Page 16 - Adani Group

Adani says appointment of Grant Thornton as auditor 'market rumour'

Adani group's flagship firm on Thursday termed as 'market rumour' reports of the embattled group hiring Grant Thornton to audit books in the aftermath of the Hindenburg crisis. In a stock exchange filing, Adani Enterprises said the reports "appears to be a market rumour and hence it would be inappropriate on our part to comment on it." On Tuesday, sources had stated that the group has appointed accountancy firm Grant Thornton for an independent audit of a few of its companies to come clean after the allegations levelled by US short-seller Hindenburg Research and to assure investors and regulators. The audits, the sources had said, was to specifically look into if there was any misappropriation or repatriation of funds and if loans were used for any purpose other than the one they were intended for. The market value of the group's listed companies has halved since the January 24 report by Hindenburg Research alleging that Adani pulled the largest con in corporate history using offsh

S&P puts Adani Transmission's ESG rating under review on governance issues

Will closely monitor developments, including any investigations by the Indian regulators and any additional disclosures by the Adani group, S&P said in a statement

Adani Green to disclose refinancing plan after fiscal year ends: Source

Adani and two of its main subsidiaries, including Adani Green, caught up in a short-selling storm in recent weeks are holding calls with bond investors on Feb. 16 and Feb. 21

Adani Group firms end on mixed note, Adani Wilmar up 5% on weekly closing

Shares of Adani Group firms ended on a mixed note on Thursday after rallying in the morning trade amid volatile trend in the broader market. Adani Wilmar stock climbed 5 per cent, NDTV rallied 4.99 per cent, Adani Power jumped 4.97 per cent, Adani Ports advanced 1.45 per cent, Adani Enterprises ended 1 per cent higher and Ambuja Cements advanced 0.99 per cent on the BSE. However, shares of Adani Total Gas tanked 5 per cent, Adani Transmission fell 4.93 per cent, Adani Green Energy dipped 0.69 per cent and ACC declined 0.55 per cent. In the broader market, the BSE Sensex ended marginally higher by 44.42 points or 0.07 per cent at 61,319.51. Most of the Adani Group stocks had ended higher on Wednesday. Billionaire Gautam Adani's embattled conglomerate said its balance sheet is "very healthy" and is laser focused on continuing business momentum, as it looked to reassure investors to keep faith in the group despite a share rout triggered by a damning report by a US short-seller. Grou

Any committee other than JPC will be exercise in 'exoneration': Congress

The Congress on Thursday said a thorough investigation into the Adani issue is necessary, holding that any committee other than a JPC will be nothing but an "exercise in legitimisation and exoneration". Congress General Secretary Communications Jairam Ramesh said the proposal before the Supreme Court for setting up of a committee by the government can hardly ensure transparency. In a statement, he said, a Supreme Court bench on February 13, while hearing petitions on the Adani-Hindenburg matter, discussed the creation of a committee of experts to examine the regulatory regime post the allegations made by the US-based short-seller. He said it had directed the Government to give its submissions in this regard by February 17. "Where the allegations are of close, intertwined proximity between the ruling dispensation, the government of India and the Adani Group, the setting up of a committee with terms of reference proposed by the Government of India can hardly carry any insignia or ...

Adani Group denies reports of hiring Grant Thornton for audits amid crisis

Adani Group | Grant Thornton: Media reports suggested that embattled Adani Grpup had appointed accountancy firm Grant Thornton for an independent audit of a few of its companies in a bid to come clean

Adani Group to consider privately placed bond offerings for 3 subsidiaries

If it moved ahead with any offering and was able to secure investors, it could be the first debt issuance for Adani since shortseller Hindenburg Research alleged fraud and stock manipulation

Borrowing blitz makes Adani's empire even more vulnerable amid worst crisis

The conglomerate, with businesses stretching from ports to renewable energy, tapped international bond buyers for more than $8 billion in recent years

Top headlines: ALT's ESG rating under review, Srei group resolution & more

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Mutual fund ownership of Adani group stocks is not very high: Equirus

Primary markets will take few months to recover, says Ashutosh Tiwari of Equirus. Investors, he said, are now only interested in businesses which have better historical growth and cash flow profile.

Adani row: SC agrees to hear fresh PIL of Congress leader on February 17

The Supreme Court on Wednesday agreed to hear on February 17 a fresh plea of a Congress leader seeking investigation under the supervision of a sitting apex court judge against the Adani Group of companies in light of the allegations made by the US-based Hindenburg Research. A bench comprising Chief Justice D Y Chandrachud and Justice P S Narasimha took note of the submissions of a lawyer, representing Congress leader Jaya Thakur, that the plea needed urgent hearing. The bench initially agreed to list the PIL for hearing on February 24 and later decided to hear on Friday after the lawyer pointed out that two other PILs are listed on February 17. Thakur has also sought a direction for investigating the role of the Life Insurance Corporation of India (LIC) and the State Bank of India (SBI) in investing huge amounts of public money in Adani Enterprises. On Monday, the Centre had agreed to the apex court's proposal to set up a panel of experts to look into strengthening the regulatory

Adani says will complete infra projects on time, focused on financials

Adani Enterprises has strong corporate governance, secure assets and cash flows: Executive

Retail investors keep faith on India stocks despite recent Adani rout

Retail investors such as Mistri are part of a groundswell that is changing the face of the world's second-biggest emerging market

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Most of Adani group firms close higher; Adani Enterprises rises 1%

Most of the Adani group stocks closed higher with the flagship Adani Enterprises settling higher by 1 per cent on Wednesday, a day after the conglomerate asserted that its balance sheet is "very healthy". At close, six of the group firms were in the green while four were in the red. "The market cap of Adani group companies continued to fall, down 1.5 per cent on February 15, even as 4 out of 10 conglomerate's stocks ended in the negative. "The combined market valuation of the group is now down 54.9 per cent as compared to that on January 24," Deepak Jasani, Head of Retail Research at HDFC Securities, said. On BSE, Adani Enterprises shares surged 1.61 per cent to close at Rs 1,778.45 apiece, with a market valuation of Rs 2.02 lakh crore. Shares of NDTV jumped 4.70 per cent to settle at Rs 197.20 per share. During the day, the scrip zoomed 5 per cent to touch Rs 197.75 -- its upper price band on the bourse. Besides, Ambuja Cements soared 2.36 per cent to close at Rs 344.60, ACC ro

Adani Group hires banks to hold meetings with fixed-income investor

Adani Group companies said in a stock exchange filing that it faces no material refinancing risk and there is no near-term liquidity requirement

Three Adani stocks could face MSCI axe in May as sell-off tops $400 mn

The stocks on watch are Adani Power, Adani Total Gas and Adani Transmission; analyst says Adani Green Energy may also get deleted from index

Centre using J-K to divert attention from Adani issue, says Mehbooba Mufti

Criticising the ongoing anti-encroachment drive, PDP president Mehbooba Mufti on Wednesday accused the BJP-led Centre of using Jammu and Kashmir to divert attention of the country from pressing issues such as unemployment and the Adani row. "To divert the attention from the Adani issue and the damage it has done to the economy of the country, they (BJP) don't get anything better than Jammu and Kashmir, like demolition drive," Mehbooba told reporters here. Asked about Union Home Minister Amit Shah's comments about the restoration of statehood to Jammu and Kashmir, the former chief minister said, "They do not make statements, they make jumlas." "He himself said the promises of two crore jobs and Rs 15 lakh in every bank account were election jumla (rhetoric)," she said. Mehbooba said Shah was the first home minister in the history of independent India who turned a state into a Union territory. On the demolition drive, she said the BJP earlier used to brand the people of Jammu and ..

No refinancing, liquidity issues, says Adani to calm jittery investors

Adani has rejected the concerns in detailed rebuttals of the Hindenburg report's allegations and criticism that it had unsustainable debt

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