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"Depending on the outcome of the MSCI review, we could see more pressure on select Adani group stocks." "MSCI has determined that the characteristics of certain investors have sufficient uncertainty that they should no longer be designated as free float ... This determination has triggered a free float review of the Adani Group securities," it added. Adani group did not respond to a Reuters request for comment. Adani Transmission (ADAI.NS), Adani Total Gas (ADAG.NS) and Adani Power (ADAN.NS) were each down 5%, while Adani Ports and Special Economic Zone (APSE.NS) were down nearly 2.9%.

☆ NYU's 'Dean of Valuation' says Adani Group exploited 'weakest links' in Indian institutions
▼ + stars: | 2023-02-09 | by ( Sumathi Bala | ) www.cnbc.com time to read: +4 min

The Adani Group didn't play a "con game" but has exploited the "weakest links" in India's institutions to its advantage, according to NYU's "Dean of Valuation" Aswath Damodaran. It's not healthy for a market," Damodaran, told CNBC's "Streets Sign Asia" on Thursday. "That's why I said Adani is not about the company … this is about the weakest links in the India story. Art school teacher Sagar Kambli gives final touches to a painting of Indian businessman Gautam Adani (L) highlighting the ongoing crisis of the Adani group in Mumbai on February 3, 2023. The Adani Group firmly denied the accusations, calling it a "calculated attack on India" and its institutions.

☆ Indian shares muted on Fed rate-hike concerns; Adani stocks tumble
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 9 (Reuters) - Indian shares struggled for direction on Thursday, on concerns over the U.S. Federal Reserve's rate-hike trajectory, while a drop in Adani Group company stocks also dampened sentiment. Twenty-six of the Nifty 50 constituents declined, with Adani Enterprises (ADEL.NS) and Adani Ports (APSE.NS) falling 7.9% and 3.5%, respectively. Index provider MSCI said on Thursday it had determined that some Adani securities should no longer be designated as free float. read moreSeveral institutional investors and funds allocate as per the MSCI index and consider it a benchmark. If the weightage of Adani stocks gets reduced in the index following a review, it would lead to outflows and likely result in a slide in the group's stock, two analysts said.

☆ Morning Bid: Corporate scatter
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +5 min

A look at the day ahead in U.S. and global markets from Mike Dolan. A hail of mega corporate updates distracted stock markets from a confusing macro picture - but offers little more clarity with scattergun fortunes and ambiguous readouts for the wider economy. The flub fed worries that the Google parent is losing ground to rival Microsoft (MSFT.O) in the renewed craze around artificial intelligence. European shares touched a fresh nine-month high on Thursday as Germany's Siemens and UK's AstraZeneca boosted earnings euphoria, while Britain's bank, commodity and pharma heavy FTSE100 hit another record high. Norway's $1.35 trillion sovereign wealth fund said it had recently divested virtually all its remaining shares in the Adani group.

☆ MSCI to announce changes to free float status of some Adani securities
▼ + stars: | 2023-02-09 | by ( ) www.cnbc.com time to read: +1 min

Index provider MSCI said on Thursday it had determined that some Adani securities should no longer be designated as free float after market participants raised concerns about the eligibility of the Indian conglomerate's companies for some of its indexes. Changes for Adani securities associated with its MSCI Global Investable Market Indexes are due to be announced on Thursday as part of its regular review for February, it added. The Adani Group has denied the allegations, saying the short seller's narrative of stock manipulation has "no basis" and stems from an ignorance of Indian law. MSCI defines the free float of a security as the proportion of shares outstanding that is considered available for purchase in public equity markets by international investor. Adani Group did not immediately respond to a Reuters request for comment.

☆ Gautam Adani’s woes were in banks' plain sight
▼ + stars: | 2023-02-08 | by ( Una Galani | ) www.reuters.com time to read: +9 min

MUMBAI, Feb 8 (Reuters Breakingviews) - Gautam Adani’s recent woes have vindicated persistent doubts in India about the tycoon’s rise. The Indian group dismisses those claims as a “malicious combination of selective misinformation and stale, baseless and discredited allegations”. By contrast, other big Indian groups like Mukesh Ambani’s Reliance Industries (DBKGn.DE) and those carrying the Tata name are more popular with institutional investors. Fee-hungry international banks were much less picky. Deutsche, Barclays and StanChart pocketed $57 million of the $260 million of investment banking revenue generated by the Adani group since Dealogic records began.

☆ India's Adani faced margin call on $1.1 bln loan before repaying in full- FT
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: 1 min

Feb 8 (Reuters) - Adani Group Chairman Gautam Adani faced a margin call of more than $500 million on a $1.1 billion share-backed loan, prompting him to repay the whole debt, the Financial Times reported on Wednesday, citing four people with direct knowledge of the matter. The repayment was meant to avoid any further damage to investor confidence, which has been rocked by allegations of fraud by short-selling firm Hindenburg, the report added. An Adani spokesperson did not immediately respond to a Reuters request for comment outside business hours. Reporting by Juby Babu in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ 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 still eligible to be part of influential JPMorgan bond indexes
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, Feb 7 (Reuters) - India's Adani group of companies, which in recent weeks has seen a brutal selloff in its bonds and shares after being targetted by a U.S. short-seller, is still eligible for inclusion in JPMorgan's influential bond indexes, the bank said in a note. Adani, whose business interest includes ports, power generation and transmission, and renewable energy, has a total notional value of $7.7 billion in the JPMorgan's CEMBI and JACI indexes, the bank said on Monday. JPMorgan Corporate Emerging Market Bond Index series (CEMBI) tracks dollar debt issued by emerging market corporations, while its Asia Credit Index (JACI) tracks the total return performance of the Asia fixed-rate dollar bond market. After the release of Hindenburg's report, Adani's weight has decreased by 10 basis points to 36 basis points in the CEMBI Broad Div index and by 15 basis points to 48 basis points in the CEMBI Broad Div IG index, the JPMorgan note said. The Indian conglomerate's weight decreased by 16 basis points to 52 basis points in the JACI index, it added.

☆ 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.

☆ India's stock market crisis isn't just the Adani Group's problem — it's a political issue for Prime Minister Modi too
▼ + stars: | 2023-02-07 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Indian tycoon Gautam Adani's companies have lost over $110 billion in market value since a US short seller attack in January. Even Modi has been dragged into the kerfuffle — since both he and Adani are from the western Indian state of Gujarat. The prime minister's political opponents say that the leader favors Adani — a claim the Modi government has rejected, per Reuters. "The Hindenburg scandal is the perfect weapon for the Indian political opposition against PM Modi. On its part, the Adani Group has been troubleshooting hard.

☆ 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."

☆ Solomon Islands ousts official critical of close relations with China
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

Daniel Suidani, premier of the South Pacific nation's Malaita province, is a longtime critic of the country's deepening relations with China, which culminated in a security pact signed last April. Malaita's provincial assembly ousted Suidani in a unanimous vote on Tuesday, said the ABC. Suidani and his supporters boycotted the vote, ABC said, adding he had not yet spoken to the media about the results. Flights are delayed in Auki, the capital of Malaita, the ABC reported. Residents of Malaita opposed the decision by Prime Minister Manasseh Sogavare's government in 2019 to formally recognise China instead of Taiwan.

☆ Adani Plans $1.1 Billion Loan Repayment After Share Collateral Plummets
▼ + stars: | 2023-02-06 | by ( Dave Sebastian | Weilun Soon | ) www.wsj.com time to read: 1 min

The ports-to-energy conglomerate controlled by Indian billionaire Gautam Adani said its founders will prepay a $1.1 billion loan that was backed by shares of some of its companies, a move to shore up investor confidence after a rout in its stock prices over the past two weeks. The Adani Group said Monday that its so-called promoters—a term used to describe controlling shareholders—have posted amounts to pay off the loan ahead of its maturity in September 2024. The loan was backed by shares in several Adani companies, all of which have fallen dramatically since U.S. short seller Hindenburg Research published a scathing report on the Adani Group on Jan. 24.

☆ Adani Group Plans $1.1 Billion Loan Repayment After Share Collateral Plummets
▼ + stars: | 2023-02-06 | by ( Dave Sebastian | Weilun Soon | ) www.wsj.com time to read: 1 min

☆ 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.

☆ 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.

☆ Asia markets to rise while U.S. jobs report hints at room for more hikes, Adani saga continues
▼ + stars: | 2023-02-06 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

For now, it's a quarter point [hike]. In the futures market, traders were betting on an end rate, or terminal rate near 5%. The market is pricing in a 25 basis point hike for March. A basis point equals 0.01 of a percentage point. But Jeffery said the futures market is now pricing in more of a chance for a quarter point hike in May as well.

☆ 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.

But the market turmoil led its flagship Adani Enterprises (ADEL.NS) to abandon a $2.5 billion secondary share offering on Wednesday, prompting concerns at lenders. 1 lender, SBI says the bank has about 270 billion rupees ($3.3 billion) in loans to Adani Group. Bank debt forms 38% of the total debt of 2.1 trillion rupees at the top five Adani companies, according to a Jefferies report. Senior executives at six other Indian lenders, with exposure to Adani companies, told Reuters they had also decided to tighten the credit approval process for Adani. India's central bank has asked local banks for details of their exposure to Adani companies, Reuters reported on Thursday, citing government and banking sources.

☆ Adani Group shares continue to slide as Hindenburg rout deepens
▼ + stars: | 2023-02-03 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

New Delhi CNN —Shares in Adani Group companies continued to plunge on Friday, as the embattled conglomerate grapples with stock market mayhem unleashed after a US short seller accused it of fraud. But his address did little to halt the stock market meltdown that has wiped more than $100 billion off the combined market value of his companies. The unprecedented crash in value of Adani Group shares started when an American short seller, Hindenburg Research, accused the conglomerate of fraud and stock market manipulation. The Adani Group has denounced the report as “baseless” and “malicious,” but analysts say the group hasn’t convincingly answered the questions raised by Hindenburg’s report. Adani’s personal fortune has taken a massive hit because of the stock market turmoil.

Chairperson of Indian conglomerate Adani Group, Gautam Adani, speaks at the World Congress of Accountants in Mumbai on November 19, 2022. Shares of India's Adani Enterprises have plummeted over the past week, after the publication of an extensive critical report from U.S. short-seller Hindenburg Research. The ports-to-energy conglomerate, led by one of the world's richest men, Gautam Adani, has vehemently denied wrongdoing. The Adani Group firmly denies the accusations, calling them "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. Adani owns 64% of Adani Enterprises — the Adani SB Family holds 55.27%, while 8.73% is with Adani Tradeline Pvt Ltd, where Gautam and brother Rajesh Adani are controlling directors.

☆ 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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