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☆ 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.

☆ 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.

☆ 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.

☆ 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.

☆ 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.

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.

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.

☆ Adani Group plans to trim its capital spending plans, Mint reports
▼ + stars: | 2023-02-05 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of the Adani Group is seen on the wall of its realty office building on the outskirts of Ahmedabad, India, January 27, 2023. REUTERS/Amit DaveFeb 6 (Reuters) - India's Adani Group plans to trim its capital spending plans, newspaper Mint reported on Monday citing people close to the development, days after the conglomerate's flagship firm called off a $2.5 billion share sale. While providing more collateral in the form of stock pledges to lenders, the group may moderate its capex plans in some of its businesses, the newspaper reported. Adani Group did not immediately respond to a Reuters request for comment outside of business hours. The group will use alternative funding channels from internal accruals, promoter equity funding and private placements to fund projects, Mint said.

☆ Indian watchdog tells investors markets stable despite Adani rout
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +2 min

[1/2] A woman walks past the logo of the Securities and Exchange Board of India (SEBI), at its headquarters in Mumbai, India, May 27, 2022. Shares in Adani Group firms, controlled by billionaire tycoon Gautam Adani, have dropped by $100 billion, or half their market value, since U.S-based short-seller Hindenburg Research made allegations of stock manipulation and unsustainable debt. Mechanisms were in place to address excessive volatility in specific stocks, SEBI said, adding these were automatically triggered under certain conditions of stock price volatility. Reuters earlier reported that SEBI was examining the recent crash in the Adani Group's shares and looking into any possible irregularities. loadingMahindra did not directly mention Adani Group.

☆ Gautam Adani lost half his wealth in a flash. Here’s what happened
▼ + stars: | 2023-02-04 | by ( Julia Horowitz | ) edition.cnn.com time to read: +6 min

While the Adani Group has condemned the report as “baseless” and “malicious,” investor questions about its claims linger, and the fallout is growing. Gautam Adani is a 60-year-old tycoon who founded the Adani Group more than 30 years ago. The firm said it had taken a short position in Adani Group companies, meaning it would benefit from a drop in their value. Stocks of most Adani Group companies slumped again on Friday. Indian banks that hold Adani Group assets could also be affected if the value of those holdings continues to drop.

☆ Adani Stock Takes $100 Billion Hit After Hindenburg Report
▼ + stars: | 2023-02-03 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

The Computer Chip Wars: How AMD Ended Intel's Market Dominance Intel has ruled the market for central processing units since the 1980s. But rival AMD overtook Intel in market value last year, thanks in part to an expensive bet on chip design. WSJ’s Asa Fitch explains the companies’ battle for the brains of your computer.

☆ Gautam Adani’s Wealth Almost Halved by Stock-Price Plunge
▼ + stars: | 2023-02-03 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

The net worth of Indian billionaire Gautam Adani has fallen by around $58 billion over the past week and a half, the result of a rout in stock prices linked to his namesake conglomerate following the publication of a report by a U.S. short seller. The combined market value of shares owned by India’s Adani Group has halved since New York-based Hindenburg Research published a report on Jan. 24 that alleged fraud and stock-market manipulation at the business, among other allegations. Adani has denied the claims.

☆ Gautam Adani’s Net Worth Drops by $58 Billion in 10 Days
▼ + stars: | 2023-02-03 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

☆ Exclusive: Indian ministry reviews Adani Group financial statements -government sources
▼ + stars: | 2023-02-03 | by ( Sarita Chaganti Singh | ) www.reuters.com time to read: +3 min

NEW DELHI, Feb 3 (Reuters) - India's ministry of corporate affairs has started a preliminary review of Adani Group's financial statements and other regulatory submissions made over the years, two senior government officials told Reuters on Friday. Adani Group has denied allegations by U.S.-based short-seller Hindenburg Research of improper use of offshore tax havens and stock manipulation, saying it has "no basis" and is due to an ignorance of Indian law. Adani Group is battling a stock market rout which was triggered by the Hindenburg report on Jan. 24 and this week scrapped a $2.5 billion share sale. The ministry's review marks the latest scrutiny of the Adani Group, but a first by the federal government in New Delhi. A spokesperson for Adani Group did not immediately respond to a request for comment.

☆ Gautam Adani lost $52 billion in 6 days. That's over 3 times what Sam Bankman-Fried lost in a similar timeframe.
▼ + stars: | 2023-02-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Indian billionaire Gautam Adani lost $52 billion in net worth over six trading days. Shares in Adani Group companies have lost over $100 billion in market cap since a US short seller's fraud allegations. Adani — whose empire is under pressure from a US short seller — has already lost $52 billion in just six trading days, according to the Bloomberg Billionaires Index. Adani is now worth $61.3 billion and on the 21st spot on the Bloomberg Billionaires Index. The dramatic decline in Adani's net worth is because much of his wealth is derived from his stakes in his businesses.

☆ European markets set to pull back as investors watch economic data, earnings
▼ + stars: | 2023-02-03 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — European markets are set to retreat slightly on Friday as investors digest key central bank decisions, economic data and corporate earnings. The pan-European Stoxx 600 index enjoyed a strong session on Thursday after three major central banks largely delivered on market expectations. The European Central Bank hiked interest rates by 50 basis points and signaled a further hike of the same scale in March, vowing to "stay the course" as it looks to reel in inflation. On Wednesday, the U.S. Federal Reserve raised its benchmark rate by a quarter percentage point but gave little indication of an imminent end to its hiking cycle. Investors stateside will also be looking to a key data point Friday in the form of the January jobs report.

☆ India Vs China: Adani Selloff Clouds India Just As China Reopens
▼ + stars: | 2023-02-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

A crisis at the Adani Group is clouding over India just as China reopens. A US short seller report alleging market manipulation and fraud at the Adani Group has caused a market rout. The Adani Group has been defending itself vigorously, but Hindenburg has also doubled down on its initial report. Still, the development has rattled investor confidence, causing a market rout with listed companies under the Adani Group losing over $100 billion in market value so far this year. But, the Hang Seng and Shanghai Composite have recovered somewhat this year after China emerged from on-off pandemic lockdowns.

☆ Fitch says no immediate impact on Adani ratings after Hindenburg report
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +1 min

Feb 3 (Reuters) - Ratings agency Fitch said on Friday it saw no immediate impact on its ratings of Adani Group entities and their securities, following U.S. short-seller Hindenburg Research's report last week. Hindenburg's scathing attack on the conglomerate questioned the firm's debt levels and use of tax havens, but the Group has called the report baseless and affirmed its financials are strong. Fitch has ratings on eight entities within the Adani group, including Adani Transmission Ltd (ADAI.NS), Adani Electricity Mumbai Ltd, and Adani International Container Terminal. The ratings agency added that it expected no material changes to Adani Group's cash flow forecast. The agency added there were no significant offshore bonds maturing in the near term, reducing refinancing risks and near-term liquidity risks.

☆ India's Adani shares nosedive as investors fret about Hindenburg fallout
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +3 min

Hindenburg in its report said key listed Adani companies had "substantial debt" and that shares in seven Adani listed firms have an 85% downside due to what it called sky-high valuations. The Adani Group said the allegation of stock manipulation had "no basis" and stemmed from ignorance of Indian law. Its response stated that over the past decade, group companies have "consistently de-levered". In total, the seven listed Adani Group companies now have a market capitalisation of $99 billion, versus $218 billion before the Hindenberg report. The prices of U.S. dollar bonds issued by Adani Group entities edged higher on Friday after diving on Thursday.

☆ Shares of Adani groups continue to fall in Friday's session
▼ + stars: | 2023-02-03 | 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 EmailShares of Adani groups continue to fall in Friday's sessionShares of Adani Group companies continued its sell-off triggered by allegations raised by short seller firm Hindenburg.

☆ Morning Bid: Runaway Tech arrested
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +5 min

The coast may be clearing on interest rates but a spluttering economy still has the power to check runaway stock markets. Friday's release of January's U.S. employment report will provide some clues - but Big Tech gave its own readout on Thursday. Apple earnings fell short of expectations and it forecast revenue would fall for a second quarter in a row. But even though iPhone sales fell for the first time since 2020, it said sales were likely to improve as production had returned to normal in China after COVID-related shutdowns. To what extent layoffs in the tech sector are fanning out across the economy will be monitored in the payrolls report later and the Fed will be watching wage growth like a hawk.

☆ Morning bid: The morning after the night before
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

Dour fourth-quarter results from Apple (AAPL.O), Google-parent Alphabet (GOOGL.O) and Amazon (AMZN.O) are likely to cast a shadow on the markets on Friday before the crucial non-farms payroll data is released later in the day. Analysts expect 185,000 jobs were added last month and the report will likely paint a clearer picture of the labour market in the United States. The meltdown in share prices have stoked fears of wider impact on the Indian equities. A bright spot for the market was a private sector survey that showed China's services activity in January expanded for the first time in five months, sending business confidence to near 12-year highs. Even amidst the dire earnings reports from U.S. bellwethers there was a hint of hope that consumer spending was beginning to rebound in China.

☆ Total: Adani will ask Big 4 accounting firm for 'general audit'
▼ + stars: | 2023-02-03 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

In total, Adani Group companies have lost $110 billion in market value. Adani Group declined to comment on whether it was planning to appoint one of the Big 4 accounting firms as auditor. A document on Adani Enterprises’ website dated January 13, 2023, also names Shah Dhandharia as “statutory auditors” and provides the firm’s website address. In its report, Hindenburg Research said historical archives of the firm’s website showed that it had only four partners and 11 employees. Trading in five listed Adani firms was halted Friday after they fell to daily limits set by the Indian stock exchange.

☆ Indian shares set to rise on easing inflation concerns; Adani stocks in focus
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 3 (Reuters) - Indian shares are set to open higher on Friday, as global central banks hinted at inflation easing, spurring optimism that the rate hike cycle may be near an end, while the ongoing rout in Adani group stock could cap gains. After the U.S. Federal Reserve acknowledged in its monetary policy decision on Wednesday that the disinflationary process may have begun, the European Central Bank and the Bank of England followed suit on Thursday. Analysts said that the selloff in Adani stocks has created panic in Indian markets. Foreign institutional investors sold 30.64 bln rupees ($373.23 million) worth of shares on a net basis on Thursday while domestic institutional investors purchased 23.71 bln rupees worth of shares, official data showed. ($1 = 82.0940 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

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