India's Adani Green units plan to raise up to $1 billion in dollar bonds, bankers say
By Dharamraj Dhutia and Bhakti Tambe MUMBAI (Reuters) - Four subsidiaries of India's Adani Green Energy plan to raise up to $1 billion by issuing U.S. dollar-denominated bonds, two merchant bankers Key Points
ThePrintAdani’s Kenya dealings spark protests, lawsuits and hearings
Gautam Adani's proposal to manage Kenya's main airport has led to protests, Senate hearings, and lawsuits. The bid, which includes a 30-year concession and investment of $1.85 billion, faces criticism for lack of transparency. Adani Group is also constructing high-voltage power lines in Kenya. Key Points
Economic TimesGQG buys 17.1 million shares of Ambuja Cements via block deal
Adani Group's Holderind Investments sold approximately 68 million shares. Following the transaction, Ambuja's stock initially jumped 4%. The Adani Group now holds a 70.33% stake. Recently, Ambuja enhanced its market share by acquiring Penna Cement, broadening its influence in southern India. Key Points
Economic TimesIndian indices shrug off Hindenburg's report on SEBI chairperson, close less than 1% down
Adani Group companies experienced a decline of up to 4 percent Monday, with Adani Wilmar being the biggest loser, dropping by 4.1 percent to close at Rs 369.35. Key Points
ThePrintAdani terms Hindenburg allegations malicious, manipulative selections of public information
New Delhi, August 11 Adani Group on Sunday termed US short-seller Hindenburg Research's latest allegations as malicious and manipulative selections of public information, saying it has no commercial relationship with SEBI chairperson or her husband. "The latest allegations by Hindenburg... Key Points
The Tribune
Sebi chief Madhabi Buch accuses Hindenburg of attempting character assassination, denies short-seller's al
Sebi chief Madhabi Puri Buch and her husband Dhaval Buch have dismissed allegations from Hindenburg Research as baseless. They accuse the US-based short-seller of attempting character assassination in response to a show-cause notice issued by Sebi concerning the Adani issue. The Buchs criticize Hindenburg's actions as a retaliatory attempt against the enforcement action taken by the regulator. Key Points
Economic TimesAdani succession plan: Group says Gautam Adani misquoted on heirs, equal beneficial interest in family trust
The company stated that share prices are driven by the market, and the management has no control or specific knowledge of the reasons behind the recent movement in share prices. It is highlighted that the overall share market experienced a correction of around 3% on Tuesday. Key Points
Business Today'Whole crony capitalism has backfired': Mahesh Jethmalani on Adani Group-Hindenburg Row
The Adani Group faced a significant blow in January 2023 when Hindenburg published a scathing report alleging stock market manipulation and accounting fraud. This led to a staggering $150 billion drop in the group's market capitalisation, despite their strong denial of the allegations. Key Points
Business TodayHindenburg claims 'Kotak created offshore fund to help investor profit from Adani shares'
Says it has received show cause notice from SEBI over alleged violations in placing bets on conglomerate stocks. Billionaire banker Uday Kotak founded bank as... Key Points
The Tribune IndiaHindenburg faces Sebi scrutiny, Kotak Bank dragged in Adani saga
Adani-Hindenburg Case: Hindenburg Research's disclosure of suspected violations by Sebi regarding Adani Group's short bet led to minimal gains, highlighting challenges foreign investors face under Indian securities rules. The short seller also stated that Kotak Mahindra Bank created and oversaw an offshore fund structure used by its investor partner to bet against the conglomerate, providing new details of trades that puzzled investors. Key Points
Economic Times
Adani AGM 2024: ‘Designed to defame us, damage, erode hard-earned market value,’ says Gautam Adani about Hindenburg report
Adani Annual General Meeting 2024: Talking about Hindenburg’s report, Adani said, “Typical short sellers target gains from financial markets. This was different. It was a two-sided attack." Key Points
Business TodayGautam Adani becomes Asia’s richest person, overtakes Mukesh Ambani
With a net worth of USD 111 billion, Adani is now ranked as 11th richest in the world. Gautam Adani has retaken the tag of richest person in Asia after a surge... Key Points
The Tribune IndiaAdani emerges from Hindenburg blow stronger, sets sights on bigger things
The group has initiated various expansions and investments, including the establishment of a $1.2 billion copper plant, acquisition of a port in Odisha, increased ownership in a cement company, and formed a strategic partnership with rival Mukesh Ambani's Reliance Industries. Key Points
Economic TimesAdani Green Energy begins operation of 775 MW solar projects in Gujarat
New Delhi, Mar 29 (PTI) Adani Green Energy on Friday announced the beginning of the operation of its 775 megawatt solar power projects in Khavda, Gujarat. The capacities have been operationalised after securing relevant clearances, Adani Green Energy Ltd (AGEL) said in an exchange filing. Adani Green Energy through its various wholly-owned stepdown subsidiaries has […] Key Points
ThePrintPower pact: Ambani takes 26% in Adani's MP project
India News: Mukesh Ambani's Reliance to buy 26% in Adani's Mahan Energen unit, sourcing 500MW. The deal ensures exclusive power arrangement for 20 years. Adani an Key Points
Times Of India
Adani Energy in talks with banks to borrow up to $600 million
Adani Energy Solutions Ltd. is in talks for a $600 million credit facility to fund smart meter projects for electricity supply. The foreign currency loan could have a tenor of three to five years, with pricing likely linked to the Secured Overnight Financing Rate. Adani Energy Solutions recently formed a venture with UAE-based Esyasoft for smart meter projects in India and overseas. India plans to roll out 250 million smart meters to address billing inefficiencies in power distribution. The Adani Group has been regaining investor confidence since being targeted by US short seller Hindenburg Research last year. Key Points
Economic TimesGautam Adani adds another piece to his string-of-pearls strategy
Adani Ports strengthens its dominance with the acquisition of Gopalpur Port, projecting significant growth in cargo handling and revenue. The company's strategic expansion along the Indian coast and international ambitions position it to rival China's maritime presence in the region. Key Points
Economic TimesRs 35,000-crore profit! Contra bet by GQG Partners on Adani Group pays off in a year
Despite initial challenges, Adani Group's stocks saw significant growth post the Hindenburg report. Investments by GQG Partners, under Rajiv Jain's lead, doubled in value. The group's strategic decisions and market developments fueled this remarkable recovery. Key Points
Economic TimesIndian regulators are getting tough to shore up their credibility
Scrutiny of Indian regulators is seen to have increased globally. Trends suggest that Sebi and RBI might act even tougher as we go along. Key Points
mintAdani Green says aware of US probe into third party, denies relationship
Adani Green Energy has denied connection to U.S. anti-corruption probe involving a third party. Bloomberg had in a report said US was investigation into Adani entity's alleged payments to Indian officials. Adani Green stated there is no relationship with said party. Key Points
Economic Times
Did Adani bribe officials to get energy projects cleared? JPMorgan says highly unlikely
US prosecutors are investigating potential bribery by the Adani Group for energy projects, but JP Morgan believes corruption is unlikely due to transparency in Indian tenders. Adani Group denies the investigations, while stock prices remain impacted. Key Points
Economic TimesAdani stocks, bonds under pressure over probe in US
Stay updated on the latest developments as Adani group stocks and bonds face pressure over US investigation into possible bribery. Get insights on stock movements and probe details. Key Points
Times Of IndiaAdani bonds, shares decline as US expands probe into the group
A note from unit Adani Ports & Special Economic Zone Ltd. due in 2041 slid 2.4 cents, the most since August, to 79.1 cents. Another bond from subsidiary Adani Renewable Energy RJ Ltd. due 2039 fell 2.3 cents to 83 cents, the worst drop since February 2023. That pares gains in recent months that sent the securities to their highest levels since 2022. Key Points
Economic TimesSome Adani dollar bonds fall most in over six months on US probe
India Business News: Adani Group's dollar bonds plummet as US probe expands, impacting Adani Ports & Special Economic Zone Ltd. and Adani Renewable Energy RJ Ltd. Investig Key Points
Times Of IndiaUS probing Indian billionaire Gautam Adani and his group over potential bribery
Investigators are digging into whether an Adani entity, or people linked to the company including Gautam Adani, were involved in paying officials in India for favorable treatment on an energy project, said the people, who asked not to be identified discussing the confidential effort. The probe, which is also looking at Indian renewable energy company Azure Power Global Ltd., is being handled by the US Attorneys Office for the Eastern District of New York and the Justice Departments fraud unit in Washington, said people familiar with the matter. Key Points
Economic Times
Hindenburg attack was to politically defame India's governance practices: Gautam Adani
Gautam Adani, chairman of the Adani Group, believes that US short-seller Hindenburg Research's damning report against his conglomerate aimed not only to destabilize it but also to politically defame India's governance practices. The report, published in January last year, accused the Adani Group of malfeasance, leading to a significant selloff in the conglomerate's stocks. Key Points
Economic TimesGautam Adani on what worked for his business: ‘My name is Adani and I’m…'
Underscoring the company's philosophy, Gautam Adani said, “My name is Adani. I'm a humble infra company.” Key Points
Hindustan Times‘Master plan aims to…’: Karan Adani says our biggest investment outside Gujarat to be in Uttar Pradesh
Launches Terminal 3 of Lucknow airport. The Adani Group will make its biggest investment outside Gujarat in Uttar Pradesh, says Adani Ports & Special... Key Points
The Tribune IndiaPlan to invest ₹60,000 cr in airport biz in next 10 years: Adani Ports MD
The Adani Group plans to invest ₹60,000 crore over the next decade in its airport business, excluding the ₹18,000 crore already invested in the first phase of the Navi Mumbai airport. The investment will focus on infrastructure like runways, terminals, and city-side amenities, funded through internal accruals. The group aims to transform its airports into major international hubs, anticipating a significant increase in international travel. Once profitable, the airport business will be listed. With eight airports, the group aims to cater to 250-300 million passengers by 2040, up from the current 73 million across seven operational airports. Key Points
Economic TimesAdani Enterprises arm acquires France-based Le Marche Duty Free
Adani Enterprises has acquired France-based Le Marche Duty Free SAS (LMDF) for 5,000 euros, according to its Dubai arm, Ospree International FZCO. The strategic acquisition is in the interest of Mumbai Travel Retail Private Limited, and was incorporated on February 7, 2024. Key Points
Economic Times
Adani Group considers offering $1.2 billion more bonds
Gautam Adani's conglomerate plans to offer $1.2 billion in dollar bonds by June. Adani Green Energy Ltd. and associated firms aim to raise funds for refinancing existing loans. The company is discussing the transaction with arrangers and bankers and expects to conclude the issuance in four months. Key Points
Economic TimesAdani Ports shares hit record high as cargo volumes surge
Adani Ports share price rose by over 1 per cent to Rs 1,356.50 per share on the Bombay Stock Exchange (BSE) in early trade. Key Points
India TodayGautam Adani is ready with his first dollar note after Hindenburg bombshell
Adani won fresh equity backing from investors including GQG Partners last year and successfully refinanced $3.5 billion worth of debt for the acquisition of cement companies, helping its securities to recover. Key Points
Business TodayAll's swell for Gautam Adani as cash pile improves, refinancing risks ebb for his group
The group’s Ebitda, or earnings before interest, tax, depreciation and amortization rose more than 60% to $2.3 billion in the third quarter ended December 31 with a bulk of that coming from the transport, infrastructure and energy units of the conglomerate. Key Points
Business TodayIn relief for Vi & Adani, DoT mulls waiving 5G minimum rollout fine
While Vodafone Idea had bought spectrum in the 26 GHz band as well as in the mid-band (3300-3600 MHz), Adani bought airwaves only in the 26 GHz band. Vodafone Idea bought mid-band spectrum in 17 circles and 26 GHz airwaves in 16 circles whereas Adani bought spectrum in six circles. Key Points
Economic Times
Highly committed to defence business; see $300-billion opportunity over next 10 years: Adani Defence Manag
Adani Defence & Aerospace, along with Tata, Bharat Forge, L&T, and 800 MSMEs, aims to build a competitive business in the defence sector. The long-term potential is significant, with a focus on ISR and collaboration with DRDO. ISR is the primary focus area. It stands for Intelligence, Surveillance, Reconnaissance. The foot soldier will be complemented by unmanned, aerial systems, unmanned ground systems, unmanned naval systems. Key Points
Economic TimesAdani opens 2 units to manufacture ammo, missiles
Adani Defence and Aerospace today announced the inauguration of two separate facilities to manufacture ammunition and missiles... Key Points
The Tribune IndiaWhy does Gautam Adani want to hitch a ride with Uber?
Gautam Adani's Adani Group is partnering with Uber to enter the electric vehicle market and integrate Uber services into its Adani One super app. Adani aims to invest $100 billion in green energy and expand its airport business. Adani competes with Reliance and Tata in the digital services space. Key Points
Economic TimesFitch affirms Adani Energy Solutions' ratings with ‘Stable’ outlook
Fitch has affirmed the 'BBB-' ratings on the $400-million senior secured notes issued by Adani Energy Solutions, formerly Adani Transmission. Fitch projects an average debt-service coverage ratio (DSCR) of 1.48x, with a profile DSCR of 1.30x between the financial years ending FY27 and FY33 under its rating case. Key Points
Economic TimesIncorrect or premature conclusion of Adani probe will not serve justice, SEBI tells SC
SEBI, on 29 April 29, had sought 6 months to complete its probe, rather than 2 months. However, the Supreme Court said on Friday it was inclined to give a three-month extension. Key Points
ThePrint
Adani group in advance talks to raise $2.6 billion; may trim stake in airport, green hydrogen units
Adani Group is in talks to secure up to $2.6 billion for infrastructure and green projects. They expect reaching Ebitda of Rs 80,000 crore. Moody's, S&P, and Fitch Ratings have positively rated Adani group companies. The group has attracted investments from GQG Partners, QIA, and TotalEnergies. Key Points
Economic TimesAdani Realty wins bid for ₹30,000 crore Bandra Reclamation redevelopment contract in Mumbai
Adani Realty has emerged as the 'preferred bidder' for the redevelopment of the Bandra Reclamation land parcel, offering 22.79% revenue to MSRDC, surpassing Larsen and Toubro's bid. The final approval is pending. Key Points
mintAdani-Hindenburg story not over yet? Review petition filed against SC judgment
A review petition has been filed challenging the Supreme Court's approval of SEBI's probe into the Adani-Hindenburg issue. The petitioner alleges the judgment has apparent errors and overlooks SEBI's regulatory failures. The case involves US short-seller Hindenburg Research accusing the Adani Group of fraud and stock price manipulation. SEBI's probe into potential securities law violations is ongoing. Key Points
Economic TimesAdani starts talks for first dollar bond sale since Hindenburg
The conglomerates finances have drawn close scrutiny ever since Hindenburg Research accused it of fraud and stock manipulation, claims Adani has repeatedly denied. The bombshell report triggered a rout in the groups shares and bonds, suggesting it would have to pay dearly when next raising capital. Key Points
Economic TimesAdani Enterprises Q3 net profit jumps 130% at Rs 1,888.4 crore
India Business News: Adani Enterprises Limited, the flagship company of Adani Group, posted a 130% rise in net profit during Q3 FY 2024. The company's net profit stood at Rs 1,888.4 crore. Read more about the financial performance and growth of Adani Enterprises. Key Points
Times Of India
Adani Enterprises profit jumps 130% as strong recovery continues
Adani Enterprises Ltd.’s quarterly profit more than doubled boosted by its portfolio of newer businesses as the port-to-power conglomerate continues to rebound from a brutal short seller attack early last year. Key Points
Times Of IndiaAdani Enterprises Q3 Results: Net profit soars 130% YoY to Rs 1,888 crore
Adani Enterprises Q3 Results: The company's revenue from operations increased 6% YoY to Rs 28,336 crore in the reporting period, compared with Rs 26,612 crore in the corresponding quarter of the previous year. Consolidated EBIDTA for the quarter soared 89% to Rs 3,717 crore against Rs 1,968 crore in the year-ago quarter. Key Points
Economic TimesAdani flagship stock may return over 50%, Cantor Fitzgerald says
India Business News: Read about Cantor Fitzgerald's prediction of over 50% returns on Adani Group's flagship stock. Adani Enterprises Ltd. plays a crucial role in India's economic ambitions. Find out more. Key Points
Times Of IndiaAdani is too big to ignore! Why US brokerage sees 51% upside in Adani Enterprises
Cantor Fitzgerald initiates coverage on Adani Enterprises with an overweight rating and a target price of Rs 4,368, signaling a 51% upside potential. Adani Enterprises has limited analyst coverage despite being the 10th largest non-financial stock in India. The company has taken actions to reduce liquidity risk, improve governance, and increase transparency. Adani's airports, roads, and new energy businesses are expected to drive growth. The SOTP valuation values the three main businesses at Rs 3,419/share, with shareholders getting the other six businesses for free. Adani's green hydrogen ambitions could further propel shares higher. Key Points
Economic Times5G rollout: Why DoT has penalised Vodafone and Adani Networks
Learn why Vodafone Idea and Adani Data Networks have been penalized by the Department of Telecommunications (DoT) for failing to meet 5G rollout obligations. Find out the reasons for the delay and the potential fines they may face. Key Points
Times Of India
3 Adani stocks prove invincible after 1 year of Hindenburg attack
A year after the explosive Hindenburg report on Adani stocks, the controversy continues as Sebi is investigating violations of minimum public shareholding norms. The Supreme Court has directed Sebi to complete the investigation within 3 months. Adani stocks have partially recovered, but there is still a Rs 4.67 lakh crore loss in market capitalization. Adani Ports and Adani Power have performed well, while Adani Total Gas, Adani Energy Solutions, and Adani Wilmar have suffered losses. Key Points
Economic TimesBlackRock, Neuberger bought Adani debt post Hindenburg bombshell
BlackRock and State Street increased their holdings of Adani Group dollar bonds, while Lombard Odier and Neuberger Berman also raised their positions. Adani Group's empire improved its financial condition, paying down debt, refinancing loans, and attracting equity investments after the Hindenburg Research report. Key Points
Economic TimesS&P Global Ratings upgrades Adani Ports, Adani Electricity on cash flow optimism
S&P has revises outlook for Adani Ports and Adani Electricity to stable from negative, citing strong cash flow in the next 12 to 24 months. Adani Ports' ability to pay off liabilities is expected to be in the range of 3x to 4x over the next two years.. The rating agency said conclusion of most investigations without evidence of wrongdoing has reduced downside risk. Key Points
Economic TimesGautam Adani's lessons from Hindenburg fight fuel $93 billion rebound
Accused by Hindenburg, Gautam Adani's empire rebounded, trimming debt, securing projects, and gaining $90B in stock value. Despite regulatory scrutiny, Adani aligns with Modi's agenda, attracting new investors and solidifying family wealth amid reputational challenges. Key Points
Economic Times