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☆ 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.

☆ 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.

☆ Adani Group’s Moment of Truth
▼ + stars: | 2023-02-02 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

Global investors, who largely funded Adani Group ’s rising debt in recent years, are shunning its bonds after an attack from a New York-based short seller. Regaining markets’ confidence—or finding new private funding—will be essential to avoid problems as the Indian conglomerate’s dollar bonds start coming due. After a brief rally following Adani Enterprises’ successful completion of a new share offer on Tuesday in India, prices of many of the group’s dollar bonds—including issues from Adani Ports and Adani Green maturing in 2024—continued their slide on Wednesday. Adani Enterprises, whose shares are now at half of the offer price on the new issue, on Wednesday evening in India said it was canceling the sale and would return the proceeds to investors.

☆ Adani Group: Your Guide to the Indian Company’s Stock Market Rout
▼ + stars: | 2023-02-02 | by ( Matthew Thomas | ) www.wsj.com time to read: 1 min

Gautam Adani , an Indian businessman, is one of the richest people in the world. His wealth took a big hit when shares of companies owned by his flagship Adani Group fell dramatically following the publication of a report by a U.S. short seller in late January. The Adani Group is big—and politically connected. There are seven India-listed companies bearing the Adani name, including firms in power transmission, green energy and port operation. Adani Group also owns cement producers, airport operators, coal miners and a digital marketing company.

☆ Losses From Adani Stock Rout Top $100 Billion
▼ + stars: | 2023-02-02 | by ( Dave Sebastian | Weilun Soon | ) www.wsj.com time to read: 1 min

Gautam Adani said Thursday that the assets of his namesake conglomerate were robust. Shares of companies linked to Indian billionaire Gautam Adani continued to slide on Thursday, after his namesake conglomerate canceled a planned share sale that was meant to raise more than $2 billion. Adani Enterprises Ltd., the group’s flagship business that scrapped its follow-on public offering after a plunge in its shares the previous day, fell another 26% on Thursday. The shares have lost more than half their value since Hindenburg Research, a U.S. short seller, released a scathing report last week alleging fraud and stock-price manipulation at Mr. Adani’s conglomerate.

☆ Adani shares plunge after botched $2.5 bln share sale
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

Adani on Wednesday called off the share sale as a rout sparked by a U.S. short-seller's criticisms wiped billions more off the value of the Indian tycoon's stocks. Shares in Adani Enterprises (ADEL.NS) dropped 8%, after opening 10% higher, while Adani Ports and Special Economic Zone (APSE.NS) fell 10%. Adani Total Gas (ADAG.NS) was down 10%, Adani Power (ADAN.NS) lost 5%, Adani Wilmar (ADAW.NS) sank 5% while Adani Green Energy (ADNA.NS) tumbled 10%. The withdrawal of the Adani Enterprises (ADEL.NS) share marked a stunning setback for Adani, the school dropout-turned-billionaire whose fortunes rose rapidly in recent years in line with the stock values of his businesses. Citigroup's (C.N) wealth unit has stopped extending margin loans to its clients against securities of Adani group, a source with direct knowledge of the matter said.

☆ Citigroup wealth unit stops margin loans against India Adani's securities - source
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Feb 2 (Reuters) - Citigroup's (C.N) wealth unit has stopped extending margin loans to its clients against securities of India's embattled Adani group, a source with direct knowledge of the matter said, as the conglomerate reels from a short-seller attack. The group's flagship firm Adani Enterprises (ADEL.NS) called off its $2.5 billion share sale in a dramatic reversal on Wednesday as a rout sparked by the U.S. short-seller's criticisms wiped billions more off the value of the Indian tycoon's stocks. Citi's wealth unit decided to cut the loan-to-value ratio for credit against Adani securities to zero on Thursday, said the source, who declined to be named due to the sensitivity of the matter. Citi declined to comment. Reporting by Anshuman Daga; Editing by Sumeet Chatterjee and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ India's NSE puts trades in some Adani firms under additional watch
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +2 min

The NSE also placed Monarch Networth Capital (MONR.NS), one of the 10 underwriters of Adani Enterprises' (ADEL.NS) botched share sale, under additional surveillance. The Ahmedabad-based brokerage was responsible for "non institutional marketing", according to the Adani share sale document. Last year, Adani Group acquired Ambuja Cements Ltd (ABUJ.NS) and ACC (ACC.NS) from Holcim AG (HOLN.S) to enter the business. Adani Enterprises tumbled 27%, closing at their lowest level since March 2022. Adani Group did not immediately respond to a request for comment on the exchange's latest decision.

☆ Indian shares set to fall after Adani group calls off $2.5 bln share sale
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 2 (Reuters) - Indian shares are set to open lower on Thursday after a sustained selloff in Adani group stocks as the group cancelled the secondary share sale of its flagship company Adani Enterprises. India's market regulator is said to be examining the crash in the Adani group company shares and looking into possible irregularities in Adani Enterprises' secondary share sale. Indian markets closed lower on Wednesday, hit by Adani group stocks and a fall in insurance companies after the union budget proposed to limit tax exemptions for insurance proceeds. STOCKS TO WATCHBritannia Industries (BRIT.NS): Co posts rise in consolidated net profit in the third quarter on price hikes, sustained demand. Alembic Pharma (ALEM.NS): Co reports consolidated net profit that beat estimates in Q3, on higher domestic sales.

Adani Ports and Special Economic Zone Limited paid coupons, the two sources, speaking on condition of anonymity, said. The source with knowledge of the firm's strategy said Adani Transmission also processed bond payments on Thursday. Adani Group plans to issue a credit report by Friday which will address concerns raised by the Hindenburg report about its liquidity, the same source said. Brokerage CLSA estimated in a Jan, 26 report that consolidated debt of the top five Adani Group companies -- Adani Enterprises, Adani Ports, Adani Power, Adani Green and Adani Transmission, with some element of double counting – stood at 2.1 trillion Indian rupees ($25.60 billion). The U.S. dollar-denominated bonds of Adani Ports and Special Economic Zone (APSE.NS), Adani Transmission (ADAI.NS) and Adani Electricity Mumbai were also trading lower.

☆ Adani made scheduled U.S. bond payments, to release credit report Friday
▼ + stars: | 2023-02-02 | by ( ) www.cnbc.com time to read: +3 min

Chairperson of Indian conglomerate Adani Group, Gautam Adani, speaks at the World Congress of Accountants in Mumbai on November 19, 2022. Adani Ports and Special Economic Zone Limited paid coupons, the two sources, speaking on condition of anonymity, said. Adani Group plans to issue a credit report by Friday which will address concerns raised by the Hindenburg report about its liquidity, the same source said. Brokerage CLSA estimated in a Jan. 26 report that consolidated debt of the top five Adani Group companies — Adani Enterprises , Adani Ports , Adani Power , Adani Green and Adani Transmission , with some element of double counting — stood at 2.1 trillion Indian rupees ($25.60 billion). The U.S. dollar-denominated bonds of Adani Ports and Special Economic Zone, Adani Transmission and Adani Electricity Mumbai were also trading lower.

Foreign investors, many of them already underweight what they consider an overpriced stock market, are reducing exposure. "Only Adani Group is trading with these ridiculously high multiples, and that is the core of the problem." "At this point in time, I don’t think it’s a systemic risk," said Jimmy Lim, chief investment officer at Modular Asset Management in Singapore. "We don't think that there's going to be a default anytime soon, although I don't expect any kind of near-term resolution between Adani Group and Hindenburg," Chao said. Yet Chao expects the selloff to help bring Indian stock valuations to more "palatable levels" for investors.

☆ Jupiter declines to comment on cancelled Adani share offering
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: 1 min

LONDON, Feb 2 (Reuters) - Jupiter Fund Management (JUP.L), an anchor investor in Adani Enterprises' (ADEL.NS) cancelled $2.5 billion share offering, told Reuters on Thursday it had no immediate comment on the deal being withdrawn. Jupiter was notable as being the sole UK-listed fund manager to back the share offering for the subsidiary of embattled Indian conglomerate Adani Group, which has lost some $100 billion in market capitalisation in recent days following a short seller's report. Adani Enterprises its $2.5 billion stock offering on Wednesday. Reporting by Lawrence White; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Gautam Adani’s crisis will hit India hard: podcast
▼ + stars: | 2023-02-02 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

Breakingviews: Adani’s share sale U-turn spares only some blushes, article with imageBreakingviews category · February 2, 2023 · 1:44 AM UTCMarkets have given Gautam Adani a big bloody nose, and his backers a partial reprieve. The tycoon’s decision on Wednesday to pull the $2.4 billion share sale at his flagship Adani Enterprises was all but forced after a 28% plunge in the company’s share price the day after it closed the books. Cancelling the deal is marginally better than stuffing above-market-price stock down investors’ throats. The U-turn is nonetheless a key sign the support for the Indian industrialist has a limit.

☆ India cenbank asks country's banks for details of exposure to Adani group - sources
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: 1 min

NEW DELHI/MUMBAI, Feb 2 (Reuters) - India's central bank has asked local banks for details of their exposure to the Adani group of companies, government and banking sources said on Thursday. The Reserve Bank of India did not immediately respond to a request for comment. The sources were speaking to Reuters and declined to be named because they were not authorised to speak to the media. Shares in Adani group of companies plunged on Thursday after the tycoon Gautam Adani-led conglomerate shelved a $2.5 billion share sale amid a turbulent market, citing the need to insulate investors from potential losses. Reporting by Aftab Ahmed and Nupur Anand, writing by Sudipto Ganguly; editing by Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

☆ Adani losses top $100 billion in wake of Hindenburg Research report
▼ + stars: | 2023-02-02 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

Signage of Adani Group at company's gas station in Ahmedabad, India, on Wednesday, Feb. 1, 2023. The Adani firmly denied the accusations as "nothing but a lie" from the "Madoffs of Manhattan" in a 413-page riposte that failed to soothe skittish investor sentiment and rein in a rapid sell-off. "It is tremendously concerning that the statements of an entity sitting thousands of miles away, with no credibility or ethics has caused serious and unprecedented adverse impact on our investors," the Adani response said, describing Hindenburg as an "unethical short seller." "Hindenburg has not published this report for any altruistic reasons but purely out of selfish motives and in flagrant breach of applicable securities and foreign exchange laws," it said. Hindenburg on Jan. 29 retorted that the Adani commentary "predictably tried to lead the focus away from substantive issues and instead stoked a nationalist narrative, claiming our report amounted to a 'calculated attack on India'."

☆ There are 'very clear' signs that India's labor market is on the mend, says chief economic advisor
▼ + stars: | 2023-02-02 | 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 EmailThere are 'very clear' signs that India's labor market is on the mend, says chief economic advisorV. Anantha Nageswaran, chief economic advisor to the Indian government, discusses the country's budget for 2023 and the crisis the Adani Group is facing.

☆ Adani stocks have now wiped out over $100 billion in market value as botched share sale piles on trouble
▼ + stars: | 2023-02-02 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

The Adani Group has lost more than $100 billion in market value as its stocks took a beating from the Hindenburg report. Shares in its flagship business, Adani Enterprises, shed more than 25% on Thursday. The volatility in Adani stocks forced founder Gautam Adani to pull a $2.5 billion share sale for Adani Enterprises on Wednesday. Shares in its flagship company Adani Enterprises plunged 26.7% Thursday, and are down almost 60% this year. Meanwhile, Adani's personal fortune has tumbled after the Hindenburg report.

☆ Gautam Adani fails to calm investors over market mayhem that wiped out billions
▼ + stars: | 2023-02-02 | by ( Diksha Madhok | ) edition.cnn.com time to read: +4 min

New Delhi CNN —Indian billionaire Gautam Adani tried to reassure investors on Thursday after he abruptly abandoned his flagship firm’s $2.5 billion share sale. “Once the market stabilizes, we will review our capital market strategy.”This was the first time the tycoon has spoken about the stock market mayhem that has wiped billions off his logistics and energy business empire. A week-long meltdown in the value of Adani Group shares started when an American short seller accused the conglomerate of fraud. Despite the turmoil, the group’s flagship company, Adani Enterprises, managed to issue new shares worth $2.5 billion on Tuesday. Shares in Adani Enterprises were down almost 9% in Mumbai, while shares in his other companies plunged 5% to 10%.

☆ Investors in Adani Group should probably take a long-term view: Wealth management platform
▼ + stars: | 2023-02-02 | 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 EmailInvestors in Adani Group should probably take a long-term view: Wealth management platformDeven Choksey of KRChoksey discusses the plunging of Adani Group stocks, and says he takes a "long-term view on the subject."

☆ Breakingviews: Adani’s share sale U-turn spares only some blushes
▼ + stars: | 2023-02-02 | by ( Una Galani | ) www.reuters.com time to read: +4 min

HONG KONG, Feb 2 (Reuters Breakingviews) - Markets have given Gautam Adani a big bloody nose, and his backers a partial reprieve. The tycoon’s decision on Wednesday to pull the $2.4 billion share sale at his flagship Adani Enterprises (ADEL.NS) was all but forced after a 28% plunge in the company’s share price the day after it closed the books. That danger was magnified on Wednesday with India’s regulator looking into possible irregularities around the share sale, Reuters reported exclusively citing a source with direct knowledge of the matter. Less than one quarter was due to pay down borrowings at the issuer and its unlisted subsidiaries, including Adani Airport and Adani Road. loadingCONTEXT NEWSAdani Enterprises on Feb. 1 said it is withdrawing its $2.4 billion share sale due to the “unprecedented situation and the current market volatility”.

☆ Adani's market losses have now topped $100 billion in the week since being targeted by a short seller
▼ + stars: | 2023-02-02 | 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's market losses have now topped $100 billion in the week since being targeted by a short sellerWall Street Journal reporter Weilun Soon discusses the continued losses in shares of the listed companies of India's Adani Group after it shelved a massive stock sale.

☆ Watch: Indian Billionaire Gautam Adani Halts Stock Sale of His Flagship Company
▼ + stars: | 2023-02-02 | by ( ) www.wsj.com time to read: 1 min

What the ‘Menswear Guy’ Tells Us About Twitter’s FutureTwitter’s “For You” feed has been showing a lot of users posts from one men’s fashion commentator. But it isn’t because they all suddenly care about streetwear and cowboy aesthetics. WSJ Twitter reporter Alexa Corse joins host Zoe Thomas to explain what tweaks to the platform's algorithm have meant for users' feeds and what they tell us about Elon Musk’s approach to content.

☆ Indian tycoon Gautam Adani has abandoned a $2.5 billion fundraising effort in his latest setback following a short seller attack on his business empire
▼ + stars: | 2023-02-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Indian tycoon Gautam Adani pulled a $2.5 billion share sale for Adani Enterprises on Wednesday. Shares in Adani Group companies have lost $92 billion in market cap since a US short seller's fraud allegations. The stunning reversal came even though Adani Enterprises' offering was fully subscribed Tuesday thanks to institutional investors, Bloomberg reported. The Adani Group has been defending itself vigorously, but Hindenburg has also doubled down on its initial report. The Securities and Exchange Board of India and the Adani Group did not immediately respond to Insider's requests for comment.

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