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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 categorization 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 capitalization (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

  • Hindenburg report: Parliament suddenly got adjourned sine die, now we know why, says Congress

    Congress on Saturday used the Latin phrase “Quis Custodiet Ipsos” or “who will guard the guards themselves” to take a dig at SEBI chief Madhabi Buch, after US short seller Hindenburg leveled allegations against her.

    Hindenburg has alleged that Buch and her husband Dhaval had stakes in obscure offshore funds used in the Adani moneysiphoning case.

    Tagging the Hindenburg post on the allegations on In another post on the microblogging platform, Ramesh said, “Parliament was notified to sit till the evening of August 12th. Suddenly it got adjourned sine die on the afternoon of Aug 9th itself. Now we know why.”— Jairam_Ramesh (@Jairam_Ramesh) In a blogpost, Hindenburg said 18 months since its damning report on industrialist Gautam Adani, “SEBI has shown a surprising lack of interest in Adani’s alleged undisclosed web of Mauritius and offshore shell entities.”

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    Citing “whistleblower documents”, it alleged: “Madhabi Buch, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani money siphoning scandal.” The SEBI (Securities and Exchange Board of India), which had been investigating the Adani group even before the Hindenburg report, had told a Supreme Courtappointed panel last year that it was probing 13 opaque offshore entities that held between 14 per cent and 20 per cent across five publiclytraded stocks of the conglomerate. It has not stated if the two incomplete probes have since been concluded.

  • 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 utilized 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.