Adani Group to hold fixed-income road shows in London, Dubai, US. Here is why
1 min read 07 Mar 2023, 07:13 AM ISTAdani Group Chief Financial Officer Jugeshinder Singh, will attend the road shows which will run between March 7 to March 15
PremiumAdani Group is extending a worldwide roadshow this month in London, Dubai, and several cities in the United States, according to a document seen by Reuters, as management seeks to reassure investors that the company’s finances are under control. Adani group management, including group Chief Financial Officer Jugeshinder Singh, will attend the road shows which will run between March 7 to March 15, the document showed. Investors are likely to look for reassurance on this front during the roadshows.
The meetings could be key to Gautam Adani’s efforts to shore up confidence in his sprawling ports-to-power empire which has been rocked by a report from US short seller Hindenburg Research, that alleged stock manipulation and accounting fraud. The report shaved as much as $150 billion from the group’s stock market value and sent bond prices plunging.
Meanwhile, Indian shares extended gains for a second session in a row on Monday. Most of the Adani group stocks advanced, extending gains after US boutique investment firm GQG Partners' $1.87 billion investment in the conglomerate on Thursday. The group's flagship firm Adani Enterprises was the top Nifty 50 gainer, rising 5.45%.
On account of Holi 2023 festival celebrations across nation, there will be no trading activity at stock market today i.e. on 7th March 2023. As per the list of stock market holidays 2023 available on the official BSE website — bseindia.com, trading on BSE (Bombay Stock Exchange) and NSE (National Stock Exchange) will remain closed for entire session on Tuesday i.e. 7th March 2023. Trading will resume on Wednesday, March 8.
In other news, NSE rejigged its indices on Monday. The exchange has excluded four Adani firms from its Nifty Alpha 50 list. Notably, NSE removed the majority of Adani firms from its alpha indexes either for Nifty 100 or Nifty 200. The replacement is done on account of a quarterly review of strategy indices. These changes will come into effect from March 31, 2023.
-With agency inputs
