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☆ 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."

☆ Instant view: India's Adani slammed by $48 bln stock rout, clouding record share sale
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

COMMENTARYJ.P.MORGAN"While the Hindenburg report focused mainly on equity valuations within the group, we are primarily concerned about the underlying credit profiles of group companies given underlying bank exposures. Clearly given the size of the group and outstanding debt, this has also impacted the banks." So if a report comes and stocks see a sharp fall, lot of margin calls also get triggered. At least 40% of the group's debt is exposed to Indian banks, so that exposure is what people are worried about in banks. Reporting by Rama Venkat and Bharath Rajeswaran in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Gautam Adani’s business loses $50 billion in market value after short seller report
▼ + stars: | 2023-01-27 | by ( Diksha Madhok | ) edition.cnn.com time to read: +3 min

New Delhi CNN —The value of Gautam Adani’s business empire has crashed by more than $50 billion this week since Hindenburg Research, a US firm that makes money from short selling, published a blistering report accusing it of fraud. India’s Adani Group has denounced Hindenburg’s allegations as “baseless” and “malicious,” and it is considering legal action. But the sharp sell-off in shares, which began Wednesday, accelerated Friday after US hedge fund billionaire Bill Ackman said he found the short seller’s report credible. Adani Enterprises is aiming to raise 200 billion rupees ($2.5 billion) by issuing new shares this month. The 60-year old tycoon founded the Adani group over 30 years ago.

Adani, whose home state is Gujarat in western India, built his business empire from scratch after starting as a commodities trader. Adani's business empire grew rapidly and his wealth ballooned. In recent years, the $220 billion Adani Group empire has attracted foreign investment - France's TotalEnergies (TTEF.PA), for example, partnered with Adani last year to develop the world's biggest green hydrogen ecosystem. It is not known what was discussed and Adani Group did not respond to a request for comment on Friday. Adani Group's consolidated gross debt stands at $23.34 billion, Jefferies says.

☆ Asia's richest person doubles down on defence against fraud allegations ahead of a massive share sale
▼ + stars: | 2023-01-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

It aimed to address some of Hindenburg's allegations of market manipulation and accounting fraud. Shares of listed Adani Group companies are extending steep declines on Friday, following the report. The allegations in Hindenburg's bombshell Tuesday report could not have come at a more inopportune moment for Adani group. A secondary share sale of Adani Enterprises — the flagship business of the Adani business empire founded by Asia's richest person, Gautam Adani, is currently underway. Shares of Adani Group companies are taking a beatingOn Friday, shares of Adani Enterprises were 15.4% lower at 3.42 a.m.

☆ Morning Bid: Chipped
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +5 min

A surge of 'soft landing' hopes for the U.S. economy on Thursday got sideswiped overnight after a dire industry readout from chipmaking giant Intel decimated its stock price after the bell. "We expect some of the largest inventory corrections literally that we've ever seen in the industry," he told Reuters later. Annual 'core' PCE inflation is expected to have slowed to 4.4% last month, the lowest in more than a year, from 4.7% in November. U.S. bonds of Adani firms also fell after Hindenburg Research flagged concerns in a Jan. 24 report about debt levels and the use of tax havens. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ India market regulator increases scrutiny of Adani group - sources
▼ + stars: | 2023-01-27 | by ( Jayshree Pyasi | ) www.reuters.com time to read: +3 min

Email queries and phone calls sent to Adani Group were not answered. Adani earlier this week dismissed the Hindenburg report as baseless and said it is considering whether to take legal action against the New York-based firm. The regulator had sought clarity from the group on these entities when the group approached it for regulatory clearance last year. Hindenburg's report on the Adani group comes amid a $2.45 billion secondary share sale by the group's flagship company Adani Enterprises. Some issues raised in the Hindenburg report point to concerns similar to what the regulator had regarding movement of funds between parties related to the Adani Group through offshore funds back into local companies, sources said.

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 Group fallout drags Indian shares to 3-month low
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Jan 27 (Reuters) - Indian shares fell more than 1% to a three-month low on Friday, as banks continued to lead the market lower along with Adani Group companies in the wake of a short-seller attack on the conglomerate. He said the hammering of Adani Group stocks has upset investor sentiment and created a crisis of confidence. Adani Ports (APSE.NS) and Adani Enterprises (ADEL.NS) were the top losers on the Nifty 50 on Friday, ahead of the latter's $2.45 billion follow-on public offering (FPO). The heavyweight financials sector (.NIFTYFIN) again led the slide, falling more than 2% even though brokerages said banks' exposure to the Adani Group was within manageable limits. The drop in Indian stocks was in contrast to their Asian peers, which hit a near nine-month-high after strong U.S. economic growth data eased recession worries.

☆ Adani’s buy now, pay later fundraise could sting
▼ + stars: | 2023-01-26 | by ( Una Galani | ) www.reuters.com time to read: +4 min

HONG KONG, Jan 26 (Reuters Breakingviews) - Gautam Adani is on a mission to win public acceptance for his eponymous group. The first stage of a $2.4 billion stock sale by his flagship Adani Enterprises (ADEL.NS) entity has won over anchor investors, including the well-regarded Abu Dhabi Investment Authority. They are picking up roughly $734 million of stock in India’s largest follow-on issue of new shares by a private sector company. But those of other Adani group companies including Adani Transmission (ADAI.NS) and some U.S. dollar bonds at Adani Green Energy (ADNA.NS) and Adani Ports (APSE.NS) sold off sharply. For Adani investors, buy now, pay later could take on an awkward new meaning.

☆ Gautam Adani — the world's richest Asian — saw his net worth crash by more than $5 billion in a day after a short-seller targeted his business empire
▼ + stars: | 2023-01-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Indian billionaire Gautam Adani's fortune crashed $5.5 billion on Wednesday to $113 billion. Hindenburg said that the moves pushed up stock prices in seven key listed companies under the Adani Group, which in turn helped boost the industrialist's net worth by over $100 billion in three years. Adani, the chairman and founder of India-based conglomerate Adani Group, has been under the limelight in the last few years for his soaring net worth which gained over 50% in 2022, according to the Bloomberg Billionaires Index. Adani ended 2022 with a $121 billion fortune, but that is now down to $113 billion after the scathing Hindenburg report. Gautam Adani did not immediately respond to Insider's request for comment sent via the Adani Group.

☆ Hindenburg shorts India's Adani Group, flags debt and accounting concerns
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +3 min

The report, which comes days ahead of a $2.5 billion share offering by flagship firm Adani Enterprises (ADEL.NS), sent shares in Adani group firms sliding. It also said that seven Adani listed companies have an 85% downside on a fundamental basis due to what it called "sky-high valuations". Adani Chief Financial Officer Jugeshinder Singh told media on Jan. 21 "Nobody has raised debt concerns to us. Refinitiv data shows that debt at all the Adani Group's seven key listed Adani companies exceeds equity, with debt at Adani Green Energy Ltd (ADNA.NS) exceeding equity by more than 2,000%. Shares in Adani Enterprises surged 125% in 2022, while other group companies, including power and gas units, rose more than 100%.

☆ Hindenburg says holds short positions in India's Adani
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Jan 25 (Reuters) - Hindenburg Research said on Wednesday it holds short positions in Adani Group companies through U.S.-traded bonds and non-Indian-traded derivative instruments, sending shares of companies in the Indian conglomerate sliding. The company has repeatedly dismissed debt concerns. Adani Chief Financial Officer Jugeshinder Singh told media on Jan. 21 "Nobody has raised debt concerns to us. Shares in Adani Ports And Special Economic Zone (APSE.NS) slid 4.8% on Wednesday to their lowest level since mid-July while Adani Enterprises, the group's flagship company, dropped 2.5% to a 12-week low. Shares in Adani Enterprises surged 125% in 2022, while other group companies, including power and gas units, rose more than 100%.

☆ Hindenburg says holds short positions in India's Adani, flags risks
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +1 min

Jan 25 (Reuters) - Short-seller Hindenburg Research said on Wednesday it holds short positions in India's Adani Group companies through U.S.-traded bonds and non-Indian-traded derivative instruments. "Key listed Adani companies have also taken on substantial debt, including pledging shares of their inflated stock for loans, putting the entire group on precarious financial footing," Hindenburg said. Adani Chief Financial Officer Jugeshinder Singh said on Jan. 21 "Nobody has raised debt concerns to us. Adani Enterprises (ADEL.NS), the flagship company of ports-to-energy conglomerate Adani Group, has said it will raise $2.5 billion in India's largest follow-on public offering due this Friday. Shares of Adani Enterprises (ADEL.NS) surged 125% in 2022, while other group companies, including power and gas units, rose over 100%.

☆ Gautam Adani, Asia's richest man, slams short-seller Hindenburg's claims as 'baseless' and 'malicious'
▼ + stars: | 2023-01-25 | by ( Diksha Madhok | ) edition.cnn.com time to read: +4 min

Shares of Adani’s companies have surged in the last few years, making him Asia’s richest man. In 2021, shares in Adani’s companies tumbled after The Economic Times newspaper said that foreign funds that hold stakes worth billions of dollars were frozen by the country’s National Securities Depository. Its report on the Adani Group comes at a sensitive time. Later this week, Adani Enterprises, the conglomerate’s flagship company, is aiming to raise 200 billion rupees ($2.5 billion) by issuing new shares. Last year, CreditSights, a research firm owned by Fitch Group, published a report about Adani Group titled “Deeply Overleveraged” in which it expressed strong concerns about its debt-funded growth plans.

☆ Short-seller attack raises Gautam Adani stakes
▼ + stars: | 2023-01-25 | by ( Una Galani | ) www.reuters.com time to read: +4 min

Now he is taking aim at the world’s third richest man, Gautam Adani, and his $230 billion infrastructure-focused empire. It follows a tussle last year with Fitch Group after its research outfit, CreditSights, called Adani “deeply overleveraged”. Most of the companies in the Adani group – nine of which are listed – are too closely held, massively overvalued, and largely ignored by Wall Street institutions and big Indian mutual funds. Adani Enterprises stock, for example, fell only 1.5% on Wednesday, though Adani Transmission fell 9%. Adani Enterprises, controlled by India’s richest man, Gautam Adani, is due on Jan. 25 to announce the anchor investors in a 200 billion rupee ($2.4 billion) follow-on issue, the largest in India by a private company.

☆ Breakingviews: Short-seller attack raises Gautam Adani stakes
▼ + stars: | 2023-01-25 | by ( Una Galani | ) www.reuters.com time to read: +4 min

HONG KONG, Jan 25 (Reuters Breakingviews) - Hindenburg Research is going after big game, with devastating timing. Now he is taking aim at the world’s third richest man, Gautam Adani, and his $230 billion infrastructure-focused empire. It follows a tussle last year with Fitch Group after its research outfit, CreditSights, called Adani “deeply overleveraged”. Most of the companies in the Adani group – nine of which are listed – are too closely held, massively overvalued, and largely ignored by Wall Street institutions and big Indian mutual funds. Adani Enterprises stock, for example, fell only 1.5% on Wednesday, though Adani Transmission fell 9%.

☆ Gulf investors bid for India's Adani Enterprises' $2.5 bln FPO - Bloomberg News
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

Mubadala Investment Co PJSC and BNP Paribas SA (BNPP.PA) have also bid for shares, the report said, adding that the anchor book was oversubscribed about two times. Adani Enterprises last week set the floor price for India's largest FPO at 3,112 rupees per share with a price cap of 3,276 rupees apiece. While bidding for anchor investors began on Wednesday, bidding for retail investors will commence from Friday, with the offer closing for both sets of investors on Jan. 31. Spokespersons for Adani Enterprises, LIC and SBI Life did not immediately respond to a Reuters request for comment. Adani has said it will use 108.69 billion rupees from the FPO to fund green hydrogen projects, airports facilities and greenfield expressways.

Hindenburg, known for having shorted electric truck maker Nikola Corp (NKLA.O) and Twitter, said it holds short positions in Adani companies through U.S.-traded bonds and non-Indian-traded derivative instruments. Shares in Adani Transmission (ADAI.NS) fell 9%, Adani Ports And Special Economic Zone (APSE.NS) slipped 6.3% and Adani Enterprises ended down 1.5%. Adani Group's total gross debt in the financial year ended March 31, 2022, rose 40% to 2.2 trillion rupees. Refinitiv data shows debt at Adani Group's seven key listed Adani companies exceeds equity, with debt at Adani Green Energy Ltd (ADNA.NS) exceeding equity by more than 2,000%. Hindenburg also said it was concerned that a high proportion of equity held by promoters or key shareholders in Adani Group listed companies has been pledged for loans.

☆ Gautam Adani, Asia's richest man, is addicted to ChatGPT
▼ + stars: | 2023-01-23 | by ( Diksha Madhok | ) edition.cnn.com time to read: +4 min

New Delhi CNN —Asia’s richest man Gautam Adani says he is addicted to ChatGPT, the powerful new AI tool that interacts with users in an eerily convincing and conversational way. “But there can be no doubt that generative AI will have massive ramifications,” Adani wrote in his post, adding that generative AI holds the “same potential and danger” as silicon chips. Chipmaking has emerged recently as a new flashpoint in US-China tensions, with Washington blocking sales of advanced computer chips and chip-making equipment to Chinese companies. Many of Adani companies have become leading players in their respective sectors. A college dropout and a self-made industrialist, Adani is worth over $120 billion, making him the world’s third richest man, ahead of Jeff Bezos and Bill Gates.

☆ India's Adani Group plans to demerge more business; dismisses debt concerns
▼ + stars: | 2023-01-21 | by ( M. Sriram | ) www.reuters.com time to read: +2 min

MUMBAI, Jan 21 (Reuters) - India's Adani Group, controlled by billionaire Gautam Adani, plans to spin off more businesses by 2028 and dismisses any debt concerns, the group's chief financial officer told Reuters. The Adani group has spun off its power, coal, transmission and green energy business in the last five-seven years. The company plans to use the money to fund green hydrogen projects, airport facilities and Greenfield expressways, besides paring its debt, it earlier said. CreditSights, part of the Fitch Group, described the Adani Group in September 2022, as "overleveraged" and said it had "concerns" over its debt. "Nobody has raised debt concerns to us.

☆ India's Adani partners with Leyland, Ballard to make hydrogen fueled electric truck
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

The project led by Adani, will have Ballard supply the fuel cell engine, while Indian truck maker Ashok Leyland will provide vehicle and technical support for the project. If the devices that do that, electrolysers, are powered by renewable energy, the product is called green hydrogen. The Indian government had recently approved an incentive plan of 174.9 billion rupees ($2.11 billion) to promote green hydrogen and had set green hydrogen consumption targets for some industries earlier this month. Indian companies such as Reliance Industries (RELI.NS), Indian Oil (IOC.NS), NTPC (NTPC.NS), Adani, JSW Energy (JSWE.NS), ReNew Power (RENE.BO) and Acme Solar (ACMO.NS) have big plans for green hydrogen. Adani has a tie-up with French energy company TotalEnergies (TTEF.PA) as part of a deal to form a new green hydrogen project in India.

☆ India OKs $2 bln incentive plan for green hydrogen industry
▼ + stars: | 2023-01-04 | by ( Sarita Chaganti Singh | ) www.reuters.com time to read: +3 min

Reuters reported last month about India's plans for a green hydrogen incentive programme. "Our aim is to establish India as a global hub of green hydrogen," Thakur said. India also plans to build electrolyser capacity of 60 gigawatts to 100 gigawatts to help produce green hydrogen, Thakur said. To promote the use of green hydrogen, Thakur said obligations - such as mandatory targets for green hydrogen consumption - would be required of fertiliser units, petroleum refineries and city gas distribution networks. The United States and the European Union have already approved incentives worth billions of dollars for green hydrogen projects.

☆ 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.

☆ NDTV founders resign from board after India's Adani takes control
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

[1/2] A microphone of New Delhi Television (NDTV) is placed on a tripod along a roadside in New Delhi, India, August 26, 2022. REUTERS/Adnan Abidi/File PhotoNEW DELHI, Dec 30 (Reuters) - India's New Delhi Television Ltd (NDTV.NS) said on Friday its founders Prannoy Roy and Radhika Roy had resigned as directors after billionaire Gautam Adani's conglomerate took majority control of the media company. Adani Enterprises Ltd (ADEL.NS), through subsidiaries RRPR Holding and Vishvapradhan Commercial, now owns 64.72% of NDTV, which runs three national channels. There are no other material reasons for my resignation," Prannoy Roy, one of India's best-known journalists, said in his letter to the company resigning as executive co-chairperson. Adani Group would "strengthen and invest in the NDTV newsroom to be a multi-faceted multi-media digital platform", the statement added.

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