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Search resuls for: "Adani Power"


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☆ India to use emergency law to maximise coal power output -sources
  + stars: | 2023-01-30 | by ( Sarita Chaganti Singh | ) www.reuters.com   time to read: +1 min
NEW DELHI, Jan 30 (Reuters) - India plans to use an emergency law next month to force power plants that run on imported coal to maximise output, two government sources told Reuters on Monday, in preparation for expected record consumption this summer. Federal power ministry officials will work with those involved in debt restructuring of financially stressed power plants to make them functional, the sources said. India expects its power plants to burn about 8% more coal in the financial year ending March 2024, with increased economic activity and erratic weather to continue boost growth in demand for power. India's industrial western states Maharashtra and Gujarat, which have registered a steep rise in power demand in recent months, demanded invocation of the law, the sources said. Writing by Sudarshan Varadhan Editing by Toby Chopra and David GoodmanOur Standards: The Thomson Reuters Trust Principles.
☆ India banks' exposure to Adani Group is limited - CLSA, Jefferies
  + stars: | 2023-01-27 | by ( ) www.reuters.com   time to read: +2 min
MUMBAI, Jan 27 (Reuters) - Indian banks' exposure to the Adani Group is within manageable limits, said brokerage houses CLSA and Jefferies, as the group fend off an attack from well-known short-seller Hindenburg Research. For public sector banks (PSU), the debt is at 0.7% of total loans and for private banks, it is at 0.3%. Indian banks have exposure to less than 40% of total group debt, the brokerage estimates. "Within this, private banks' exposure is below 10% of total group debt and most banks have indicated that they have largely financed assets with strong cash flows, such as airports/ports," CLSA said. While PSU banks have material exposure at 30% of group debt, this level has not increased in the past three years, CLSA said.
☆ Adani shares plunge further as it weighs legal action against short seller firm
  + stars: | 2023-01-27 | by ( Jihye Lee | ) www.cnbc.com   time to read: +3 min
Hindustan Times | Hindustan Times | Getty ImagesShares of Adani Group companies continued to see sharp losses for a second consecutive trading session in India, after short seller firm Hindenburg announced its short position in the conglomerate's firms earlier this week. Adani Transmission fell 19.47%, Adani Green Energy shed 19.89% and Adani Power lost 5%. Adani Port's share price also dropped 13.8%. Billionaire investor and CEO of Pershing Square Capital Management, Bill Ackman, voiced his support for the short seller firm in a tweet posted shortly before India's market open. "I found the Hindenburg report highly credible and extremely well researched," he wrote, adding that Adani Group's response "speaks volumes."
☆ India's top banks say Adani exposure within RBI limits but remain watchful
  + stars: | 2023-01-27 | by ( Nupur Anand Siddhi Nayak | Nupur Anand | Siddhi Nayak | ) www.reuters.com   time to read: +3 min
MUMBAI, Jan 27 (Reuters) - Some of India's leading public sector banks said on Friday their exposure to the Adani Group was within the limits prescribed by the central bank, assuaging fears of default risks from their exposure to the conglomerate. Public sector banks in India have in the past been hit by massive corporate defaults. The board will take any decision on the bank's exposure to the group only after that, the official said. The Adani Group comprises the flagship Adani Enterprises Ltd (ADEL.NS), as well as Adani Ports and Special Economic Zone Ltd (APSE.NS), Adani Power Ltd (ADAN.NS), Adani Green Energy Ltd (ADNA.NS) and Adani Transmission Ltd (ADAI.NS). For public sector banks, the debt is at 0.7% of total loans and for private banks, it is at 0.3%.
☆ Adani shares fall as short seller firm Hindenburg announces short position
  + stars: | 2023-01-25 | by ( Jihye Lee | ) www.cnbc.com   time to read: +1 min
A man wearing a helmet passes by an advertisment board of Adani Reality in Mumbai, India, 23 November, 2022. (Photo by Indranil Aditya/NurPhoto via Getty Images)Short seller firm Hindenburg announced its short position in Adani Group companies ahead of India's market open on Wednesday and accused billionaire Gautam Adani of engaging in "brazen" stock manipulation and accounting fraud. "After extensive research, we have taken a short position in Adani Group Companies through U.S.-traded bonds and non-Indian-traded derivative instruments," Hindenburg announced in a lengthy report published on its website. Adani-affiliated stocks fell in the early hours of the trading session in Mumbai, with Adani Port losing more than 6%. Adani Group did not immediately respond to CNBC's request for a comment on the report.
☆ Meet the Indian industrialist worth almost as much as Elon Musk after getting $42 billion richer this year
  + stars: | 2022-12-29 | by ( Grace Dean | ) www.businessinsider.com   time to read: +4 min
Gautam Adani is worth $119 billion, just $13 billion less than Elon Musk, per Bloomberg. The Indian industrialist is now worth $119 billion, according to the Bloomberg Billionaires Index. Adani is founder and chairman of the Adani Group, a multinational conglomerate with businesses spanning energy, mining, ports, and airports. Arnault is worth $162 billion and Musk about $132 billion. The Adani Group comprises seven listed companies that have 23,000 staff and are worth $166 billion, though that is down from $242 billion in August.
☆ Indian billionaire Gautam Adani was a college dropout. Now he may be too big to fail
  + stars: | 2022-10-10 | by ( Diksha Madhok | ) edition.cnn.com   time to read: +11 min
Indian billionaire Gautam Adani’s conglomerate had just launched a hostile bid to take over an influential broadcaster in the capital. Rupak De Chowdhuri/ReutersMuch of his fortune is tied up in the sprawling Adani Group, which he founded over 30 years ago. Most of the companies in the Adani empire are held closely by the billionaire, his family and associated firms, including nearly 75% stakes in AEL, Adani Power, and Adani Transmissions. Yet, the Adani Group has continued to raise billions from Indian and foreign banks. CreditSights, a research firm owned by Fitch Group, in August published a report about Adani Group titled “Deeply Overleveraged” in which it expressed strong concerns.
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