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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 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 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.

☆ India asks Vodafone Idea to convert nearly $2 bln in govt dues into equity
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 3 (Reuters) - Troubled Indian mobile service provider Vodafone Idea Ltd (VODA.NS) said on Friday the government had ordered the company to convert into equity all the dues owed to the government for use of airwaves including the interest related to payments for spectrum. The total amount to be converted into equity shares is 161.33 billion rupees ($1.96 billion), the mobile carrier said. The company said it has been directed to issue 16.13 billion shares at 10 rupees each. The conversion of Vodafone Idea dues into equity was approved by India's capital market regulator, Reuters reported in October last year. The sector's troubles had also been compounded by large dues owed to the government.

☆ 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.

☆ 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.

BENGALURU, Feb 1 (Reuters) - Indian shares reversed earlier gains to close lower on Wednesday, led by a fall in insurance companies after the country's Union budget proposed to limit tax exemptions for insurance proceeds, while Adani Group shares tumbled. This was the worst budget day performance by Nifty 50 (.NSEI) in three years, since the 2.51% fall in 2020. Reuters Graphics Reuters GraphicsMeanwhile, Indian bond yields dropped after the government announced gross borrowing at 15.43 trillion rupees ($188.75 billion) for the next financial year. A Reuters poll had pegged gross borrowing at 16 trillion rupees. Indian insurance companies were top losers post budget, with HDFC Life (HDFL.NS), SBI Life Insurance (SBIL.NS), ICICI Prudential Life Insurance Co (ICIR.NS), Life Insurance of India (LIFI.NS), General Insurance Corp (GENA.NS) and Max Financial (MAXI.NS) tumbling between 8.5% to 12.5%.

BENGALURU, Feb 1 (Reuters) - Indian shares reversed earlier gains to close lower on Wednesday, led by a fall in insurance companies after the country's Union budget proposed to limit tax exemptions for insurance proceeds, while Adani Group shares tumbled. The bluechip Nifty 50 index (.NSEI) closed down 0.26% at 17,616.30, its biggest slide on budget day since a 2.51% fall in 2020. HDFC Life (HDFL.NS), SBI Life Insurance (SBIL.NS), ICICI Prudential Life Insurance Co (ICIR.NS), Life Insurance of India (LIFI.NS), General Insurance Corp (GENA.NS) and Max Financial (MAXI.NS) tumbled between 8.5% to 12.5%. Metal stocks (.NIFTYMET) closed down 4.5%, mostly dragged by the slump in Adani Enterprises. ($1 = 81.8680 Indian rupees)Reporting by Bharath Rajeswaran and Nallur Sethuraman in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ Indian shares fall as insurance companies drag; Adani Group stocks tumble
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 1 (Reuters) - Indian shares reversed earlier gains to trade lower on Wednesday, led by a fall in insurance companies after the country's Union budget proposed to limit tax exemptions for insurance proceeds, while Adani Group shares tumbled. The indexes rose as much as 2% after Finance Minister Nirmala Sitharaman raised the rebate limit for personal income tax to 700,000 rupees from 500,000 rupees. Indian insurance companies were top losers post budget, with HDFC Life (HDFL.NS), SBI Life Insurance (SBIL.NS), ICICI Prudential Life Insurance Co (ICIR.NS), Life Insurance of India (LIFI.NS), General Insurance Corp (GENA.NS) and Max Financial (MAXI.NS) tumbling between 4.5% to 11%. Shares of Nifty 50-listed Adani Enterprises (ADEL.NS) plunged 15% while Adani Ports and Special Economic Zone (APSE.NS) tumbled 10% on a broader selloff in Adani Group firms, which has now swelled to $82 billion since the Hindenburg report. Reporting by Bharath Rajeswaran and Nallur Sethuraman in Bengaluru; editing by Eileen Soreng, Savio D'Souza and Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ India Budget 2023: Here's what the experts say
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +13 min

"This budget, therefore, has rewritten the rules for financilisation of savings in India, which will induce expenditures rather incentivise savings. LAKSHMI IYER, CEO-INVESTMENT ADVISORY, KOTAK INVESTMENT ADVISORS LTD"India budget 2023 has offered a multi-dimensional view. The 3 Cs which stand out are - Capex increase - consumption boost - capital gains tax status quo. Additionally, the budget has provided significant direct tax benefits to individuals which will help increase disposable income and support spending. The budget keeps in mind the needs of future India while focusing on Artificial Intelligence and machine learning.

☆ Instant View: Adani's $2.5 billion offer rides out share storm with investor backing
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +5 min

COMMENTARYAMBAREESH BALIGA, INDEPENDENT MARKET ANALYST, MUMBAI"The FPO did get subscribed, thanks to a few institutional as well as large family offices. DEEPAK JASANI, HEAD OF RETAIL RESEARCH, HDFC SECURITIES, MUMBAI"For Indian markets, one of the concern areas is out of the way for the time being as this was weighing on investor sentiment. Since the current market price is below the offer price, the retail subscription was low as investors can rather buy it from the market." That was their focus area considering the fact that there was a difference between the market price and the floor price of the FPO. It seems that retail investors did not consider the fact that there is more to rates than just the price."

☆ Hindenburg says if Adani Group files lawsuit it will demand company documents
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, Jan 26 (Reuters) - Hindenburg Research said on Thursday it will demand documents in legal discovery process if Adani Group files a lawsuit in the United States against the short seller for its report on the Indian conglomerate. "We fully stand by our report, any action against us will be meritless," Hindenburg Research said after Adani Group said it was evaluating "remedial and punitive action" against the short seller. In a statement to Indian exchanges, Adani Group head of legal, Jatin Jalundhwala, called the Hindenburg report "maliciously mischievous, (and) unresearched." Reporting by Nallur Sethuraman in BengaluruOur Standards: The Thomson Reuters Trust Principles.

BENGALURU, Jan 25 (Reuters) - Indian carmaker Tata Motors (TAMO.NS) beat analysts' expectations to post a profit for the first time in two years as improving semiconductor chip supplies and rising demand helped its luxury car unit Jaguar Land Rover (JLR) turn profitable. Like others in the sector, Tata Motors and JLR have been struggling to navigate supply chain disruptions and shortages of critical semiconductor components since the onset of the coronavirus pandemic. The total number of orders reached a record 215,000 units with its three most profitable models - the New Range Rover, Range Rover Sport and Defender - accounting for three-quarters of the order book. [1/5] A member of staff works on the production line at Jaguar Land Rover’s factory in Solihull, Britain, December 15, 2022. Analysts, on average, had expected a loss of 185.6 million rupees, according to Refinitiv IBES data.

☆ Google makes changes to Android in India after antitrust setbacks
▼ + stars: | 2023-01-25 | by ( Aditya Kalra | ) www.reuters.com time to read: +4 min

Hoping to block the implementation of the CCI directives, Google had approached the Supreme Court, warning that growth of its Android ecosystem will stall. The court had also said a lower tribunal - where Google first challenged the Android directives - can continue to hear the company's appeal and must rule by March 31. The U.S. search giant also said it is updating the Android compatibility requirements to introduce changes for partners to build non-compatible variants of Android. In Europe, Google was fined for putting in place what the Commission called unlawful restrictions on Android mobile device makers. Regarding in-app billing, Google said it will start offering users choice billing to all apps and games starting next month which will help developers offer an option to choose alternative systems alongside Google's when purchasing in-app digital content.

☆ India's top carmaker Maruti's profit doubles on strong demand
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Jan 24 (Reuters) - Maruti Suzuki India Ltd (MRTI.NS) beat quarterly profit estimates and reported improved margins on Tuesday as the country's biggest carmaker benefitted from strong demand for its passenger cars, helped by festive sales. Profit for Maruti, which has over 40% market share in the country's passenger vehicles segment, more than doubled to 23.51 billion rupees ($288.5 million) in the quarter ended Dec. 31, from 10.11 billion rupees a year ago. Analysts on average had expected a profit of 18.81 billion rupees, according to Refinitiv IBES data. Festive demand and improved availability of semiconductors pushed car sales up nearly 23% across companies last quarter, the Society of Indian Automobile Manufacturers has said. Maruti, majority owned by Japan's Suzuki Motor Corp (7269.T), said vehicle sales rose to 465,911 units in the quarter from 430,668 units a year ago.

☆ India's Maruti tops Q3 profit view on strong passenger car demand
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Jan 24 (Reuters) - Maruti Suzuki India Ltd (MRTI.NS) reported better-than-expected quarterly profit on Tuesday, as the country's biggest carmaker benefitted from strong demand for its passenger cars, sending shares up as much as 2.4%. Profit for Maruti, which has over 40% market share in the country's passenger vehicles segment, came in at 23.51 billion rupees ($288.53 million) for the quarter ended Dec. 31, compared with 10.11 billion rupees a year ago. Maruti, majority owned by Japan's Suzuki Motor Corp (7269.T), sold 465,911 vehicles in the quarter, up from 430,668 units the same quarter last year. The company said it had about 363,000 pending orders, out of which about 119,000 orders were for newly launched models. Analysts on average had expected the company to report a profit of 18.81 billion rupees, according to Refinitiv IBES data.

☆ Adani lifts payout for NDTV open offer to match payment to founders
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Jan 3 (Reuters) - Adani Enterprises (ADEL.NS) said on Tuesday it will raise the amount it pays New Delhi Television Ltd (NDTV.NS) stockholders who tendered their shares in the conglomerate's open offer to match what it paid the news broadcaster's founders for their stake. Adani Enterprises said it will pay an additional 48.65 rupees per NDTV share to investors who sold their shares in an open offer between Nov. 22 and Dec 5, taking the payout to 342.65 rupees per share and matching what it paid NDTV founders Radhika and Prannoy Roy. About 5.3 million shares were tendered in the open offer, at 294 rupees per share, and Indian billionaire Gautam Adani now controls about 65% of NDTV after acquiring a 27.26% stake from the Roys last week, four months after launching his takeover. Founded in 1988 and owned by the husband-and-wife team, NDTV had said the takeover move "was executed without any input from, conversation with, or consent of the NDTV founders". Still, the founders sold a majority of their shares and retained only a 5% stake.

☆ India may review stance on Chinese investments to help firms relocate - report
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Dec 30 (Reuters) - The Indian government may review its stance on Chinese investments to help global firms looking to relocate to the country, CNBC-TV18 reported on Friday, citing government sources. Several global companies are exploring a China Plus One strategy to avoid supply chain bottlenecks as the world's second largest economy grapples with a surge in COVID-19 infections. Multinational companies are keen to pursue manufacturing in India, but want to continue existing Chinese joint ventures, CNBC-TV18 reported. The government might allow joint ventures with Chinese companies in sectors where India does not have technical expertise, the report said. Following the clash, India has blocked the nation from participating in government tenders, compelled Chinese companies investing in the country to seek approvals and banned dozens of Chinese apps.

☆ India's Lotus Chocolate rises 5% on selling majority stake to Reliance Retail
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Dec 30 (Reuters) - Shares of Lotus Chocolate Co (LOTU.BO) rose 5% on Friday, a day after a unit of Reliance Retail Ventures agreed to buy a majority stake in the Indian chocolate maker for 740 million rupees ($8.94 million). Reliance Consumer Products Limited (RCPL), the fast-moving consumer goods arm of Reliance Retail, will acquire a 51% stake from promoters at 113 rupees a share and will also subscribe to some non-noncumulative redeemable preference shares. RCPL would also make an open offer to acquire 26% from public shareholders of Lotus. Reliance Industries (RELI.NS), led by Indian billionaire Mukesh Ambani, has diversified from its mainstay oil-to-chemical business with a strong focus on retail and telecom. ($1 = 82.7580 Indian rupees)Reporting by Nallur Sethuraman in Bengaluru; Editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

☆ India cuts windfall tax on crude, aviation fuel
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Dec 16 (Reuters) - India has cut windfall tax on crude oil and aviation turbine fuel (ATF) and reduced export tax on diesel, according to a government order dated Dec. 15. It cut the tax on locally produced crude oil steeply to 1,700 rupees ($20.52) per tonne from 4,900 rupees, effective Friday, the order said. The federal government also cut export tax on diesel to 5 rupees per litre from 8 rupees, while slashing the windfall tax on ATF to 1.5 rupees per litre from 5 rupees, the document showed. Meanwhile, Reuters had reported that India has bought Russian crude barrels at well below a $60 price cap agreed by the West. On July 1, India imposed the windfall tax on crude oil producers and levies on exports of gasoline, diesel and aviation fuel after private refiners sought overseas markets to gain from robust refining margins, instead of selling at lower-than-market rates in the country.

☆ At least four killed as Cyclone Mandous hits southern Indian state
▼ + stars: | 2022-12-10 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, Dec 10 (Reuters) - A cyclonic storm killed at least four people in the southern Indian state of Tamil Nadu on Saturday, the top state official said, as heavy rain and strong winds buffeted several districts damaging property and causing power outages. Cyclone Mandous, which made landfall late Friday night, damaged 185 houses and huts, Tamil Nadu’s chief minister, MK Stalin, told reporters. The storm uprooted 400 trees in the state capital Chennai, a hub for auto makers and technology firms. Nearly 25,000 people, including disaster relief personnel, were involved in the relief work, and more than 9,000 people were moved to safety in 201 relief camps, Stalin said. “We are still assessing damages”, he told reporters, as he visited some of the affected areas.

Last month, Paytm said it would become free cash flow positive in the next 12-18 months. The buyback plans come as several technology stocks in India face pressure amid a rising interest rate environment and concerns over valuations. Shriram Subramanian, managing director of Bengaluru-based corporate governance advisory firm InGovern Research Services, said Paytm's investors should focus on its long-term fundamentals. "Investors should look at how the company is able to make money from their business, the path to profitability and when will they become profitable rather than focusing on the buyback," Subramanian said. Reporting by Nallur Sethuraman and Akansha Victor; Editing by Aditya Kalra and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA STOCKS Indian shares rise as US inflation data cools rate hike fears
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 11 (Reuters) - Indian shares rose over 1% on Friday, boosted by information technology companies and banks as cooling U.S. inflation fuelled hopes that aggressive Federal Reserve rate stance might begin to ease. The NSE Nifty 50 index (.NSEI) rose 1.3% to 18,269 as of 0351 GMT, while the S&P BSE Sensex (.BSESN) added 1.4% to 61,453.18. India will report its October inflation number next week. The Nifty IT index (.NIFTYIT) surged 3.2%, while the bank index (.NSEBANK) gained 1.3%. Shares of Zomato (ZOMT.NS) jumped 10% after the Indian food delivery firm on Thursday reported a narrower loss for the second quarter.

☆ INDIA STOCKS Indian shares set to open lower ahead of US inflation data
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Nov 10 (Reuters) - Indian shares are expected to open a tad lower on Thursday, with investors bracing for crucial U.S. inflation data that will provide clues about the severity of Federal Reserve's future interest rate hikes. Foreign institutional investors bought net of 3.87 billion Indian rupees ($47.51 million) equities on Wednesday, while domestic investors sold 10.60 billion rupees of shares, as per provisional data available with the National Stock Exchange. ** Indian port operator Adani Ports (APSE.NS) acquired a 49.38% stake in petroleum logistics service provider Oiltanking for 10.5 billion rupees. ** Indian sugar mills are aggressively signing export deals, contracting for about 1 million tonnes just four days after New Delhi approved exports. read more($1 = 81.4650 Indian rupees)Reporting by Nallur Sethuraman in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

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