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[ad_1] NEW DELHI: The Centre on Friday moved to soothe sentiments of investors, with finance minister Nirmala Sitharaman saying the exposure of banks and financial institutions to the Adani Group was well within permissible limits. She added that investor confidence in India would remain high as the markets were well-regulated. “India remains, as before, very well governed, (with a) stable government, and a very well-regulated financial market. As a result, investor confidence, which existed before, shall continue even now. Our regulators are normally very-very stringent about governance practices and therefore, one instance, however much talked about globally it may be, is not going to be indicative of how well financial markets are governed. So many lessons have been learnt over the decades and our regulators have kept the markets well in prime and prim condition,” the FM told a TV channel in her first comments since the report by Hindenburg Research hit Adani stocks. Keepi...

[ad_1] The deal happened through secondary market block deals. New Delhi: The embattled Adani Group has sold minority stakes in four of its listed companies to US-based GQG Partners for Rs 15,446 crore as the apple-to-airport conglomerate, recovering from a sell-off triggered by a short-seller report, looks to shore up liquidity ahead of the USD 2 billion debt repayment due in the coming months. It sold shares in flagship incubating firm Adani Enterprises Ltd (AEL), port company Adani Ports and Special Economic Zone Ltd (APSEZ), electricity transmitting firm Adani Transmission Ltd (ATL) and renewable energy firm Adani Green Energy Ltd (AGEL). "GQG is investing in Adani portfolio companies which own and operate the largest airport and port platform in India, largest private sector transmission and distribution platform in India and that will generate about 9 per cent of India's renewable energy capacity by 2030," it said in a statement on Thursday. The deal happened t...

[ad_1] NEW DELHI: Leading bourse National Stock Exchange ( NSE ) on Tuesday raised the price band of four Adani Group firms, including Adani Power and Adani Transmission . The changes, which will be effective from Wednesday, will ensure that the price of the scrip cannot move upward or downward beyond a limit set for the day, according to a circular. NSE has enhanced the circuit limit of Adani Power to a maximum of 20 per cent from the current limit of 5 per cent. In addition, the exchange has increased the circuit limit of Adani Wilmar, Adani Green Energy and Adani Transmission to 10 per cent from the present 5 per cent level. The exchange has decided to revise the circuit limit of a total of 172 companies. In January, bourses BSE and NSE lowered the circuit limit of Adani Transmission, Adani Green Energy and Adani Total Gas. Generally, exchanges set the circuit limits to curb large movements in the price of shares in a very short time. The decision was taken after the heavy...

[ad_1] The profitability also buoyed the company's liquidity. Adani Group posted record profit in the quarter that ended June on the back of its infrastructure and renewable energy businesses. The ports-to-power conglomerate said June quarterly earnings before interest, tax, depreciation and amortization jumped 42% from the same period a year ago to Rs 235 billion ($2.8 billion), the highest the group has seen for a single quarter and nearly as much as the profit it earned for the full fiscal year of 2019. The strong performance posted by its infrastructure and utility businesses across its flagship entity Adani Enterprises Ltd. as well as its green energy and cement arms "gives a high level of stability and multi-decadal earnings predictability and visibility," the company said in a statement. The profitability also buoyed the company's liquidity, with cash balance at the end of June up 4.2% from the end of March, at 421 billion rupees. The conglomerate is also ...

[ad_1] MUMBAI: Two months on from its explosive report into Gautam Adani ’s acquisitive conglomerate, short seller Hindenburg Research has left the Indian billionaire’s empire chastened and reevaluating its ambitions. Hindenburg’s allegations of extensive, years-long corporate fraud at the Adani group have wiped out about $125 billion in market value since January, spurring the tycoon to rein in plans to expand into new sectors, according to people familiar with the company’s inner workings. The group, which racked up one of India’s heftiest debt loads to fund fresh areas of growth, is pulling back from petrochemicals and is unlikely to go ahead with a planned $4 billion greenfield coal-to-polyvinyl chloride project in Mundra, western India, said the people, asking not to be identified on what are internal discussions. It’s also dialing back on ambitions to dive further into aluminum, steel and road projects, said the people. Instead, Adani — who has been closely associated wit...

[ad_1] Last Updated: May 02, 2023, 08:17 IST Stocks to watch today:  Nifty futures on the Singapore Exchange traded lower by 40 points or 0.22 per cent at 18,233, signalling a negative start for Dalal Street on Tuesday. Earnings Watch: Ambuja Cements, Adani Total Gas, Fino Payments Bank, Jindal Hotels, PSB, Spandana Sphoorty, Tata Steel, Uco Bank and Varun Beverages are few of the prominent companies scheduled to announce March quarter results today. Adani Group: Shares of Gautam Adani-led Group companies are likely to be in focus on reports that the Sebi may approach the Central government or law-enforcement agencies to be able to get information from foreign jurisdictions in the Adani-Hindenburg case. Auto stocks: TVS Motor reported a strong 29 per cent YoY growth in sales in April 2023, the highest among home grown auto-makers. Hero MotoCorp sales dipped 3.1 per cent YoY. ONGC, Oil India: The government has slashed windfall tax on Crude Oil produced at home to Rs 4,100 per ...

[ad_1] MUMBAI: The Adani group on Thursday termed claims about its dealings in its stocks using a clutch of foreign entities as 'recycled allegations' - by short sellers who 'are under investigation by various authorities' - aimed at making profits by driving down stock prices of its group companies. Early on Thursday, Organized Crime and Corruption Reporting Project (OCCRP), a global network of investigative journalists, released a report that it said was based on new documents it received mainly from Mauritius . OCCRP said two individuals - Nasser Ali Shaban Ahli and Chang Chung-Ling - used Mauritius-based funds to invest as much as $430 million in Adani group companies. The funds invested had come mainly from Vinod Adani, the elder brother of group chairman Gautam Adani, it said. A statement from Adani group said that these reports appeared to be "yet another concerted bid by (George) Soros-funded interests supported by a section of the foreign media to...

[ad_1] Shares of eight of the 10 group firms closed in the red. (File) New Delhi: Shares of most of the Adani group companies settled lower on Friday, with flagship company Adani Enterprises registering a 4 per cent slump, after index provider MSCI decision to cut the free-float weight of some companies of the conglomerate in their indices. Shares of eight of the 10 group firms closed in the red, while two companies settled in the green territory on Friday. The Market cap of Adani group companies fell again by 3.3 per cent on February 10, following the MSCI decision to cut the free float weight of some companies of the conglomerate in their indices. "The market cap of the group is now down by 51 per cent as compared to that on January 24," Deepak Jasani, Head of Retail Research at HDFC Securities said. The scrip of Adani Enterprises nosedived 4.15 per cent to settle at Rs 1,847.35 apiece on the BSE. During the day, it declined 10 per cent to Rs 1,734.60 -- its lower pric...

[ad_1] Last Updated: March 13, 2023, 14:48 IST Why are Ambuja Cement Shares Falling today? However, Shares of Adani Enterprises surged nearly 3 per cent to Rs 1,985 apiece on the BSE in Monday's opening deals; Know Why Ambuja Cements shares were trading in the red in a weak market on March 13 despite the Adani Group pre-paying a $500-million loan for the Ambuja deal. However, Shares of Adani Enterprises surged nearly 3 per cent to Rs 1,985 apiece on the BSE in Monday’s opening deals after the Group said it has fully prepaid share-backed financing worth $2,15 billion. Adani Power, Adani Green Energy, Adani Total Gas and Adani Transmission continued to surge to hit the upper circuit level of 5 per cent. The group said it has completed the entire prepayment of margin-linked share-backed financing, amounting to $2.15 billion, ahead of the committed timeline of March 31, 2023. Since the Hindenburg Research report came out on January 24, the Adani group has been focused on cutting d...

[ad_1] Sensex has reclaimed the crucial 63,000-mark New Delhi: Equity benchmark indices jumped in early trade on Monday, with the Sensex reclaiming the crucial 63,000-mark, amid positive trends in the US markets and continuous foreign fund inflows. Rallying for the third day running, the 30-share BSE Sensex jumped 507.22 points to 63,008.91 in early trade. The NSE Nifty climbed 141.85 points to 18,641.20. From the Sensex pack, Mahindra & Mahindra, HDFC, IndusInd Bank, Bajaj Finserv, HDFC Bank, Kotak Mahindra Bank, Bharti Airtel, Titan, UltraTech Cement and Bajaj Finance were the major gainers. Power Grid and HCL Technologies were the laggards. In Asian markets, Tokyo and Shanghai were trading in the green, while Hong Kong quoted lower. The US market ended with significant gains on Friday. With days to spare before a potential first-ever government default, US President Joe Biden and House Speaker Kevin McCarthy reached final agreement Sunday on a deal to raise the nation's...