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Tag: Adani group

  • Adani Wilmar Posts Highest-Ever Half Yearly Net Profit At Rs 624 Crore | Economy News

    New Delhi: Adani Wilmar Ltd on Thursday reported its highest-ever half-yearly net profit at Rs 624 crore for the first six months of the current fiscal (FY25). In Q2 FY25, the Adani Group company clocked Rs 326 crore in standalone profit (PAT), up from Rs 324 crore in Q1 FY25. In the quarter, the company saw an 18 per cent surge in revenue at Rs 14,460 crore (year-on-year).

    Adani Wilmar MD and CEO Angshu Mallick said they have delivered another strong quarter, with double-digit growth in both edible oils and Food & FMCG segments. “We have been the second and third largest players in wheat flour and basmati rice business, respectively. On the back of trust and quality, along with branding investments, our flagship brand ‘Fortune’ has been gaining good acceptance with consumers for the entire range of kitchen essentials,” Mallick added.

    Edible oils and Food and FMCG segments delivered strong double-digit revenue growth of 21 per cent and 34 per cent (YoY), respectively. The strong growth in staple foods was partially offset by the decline in the industry essential segment.

    With stable edible oil prices, the Adani Group company posted strong profits over the last four quarters. For Q2 FY25, operating EBITDA was at Rs 613 crore. In Q2, the edible oil segment revenue grew by 21 per cent YoY to Rs 10,977 crore.

    This represents the third consecutive quarter of double-digit volume growth. The growth was driven by strong performance in soybean, sunflower, and mustard oil. The Food and FMCG segment’s revenue grew by 34 per cent to Rs 1,718 crore. Excluding the G2G exports business, the volume growth of the Food and FMCG business was at 21 per cent YoY.

    “In the wheat business, the company continues to grow strongly. The sales also benefited from the introduction of small pack sizes in markets with lower per capita consumption. In Q2, branded sales of pulses, besan, soya nuggets, sugar, poha, and soap showed strong double-digit growth YoY,” the company said.

    The company has been expanding its distribution network to access more towns and has reached over 36,000 rural towns directly by the end of September. The goal is to reach 50,000 rural towns by the end of FY25 and drive the penetration of outlets and volume offtake in the new outlets, said the company.

  • Adani Enterprises Rs 4,200 Crore QIP: Quant Mutual Fund Picks Nearly Half Of Shares | Economy News

    New Delhi: Adani Enterprises Ltd., the flagship company of the Adani Group, has successfully raised Rs 4,200 crore through its Qualified Institutional Placement (QIP), which concluded on Tuesday, October 15. About 47 per cent of the total shares issued through the QIP went to Quant Mutual Fund, specifically through its various schemes. Within this allocation, the largest portion (17.4 per cent) has been assigned to the Quant Smallcap Fund.

    The company allocated 1.41 crore equity shares, with a face value of Rs 1 each, to eligible institutional buyers.

    The issue price for the QIP was set at Rs 2,962 per share, reflecting a 5 per cent discount from the floor price of Rs 3,117.47 per share, according to the company’s exchange filing.

    The discount remained consistent when compared to Tuesday’s closing price of Rs 3,103 per share.

    Post-allotment, Adani Enterprises’ paid-up equity share capital increased from Rs 114 crore to Rs 115.42 crore, with the number of equity shares rising to 115 crore.

    Quant Mutual Fund has repeatedly taken bold bets on Adani Group stocks, including in 2022. 

    In 2022, Quant Mutual Fund’s investment schemes capitalized on the surge in Adani Group’s stock prices, making it the only fund house to take bold bets on the conglomerate.

    Meanwhile, until recently, SEBI was investigating Quant Mutual Fund for suspected front-running, insider trading, and misuse of power.

    On June 21, officials from the market regulator searched the fund house’s headquarters in Mumbai and related locations in Hyderabad.

    (DISCLAIMER: The story originally appeared in zeebiz.com)

  • Sebi Refuses To Disclose Instances When Madhabi Buch Recused On Conflict Of Interest, Says THIS In RTI Response | Economy News

    New Delhi: The cases where SEBI chairperson Madhabi Puri Buch recused herself due to potential conflict of interest is not “readily” available and collating them would “disproportionately divert” its resources, the securities market regulator said in an RTI response on Friday.

    What Did Sebi Say In RTI Response?

    In the response furnished to transparency activist Commodore Lokesh Batra (retd), the regulator also refused to provide copies of Buch’s declarations to the government and SEBI Board on the financial assets and equities held by her and her family members on the grounds of these being “personal information” and that their disclosure may “endanger” personal safety. (Also Read: Congress’ Fresh Salvo At Buch)

    It also denied to disclose the dates on which the disclosures were made. The SEBI Central Public Information Officer (CPIO) used the grounds of “personal information” and “safety” to deny copy of those declarations.

    “Since the information sought do not pertain to you and the same relates to personal information, the disclosure of which has no relationship to any public activity or interest and mat cause unwarranted invasion into the privacy of the individual and may also endanger the life or physical safety of the person(s). The same is, therefore exempt in terms of Section 8(1)(g) and 8(1)(j) of the RTI Act, 2005,” the RTI response said.

    “Further the information on cases where Madhabi Puri Buch recused herself due to potential conflicts of interest during her tenure is not readily available and collating the same will lead to disproportionately diverting the resources of the public authority in terms of Section 7(9) of the RTI Act,” it said.

    Section 8(1)(g) allows a public authority to withhold information the disclosure of which would endanger the life and physical safety of any person and section 8(1)(j) allows withholding information which relates to personal information the disclosure of which has no relationship to any public activity or interest.

    A CPIO may still disclose information if public interest in disclosure outweighs the harm to the protected interests.

    A press release from SEBI on August 11 had claimed that the chairperson has recused herself in matters involving potential conflict of interest.

    “It is noted that relevant disclosures required in terms of holdings of securities and their transfers have been made by the Chairperson from time to time,” it had said.

    The US-based short seller Hindenburg Research alleged that it suspects SEBI’s unwillingness to act against the Adani group may be because Buch had stakes in offshore funds linked to the conglomerate.

    The short seller had alleged that Buch and her husband Dhaval had invested in one of the funds which was allegedly being used by Vinod Adani. It also flagged Dhaval’s association with private equity major Blackstone, a promoter of multiple real estate investment trusts (REITs) and Sebi’s continued pitch for the new investment avenue.

    “The allegations made by Hindenburg Research, against the Adani Group, have been duly investigated by Sebi,” the capital markets regulator had said in the statement.

    The Supreme Court had itself noted in an order in January that 24 out of 26 investigations against Adani had been completed, it said, adding that one more was completed in March and the last is nearing completion now.

  • Hindenburg Alleges Swiss Authorities Have Frozen Adani Funds, Company Responds | Companies News

    Ahmedabad: The Adani Group on Thursday unequivocally rejected and denied baseless allegations regarding claims by US short-seller Hindenburg Research that Swiss authorities have frozen its funds.

     Dismissing the latest allegations, an Adani Group spokesperson denied the baseless claims.

    “We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority,” said the company spokesperson.

    “Furthermore, even in the alleged order, the Swiss court has neither mentioned our group companies, nor have we received any requests for clarification or information from any such authority or regulatory body. We reiterate that our overseas holding structure is transparent, fully disclosed, and compliant with all relevant laws,” the spokesperson added.

    The spokesperson further said that these allegations are “clearly preposterous, irrational, and absurd”.

    “We have no hesitation in stating that this is yet another orchestrated and egregious attempt by the same cohorts acting in unison to inflict irreversible damage on our group’s reputation and market value,” said the spokesperson.

    The Adani Group remains “steadfastly committed to transparency and compliance with all legal and regulatory requirements”, the spokesperson noted.

    Last month, industry experts had slammed earlier Hindenburg allegations as not merely frivolous but cheap antics, saying the US short-seller has nothing substantial to talk about even 18 months later.

  • THIS Billionaire Was Once Rejected By Mumbai College, He Went On To Build $220 Billion Empire | Economy News

    Mumbai: Gautam Adani applied for admission at Mumbai’s Jai Hind College in the late 1970s but was rejected. On Thursday, the Chairman of the Adani Group delivered an inspiring lecture to students on Teachers’ Day at the same college. 

    Sharing this information, Vikram Nankani, President of the Jai Hind College Alumni Association, introduced Gautam Adani to deliver the lecture.

    “Fortunately or unfortunately, the college did not accept him and he went on to work full time and pursued an alternative career,” Nankani told the gathering, declaring Gautam Adani as a “deemed alumni” since he had applied to join.

    Gautam Adani had moved to Mumbai at age 16 and started working as a diamond sorter. And the rest is history. He turned to business and went on to build a more than $220 billion empire.

    During his lecture at the college, Gautam Adani said this institution, born from the ashes of India’s partition, is a great example of the resilience of the human spirit.

    “I find it fascinating that, 75 years ago, two visionary professors from the D.J. Sind College in Karachi laid the foundation for this institution in two tiny rooms. Despite the immense challenges and human displacement happening during the partition of our country, they dreamed of a future where the force of education could heal and unite,” said Gautam Adani.

    Sharing his life story, the Chairman of the Adani Group said it was Mumbai that taught him that “To think big, you must first dare to dream beyond your boundaries”.

    “Just as I was turning 19, I was called back by my elder brother to assist in running our small-scale PVC film factory situated near Ahmedabad. The business was faced with many challenges primarily due to extreme government control and restrictive import policies, leading to severe shortages of raw materials. This was my first real encounter with the limitations of the business environment in India,” shared Gautam Adani.

    By the time he turned 23, the trading venture was doing well.

    “And my third major break was about to come – one that would propel us into a new orbit. In 1995, the Gujarat government announced its port-led industrial development plan through public-private partnerships,” said Gautam Adani.

    Around that time, he was approached by the global commodities trader Cargill. It was a proposal to partner for manufacturing and sourcing salt from the Kutch region. While the partnership did not materialise, “we were left with about 40,000 acres of marshy land and approval to build a captive jetty at Mundra for the export of salt. What others saw as marshy barren land, we saw as a canvas waiting to be transformed. That canvas is now by far our nation’s largest port”, Gautam Adani said.

  • Congress Fires Fresh Salvo At Sebi Chief Madhabi Puri Buch, Targets ICICI Bank On Giving Excess Pension To Her | Economy News

    New Delhi: The opposition Congress on Tuesday launched fresh tirade against Sebi Chairperson Madhabi Puri Buch over receiving regular income from private lender ICICI Bank and arm ICICI Prudential, while being the whole-time member and later Chairperson of the capital markets regulatory body.

    Pawan Khera, Chairman, Media and Publicity Department, Congress, in a press conference said, “We asked three questions yesterday (which was directed towards ICICI bank, PN and Buch. Of the three, ICICI bank responded to our allegations, which has infact helped us in un-layering this expose further.” (Also Read: Trouble Mounts For Madhabi Puri Buch)

    Khera further claimed that ICICI bank paid pensions to Buch which varied in various years and was not steady. He added that Buch availed ESOPs from ICICI even after superannuation from the Group. He questioned as to how retirement benefits or pensions be more than the annual average salary that Buch drew from ICICI.

    Khera also raised questions on the TDS being paid by ICICI Bank on ESOPs to Buch. (Also read: Buch Responsible For ZEEL-Sony Deal Failure)

    “Why did ICICI pay the TDS on ESOPs on behalf of Buch? Does the bank follow the same protocol for all its past and present employees? Why didi ICICI not offer this TDS amount as taxable income of Buch? Is this not a clear non-compliance of the Income Tax Act?,” questioned Khera.

    Read Congress’ Latest Expose On Madhabi Puri Buch And ICICI Bank Via This Tweet Thread
     

    Statement by Shri Pawan Khera, Chairman, Media & Publicity (Communication Deptt), AICC. pic.twitter.com/E3S96g3Zoy
    — INC Sandesh (@INCSandesh) September 3, 2024

    Response Of ICICI Bank On Congress’ Allegations 

    ICICI Bank in a stock exchanges in a filing, hours after the Congress party labeled office-for-profit charge against Buch yesterday said that the bank or its group of companies have not paid any salary or granted any employee stock ownership plan (ESOPs) to SEBI Chairperson Madhabi Puri Buch after her retirement, other than her retiral benefits.

    “During her employment with the ICICI Group, she received compensation in the form of salary, retiral benefits, bonus and ESOPs, in line with applicable policies,” the ICICI Bank exchange filing read.

    Buch had opted for superannuation from the Group with effect from October 31, 2013. Under the bank’s ESOP rules, the ESOPs vest over the next few years from the date of allotment, the lender asserted in the filing. “As per rules existing at the time of her ESOP grant, employees including retired employees had the choice to exercise their ESOPs anytime up to a period of 10 years from the date of vesting.”

    “As per Income Tax rules, the difference between the price of the stock on the day of exercise and the allotment price is treated as perquisite income and is reflected in Part B of the Form16 of employees, including retired employees. The Bank is required to deduct the perquisite tax on this income. In addition, Form -16 covers the payment made towards the retiral benefits of former employees,” the exchange filing added.

    All the payments made to Buch post her retirement had accrued to her during her employment phase with the ICICI Group.

    Those payments comprised ESOPs and retiral benefits, the lender’s exchange filing concludes.

    With ANI Inputs

  • New Revelation About SEBI Chief Madhabi Puri Buch: Same Address Of Consultancy Firm and Auditor Sparks Row | Economy News

    New Delhi: American short-seller firm Hindenburg recently released a sensational report targeting SEBI Chief Madhabi Puri Buch. In its revelations, Hindenburg levelled serious allegations against Buch, accusing her of favouring Adani’s companies for personal gain. Now, another serious accusation has surfaced, raising significant questions about a potential conflict of interest involving SEBI Chairperson Madhabi Puri Buch.

    New Revelation About Madhabi Buch

    According to a Reuters report, it was revealed that during her seven-year tenure, Madhabi Buch continued to receive income from a consultancy firm. Reuters published its report after reviewing public documents. It has now been claimed in a report that the address of the consultancy firm established by Buch is the same as that of the auditor firm responsible for auditing it.

    In other words, the auditors who reviewed the firm’s finances are registered at the same address as Buch’s consultancy. This revelation comes from documents filed with the Registrar of Companies. According to the report, Buch’s firm’s audit was handled by Shah and Savla LLP, and the address is the same as that of Buch’s firm, both located in the Ghatkopar area of Mumbai.

    SEBI Chief Under Scrutiny Again

    The documents referenced in the report are registered with the Registrar of Companies. These include the 2023-2024 balance sheet for Agora Advisory Private Limited, which lists an address in the Ghatkopar area of Mumbai. Interestingly, when the address of the auditing firm, Shah and Savla LLP, was checked, it was found to be the same. Both addresses are in Ghatkopar and mention office number 201. The report also notes that other firms established by Madhabi Buch have the same address listed.

    Husband Managing Firms After Buch’s SEBI Appointment

    Before joining SEBI in 2017, Madhabi Buch had already distanced herself from these firms. Currently, her husband, Dhawal, holds director positions in these companies. However, recent financial disclosures related to these firms have raised serious questions. For context, Madhabi Buch joined SEBI in 2017 and became its chairperson in 2022.

  • Hindenburg’s Allegations: Sebi Issues Statement For Investors, Check What The Market Regulator Said | Economy News

    New Delhi: Market regulator Securities and Exchange Board of India (Sebi), has issued a statement for investors amidst the recent research report released by US-based short seller Hindenburg Research. Sebi has asked the Investors to remain calm and exercise due diligence before reacting to such reports.

    “SEBI takes note of the report published by Hindenburg Research on August 10, 2024. Investors should remain calm and exercise due diligence before reacting to such reports. Investors may also like to take note of the disclaimer in the report that states that readers should assume that Hindenburg Research may have short positions in the securities covered in the report,” said the market regulator. (Read More: Check Direct Link Of The Research Report)

    Responding to the charges levelled against Sebi on not taking ‘ action against the Adani Group’, the regulator said, the allegations made by Hindenburg Research, against the Adani Group, have been duly investigated by SEBI. (Read More: Sebi Chief Madhabi Puri Buch Gives Point-By-Point Rebuttal)

    “Hon’ble Supreme Court in its Order of January 3, 2024 noted that SEBI had completed twenty–two out of twenty–four investigations into the Adani group. Subsequently, one more investigation was completed in March 2024, and one remaining investigation is close to completion. During the ongoing investigation in this matter, more than 100 summons, around 1,100 letters and emails have been issued to seek information. Further, more than 100 communications have been made seeking assistance from domestic/foreign regulators and external agencies. Also more than 300 documents containing around 12,000 pages have been examined,” added Sebi.

    Sebi reiterated that as a matter of policy, it refrains from commenting on any investigation/ ongoing enforcement matter.

    “It may be noted that pursuant to the completion of investigations, SEBI initiates enforcement proceedings which are quasi–judicial in nature. This comprises issuing of show cause notice and giving of opportunity of hearing which culminates in the passing of a speaking order. Such order is then made available in the public domain. Where investigations have been completed, enforcement proceedings initiated are ongoing and appropriate actions are being taken in accordance with the applicable securities laws,” the Sebi statement said.

    SEBI, said that over the years, it has built a robust regulatory framework that not only aligns with best global practices but also ensures protection of investors, adding that the regulator remains committed to ensuring the integrity of India’s Capital markets and its orderly growth and development.

    Sebi Chief Madhabi Puri Buch and her husband Dhaval Buch have been named in the latest Hindenburg report (published 10 August 2024) in which the US-based short seller has alleged that the couple had stakes in in offshore funds linked to the Adani Group.

    The Hindenburg latest report, citing Whistleblower Documents, said that it showed “Madhabi Buch, The Current Chairperson of SEBI, And Her Husband Had Stakes In Both Obscure Offshore Funds Used In The Adani Money Siphoning Scandal.”

     

  • Gautam Adani’s 2024 Salary Revealed – Less Than Some Of His Own Employees! Find Out Here | Companies News

    New Delhi: Gautam Adani, who is a leading industrialist who frequently ranks among the top 2 or 3 on India’s and Asia’s rich list has earned a total of Rs 9.26 crore for the fiscal year ending March 31, 2024. However, his pay was lower than that of key executives within the Adani group and his industry peers. At the age of 61, Adani received a salary from just two of the ten companies in his ports-to-energy conglomerate, according to annual reports from the group’s listed entities.

    Adani’s pay from the group’s main company in 2023-24, Adani Enterprises Ltd (AEL) consisted of a Rs2.19 crore salary with Rs 27 lakh in perks, allowances and other benefits. This brought his total remuneration to Rs 2.46 crore was 3 per cent more than previous financial year, according to AEL’s 2023-24 annual report. (Also Read: GST Council Meeting: FM Sitharaman Announces Nationwide Biometric Authentication- Key Highlights)

    Further, Adani received a salary of Rs 6.8 crore from Adani Ports and SEZ Ltd (APSEZ). Although some of his top executives earned more than him last year, his salary was still lower than that of the heads of nearly all major family-owned conglomerates in India. (Also Read: Central Govt Sets 9:15 AM Deadline, Warns Of Casual Leave Deductions For Latecomers: Report)

    Gautam Adani is currently worth USD 106 billion, according to the Bloomberg Billionaire Index. Adani became Asia’s richest man in 2022 but his net worth dropped notably after a report by the US short-seller Hindenburg Research accused his firm of financial irregularities.

    Adani’s younger brother Rajesh received Rs 8.37 crore which included a Rs 4.71 crore commission on profit from AEL, according to the annual report. Meanwhile his nephew Pranav Adani earned Rs 6.46 crore including a Rs 4.5 crore commission.

  • Adani Enterprises Stock Recovers $30 Billion Following Hindenburg Report | Markets News

    New Delhi: Shares of Adani Enterprises Ltd, the flagship company of Indian billionaire Gautam Adani’s group have erased from the losses caused by a critical short-seller report in early 2023. This recovery came after the conglomerate reduced its debt and sacred major projects.

    The stock has recovered from losses of over 30 billion dollars that followed allegations of widespread corporate misconduct and share-price manipulation by US-based Hindenburg Research in January 2023. However, the Adani group has consistently denied these accusations. (Also Read: Wipro’s Ex-CEO Thierry Delaporte Becomes Highest Paid Indian IT CEO For FY24)

    “There are a handful of groups in India that can undertake big projects and Adani Group has taken the leadership position,” said Abhay Agarwal, a fund manager with Mumbai-based Piper Serica Advisors Pvt, as reported by Bloomberg. He further added, “Investors are looking at Adani group as a policy play and since there is a clear direction on the country’s policy, we are seeing recovery.” (Also Read: Sensex Hits New All-Time High; Nifty Breaches 23,000-Mark For First Time)

    Adani Enterprises stock rose 1.7 percent to 3,445.05 today, May 24. It has nearly tripled  since its drop in February 2023. The rise comes as analysts anticipate Adani Enterprises’ stock will be included in the benchmark S&P BSE sensex index in June, potentially attracting more investment.

    Further, other Adani companies are working with global investors to raise new debt as the group continues to expand its cement and copper businesses. At least five of the 10 listed Adani group stocks are now trading higher than they were before the Hindenburg report besides Adani Enterprises.