasn't suffered that much from Adani fallout, Mark Mobius says
▼ + stars: | 2023-02-07 | 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 EmailIndian index hasn't suffered that much from Adani fallout, Mark Mobius saysMark Mobius of Mark Mobius Capital Partners discusses the crisis the Adani Group faces and what it means for international markets as well as India's.

☆ 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.

☆ 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.

☆ 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.

☆ 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."

☆ 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.

☆ Adani Crisis Disrupts India’s Parliament
▼ + stars: | 2023-02-06 | by ( Rajesh Roy | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/adani-crisis-disrupts-indias-parliament-11675692760

☆ 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

☆ Asia markets to rise while U.S. jobs report hints at room for more hikes, Adani saga continues
▼ + stars: | 2023-02-06 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

For now, it's a quarter point [hike]. In the futures market, traders were betting on an end rate, or terminal rate near 5%. The market is pricing in a 25 basis point hike for March. A basis point equals 0.01 of a percentage point. But Jeffery said the futures market is now pricing in more of a chance for a quarter point hike in May as well.

☆ News in Indian media that Adani will sink is 'hyperbole,' says advisory firm
▼ + stars: | 2023-02-06 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNews in Indian media that Adani will sink is 'hyperbole,' says advisory firmJ N Gupta of Stakeholders Empowerment Services discusses the crisis the Adani Group is facing.

☆ It's time to chill with al the recession talk
▼ + stars: | 2023-02-06 | by ( Allison Morrow | ) edition.cnn.com time to read: +8 min

New York CNN —In 2021, a bunch of economists and policy makers underestimated the inflation that was taking root around the world. In 2022, as inflation hit 40-year-highs and the Fed ramped up interest rates, many of those commentators went full-on gloomy — predicting a recession was all but inevitable. And that makes it hard, if not impossible, to imagine a recession anytime soon. “Any concern the economy is in recession or close to a recession should be completely dashed by these numbers,” Moody’s Analytics chief economist Mark Zandi told CNN on Friday. “The economy is further away from recession than ever,” wrote Christopher Rupkey, chief economist at Fwdbonds.

☆ Indonesia president warns regulator to boost supervision after Adani rout
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

[1/2] Adani logo and decreasing stock graph is seen in this illustration taken January 31, 2023. REUTERS/Dado Ruvic/IllustrationJAKARTA, Feb 6 (Reuters) - Indonesian President Joko Widodo urged on Monday his country's financial regulator to strengthen supervision on capital markets in the wake of the crisis at India's Adani Group. In order to prevent these things happening in Indonesia, Jokowi, as he is widely known, warned about the negative impact of stock manipulation. "When it slips in pump and dump, things happening just like in India, please be careful," he added. Shares in Adani Group firms have been hit with a major sell off since U.S-based short-seller Hindenburg Research made allegations of stock manipulation and unsustainable debt.

☆ 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.

☆ Indian shares set for muted start on rate fears, Adani uncertainty
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

Analysts said that the selloff in Adani stocks has created panic in Indian markets. Ratings agency Moody's warned that the tumble in Adani group stocks could hit the conglomerate's ability to raise capital. STOCKS TO WATCHState Bank of India (SBI.NS): India's largest lender reports a rise in net profit in the third quarter. read moreITC (ITC.NS): Co reports a higher-than-expected rise in net profit in December-quarter on strong cigarette sales and steady demand for packaged foods. read moreMarico (MRCO.NS): Co reports higher-than-expected rise in net profit in Q3 on higher demand for cooking products and hair oil.

☆ India's NSE lowers price band on two Adani firms
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: 1 min

Feb 6 (Reuters) - Indian bourse National Stock Exchange of India (NSE) has revised the circuit limits of Adani Green Energy Ltd (ADNA.NS) and Adani Transmission Ltd (ADAI.NS) to 5%, according to data on its website on Monday. The NSE had revised the price bands of both companies to 10% from 20% last week. Stock exchanges set the circuit limits to prevent large movements in the price of stocks in a very short time. Reporting by Anirudh Saligrama in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ India’s Vodafone rescue has strings attached
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Feb 6 (Reuters Breakingviews) - New Delhi has finally come good on its promise to convert Vodafone Idea’s (VODA.NS) dues worth $2 billion into an equity stake. The state’s move, which dialed up a 10% gain in Vodafone Idea’s stock, could ease the company’s pressures elsewhere. A recently extended repayment schedule for $194 million of cash owed to American Tower (AMT.N) should bolster its chances, too. India’s Telecommunications Minister Ashwini Vaishnaw said on Friday that concomitant with the swap is a “firm commitment” of fresh capital from the Aditya Birla group, Vodafone Idea’s second-largest shareholder. For a group that has often expressed a wish to exit the telecom business, the bailout must feel like a Pyrrhic victory.

☆ Adani crisis: Billionaire scrambles to reassure creditors as market rout enters third week
▼ + stars: | 2023-02-06 | by ( Diksha Madhok | ) edition.cnn.com time to read: +6 min

The loans were backed by shares in Adani Ports, Adani Green Energy and Adani Transmission, which have collapsed in value. While the Adani Group has vehemently denied the allegation made by Hindenburg Resarch as “baseless” and “malicious,” investors remain unconvinced. Adani companies will be reporting quarterly results this week. Moody’s said Friday that the plunge in the shares of Adani companies was likely to reduce the group’s ability to raise capital. Another agency, S&P, cut the outlook for its ratings on two companies, Adani Ports and Adani Electricity, to negative from stable, citing the risk of higher funding costs or reduced access to capital.

☆ 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.

It is rare for investors to take short positions in securities of Indian companies. Securities rules in India also make it hard to quietly build short positions. Institutional investors are obliged to disclose their short positions upfront and there are other restrictions and registration requirements on foreign investors. In Adani, for example, Hindenburg held the short positions through U.S.-traded bonds and non-Indian-traded derivatives. China's strict investment rules make it all but impossible to take short positions in domestic-listed Chinese stocks from overseas.

☆ Adani Group's a key player in Modi's push to transform India into $5 trillion economy, analyst says
▼ + stars: | 2023-02-06 | 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 EmailAdani Group's a key player in Modi's push to transform India into $5 trillion economy, analyst saysAlim Remtulla of Medley Advisors says the Adani Group might not be "systemically important" for India's financial markets, but it's an important part of Indian Prime Minister Narendra Modi's economic push.

☆ FPI selling in Indian stock hits 7-month high on rich valuations, Adani rout
▼ + stars: | 2023-02-06 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

BENGALURU, Feb 6 (Reuters) - Foreign portfolio investors (FPIs) offloaded Indian equities worth 288.52 billion rupees ($3.51 billion) in January, the most since June, data from National Securities Depository Ltd. showed. Reuters GraphicsThe selling coincided with a slide in equity benchmarks, with Nifty 50 (.NSEI) falling 2.45% in the first month of 2023. WHAT FOREIGN INVESTORS SOLD & BOUGHTForeign investors sold the most in financials, offloading 152.04 billion rupees of shares, followed by 75.96 billion rupees in oil and gas and 27.77 bln rupees in consumer durables. Reuters GraphicsMetals was the only major sector that saw renewed interest from foreign investors, who bought 43.69 billion rupees worth of equities. ($1 = 82.3130 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Traders in Asia had the weekend to digest the U.S. market action on Friday, and the signals are mixed. Wall Street fell as implied U.S. rates rose and 2023 rate-cut expectations faded, but technical and momentum indicators are positive, market volatility remains low, and "soft landing" hopes are rising. Monday's session in Asia could also be clouded by the latest deterioration in Sino-U.S. relations and the Chinese spy balloon saga. Ratings agency Moody's warned the Adani Group may struggle to raise capital, and S&P cut the outlook on two of its businesses. Analysts reckon this will be the penultimate hike before the cash rate settles at 3.60% in March.

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