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Business News/ Markets / Stock Markets/  Adani news Highlights: Why govt avoiding debate on Adani row? asks Congress
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Adani news Highlights: Why govt avoiding debate on Adani row? asks Congress

Catch all the latest news on Gautam Adani and fallout of the Hindenburg Report on Adani Group and its stock performance 

Adani Group has seen wealth erosion of about $118 billion, or more than half of the market value of its companies since the report.Premium
Adani Group has seen wealth erosion of about $118 billion, or more than half of the market value of its companies since the report.

For last 12 days Gautam Adani led Adani Group has been bearing the brunt of the US short seller Hindenburg Report's ‘expose’ on the group. Adani had to withdraw the Follow on Public Offer (FPO) to boost confidence but nothing that the company has done so far has brought any good news. Bad news is piling up during the earning season taking the company stocks to rock bottom.

Stock analyst Aswath Damodaran has put a stock value of 947 on it. Adani Transmission is expected to come out with results today, whereas, Adani Ports and Adani Green will declare results tomorrow. Adani Power is expected to come out with results on 8th February.

Opposition is also using Hindenburg Report against Gautam Adani as a fodder against the government. Parliament was adjourned last week due to disruptions on the topic and expected to continue.

Catch Adani News LIVE updates

07 Feb 2023, 04:58:03 AM IST

Why govt avoiding debate on Adani row?: Randeep Surjewala

Senior Congress leader and Rajya Sabha MP Randeep Singh Surjewala on Monday attacked the Centre over the Hindenburg-Adani row, questioning the government's 'loud silence' on the issue.

"Why is the government avoiding a discussion on the Adani scam? Why are the Finance Minister and PM Modi not coming to the Parliament? Why was the country's wealth, LIC and SBI's money invested in Adani's sinking companies?" Surjewala said.

He also asked the government to explain why the valuations of the Life Insurance Corporation of India (LIC) and the State Bank of India (SBI) were 'falling'.

"Why did the investment value of the money that was invested in Adani's shares decrease by 30,000 crores? The country wants to know how the Amrit Kaal budget became the 'Mitra Kaal' budget to suit PM Modi's friend," he said alleged. (ANI)

07 Feb 2023, 02:40:46 AM IST

Sell-off in Adani Group stocks continue, how will this impact India?

Continued sell-off in Adani Group has now stated impacting not just India's stock markets, but also India's rankings in some key indices like the MSCI. Some news reports suggest that Adani-Hindenburg fiasco might also have an adverse impact on the overall sentiment among global investors. Watch how the Adani-Hindenburg row is impacting India.

WATCH HERE 

07 Feb 2023, 12:57:43 AM IST

Adani Transmission consolidated profit jumps 78% to ₹474.7 crore in Oct-Dec

Adani Transmission Ltd on Monday reported a 78% increase in its consolidated net profit for the quarter ended December to 474.72 crore, aided by a 240 core gain on account of a one-time income from a regulatory order.

READ MORE HERE

06 Feb 2023, 11:37:30 PM IST

NSE lowers price band on two Adani firms

National Stock Exchange of India (NSE) has revised the circuit limits of Adani Green Energy Ltd and Adani Transmission Ltd to 5%, according to data on its website on Monday.

The NSE had revised the price bands of both companies to 10% from 20% last week.

Stock exchanges set the circuit limits to prevent large movements in the price of stocks in a very short time. (Reuters)

06 Feb 2023, 10:31:43 PM IST

How much is LIC and SBI's exposure in Adani group?

India's largest life insurer, LIC holds a 4.23% stake in Adani's flagship company Adani Enterprises, while its shareholding is to the tune of 9.14% in Adani Ports and 5.96% in Adani Total Gas. Earlier, LIC said, the total amount invested in Adani firms amount to 36,474.78 crore. By end of December 2022, the insurer's exposure is 35,917.31 crore in Adani's equity and debt which is less than 1% of its total assets under management.

SBI earlier stated that their exposure in Adani firms comes to around 27,000 crore. SBI's chairman said the bank's loans to the conglomerate are 0.88% of its total.

06 Feb 2023, 09:18:19 PM IST

Adani's losses topped $110 billion

Since the time US-based Hindenburg Research firm released its report on January 24, accusing Gautam Adani's group of tax evasion, fraud schemes, and stock manipulations among others, the Indian conglomerate's listed stocks have witnessed massive losses in valuation.

On Monday, the group's cumulative market losses topped $110 billion. As per Reuters, this sparks fears of wider financial contagion.

06 Feb 2023, 09:14:39 PM IST

Adani woes deepen as crisis spills over into street protests

The crisis in Adani Group does not seem to calm down with hundreds of members of India's opposition parties taking it to the streets across India, demanding a probe into allegations raised by US-based short-seller Hindenburg against the conglomerate.

As per Reuters, opposition parties, who last week called for a parliamentary panel to investigate the saga and disrupted proceedings, have questioned Indian Prime Minister Narendra Modi's closeness with Adani.

On Monday, protesters expressed anger about investments made by two government-owned behemoths Life Insurance Corporation (LIC) and State Bank of India (SBI) in the Gautam Adani's group.

06 Feb 2023, 08:38:39 PM IST

Adani crises hint at the need for good governance

As per India’s sherpa to the Group of 20 nations, the crisis engulfing Gautam Adani’s indebted conglomerate shows the need for good governance and transparency, as per Bloomberg.

In an interview, Amitabh Kant said, "we should ensure we do projects in a manner where we don’t end up doing anything that leads to over-leveraging."

06 Feb 2023, 07:56:42 PM IST

Has Adani's rout slowed an early emerging-market rally?

Adani Group's rout of 108 billion dollars alongside rate hike scenarios from central banks likely has slowed down the year's Emerging-Market rally.

According to a Bloomberg report, cracks are appearing in Wall Street’s bullish case for emerging markets as hurdles — from Adani Group’s $108 billion rout to the Federal Reserve’s rate-hiking plans — prompt a more selective investment approach.

As new risks arise, the report stated that "an early 2023 rally in developing-economy assets, fuelled by China’s reopening and hopes for looser global financing conditions, is already starting to lose some momentum."

Investors will continue to monitor Gautam Adani’s circumstances in the energy-to-ports empire.

06 Feb 2023, 07:24:09 PM IST

Mcap of group's listed companies

The majority of Adani's listed stocks tumbled on Monday as troubled days at the conglomerate deepened.

Except for Adani Ports' share price, other stocks of the group dipped with most of them extending their lower circuits.

Following the selloff, Adani Group's combined market cap declined by 9.5 lakh crore on Monday.

06 Feb 2023, 06:40:49 PM IST

Karan Adani among members of economic advisory panel at Maha govt

The Maharashtra government has announced its Economic Advisory Council (EAC) panel which will include Karan Adani, the CEO of Adani Ports and SEZ. He is the son of Gautam Adani whose Group is battling against allegations from a US-based short-seller Hindenburg Research. However, Adanis have denied those allegations.

The Adani junior is entering the panel which has 21 members. Mukesh Ambani's son Anant Ambani is among them.

Tata Sons chairman N Chandrasekharan will head the panel.

06 Feb 2023, 05:51:38 PM IST

Bank of Baroda open to lend to Adani Group

Bank of Baroda open to lending to Gautam Adani-backed group going forward, provided that the conglomerate meets all of the bank's underwriting criteria.

06 Feb 2023, 05:32:25 PM IST

Adani's UK units drops Deloitte as auditor for smaller firm

Bloomberg reported that Adani Group has dropped Deloitte as the auditor of its various subsidiaries in the UK last year, replacing it with a far smaller accountancy firm.

As per the corporate filung, Crowe UK has replaced the Big Four firm as the auditor of UK entities including Adani Energy Holdings Ltd after the Indian firm bought them in 2021.

06 Feb 2023, 05:01:54 PM IST

Upcoming Q3 results of Adani 

Adani Green Energy and Adani Ports stock will be in focus on Tuesday ahead of their December 2022 quarterly earnings scheduled on this day.

06 Feb 2023, 04:27:13 PM IST

Adani Transmission reports strong growth in Q3

Adani Group-backed Adani Transmission garnered a net profit of 474.7 crore in Q3FY23, rising by 77.8% from 267 crore in the same quarter a year ago.

EBITDA also witnessed robust growth of 64% to 1,477.5 crore in Q3FY23 compared to 900.9 crore in Q3 of previous fiscal. Margins expanded to 41.6% in Q3FY23 versus 30.9% in Q3FY22.

Meanwhile, the company earned a revenue of 3,277.03 crore from generation, transmission and distribution business in Q3FY23 --- higher than 2,613.35 crore in Q3 of previous fiscal. However, revenue in trading business came in at 274.67 crore in Q3FY23 versus 298.35 crore in Q3FY22.

Overall, revenue rose by 22% to 3,551.7 crore in Q3FY23 versus 2,911.7 crore in the corresponding period of previous year.

06 Feb 2023, 04:09:29 PM IST

Why did Adani Ports' share price rise?

Unlike other Adani shares, Adani Ports and Special Economic Zone (ASPEZ) witnessed massive buying sentiment. The stock climbed nearly 10% on BSE with an intraday high of 548.70 apiece during trading hours.

However, the stock closed near the day's high to 546.05 apiece up by 47.20 or 9.46% on BSE.

Investors were upbeat about Adani Ports after the company announced its operational performance for January 2023 last week.

As per the regulatory filing, in January 2023, the company handled MMT of total cargo, implying a YoY growth of 11%.

Between April 2022 to January 2023 of the current fiscal, the company recorded 280.5 MMT of cargo volumes, which is a good 8% YoY growth.

06 Feb 2023, 04:03:15 PM IST

Many Adani stocks hit lower circuits. What does it mean? 

Some of the Adani stocks such as Adani Power and Adani Wilmar, Adani Green Energy, and Adani Total Gas have hit back-to-back lower circuits on exchanges. 

Lower circuits in equity shares indicate that there are multiple sellers but no buyers. Lower circuit price levels are referred to as lowest tradable price of a particular stock.

06 Feb 2023, 03:57:33 PM IST

Majority Adani shares continue to bleed on Monday

Adani shares continued to bleed as feud between the group and US-based short-seller firm Hindenburg escalated.

Adani Enterprises stock dropped by nearly a percent. Adani Power and Adani Wilmar, Adani Green Energy, and Adani Total Gas extended their 5% lower circuits. While Adani Transmission ended at 10% lower circuits.

06 Feb 2023, 03:05:32 PM IST

UP Power Utility cancelled Adani's bid for supply smart meters

As per reports, All India Power Engineers Federation (AIPEF) stated that UP's Power Utility have cancelled Adani Group's bid to supply smart meters on February 4.

AIPEF highlighted that price of 10,000 per smart meter is higher than government-owned REC's standard bidding guideline. As per reports, All India Power Engineers Federation (AIPEF) stated that UP's Power Utility have cancelled Adani Group's bid to supply smart meters on February 4.

AIPEF highlighted that price of 10,000 per smart meter is higher than government-owned REC's standard bidding guideline.

06 Feb 2023, 03:00:07 PM IST

Pledge of shares of Adani listed companies

Promoters to prepay $1,114 million ahead of its maturity of September 2024. With the repayment of such amount, the following Adani listed company shares will be released in due course:

1. 168.27 million shares representing 12% of the promoters in Adani Ports

2. 27.56 million shares, representing 3% of promoters holding in Adani Green Energy

3. 11.77 million shares, representing 1.4% of promoters holding in Adani Transmission

06 Feb 2023, 02:35:04 PM IST

Promoters to prepay over $1.1 billion to reduce leverage 

On the backdrop of recent market volatility, promoters of Adani have decided to prepay $1.114 billion ahead of its maturity of September 2024.

In a statement, it said, "in light of recent market volatility and in continuation of the promoters' commitment to reduce the overall promoter leverage backed by Adani listed companies shares, we are pleased to inform that promoters have posted the amounts to prepay $1,114 million ahead of its maturity of September 2024."

This is in continuation of promoters' assurance to prepay all share backed financing, it added.

06 Feb 2023, 02:19:29 PM IST

‘Our reputation worldwide is deteriorating’

On Opposition's protest over the Adani-Hindenburg row, RJD MP Amarendra Dhari Singh said, "Our reputation worldwide is deteriorating. There is a genuine reason for that. Hardly any company's shareholding, anywhere in the world, has gone by 2000%. So, I think no harm in Opposition's demand for JPC."

06 Feb 2023, 01:55:42 PM IST

Adani flagship’s share price has 40% more downside: Aswath Damodaran

Adani Enterprises Ltd. yielded a value of 945 rupees per share even before “factoring any of the Hindenburg accusations of fraud and malfeasance," Aswath Damodaran of New York University wrote in a blog post on February 4. 

“I still think the company is priced too high, given its fundamentals (cash flows, growth and risk)," he added. Read more

06 Feb 2023, 01:52:08 PM IST

Adani Ent drag Nifty 100 pts; Sensex down 350 pt

06 Feb 2023, 01:34:29 PM IST

Adani sell-off extends; Opposition lawmakers launch protests

Opposition party kicked off planned protests at some state-run companies on Monday over the crisis at Adani group, whose seven listed firms saw another sell-off that drove their market loss to $112 billion in under two weeks.

At one of the protest sites in Mumbai, people held up banners with the words "Save SBI", television footage showed.

06 Feb 2023, 01:14:03 PM IST

Adani row: Lok Sabha, Rajya Sabha adjourned till 2 pm

Both houses of the parliament were adjourned till 2 pm today amid loud protests and sloganeering from opposition parties demanding a discussion on and an investigation into allegations of fraud against the Adani Group.

06 Feb 2023, 12:58:21 PM IST

Adani fallout: Sebi seeks beneficial ownership details of foreign investors

The Securities and Exchange Board of India (SEBI) has written to various custodian banks asking for details on beneficial owners of offshore funds and foreign portfolio investors (FPIs), two sources directly aware of the matter said on Monday, Reuters reported.

Sebi, last week asked custodian banks - typically foreign banks that manage flows from FPIs- to reach out to these investors by March and share the details of their findings by end of September, the sources said, speaking on condition of anonymity as the matter is confidential.

06 Feb 2023, 12:45:39 PM IST

Adani News Live: Sensex, Nifty update @12.40

Nifty around 17,700, Sensex falls 400 points

06 Feb 2023, 12:31:31 PM IST

What investors should do with Adani stocks? Experts take

Avinash Gorakshkar, Head of Research at Profitmart Securities: “These stocks are expected to remain in base building mode for one to two quarters. So, my suggestion to new investors is to wait for the quarterly results and take any decision only when the stock comes out of current base building mode." Read more

06 Feb 2023, 12:27:05 PM IST

Kharge on Adani issue: 'Ready to speak on President's address but first...'

After opposition parties staged a protest near the Gandhi statue in the Parliament complex over Adani issue, Congress president and Leader of Opposition in Rajya Sabha Mallikarjun Kharge told ANI, "We are ready to speak on President's address and we give it its due importance. But first priority is that Prime Minister Modi give a reply on the Adani issue."

06 Feb 2023, 12:15:48 PM IST

Adani Enterprises in Green

06 Feb 2023, 12:08:09 PM IST

‘Hit job on Indian markets a well planned conspiracy,' says Virendra Sehwag

Indian cricketer joined the online conversation over Gautam Adani calling tyhe Hindenburg Report a well planned conspiracy planned against Indian markets. He tweeted saying, "White people are jealous of India's progress. It's a hitjob on India's markets and looks like a well planned conspiracy. They can try hard, but as always, India will emerge stronger.'

06 Feb 2023, 11:58:17 AM IST

Opposition demands JPC probe on Gautam Adani

'We want a Joint Parliamentary Committee probe into Adani issue & Central govt is also not ready to have discussion on Adani issue. Govt wants to hide everything & they’re now being exposed,' KC Venugopal, Congress MP

06 Feb 2023, 11:53:20 AM IST

Congress student wing NSUI protests over Adani in Delhi

06 Feb 2023, 11:49:03 AM IST

Congress begins nationwide protest over Adani row

06 Feb 2023, 11:47:43 AM IST

Congress protests against Government over Adani

After suspension notices issued by opposition over Adani crisis were rejected in both the houses, after ruckus sessions were halted. Speaking to reports P Chidambaram said, “We don't want to disrupt the House. We want a discussion on a matter of grave public importance. Govt must facilitate a discussion."

06 Feb 2023, 11:42:39 AM IST

Adani Enterprise back at 1500 levels

06 Feb 2023, 11:20:23 AM IST

Adani Ports in Green

06 Feb 2023, 11:19:43 AM IST

ACC recovers more than 3% from intraday lows

06 Feb 2023, 11:17:32 AM IST

Both Houses of Parliament adjourned over Adani crisis

Opposition raised the issue of Hindenburg report against Adani in both houses of Parliament, leading to ruckus and adjournment.

06 Feb 2023, 11:16:16 AM IST

Stock rout may temporarily slam brakes on Adani’s airport ambition

The Adani group’s pursuit to dominate Indian infrastructure, especially airports, through aggressive expansion may face turbulence with the current meltdown in valuation and credibility, industry executives and analysts said.

Having withdrawn its 20,000 crore follow-on public offer and been put under watch by rating agencies following a damning report by New York-based short seller Hindenburg Research, the group may no longer bid as aggressively as it did in the past, they said.

Mint Graphic
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Mint Graphic
06 Feb 2023, 10:35:44 AM IST

Adani Group intends to convert ₹8k cr loan against shares to Zero

Media reports suggest Adani Group now intends to prepay loans worth 7000-8000cr in the next 30-45 days with an intention to take the loans against shares to zero. Company is expected to make a decision on the issue on Monday itself. Economic Times report claims, the company has $1.8 billion of promoter-level loans. The loans given by JP Morgan, Credit Suisse and other financials were due later this year but will be paid back at the earliest.

06 Feb 2023, 10:27:40 AM IST

Adani-Hindenburg row: Aswath Damodaran pin points this flaw in global eco system

Adani-Hindenburg row: Amid falling Adani group stock prices valuation guru Aswath Damodaran has pointed out a flaw in global economic system that opened a window of opportunity to Gautam Adani and his company. The finance professor said that ESG (environment, social and governance) in the global economic setting is far more deserving of the 'biggest con' label than Gautam Adani. Read More

06 Feb 2023, 10:03:04 AM IST

Opposition leaders meet to discuss Parliament strategy on Adani 

06 Feb 2023, 09:58:03 AM IST

Adani Rout Drags India’s Weighting in EM Index as Taiwan Gains

From Bloomberg-- India’s weighting in MSCI’s emerging-market benchmark has dropped after the brutal selloff in Adani Group’s stocks, giving away its second spot to Taiwan after a rally in the latter’s market.

As of the end of January, Taiwan’s weighting in the MSCI Emerging Markets Index rose to 14.2%, behind leader China’s 31.2%, while India’s fell to the third spot with 13%, according to Bloomberg-compiled data. India captured the second spot from Taiwan in August.

The role reversal between India and Taiwan highlights the contagion of a stock meltdown that has wiped out $112 billion of market value in Gautam Adani’s indebted conglomerate since US-based Hindenburg Research made fraud allegations against the billionaire’s business empire. While the MSCI India Index has lost 4.2% this year, its Taiwan counterpart has surged about 11% as part of a broader North Asian rally induced by China’s reopening optimism.

06 Feb 2023, 09:43:50 AM IST

Why it's not easy to short Adani stocks listed in India

Hindenburg Research’s decision to only go short on Adani Group securities outside India has highlighted the limitations of the practice in the nation and the peculiarities of the business empire itself. Read More

06 Feb 2023, 09:41:41 AM IST

Suspension of Business Notice in Rajya Sabha on Adani crisis

Communist Party of India MP Binoy Viswam has moved a Suspension of Business Notice in Rajya Sabha under rule 267 demanding a discussion on the Adani group of companies crisis and "huge public money belonging to the common people of India at serious risk of being wiped out in the unfolding crisis."

Earlier on Friday, the Congress and 16 opposition parties demanded a joint parliamentary committee (JPC) or Supreme Court-monitored probe into the Hindunberg report against the Adani Group, alleging a scam.

06 Feb 2023, 09:40:39 AM IST

Adani deals under global scrutiny

Indonesian President Joko Widodo urged on Monday his country's financial regulator to strengthen supervision on capital markets in the wake of the crisis at India's Adani Group.

Speaking in an annual financial services authority meeting, Widodo pointed to the depreciation of the rupee and capital outflows from India after the meltdown in stock market values of Adani Group companies.

In order to prevent these things happening in Indonesia, Jokowi, as he is widely known, warned about the negative impact of stock manipulation.

"When it slips in pump and dump, things happening just like in India, please be careful," he added.

06 Feb 2023, 09:25:50 AM IST

Adani Stock Update at 9.25am

Adani Stocks Update at 9.25am on February 6, 2023
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Adani Stocks Update at 9.25am on February 6, 2023
06 Feb 2023, 09:21:08 AM IST

Adani Transmission down 10% ahead of results

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