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Tag: Adani Energy Solutions

  • More Trouble For Adani: SEBI’s Notice Intensifies Hindenburg Allegations, Shares Plunge | Economy News

    In more trouble for embattled businessman Gautam Adani, Adani Energy Solutions received a show-cause notice from capital market regulator Securities and Exchange board of India (SEBI) this week. The market watchdog has alleged wrongful categorisation of certain investors as public shareholders under its minimum shareholding norms.

    SEBI’s show-cause notice to Adani Energy Solutions is aligned with some of the barrage of serious allegations leveled by US-based research firm Hindenburg against the conglomerate, which has repeatedly denied the charges. 
    Adani Energy Solutions, a power transmission company, has confirmed the receipt of the show-cause notice.

    The company is part of a conglomerate often considered excessively diversified by many analysts Additionally, SEBI’s notice comes at a time when SEBI Chairperson Madhabi Puri Buch herself has denied a series of serious charges against her by Hindenburg this year. 

    Adani Energy Solutions has also confirmed that SEBI’s notice is related to the regulator’s minimum public shareholding norms. 

    Investors bear the brunt of bad news, yet again…

    Adani Energy Solutions (ADANIENSOL) shares continued to fall for the fifth day in a row on Friday in more trouble for investors after the October 22 disclosure mentioning SEBI’s show-case notice. 

    On Friday, Adani Energy Solutions shares ended 5.7 per cent lower at Rs 920.2 apiece on BSE, logging a weekly fall of 11.9 per cent. The sustained fall in the Adani group stock, which rendered investors poorer by Rs 14,974 crore in just 5 days, comes despite Adani Energy Solutions reporting a 172 per cent increase in net profit to Rs 773 crore for the July-September period. 

    The market capitalisation (mcap)—or market value—of Adani Energy Solutions declined by Rs 14,974 crore to Rs 1,10,536 crore, as of October 25, according to provisional exchange data. 

    This story has been taken from Zeebiz

  • MSCI Inclusion May See USD 250 mln Inflows In Adani Energy Solutions; Stock Gains 3.8 Per Cent | Economy News

    New Delhi: The shares of Adani Energy Solutions Ltd (AESL) at the last trading session on Wednesday jumped 3.8 per cent despite the flattish markets, as the street is expecting strong inflows by the end of August from the inclusion in the MSCI Index—inflows of USD 250 million according to brokerage houses.

    On Tuesday MSCI announced that it has lifted ‘Embargo’ on Adani Group stocks, which means the stock is eligible for inclusion in the MSCI India Index, after removing the group company last year in late January 2023, due to uncertainty over free-float.

    Lifting this restriction means that any recent changes in free float plus equity raises are eligible for inclusion. Furthermore, stocks that were excluded can be included again.

    Earlier in August, Adani group’s power transmission, distribution and smart metering company completed a USD 1 billion QIP, which has led to a significant increase in the company’s free float.

    Adani Enterprises, another group company has also proposed fundraising of nearly USD 2 billion. If it goes through, it could also see USD 110 million inflows, according to brokerage firms.

    However, Adani Total Gas, another group stock which was also removed from the MSCI Index last year is unlikely to be included in the near future as the stock is trading significantly below the previous year’s high.