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Feb 20 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. U.S. markets are closed on Monday for Presidents Day so Asian activity and volumes will be lighter than usual. This could give traders some rare breathing space to reflect on the scorching rise in U.S. market-based rates and yields. The People's Bank of China is scheduled to set its lending benchmark interest rates on Monday morning. chartThe Reserve Bank of New Zealand is expected to scale back its tightening on Wednesday, and raise rates by half a percentage point to 4.75%.

Feb 15 (Reuters) - Index provider MSCI said on Wednesday it will postpone implementation of updates to weightings for two of India's Adani Group companies, Adani Total Gas (ADAG.NS) and Adani Transmission (ADAI.NS), to the May benchmark review. The reversal of the updates to Adani Total Gas and Adani Transmission in the February index review will be reflected in the MSCI Index Product files starting from Feb. 16, MSCI said. MSCI will also apply a special treatment for all Adani Group's associated securities in the MSCI Equity Indexes starting from February. The new index weightings were due to come into effect on March 1 but the proposed changes to Adani Total Gas and Adani Transmission will be delayed until May. MSCI examined the size of companies' free floats, having determined there was "sufficient uncertainty" surrounding some investors in Adani companies.

☆ Indian tycoon Gautam Adani dismisses market volatility as 'temporary'
▼ + stars: | 2023-02-15 | by ( Sumathi Bala | ) www.cnbc.com time to read: +3 min

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. Indranil Mukherjee | Afp | Getty ImagesIndian billionaire Gautam Adani has downplayed the recent market volatility of Adani Group's shares as "temporary." The Adani Group has denied those accusations, and said it was a "calculated attack on India." Adani flagship earningsOn Tuesday, Adani Enterprises reported a profit after tax of nearly $100 million for the October to December quarter. Shares of Adani Enterprises last traded about 3% higher Wednesday on National Stock Exchange of India.

☆ Adani Group hires banks to hold bond investor calls after market rout
▼ + stars: | 2023-02-15 | by ( Davide Barbuscia | ) www.reuters.com time to read: +3 min

NEW YORK, Feb 15 (Reuters) - India's Adani Group and two of its main subsidiaries caught up in a short-selling storm in recent weeks are to hold calls with bond investors on Feb. 16 and Feb. 21, according to a document seen by Reuters. The planned calls follow a long-awaited credit report issued by the Indian conglomerate earlier this week that said its companies faced no material refinancing risk, or near-term liquidity issues. According to the document sent to investors the call on Thursday for Adani Group will be attended by its Chief Financial Officer (CFO) Jugeshinder Singh and head of Group Corporate Finance Anupam Misra. An Adani Green Energy call also on Thursday will involve its CFO Phuntsok Wangyal, and an Adani Transmission call next week will be attended by its CFO Rohit Soni and CFO of Adani Electricity Kunjal Mehta. Rating agencies S&P Global and Moody's this month revised their outlooks to negative from stable for some of the group's companies, while index provider MSCI said it would cut the weightings of some Adani companies in its stock indexes.

☆ Adani Enterprises swings to Q3 profit; makes no "material" adjustments post Hindenburg
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +2 min

The group's seven listed stocks have together lost over $120 billion in market value since Jan. 24. The profit came on the back of boosts from its key coal trading division and its new energy businesses. Earnings before interest, taxes, depreciation, and amortization (EBITDA) for its mainstay coal trading business saw a whopping four-fold surge, while that of the Adani New Energy segment more than doubled. The coal trading division benefited from a rise in volumes as well as higher coal prices, while Adani New Energy segment saw a surge in the volumes and prices of solar modules, the company said. Global coal prices remained at elevated levels for most of 2022 as European buyers were willing to pay a premium and make up for the absence of cargo from Russia, their main supplier of LNG and coal.

☆ Adani crisis: Modi's party has 'nothing to hide', says India home minister
▼ + stars: | 2023-02-14 | by ( Sudipto Ganguly | ) www.reuters.com time to read: +3 min

[1/2] BJP President Amit Shah and Indian Prime Minister Narendra Modi are seen after the election results in New Delhi, India, May 23, 2019. The Adani group has denied the allegations and threatened legal action against Hindenburg. Without referring to Adani, Modi told parliament last week that the "blessings of 1.4 billion people in the country are my protective cover and you can't destroy it with lies and abuses", as opposition lawmakers chanted "Adani, Adani". Adani Power (ADAN.NS) and Adani Green Energy (ADNA.NS) fell too in a wider Mumbai market (.NSEI) that was up slightly. India's Economic Times daily reported on Tuesday that Adani group executives had been holding negotiations since last week with Abu Dhabi's International Holding Corp (IHC) for capital infusion into Adani Enterprises or other group entities.

☆ Indian shares set to rise ahead of U.S. inflation data
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 14 (Reuters) - Indian shares are set to open higher on Tuesday, tracking the gains in global equities ahead of U.S. inflation data due later in the day, with a rise in domestic retail inflation in January above the Reserve Bank of India's upper threshold likely capping the move up. Wall Street equities closed higher on Monday, as investors expected consumer price index (CPI) data for January to ease. STOCKS TO WATCH** FSN E-Commerce Ventures (FSNE.NS): Co posts slide in consolidated net profit in Q3 on high expenses. ** Zee Entertainment (ZEE.NS): Co reports fall in consolidated net profit in third quarter on slide in ad spends and rise in costs. ** Steel Authority of India (SAIL.NS): Co reports fall in consolidated net profit in Q3** Power Finance Corporation (PWFC.NS): Co reports rise in consolidated net profit in Q3.

New Delhi/London CNN —India’s market regulator is looking into the explosive allegations against Adani Group made by US short seller Hindenburg Research, which accused the conglomerate of “the largest con in corporate history.”The claims, published in late January, set off a crash in the company’s market value and robbed its owner Gautam Adani of his title as Asia’s richest man, as a 400-page rebuttal by the conglomerate failed to reassure investors. Adani Group did not respond to a CNN request for comment on the inquiry on Tuesday. The balance sheet of each of its independent portfolio companies is “very healthy” and “our business plan is fully funded,” the spokesperson told CNN. On Tuesday, shares of many of the listed firms controlled by the conglomerate slid again in Mumbai. Although Adani Enterprises rose 1.9%, there were 5% falls in the stocks of Adani Transmission, Adani Total Gas, Adani Power and Adani Total.

☆ Adani Group likely to repay short-term commercial paper borrowings - bankers
▼ + stars: | 2023-02-14 | by ( Bhakti Tambe | ) www.reuters.com time to read: +3 min

Adani Enterprises and Adani Ports and Special Economic Zone Ltd (APSE.NS) regularly raise funds by issuing CPs – short-term debt instruments issued to meet working capital requirements. "All payments are being made as per schedule," an Adani group spokesperson said in an e-mail, but did not respond to queries on whether investors are seeking early redemption. Adani Ports has CPs worth 35 billion rupees due to mature through end March, data from information service provider Prime Database showed. So, we may see them (Adani Group) staying away from the market for some time," said one banker, who regularly arranges debt issuances for the group. The Adani Group spokesperson denied media reports that these bond issues have been scrapped, saying this is "speculation" and "not true" in a reply to Reuters' mail.

SINGAPORE, Feb 13 (Reuters) - DBS Group (DBSM.SI) has a tightly managed exposure to India's Adani group of companies, the chief executive of Southeast Asia's largest bank said on Monday. DBS was among a group of banks which provided finance to Adani's $10.5 billion acquisition of Holcim's (HOLN.S) cement business in India last year. "They're solid, cash-generating companies, so we're not concerned about the exposure," Chief Executive Piyush Gupta told reporters after DBS reported quarterly results. The cement industry has huge potential, given the growth in the market, Gupta said, "and so that exposure is quite tightly managed." New York-based short-seller Hindenburg Research accused the Adani Group in a Jan. 24 report of stock manipulation and improper use of offshore tax havens that it said obscured the extent of Adani family stock ownership in group firms.

☆ India watchdog probes short-seller's allegations about Adani, market activity
▼ + stars: | 2023-02-13 | by ( Arpan Chaturvedi | ) www.reuters.com time to read: +2 min

The Securities and Exchange Board of India (SEBI) also said it was looking into the market activity immediately before and after Hindenburg published its report on Jan. 24, the filing said. Led by billionaire Gautam Adani, Adani Group's seven listed companies have together lost about $120 billion in market value since Hindenburg's critical report, which included allegations of improper use of offshore tax havens and stock manipulation, Adani Group has denied the allegations. Earlier on Monday, India's Adani Group sought to reassure investors, saying its business plans were fully-funded, its cashflows strong and it remained confident of delivering attractive returns to shareholders. SEBI has been examining trade patterns and any potential irregularities in the $2.5 billion share sale of flagship company Adani Enterprises (ADEL.NS) that the Adani group was forced to cancel due to the plunge in its shares, Reuters has previously reported citing sources. SEBI confirmed the existence of the investigation for the first time in its Supreme Court filing.

☆ Indian shares set for muted start ahead of inflation data
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 13 (Reuters) - Indian shares are set for a muted start on Monday, as investors await domestic retail inflation data today as well as U.S. inflation data due later in the week, amid uncertainty over the Adani Group. India's NSE stock futures listed on the Singapore exchange were down 0.12% at 17,856 as of 8:05 a.m. IST. Investors await India's retail inflation data for January, due today. A Reuters poll of economists showed that India's annual retail inflation rose from a 12-month low in December, but stayed within the 6% upper limit of RBI's tolerance band in January. ($1 = 82.5250 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ Moody's cuts outlook for four Adani group companies, cites rapid declines in market value
▼ + stars: | 2023-02-13 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

Sopa Images | Lightrocket | Getty ImagesMoody's lowered its outlook for four Adani Group companies on Friday, citing a "significant and rapid decline" in the market values of the entities, the ratings agency said in a notice. It cut the outlook for Adani Green Energy from stable to negative, alongside Adani Transmission Step-One, Adani Electricity Mumbai and Adani Green Energy Restricted Group – an entity that includes Adani Green Energy, Parampujya Solar Energy, and Prayatna Developers. "These rating actions follow the significant and rapid decline in the market equity values of the Adani Group companies following the recent release of a report from a short-seller," Moody's said. Adani group companies have lost more than $100 billion in market capitalization as shares plunged since the Hindenburg report. Credit concernsFor Adani Green Energy, Moody's said the downgrade to negative takes into consideration the company's large capital spending program and dependence on support from its sponsors.

☆ A biotech company that once claimed to have a 'cure' for COVID-19 just filed for bankruptcy, sending shares plunging 61%
▼ + stars: | 2023-02-13 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Sorrento Therapeutics plunged as much as 61% on Monday after the biotech company filed for bankruptcy. The company made headlines in 2020 after its founder claimed Sorrento discovered a COVID-19 "cure." Sorrento surged 243% in a day after the exec's comments, and later landed in the crosshairs of shortseller Hindenburg. Hindenburg released a scathing report on the biotech firm following Ji's comments, which caused Sorrento's stock to drastically decline in value. Over two years later the company has landed in bankruptcy court amid mounting debt and ongoing lawsuits, causing investors to offload shares and cut the company's stock value by more than half.

Adani Group said last week it was considering independent evaluation of issues relating to legal compliance, related party transactions and internal controls following the Hindenburg report. Grant Thornton has been hired to conduct independent audits of some Adani Group companies, said the sources, declining to be named as the appointment is confidential. One of the sources added that Grant Thornton would look at whether related-party transactions at the Adani Group complied with corporate governance standards. Grant Thornton and Adani Group did not immediately respond to a request for comment. In its rebuttal, Adani had said "all related party transactions are at arm's length, properly disclosed and reviewed/audited by statutory independent auditors."

☆ Indian shares fall ahead of inflation data; Adani stocks slide
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 13 (Reuters) - Indian shares were off to a muted start on Monday, ahead of domestic retail inflation data due later in the day and U.S. inflation data due tomorrow, while the ongoing uncertainty and spillover effects from the Adani Group's market rout continued to create an overhang. Investors await India's retail inflation data for January, due today. A Reuters poll of economists showed that India's annual retail inflation rose from a 12-month low in December, but stayed within the 6% upper limit of RBI's tolerance band in January. India's market regulator is probing the group's links to some of the investors in its scrapped $2.5 billion share sale of the flagship Adani Enterprises. ($1 = 82.5250 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman, Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ Adani slashes growth targets amid rout sparked by Hindenburg, Bloomberg reports
▼ + stars: | 2023-02-12 | by ( ) www.reuters.com time to read: +1 min

Feb 12 (Reuters) - India's Adani group has halved its revenue growth target and plans to scale down fresh capital expenditure, Bloomberg News reported on Sunday. Adani group will now shoot for revenue growth of 15% to 20% for at least the next financial year, down from 40% originally targeted, Bloomberg News said citing people familiar with the matter. A spokesperson for Adani Group did not immediately respond to a request for comment. Adani group has also been a part of India's market regulator's investigation into the group's links to some of the investors in its scrapped $2.5 billion share sale. Earlier this month, India's ministry of corporate affairs started a preliminary review of Adani Group's financial statements and other regulatory submissions made over the years, Reuters reported, citing two senior government officials.

☆ Adani slashes growth targets amid rout sparked by Hindenburg - Bloomberg News
▼ + stars: | 2023-02-12 | by ( ) www.reuters.com time to read: +1 min

☆ Adani group firms pledge shares for lenders of flagship company – SBICAP Trustee
▼ + stars: | 2023-02-11 | by ( ) www.reuters.com time to read: +2 min

Feb 11 (Reuters) - Three Adani group companies have pledged shares for lenders to the Indian conglomerate's flagship Adani Enterprises (ADEL.NS), which pulled a $2.5 billion share sale during a recent market rout, the debt trustee firm said. Adani Ports and Special Economic Zone (APSE.NS), Adani Transmission Ltd (ADAI.NS) and Adani Green Energy Ltd (ADNA.NS) pledged shares to SBICAP Trustee Co, the firm said in Friday filings to the Bombay Stock Exchange. SBICAP Trustee said it had received the pledges in its capacity as "security trustee" of the lenders of Adani Enterprises. Fitch estimates that loans to all Adani group entities account for 0.8% to 1.2% of total lending by Indian banks rated by the agency. The Adani exposure of Indian banks is not enough to affect their credit profiles, two global rating agencies have said.

SYDNEY, Feb 10 (Reuters) - Index provider MSCI said it has cut the free-float designations of four securities of India's Adani group, a move which analysts have warned could impact their index weightings. MSCI said in a statement it has reduced the free floats of Adani Enterprises (ADEL.NS), Adani Total Gas (ADAG.NS), Adani Transmission (ADAI.NS) and ACC (ACC.NS). The remaining companies' free floats will remain the same. The four companies for which the free float designation change was announced had a combined 0.4% weighting in the MSCI emerging markets index as of Jan. 30. Analysts had said a change in free float status could affect the weightings of MSCI index constituents, possibly triggering a shift by funds as many investments are aligned to such indexes.

☆ Gautam Adani will be playing defense for a while after mauling by Hindenburg
▼ + stars: | 2023-02-10 | by ( Diksha Madhok | ) edition.cnn.com time to read: +6 min

The sprawling Adani Group, which he founded over 30 years ago, has established interests in industries ranging from logistics to mining. “We view this as validation of our findings on offshore stock parking by Adani,” Hindenburg founder Nate Anderson said on Twitter. In its report, Hindenburg had alleged that “offshore shells and funds tied to the Adani Group comprise many of the largest ‘public’ holders of Adani stock.”An Adani Group spokesperson declined to comment. Meanwhile, Norway’s sovereign wealth fund, said Thursday it has “for all practical purposes…fully divested,” from the Adani companies. The loans were backed by shares in Adani Ports, Adani Green Energy and Adani Transmission.

☆ MSCI’s Adani cut signals fat tail risks for India
▼ + stars: | 2023-02-10 | by ( Shritama Bose | ) www.reuters.com time to read: +5 min

Hindenburg founder Nathan Anderson sees MSCI's move as a validation of his group’s findings of “stock parking” by Adani. The Securities and Exchange Board of India, headed by former banker Madhabi Puri Buch, acknowledged unusual price movements this month, but without naming the Adani group. But the longer the controversy drags on, there will be a fat tail risk for Adani and all his stakeholders. CONTEXT NEWSGlobal index provider MSCI on Feb. 9 cut its determined free floats for four Adani companies. It reduced those of Adani Enterprises, Adani Total Gas, Adani Transmission and ACC, and said any resulting changes will be implemented at the close of Feb. 28.

NEW DELHI, Feb 10 (Reuters) - Indian Prime Minister Narendra Modi’s enormous popularity remains intact despite the biggest political attack on him in years as rivals accuse his government of giving undue favours to the Adani Group, approval ratings showed on Friday. Without referring to Adani, Modi told parliament this week that the "blessings of 1.4 billion people in the country are my protective cover and you can't destroy it with lies and abuses", as opposition lawmakers chanted "Adani, Adani". Data from polling agency C-Voter, shared with Reuters, seems to suggest support for the prime minister has not waned, although the survey did not refer to the Adani issue. Almost half of those surveyed until Feb. 5 were "very much satisfied" with Modi’s work as prime minister and a further 30% said they were "satisfied to some extent". Rivals accuse Modi and the BJP of longstanding ties with the apples-to-airports Adani Group, going back nearly two decades when Modi was chief minister of the western state of Gujarat.

☆ Indian regulator probes Adani's links to investors as Modi's office is briefed
▼ + stars: | 2023-02-10 | by ( ) www.cnbc.com time to read: +4 min

One of the sources said the focus of the probe would be whether any of the anchor investors are "connected" to the founder group. Last week, the group's flagship entity Adani Enterprises pulled its secondary share offering, India's largest ever, because of the sharp selloff. SEBI and the Adani Group did not respond to requests for comment about the investigation. The federal corporate affairs ministry, responsible for regulating Indian businesses, has briefed officials in Modi's office and been in touch with SEBI, the market regulator, one of the officials said. Modi's office and India's Ministry of Corporate Affairs did not respond to requests for comment about the regulatory probe into Adani after publication of the Hindenburg report.

[1/3] Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad April 2, 2014. Last week, the group's flagship entity Adani Enterprises (ADEL.NS) pulled its secondary share offering, India's largest ever, because of the sharp selloff. Adani has said Monarch was selected for previous share sales "for their credentials and ability to tap into the retail market". On Elara, Adani has said "innuendoes" that the firm was in any manner related to the conglomerate founders were incorrect. The federal corporate affairs ministry, responsible for regulating Indian businesses, has briefed officials in Modi's office and been in touch with SEBI, the market regulator, one of the officials said.

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