Adani Companies | Business Upturn

Adani commissions 130 MW wind power plant in Gujarat

United News of India (UNI) — Fri, 26 May 2023 11:54:46 +0000

New Delhi, May 26 : Adani Wind Energy Kutchh Five Ltd, a subsidiary of Adani Green Energy Ltd (AGEL), on Friday said it has commissioned a 130 MW wind power plant at Kutchh in Gujarat.

The plant has a 25 year power purchase agreement (PPA) of 130 MW with Solar Energy Corporation of India (SECI) at Rs 2.83/kWh.

“With the successful commissioning of this plant, AGEL’s operational wind generation capacity has increased to 1,101 MW and the total operational renewable generation capacity has increased to 8,216 MW,” Adani group said in a statement.

” This places AGEL’s total renewable portfolio well on track to reach its vision of 45 GW (gigawatt) capacity by 2030,” it further said. As per the company, the newly commissioned plant will be managed by the Adani Group’s ‘Energy Network Operation Centre’ (ENOC) platform.

“Through its successive projects, AGEL has continued to integrate the objective of sustainability with economic development, creating jobs as well as enabling decarbonization in line with India’s commitment at United Nations Climate Change Conference in Paris and taking it one step closer towards climate leadership,” Adani said.

Here’s why the Gautam Adani Probe still continues amid multiple SC hearings

Kashvi Basu — Fri, 12 May 2023 19:06:04 +0000

U.S short seller, Hindenburg created an upheaval in the in the stock market as it released it’s report directly accusing the Indian conglomerate, Adani Group. A little over three months, on 24^th January, 2023, Hindenburg report was released with a sensational title that read, “Adani Group : How The World’s 3^rd Richest Man Is Pulling The Largest Con In Corporate History.” The report which was a result of a two year long investigation indicated that the Adani Group was involved in a brazen stock manipulation and accounting fraud scheme panning over a decade.

The report wiped out more than $150 billion from Adani group’s market value in a mere five weeks since January 24 and Gautam Adani lost his place as Asia’s and India’s richest man. On January 29^th, Adani group proceeded to release a 413 page statement which accused Hindenburg report of being false and a stunt to tarnish the company’s image. He called it a “calculated attack” on India. Later , in a wild turn of events Adani called off the CPO of Adani Enterprises which raised many eyes . Amidst the chaos several leaders of the opposition party, including the Congress, the DMK, the AAP and some Left parties carried out a protest march to the Enforcement Directorate’s Delhi office to file a complaint against the Adani Group over the Hindenburg report, alleging ‘corporate fraud, political corruption, stock-price manipulation’. On March 2, the apex court finally directed the capital market regulator SEBI to investigate any violations of securities law by the Adani Group in the wake of the Hindenburg report. The six-member expert panel which was set up by the Supreme Court following the publication of the Hindenburg report on the Adani Group submitted a report in a sealed cover to the apex court on May 8.

The Supreme Court of India on Friday i.e 12^th May,2023 informed the Securities and Exchange Board of India (SEBI) that a period of three months would be granted to finish the ongoing probe into stock manipulation by Adani group. The entire probe had unfolded because of the harsh allegations made by the American short-seller Hindenburg in their report infamously termed as the Hindenburg report.

The bench led by Chief Justice of India Dr Dhananjaya Yeshwant Chadrachud and also comprising Justices PS Narsimha and JB Pardiwala reverted to this case after a gap of almost two months after it had asked market regulator and an experts’ panel to review the case before putting forth their judgement. Congress general secretary Jairam Ramesh also posted on his twitter handle stating that, “Supreme Court has given time till August 15th for SEBI to submit its report on the Adani Group.” Congress has been consistently putting pressure on the government while demanding for a Joint Parliamentary Committee probe to look into the accusations that have been hurled on the Adani group by Hindenburg.

If we look at it from the business aspect, shares of 10 Adani group firms have managed to recover from the initial February lows, but are still down 49 per cent from January 24 level, which was the day when US-based short seller Hindenburg Research made severe allegations against Adani group. The Hindenburg report led to over $140 billion in value erosion in the 10 listed Adani Group companies earlier this year. The Adani- Hindenburg row will continue as more allegations have surfaced which have led to numerous controversies. As for now, the next Supreme Court Hearing has been scheduled for 15^th May,2023 due the constant pleas of SEBI for an extension of time.

Rahul Gandhi takes swipe at ex-party leaders, questions government on Adani

United News of India (UNI) — Sat, 08 Apr 2023 16:39:08 +0000

New Delhi, Apr 8: Stepping up its attack at the BJP-led government at the Centre on Adani issue, Congress leader Rahul Gandhi on Saturday took swipe at his former party leaders including Ghulam Nabi Azad, Jyotiraditya Scindia and Himanta Biswa Sarma.

Azad severed his several decades association with Congress and floated his own party Democratic Azad Party, while Scindia is a Minister in the Narendra Modi-led Union Cabinet, and Sarma is the Chief Minister of Assam under the BJP-led government in the Northeastern State.

The trio have been training guns at the Gandhi family besides questioning the functioning of the Congress since they deserted the party.

The Congress leader who has been demanding to Prime Minister Narendra Modi to disclose to the public about his relationship with billionaire businessman Gautam Adani since after the Hindenburg Research report on Adani Group took a dig at his former colleagues with his quirky tweet, and also questioned the government on the same.

Along with the tweet, the former Congress president also shared a graphics mentioning the names of five former party leaders, which also spell ‘Adani’.

The Hindenburg Research report alleged the Adani Group had engaged in stock manipulation and accounting fraud schemes over the course of decades.

“They hide the truth. So, they mislead everyday. The question remains the same whose Rs 20,000 crore benami money is in Adani’s companies,” asks the former Congress chief through his tweet.

Opposition parties has been demanding a Joint Parliamentary Committee (JPC) probe into the Hindenburg Research report over Adani Group.

Meanwhile, Assam CM and North East Democratic Alliance (NEDA) convenor hit back at the former Congress president and said,

“It was our decency to have never asked you, on where have you concealed the proceeds of crime from the Bofors and National Herald Scams.

“And how you allowed Ottavio Quattrocchi to escape the clutches of Indian justice multiple times .Any way we will meet in the Court of Law,” Sarma wrote in a twee.

Echoing a similar sentiment, Anil Atony, son of veteran Congress leader and former Union Minister AK Antony, whose name also mentioned in the Rahul Gandhi’s tweet, in a tweet wrote, “Rahul Gandhi – This is sad to see a former President of a national party – the so called PM candidate of the Congress speak like an online / social media cell troll and not like a national leader. Very humbled to see my fledgling name also with these tall stalwarts who have contributed decades for nation building work – and had to leave the party as they preferred to work for India and our people and not for a family.”

Anil Atony has joined the BJP recently.

MSCI cuts 4 Adani Group companies’ free-float designations

Aryan Jakhar — Fri, 10 Feb 2023 02:38:43 +0000

According to Reuters, index provider MSCI has reduced the free-float classifications of four shares from India’s Adani Group, a move that experts have warned might harm their index weightings.

MSCI stated that it has lowered Adani Enterprises, Adani Total Gas, Adani Transmission, and ACC’s free floats. The free floats of the remaining firms will remain unchanged. MSCI defines free float as the proportion of outstanding shares that are available for purchase in public equity markets.

According to Reuters, the four businesses for which the free float categorization change was disclosed had a combined 0.4% weighting in the MSCI emerging markets index as of January 30. The modifications take effect on March 1.

Stocks tied to the Adani Group, meanwhile, have not been removed from MSCI Inc. indices. On Wednesday, the index provider stated that it was reviewing the number of shares linked to the group that were freely tradable in public markets after determining that the characteristics of certain investors were uncertain enough that they should no longer be designated as free float under its methodology.

“MSCI has received feedback from a range of market participants concerning the eligibility and free float determination of specific securities associated with the Adani Group for the MSCI Global Investable Market Indexes (GIMI),” it had said in a statement.

MSCI stated last month that it has solicited comments from market players on Adani Group’s position and is actively monitoring any information that may exclude the conglomerate’s stocks from inclusion in its indexes.

Since the US-based short seller Hindenburg Research claimed that a web of Adani family-oowned offshore shell organisations in tax havens were used to facilitate corruption, money laundering, and taxpayer fraud, the worth of seven Adani Group companies has been reduced by roughly $100 billion. The company has dismissed the report and threatened legal action. Chairman Gautam Adani stated last week that the group’s balance sheet is in good shape.

Adani Group has recently increased its efforts to reassure investors and banks by repaying loans and promising to lower debt ratios. The group’s dollar debt has fallen in value, attracting purchasers such as Oaktree Capital Management and Davidson Kempner Capital Management.

Adani group refutes “overleverage” view, cites reduced debt load

Pranay Maniar — Mon, 05 Sep 2022 11:28:00 +0000

Adani Group has stated that they have reduced the load of debt to deny the report that suggested that the company’s finances were over-stretched.

Using numbers that contradicted the CreditSights report from last month, the Conglomerate said,” “continue to be healthy and are in line with industry benchmarks.”

“The companies have consistently de-levered, with the net debt to Ebitda ratio declining to 3.2 times from 7.6 times in the last nine years.” The group added.

The empire created by billionaire Gautam Adani was described as “seriously overleveraged” by CreditSights, a Fitch Group subsidiary, on Monday as a result of an expansion that “pressed its credit metrics and cash flows.”

The 60-year-old Adani has invested the last five years in growing his coal-to-ports conglomerate by foraying into a variety of industries, including data centres, cement, media, and alumina. The group today controls the largest private-sector coal miner, city-gas distributor, and operator of ports and airports in India.

Adani also promised to invest $70 billion in renewable energy, making it the largest producer in the world.

In the report released on Monday, Adani Enterprises was noted as having an Ebitda to gross interest ratio of 1.98. A number of 1.6 was provided by CreditSights.

It also cited metrics such as the share of debt to equity, which Adani did not refer to.

Data: Bloomberg

3 multi-bagger Adani Stocks that have hit new highs today

Yakita Somani — Fri, 19 Aug 2022 07:39:06 +0000

Three Adani group equities — Adani Power, Adani Enterprises, and Adani Transmission — have set new highs in early morning trading today. All of these Adani shares opened with an upward gap and went on to reach a lifetime high on Friday.

3 multi-bagger Adani Stocks that have hit new highs today

Adani Power: Adani Power Limited’s shares have been consistently rising to new highs. This Adani scrip has rocketed to new highs in all four sessions this week, and it has hit the upper circuit in all three previous sessions. Adani Power’s share price has climbed more than 40% in the previous month, while in the last six months, this multi-bagger company has risen from roughly 120 to 418.85 per share, a 250% increase. It has given more than 310% return to its shareholders YTD, and it has given over 440% return to its shareholders in the last year.

Adani Transmission: Adani Transmission Ltd shares opened with an upside gap today and went on to record a new life-time high of 3,694 per share on the NSE. This is the third time in four trading sessions this week that Adani Transmission shares have reached a new all-time high. The stock has been rising and has gained more than 21% in the last month. In the previous six months, this multi-bagger Adani stock has returned about 95% to its positional investors, while it has returned more than 110% to its shareholders year so far. In the last year, this Adani stock has risen from roughly 1,125 to 3,694 per share, offering a 225% return to its stock owners.

Adani Enterprises: This multibagger stock has reached a new high for the sixth consecutive session. Adani Enterprises’ share price rose today, reaching a new all-time high of 3,258.90 per share on the NSE. This Adani group stock has returned more than 12% this week, and it has returned more than 30% in the last month to its owners.

Stock Market update: Adani Green Energy Ltd shares up by 4.52% post provisional update on Q3 earnings

Malvika Choudhary — Tue, 11 Jan 2022 08:46:28 +0000

Adani Green Energy Ltd shares hopped to 4.52 per cent at INR 1,504.00 apiece today at 2.27 IST on the NSE in Tuesday’s afternoon deals after the company issued a provisional operational update for the third quarter Q3. The company’s total operational capacity expanded by 84% year-on-year (YoY) to 5,410 MW

The standalone quarterly results of the company displayed that the company’s total income from operation was Rs 4,848 crores in September 2021 compared to Rs 1,446 crores in June 2021 on the other hand the consolidated data showed the total income of Sept 2021 at Rs 1,295 crore compared to Rs 997 crores in June 2021.

The company’s sale of energy expanded by 97% on yearly basis at 2,504 million units in Quater 3 financial year 22 as compared to 1,273 million units in Quater 3 financial year 21.

“By 2030, we expect to be the world’s largest renewable energy company without any caveat — and we have committed USD 70 billion over the next decade to make this happen. There is no other company that has yet made such a large bet on developing its sustainability infrastructure,” Adani had said.

Meanwhile, The Adani Group was backed by around 97% plant availability and the firm’s wind portfolio CUF reached 18.6% with 10 base points (bps) progress during the third quarter. Adani Green’s Solar portfolio CUF stood at 21.9% with a 110 bps gain backed by around 100% plant availability. The operational performance does not refer to the performance of 150 MW operational wind assets under acquisition from Inox, the company clarified.

Adani Green Energy Limited is an Indian renewable energy company headquartered in Ahmedabad, Gujarat. The flagship of the company is the Indian conglomerate Adani Group. The company operates the Kamuthi Solar Power Project, one of the largest solar photovoltaic plants in the world.

Some Adani companies are under the watchful eyes of SEBI, affirms MoS for finance

Bhaswati Sengupta — Mon, 19 Jul 2021 14:02:42 +0000

In accordance with a reply to a question in Parliament, some of the Adani Group companies are under the scanner of the Securities and Exchange Board of India over the compliance with the rules.

Minister of state for finance, Pankaj Chaudhury has given a written reply to a question raised by the Lok Sabha member Mahua Moitra stating, “The Directorate of Revenue Intelligence is also investigating certain entities belonging to the Adani Group under laws administered by it.”

He further noted that the holding of foreign portfolio investors in six publicly-traded Adani companies is based on day to day trading of shares and is ‘dynamic’.

In a press statement, Adani Group asserted that they are yet to receive any communication from SEBI. They further voiced that the companies are in full compliance with the regulations.

The press statement stated, “With regard to the DRI matter, it issued a show-cause notice to Adani Power, about 5 years back. Subsequently, DRI passed an order in favor of Adani Power confirming that there is no overvaluation of equipment. The department has approached the Tribunal and the matter stands sub judice now.”

Earlier this month, Gautam Adani condemned ‘reckless and irresponsible reporting by some media houses regarding the freezing of the accounts of three foreign portfolio investors namely Albula Investment Fund, Cresta Fund, and APMS Investment fund that altogether owns around Rs 42,000 crore worth of share in his group companies.

He claimed that the ‘twisted narrative’ put forward by the media houses has affected some of his company’s small investors.

Shares that dropped following the minister’s comments :

-Adani Total Gas Ltd extended decline to its daily 5 percent limit.

-Adani Power Limited dropped by around 4.9 percent.

-Adani Transmission Ltd, Adani Enterprises Ltd, and Adani Green Energy Limited recorded a decline between 2.6 percent and 3.5 percent.

-Adani Ports and Special Economic Zone Ltd. extended the decline to 3.8 percent prior to pairing some losses.