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☆ 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 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%.

☆ 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.

☆ 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.

☆ 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."

☆ 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 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.

☆ 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.

☆ 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.

☆ 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.

☆ 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.

☆ 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.

☆ 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 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.

☆ 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.

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 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'."

The Jan. 24 report has triggered an $86 billion erosion in market capitalisation of seven listed Adani Group companies. "To go through this exercise of a share sale and to call it off raises more questions." After the share sale was pulled, yields of dollar-denominated bonds issued by Adani companies rose on Wednesday. Adani Group was working with its bankers to refund the proceeds received by in the secondary share sale of Adani Enterprises. The share sale had succeeded on Tuesday even when the Adani Enterprises stock price in Mumbai markets traded below the offer price of the share sale.

Spokespeople for SEBI and Adani Group did not immediately respond to requests for comment. Among several allegations, Hindenburg accused Adani Group last week of using offshore tax havens and stock manipulation. On Tuesday, Adani Group mustered support from investors for a $2.5 billion share sale for Adani Enterprises, in what some saw as a stamp of investor confidence at a time of crisis. Reuters Graphics[1/5] Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port in Haifa port, Israel January 31, 2023. The U.S. dollar-denominated bonds of Adani Ports maturing in February 2031 led the losses, falling 3.59 cents to 67.58 cents.

[1/5] Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port in Haifa port, Israel January 31, 2023. "The kind of fall that we are seeing in Adani stocks is scary," said Avinash Gorakshakar, head of research at Mumbai-based Profitmart Securities. After losing $86 billion in recent days, the seven listed Adani Group entities now have a combined market capitalisation of about $131 billion. LIC owned a 4.23% stake in Adani Enterprises as of end-December and more than 9% in Adani Ports and Special Economic Zone. Siddhartha Mohanty, one of LIC's managing directors, said in interviews on Monday that the insurer was engaging with the Adani Group but was positive on its investments.

[1/2] The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. REUTERS/Amit DaveMUMBAI, Jan 31 (Reuters) - Indian conglomerate Adani Group's locally listed bonds have resisted the panic selling in the groups' dollar-denominated debt and domestically listed stocks since last Wednesday following short-seller Hindenburg Research's scathing report on the group. The top five Adani Group companies – Adani Power (ADAN.NS), Adani Green Energy (ADNA.NS), Adani Ports and Special Economic Zone (APSE.NS), Adani Enterprises (ADEL.NS) and Adani Transmission (ADAI.NS) – have outstanding rupee bonds worth around 170 billion rupees, according to brokerage CLSA. However, Srinivasan said the Adani Group firms could find it difficult to raise fresh funds from the local bond markets until the concerns raised by Hindenburg were addressed. Moreover, Adani Group companies have not been rolling over many of their short-term commercial papers and instead allowed them to mature.

☆ Mutual funds have low exposure to Adani companies
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

Feb 1 (Reuters) - Mutual funds have low exposure to listed Adani Group companies, whose shares have dropped since publication of a report into the group by Hindenburg Research on Jan. 24. Mutual funds from India and elsewhere hold just 3.4% of Adani Enterprises (ADEL.NS), 2.8% of Adani Total Gas (ADAG.NS) and 3.6% of Adani Green Energy (ADNA.NS). Adani Enterprises and Adani Port (APSE.NS) are constituents of the Nifty 50, so they are automatically in portfolios of some exchange-traded funds (ETFs) and index funds. But active funds have very little exposure to Adani stocks and are largely unscathed by their fall. Among active funds, the Kotak Balanced Advantage fund , which has positions in Adani Enterprises and Adani Ports and Special Economic Zone, has shed just 0.5%.

☆ Gautam Adani’s next hurdles may be harder to clear
▼ + stars: | 2023-02-01 | by ( Una Galani | ) www.reuters.com time to read: +4 min

HONG KONG, Feb 1 (Reuters Breakingviews) - It helps to have friendly investors and rich families on hand when finalising a tricky share sale. The feat will be hard to repeat though, while the Indian tycoon’s next hurdles might be harder to clear. Investor interest in Adani Enterprises (ADEL.NS) was underwhelming. Shares in $32 billion Adani Total Gas (ADAG.NS) have nearly halved since Hindenburg published its critical report. loadingCONTEXT NEWSThe $2.4 billion share sale by Adani Enterprises was fully subscribed on Jan. 31, data released by the Indian stock exchange showed.

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