Page 7 - Gautam Adani

All governments are crony capitalists

The Adani saga has dented the government's image of incorruptibility. But it is doubtful whether the cronyism embedded in India's economic fabric will disappear anytime soon

Adani Power reports 96% decline in profits, cites high coal import costs

Adani Power on Wednesday reported 96 per cent decline in consolidated net profit at Rs 8.77 crore for December quarter 2022-23 mainly on the back of higher expenses. In the year-ago period, the profit was Rs 218.49 crore, the company said in a BSE filing. Total expenses increased to Rs 8,078.31 crore in the quarter from Rs 5,389.24 crore. Total income rose to Rs 8,290.21 crore from Rs 5,593.58 crore in the same period a year ago. During the quarter, the company and its subsidiaries achieved an average Plant Load Factor (PLF or capacity utilisation) of 42.1 per cent and power sale volume of 11.8 Billion Units (BU), as compared to PLF of 41 per cent and power sale volume of 10.6 BU in Q3 FY22. Operating performance for Q3 FY23 includes the performance of the 1,200 MW power plant of Mahan Energen Ltd, which was acquired in March 2022. Operating performance during the quarter under review was constrained mainly due to high prices of imported coal and insufficient domestic fuel ...

Rahul Gandhi making baseless allegations against govt: Ravi Shankar Prasad

BJP Lok Sabha member and former Union Minister Ravi Shankar Prasad on Wednesday alleged in Parliament that the Gandhi family was mired in corruption, and while themselves being out on bail

TotalEnergies has not signed contract on new Adani hydrogen venture

TotalEnergies has not yet signed a contract announced last year to extend its partnership with India's Adani to the production of green hydrogen, the chief executive of the French oil major said

To win back investors' trust, Adani Group to probe Hindenburg allegations

The decision to undertake an independent assessment comes at a time when investor faith in the group has been shaken

Rahul questions rise in Adani's fortunes, says happened during BJP's rule

A belligerent Rahul Gandhi on Tuesday led a blistering opposition attack in Lok Sabha over the Hindenburg report, claiming that the meteoric rise in Gautam Adani's fortunes happened after the BJP came to power in 2014 as he rose in the global rich list from the 609th to the second spot eventually. The Congress leader's remarks drew a sharp response from the treasury benches, with Law Minister Kiren Rijiju asking him not to level "wild allegations" and furnish proof of his claims. Outside Parliament, BJP leader Ravi Shankar Prasad accused Rahul Gandhi of making baseless, shameless and reckless allegations and charged that the Congress and the Gandhi family were involved in "big scams" which "tarnished" the image of the country. Speaker Om Birla disapproved of the Congress leader displaying two pictures of Prime Minister Narendra Modi - one in which he can be seen with Adani inside a plane and the other in which he is getting down from a plane which has an Adani logo on it - to ...

Sell-off in bank stks amid Adani fiasco provides good entry point: Analysts

Analysts believe the sell-off in bank stocks is overdone since exposure of Indian banks to Adani group remains contained

There was no pressure from Adani Group to sell Mumbai airport: GVK's Reddy

GVK Group Vice Chairman Sanjay Reddy on Tuesday said there was absolutely no pressure from the Adani Group or anyone else to sell the Mumbai airport. His comments come on a day when Congress leader Rahul Gandhi alleged in Lok Sabha that "Mumbai airport, was taken away from GVK using agencies such as the CBI and the ED, and was given to Adani by the Government of India". Adani Group took over the management of the Mumbai airport from the GVK Group in July 2021. In an interview to television channel NDTV on Tuesday, Sanjay Reddy said, "There was absolutely no pressure from the Adani group or anyone else for us to sell the Mumbai airport." While explaining the circumstances that led to the sale of the airport, Reddy said the group was looking to raise funds for the airport business. Reddy said that at that time, Gautam Adani approached him and said he had a lot of interest in the airport and whether GVK group was willing to do a transaction with him. "... He (Adani) said that he wil

Adani Green Energy Q3 net profit more than doubles to Rs 103 crore

Adani Green Energy's consolidated net profit more than doubled to Rs 103 crore in the December quarter, mainly on the back of higher revenues. The consolidated net profit of the company was at Rs 49 crore in the year-ago period, according to a BSE filing on Tuesday. Total income in the third quarter of the current fiscal rose to Rs 2,258 crore from Rs 1,471 crore in the same period a year ago. The solar CUF (Capacity Utilisation Factor) and sale of energy improved with the integration of a high-quality SB Energy portfolio having a CUF of 26.0 per cent in the April-December 2022 period, consistent high plant availability, improved grid availability and improved solar irradiation. The sale of energy from the wind portfolio has increased significantly backed by strong capacity addition. However, the wind CUF has reduced primarily due to a one-off disruption in the transmission line (force majeure) for a 150 MW plant in Gujarat, which is now fully restored. "We are making steady progr

'7 Adani stocks faced regulatory surveillance since 2019 for volatility'

Amid a political furore over a meltdown in the Adani group shares, stock market data shows it is not only the plunge now but the sharp surge of the past also drew regulatory attention and enhanced surveillance. Adani group stocks have taken a huge beating on the bourses, losing billions of dollars in market value, after US-based activist short-seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. The Adani group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements. The opposition, however, has been calling it a big fraud. The capital markets watchdog, the Securities and Exchange Board of India (Sebi), has also been facing criticism from some opposition leaders that it has not intervened in the matter. Sebi has said it is committed to ensuring the stock market's integrity and all necessary surveillance measures are in place to address any excess

To pacify stakeholders, top banks declare their exposure to Adani Group

The lenders to the group include big names like the State Bank of India, Bank of Baroda, the Punjab National Bank, Axis Bank, and IndusInd Bank

Indonesia president warns regulator to boost supervision after Adani rout

Widodo pointed to the depreciation of the rupee and capital outflows from India after the meltdown in stock market values of Adani Group companies

Adani prepays loans worth $1.11 bn, releases pledged shares in 3 firms

Move follows Hindenburg Research accusing Adani Group of improper use of offshore tax havens and stock manipulation

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Adani to prepay $1.11 billion loans on shares, denies report on capex cut

(Reuters) India's Adani Group on Monday said shares related to some group companies will be released following the pre-payment of $1.11 billion of loans ahead of their maturity in 2024

Adani case brings back the question of infrastructure financing in India

The projects need cash, and Adani could well face serious shortfalls. Whether the govt bails them out by giving money or takes them over is a billion-dollar question

PM will do his best to avert Adani issue in Parliament: Rahul Gandhi

Congress leader Rahul Gandhi on Monday said Prime Minister Narendra Modi will do his best to avert a discussion on the Adani issue in Parliament, asserting that the country should know what power is behind the billionare businessman. "Modi ji will do his best to avert a discussion on Adani ji in Parliament. There is a reason for it and you know that. I want there should be a discussion on Adani issue and the truth should come out. The lakhs and crores of corruption that has taken place should come out. The country should know what is the power behind Adani," Gandhi told reporters here. "For a number of years, I have been talking about the government and 'Hum do, Humare do'. The government does not want and is scared of a discussion in Parliament on Adani ji. The government should allow a discussion in Parliament and there will be attempts to avoid it," he also said. The Congress has stepped up the offensive against the government over the Adani-Hindenburg issue and is seeking a ...

Ahead of maturity in Sep 2024, Adani Group to pre-pay $1.1 billion

Adani Group on Monday said that the promoters will pre-pay USD 1,114 million for the release of pledged shares of its firms ahead of the maturity in September 2024. These shares belong to Adani Ports & Special Economic Zones, Adani Green Energy and Adani Transmission, a statement said. "This is in continuation of promoters' assurance to pre-pay all share-backed financing," it said. This statement assumes significance in view of the allegations of fraud and stock manipulation by a short-seller against the Adani Group, which led to a steep fall in the share prices of group firms. "In light of the recent market volatility and in continuation of promoters commitment to reduce the overall promoter leverage backed by Adani listed companies shares, we are pleased to inform that promoters have posted the amounts to pre-pay USD 1,114 million ahead of its maturity of September 2024", the statement said. On pre-payment, 168.27 million shares of Adani Ports & Special Economic Zones ...

Adani in talks to prepay loans on shares, denies report on capex cut

Adani Group is in talks to prepay all loans backed by pledged shares, a spokesperson told Reuters on Monday

Will India remain untouched by the slide of Adani?

Whether the Opposition is successful or not in getting a JPC to inquire into the allegations against the Adani Group, it will not fail to use the issue in public as well as in Parliament