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Tag: Gautam ​Adani

  • 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

  • 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.

  • ‘Something Big Is Going To Happen In India’: Hindenburg Research Drops Bomb; Who’s The Next Target After Adani? | Economy News

    The US-based short seller Hindenburg Research has posted a cryptic message on X (Formerly Twitter) which hints at a major revelation involving an Indian company. The message read: “Something big soon India”. This comes after Hindenburg published allegations against the Adani Group, accusing them of insider trading and stock market violations. 

    Something big soon India


    — Hindenburg Research (@HindenburgRes) August 10, 2024

    Massive Decline In Adani Group’s Stock 

    On January 24 last year, the firm published a report sharply criticizing the Adani Group, controlled by Gautam Adani just before the planned share sale of Adani Enterprises. Hence, this report triggered which resulted in a massive decline in the group’s stocks, wiping out approximately $86 billion in market capitalization. 

    Adding further, the group’s overseas-listed bonds faced a significant sell-off in response to the allegations. However, the Adani Group has consistently denied all accusations made in the Hindenburg report. At the time of its release, the group dismissed the claims as baseless. 

    What SEBI Revealed In Adani-Hindenburg Case? 

    The Securities and Exchange Board of India (SEBI) has made a new revelation in the Adani-Hindenburg case, considering the connection between the American short-seller firm Hindenburg Research and New York hedge fund manager Mark Kingdon. According to SEBI, Hindenburg shared its report with Kingdon almost two months before releasing it on the Adani Group. This allowed for strategic trading, resulting in massive profits.

    Biggest Fraud In Corporate History

    SEBI issued a 46-page show cause notice to Hindenburg, stating that Hindenburg and Kingdon Capital Management had entered into a ‘Research Agreement’ in May 2021. Under this agreement, the report was shared. The report shared two months prior was almost identical to the report published in January 2023, which accused the Adani Group of perpetrating “the biggest fraud in corporate history.” This accusation led to a market value decline of over $150 billion in Adani’s listed companies.

  • 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.

  • Adani Family Further Infuses Rs 8,339 Crore In Ambuja Cements, Increases Stake To 70.3% | Companies News

    Ahmedabad: The Adani Family on Wednesday said it has fully subscribed to the warrants programme in Ambuja Cements by further infusing Rs 8,339 crore, increasing its stake in the building material company to 70.3 per cent.

    This follows the investment of Rs 5,000 crore on October 18, 2022, and Rs 6,661 crore on March 28 this year by the promoter of the company, thereby infusing a total amount of Rs 20,000 crore in Ambuja Cements post-acquisition.

    The funds’ infusion will be instrumental to accomplish the capacity of 140 million tonnes per annum (MTPA) by 2028 by the cement vertical, the company said in a statement.

    “This infusion of funds provides Ambuja capital flexibility for fast-tracked growth, capital management initiatives and best-in-class balance sheet strength,” said Ajay Kapur, Whole Time Director and CEO, Ambuja Cements Ltd.

    “It is not only testament to a steadfast belief in our vision and business model but also reinforces our commitment to delivering long-term sustainable value creation to our stakeholders and this shall propel us towards setting new benchmarks accelerating our growth and continuing to deliver on operational excellence, business synergies, and cost leadership,” Kapur added.

    The additional investment will fortify the company’s financial position, providing it with enhanced capabilities to pursue its ambitious growth plans and capitalise on emerging opportunities in the market.

    Further, it will also enable various strategic initiatives including debottlenecking capex to enhance operational performance, as well as bringing efficiencies across resources and supply chain, said the company.

    Earlier this week, Ambuja Cements announced the acquisition of My Home Group’s 1.5 MTPA cement grinding unit in Tuticorin, Tamil Nadu, for Rs 413.75 crore.

    The acquisition takes Adani Group’s total cement capacity to 78.9 MTPA.

    Ambuja, with its subsidiaries ACC Ltd and Sanghi Industries Ltd, has taken the Adani Group’s cement capacity to 78.9 MTPA with 18 integrated cement manufacturing plants and 19 cement grinding units across the country.

  • Adani Group To Invest Rs 1.2 Lakh Crore In FY25 | Companies News

    New Delhi: In a bid to set the stage for the next phase of exponential growth, the Adani Group is aiming to invest about $14 billion (nearly Rs 1.2 lakh crore) across its portfolio of companies in the next fiscal year (FY25).

    According to sources, the Group will invest $14 billion in the portfolio, ranging from green energy, airports, cement, commodities, etc in the next financial year. Adani Group Founder and Chairman Gautam Adani has already said he will invest an estimated $100 billion into India’s green energy transition over the next 10 years, with plans to scale up to 10 GW of solar manufacturing capacity by 2027. (Also Read: Zomato Faces Rs 8.6 Crore GST Penalty Notice From Deputy Commissioner Of State Tax)

    According to sources, the projected capex (capital expenditure) for the fiscal year 2024-25 is 40 per cent higher than what the Group companies are estimated to have incurred in the current fiscal year. (Also Read: Flipkart Valuation Declines By Over Rs 41,000 Crore In Two Years)

    More than 70 per cent of the capex will go into its green portfolio like renewable power and the rest will be utilised for building key infrastructure like world-class airports. The Adani Portfolio of companies had reported a record quarterly profit growth of 63.6 per cent (year-on-year), as trailing 12-month EBITDA (as of December 2023) stood at Rs 78,823 crore ($9.5 billion), which is 2.5 times the EBITDA in FY21 and 37.8 per cent higher than FY23 EBITDA.

    The company said that high liquidity is maintained with a healthy cash balance of Rs 44,572 crore ($5.4 billion) at the end of December 31, 2023. The core infrastructure platform generated Rs 66,208 crore ($8 billion) EBITDA over the last 12 months — up 35.4 per cent YoY, the company had said in a statement.

    The record profit came as domestic and international rating agencies, including S&P Global and Moody’s, have upgraded or positively revised the outlook for all key Adani portfolio companies.

  • Gautam Adani Shares 5 Key Success Mantras For Young Entrepreneurs | Companies News

    Mumbai: As more and more young Indians aim to become entrepreneurs, Adani Group Founder and Chairman, Gautam Adani, has laid out five mantras for them to succeed in life, hoping that “these will mean something for all of you”.

    Speaking at a YPO (Young Presidents’ Organisation) Bombay chapter event this week, Gautam Adani said that all the success will come with its challenges and challengers.

    “The greater your success, the bigger will you be as a target, and the true measure of your success will not be in your achievements, but in your ability to rise through the adversities that will come your way along with your achievements,” the Adani Group Founder told the gathering.

    Gautam Adani then elaborated with the recent example of the shorting that the Adani Group had to go through.

    “As most of you will be aware, last year on January 24, we were subjected to a massive attack by a US short-seller. The objective was not just to destabilise us, but also to politically defame India’s governance practices. But despite the efforts to shake our foundations, we stood firm, not just safeguarding our reputation, but also ensuring that we remained focused on our operations,” emphasised Gautam Adani.

    “While there were several learnings, this episode also gave us confidence in our resilience. Our recovery highlights the essence of bouncing back stronger, symbolising the spirit of rising after every fall,” he added.

    The second mantra is that “we live in a complex world and it’s easy to be sold on the theory of simplicity”.

    “While simplicity may be the goal, it is the ability to manage complexity that will differentiate you and make you the ones that can navigate the deep waters as against those that remain on the shallow shores,” said the Adani Group Founder.

    “Every business that I have built has been far more difficult than I had anticipated, and over the years, I have become wiser in my belief that only if I can embrace complexity better than others will I be able to differentiate.”

    The third principle is that “the dynamic model of a fast-growing nation like ours requires a flexible approach that is rooted in local models as against models that often emphasise specialisation and core competencies”.

    “The crux of strategic differentiation often lies in recognising the limitations of bookish knowledge and Western-centric models. While it is important to source ideas from books and literature, keep in mind that these are after all opinions of brilliant storytellers with a great ability to influence,” Gautam Adani noted.

    He further said that resilience often requires the ability to withstand criticism.

    “The higher you rise, the more you will need to prepare yourself to handle criticism. But instead of allowing it to deter progress, you must be willing to be misunderstood, and yet stay resilient. Therefore, it is about cultivating an inner strength that allows you to remain strong in your convictions, even in the face of severe opposition,” Gautam Adani elaborated.

    Number five and the most difficult of all — stay humble.

    “Your success will push back on your humility. But humility is the biggest differentiator you can build. Humility is not thinking less of yourself – it is thinking of yourself a little less. True leadership lies in acknowledging your achievements without letting them overshadow the value of self-awareness,” Gautam Adani told the audience.

  • Deloitte flags issues, might hand over as Adani Ports auditor

    By way of Categorical Information Provider

    NEW DELHI:  Deloitte & Haskins LLP is prone to surrender because the auditor of Adani Ports and SEZ (APSEZ) over issues in regards to the high quality of accounts of the corporate, assets mentioned. Deloitte, which has been auditing the books of APSEZ since FY18, has raised severe issues over the allegations made by means of US-based Hindenburg in its record.

    The transactions flagged by means of Deloitte incorporated engineering, procurement and development (PEC) acquire contracts with a subsidiary of a birthday celebration recognized within the Hindenburg record.

    When contacted, the Adani Team dominated out this sort of chance. An organization spokesperson mentioned there’s a procedure to be adopted for resignation, including that they don’t seem to be conscious about the sort of procedure being initiated. Deloitte declined to remark.

    Within the not too long ago introduced first quarter effects, Deloitte highlighted some transactions flagged by means of Hindenburg as comparable birthday celebration transactions. It mentioned the corporate didn’t imagine it vital to have an unbiased exterior exam of those allegations. However, within the absence of an unbiased analysis, it isn’t ready to make a conclusive remark on such transactions.

    “The analysis carried out by means of the Team does no longer represent enough suitable audit proof for the needs of our audit,” Deloitte had mentioned in notes to APSEZ’s monetary remark.

    Hindenburg Analysis in its January 24 record that levelled allegations of fraud, inventory manipulation, and cash laundering towards the Adani workforce, had additionally flagged insufficient disclosures of comparable birthday celebration transactions. Adani workforce has denied all allegations.

    Two fishy offers

    In Would possibly, Deloitte had flagged 3 transactions, together with recoveries from a contractor recognized within the Hindenburg record, because it issued a professional opinion at the accounts of Adani Ports & Particular Financial Zone. Within the auditors’ record at the audit of the fourth quarter and 2022-23 financials, Deloitte highlighted transactions with 3 entities, which the corporate mentioned had been unrelated events.

    Deloitte on the other hand mentioned it might no longer attest to the corporate’s remark as no unbiased exterior exam has been achieved to end up the claims.

    Deloitte additionally flagged two transactions in its record – an EPC acquire contract with an entity that Hindenburg recognized as a comparable birthday celebration, and the renegotiated phrases of sale of its container terminal beneath development in Myanmar to Anguilla-incorporated  Sun Power Ltd

    The sale attention used to be revised from Rs 2,015 crore to Rs 246.51 crore and an impairment rate used to be taken. The gang informed the auditor those don’t seem to be comparable events.

    (With further inputs from PTI)

    NEW DELHI:  Deloitte & Haskins LLP is prone to surrender because the auditor of Adani Ports and SEZ (APSEZ) over issues in regards to the high quality of accounts of the corporate, assets mentioned. Deloitte, which has been auditing the books of APSEZ since FY18, has raised severe issues over the allegations made by means of US-based Hindenburg in its record.

    The transactions flagged by means of Deloitte incorporated engineering, procurement and development (PEC) acquire contracts with a subsidiary of a birthday celebration recognized within the Hindenburg record.

    When contacted, the Adani Team dominated out this sort of chance. An organization spokesperson mentioned there’s a procedure to be adopted for resignation, including that they don’t seem to be conscious about the sort of procedure being initiated. Deloitte declined to remark.googletag.cmd.push(serve as() googletag.show(‘div-gpt-ad-8052921-2′); );

    Within the not too long ago introduced first quarter effects, Deloitte highlighted some transactions flagged by means of Hindenburg as comparable birthday celebration transactions. It mentioned the corporate didn’t imagine it vital to have an unbiased exterior exam of those allegations. However, within the absence of an unbiased analysis, it isn’t ready to make a conclusive remark on such transactions.

    “The analysis carried out by means of the Team does no longer represent enough suitable audit proof for the needs of our audit,” Deloitte had mentioned in notes to APSEZ’s monetary remark.

    Hindenburg Analysis in its January 24 record that levelled allegations of fraud, inventory manipulation, and cash laundering towards the Adani workforce, had additionally flagged insufficient disclosures of comparable birthday celebration transactions. Adani workforce has denied all allegations.

    Two fishy offers

    In Would possibly, Deloitte had flagged 3 transactions, together with recoveries from a contractor recognized within the Hindenburg record, because it issued a professional opinion at the accounts of Adani Ports & Particular Financial Zone. Within the auditors’ record at the audit of the fourth quarter and 2022-23 financials, Deloitte highlighted transactions with 3 entities, which the corporate mentioned had been unrelated events.

    Deloitte on the other hand mentioned it might no longer attest to the corporate’s remark as no unbiased exterior exam has been achieved to end up the claims.

    Deloitte additionally flagged two transactions in its record – an EPC acquire contract with an entity that Hindenburg recognized as a comparable birthday celebration, and the renegotiated phrases of sale of its container terminal beneath development in Myanmar to Anguilla-incorporated  Sun Power Ltd

    The sale attention used to be revised from Rs 2,015 crore to Rs 246.51 crore and an impairment rate used to be taken. The gang informed the auditor those don’t seem to be comparable events.

    (With further inputs from PTI)

  • Congress reiterates want for JPC to probe allegations towards Adani workforce

    Through PTI

    NEW DELHI: The Congress on Monday alleged that the Very best Court docket-appointed skilled committee and the SEBI have “hit partitions” whilst investigating the Adani workforce’s transactions and wired the will for a joint parliamentary committee probe to resolve the reality within the topic.

    The Congress’ statement comes after a document via the Very best Court docket-appointed skilled committee stated it has discovered no proof of inventory worth manipulation in Adani workforce corporations, whilst a separate SEBI probe into alleged violation in cash flows from offshore entities has “drawn a clean.”

    Taking to Twitter, Congress normal secretary Jairam Ramesh tagged a media document which claimed that the Registrar of Firms (Gujarat), in a ruling previous this month, has held that Adani Energy and its officers had violated provisions of the Firms Act, 2013, via no longer reporting related-party contracts and transactions within the sign in of contract.

    “Because the Modani brigade desperately tries to spin the Very best Court docket Knowledgeable Committee’s document as a ‘blank chit’ (it’s not), extra proof emerges that Adani has engaged in more than one related-party transactions aimed toward duping minority shareholders and unfairly enriching the promoters,” Ramesh stated.

    “The Registrar of Firms in Gujarat just lately dominated that Adani Energy had violated the Firms Act, 2013, via hiding related-party contracts and transactions. It imposed consequences on Gautam Adani, Rajesh Adani and Vineet Jain,” he stated.

    In the meantime, the Very best Court docket Committee or even SEBI have “hit partitions” when investigating the Adani workforce’s transactions, Ramesh claimed.

    “For this reason we want a JPC to resolve the Modani MegaScam,” he stated.

    The Congress has been difficult a Joint Parliamentary Committee (JPC) probe into the allegations towards the Adani Staff. The Adani Staff has pushed aside the allegations as baseless.

    NEW DELHI: The Congress on Monday alleged that the Very best Court docket-appointed skilled committee and the SEBI have “hit partitions” whilst investigating the Adani workforce’s transactions and wired the will for a joint parliamentary committee probe to resolve the reality within the topic.

    The Congress’ statement comes after a document via the Very best Court docket-appointed skilled committee stated it has discovered no proof of inventory worth manipulation in Adani workforce corporations, whilst a separate SEBI probe into alleged violation in cash flows from offshore entities has “drawn a clean.”

    Taking to Twitter, Congress normal secretary Jairam Ramesh tagged a media document which claimed that the Registrar of Firms (Gujarat), in a ruling previous this month, has held that Adani Energy and its officers had violated provisions of the Firms Act, 2013, via no longer reporting related-party contracts and transactions within the sign in of contract.googletag.cmd.push(serve as() googletag.show(‘div-gpt-ad-8052921-2’); );

    “Because the Modani brigade desperately tries to spin the Very best Court docket Knowledgeable Committee’s document as a ‘blank chit’ (it’s not), extra proof emerges that Adani has engaged in more than one related-party transactions aimed toward duping minority shareholders and unfairly enriching the promoters,” Ramesh stated.

    “The Registrar of Firms in Gujarat just lately dominated that Adani Energy had violated the Firms Act, 2013, via hiding related-party contracts and transactions. It imposed consequences on Gautam Adani, Rajesh Adani and Vineet Jain,” he stated.

    In the meantime, the Very best Court docket Committee or even SEBI have “hit partitions” when investigating the Adani workforce’s transactions, Ramesh claimed.

    “For this reason we want a JPC to resolve the Modani MegaScam,” he stated.

    The Congress has been difficult a Joint Parliamentary Committee (JPC) probe into the allegations towards the Adani Staff. The Adani Staff has pushed aside the allegations as baseless.