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  • Adani Green Energy Rally 18% On Securing $1.36 billion In Follow-On Funding – News18

    Adani Green Energy Rally 18% On Securing $1.36 billion In Follow-On Funding – News18


    Last Updated: December 05, 2023, 11:22 IST

    Adani Green Energy shares jump over 18% today. Here’s why

    Adani Green Energy shares jump over 18% today. Here’s why

    Shares of Adani Green Energy Limited (AEGL) surged 18.48 per cent at Rs 1,330.90 apiece. With this, the market capitalisation of the company rose to Rs 2.10 lakh crore. This comes after the company announced that it secured an additional $1.36 billion funding via senior debt facility.

    “The financing will be a key enabler for developing the world’s largest renewable energy park at Khavda in Gujarat”, the company said in an exchange filing on December 5.

    In the last month, Adani Green Energy stock has gained nearly 27 per cent.

    The company highlighted that eight international banks were part of the financing, which will be a “key enabler for developing the world’s largest renewable energy park at Khavda in Gujarat”.

    The consortium of lenders includes BNP Paribas, Co¶peratieve Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.

    Amit Singh, CEO, Adani Green Energy Ltd, said, “We believe, Construction Financing Framework is an essential element of our development agenda and supports our unwavering commitment to build a sustainable future. The funding not only validates our expertise as a developer and operator of strategically vital renewable energy projects but also demonstrates the trust by our financiers in our strategic vision.”

    “We are committed to deliver the low-cost green electrons by leveraging technology, accelerating digital transformation, and continued focus on development and operational excellence. We are committed to expand our renewable power capacity to 45 GW by 2030 underscoring our dedication to mitigate climate change risks,” he added.

    In other news, shares of Adani Group stocks rallied sharply higher on Tuesday after the Bloomberg reported US agency concluded accusations against the Guatam Adani-led conglomerate weren’t relevant. The news by the news agency citing US officials pushed the Adani stocks upwards.

    According to the report by Bloomberg, a senior US official stated that the US government deemed Hindenburg Research’s accusations of corporate fraud against Indian billionaire Gautam Adani irrelevant. This decision was made before approving an extension of up to $553 million for his conglomerate’s container terminal project in Sri Lanka.

    The focus of the International Development Finance Corp (DFC) during its due diligence investigation of the Adani Group was on the damning accusations outlined in a critical report by US-based Hindenburg Research.

    Following the update, shares of Adani Enterprises Ltd surged more than 6 per cent to Rs 2681.75 on Tuesday. The flagship firm of Adani Group’s total market capitalization topped Rs 3 lakh crore mark once again. The stock has surged about 160 per cent from its 52-week lows.

    Adani Ports and Special Economic Zone Ltd surged more than 5 per cent to hit new 52-week highs at Rs 924.80 on Monday. The Nifty50 constituent commanded a total market capitalization of more than Rs 2 lakh crore early in the session. The stock has gained 135 per cent from its 52-week lows.

    Adani Energy Solutions Ltd and Adani Power Ltd gained 4 per cent each to Rs 938.10 and Rs 484.05 with a total market valuation close to Rs 1.05 lakh crore and Rs 1.85 lakh crore, respectively. Adani Wilmar rose more than 3 per cent to Rs 357 in the early session on Tuesday, with a total mcap of Rs 47,500 crore.

    Among the acquired entities, Ambuja Cements was up by more than 5 per cent to Rs 499.95, while another cement player from the Adani pack was up 3 per cent to Rs 2088.50 early in the day. The combined mcap of these companies stood at Rs 1.4 lakh crore.

    aparna 2023 11 979f2907c6165cf4d4e3836c347fb133
    Aparna Deb

    Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious abo…Read More



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  • Adani Green, Adani Enterprises, Adani Power: Adani Group Stocks Rise Up To 15%; Know Why – News18

    Adani Green, Adani Enterprises, Adani Power: Adani Group Stocks Rise Up To 15%; Know Why – News18


    Last Updated: December 04, 2023, 13:18 IST

    Adani Green, Adani Enterprises, Adani Power Rally up to 15%

    Adani Group company shares rallied up to 15 per cent on the BSE in Monday’s intraday trade amid a firm market momentum

    Adani Group company shares rallied up to 15 per cent on the BSE in Monday’s intraday trade amid a firm market momentum after a clean sweep by the Bharatiya Janata Party (BJP) in three Assembly elections.

    However, except Adani Power and Adani Port, the rest of the Adani Group stocks have underperformed the market in calendar year 2023 as an unsubstantiated report by the US-based short seller Hindenburg Research resulted in the group’s stock crashing in January.

    Following the assembly elections results in Chhattisgarh, Madhya Pradesh, and Rajasthan, the Adani group flagship Adani Enterprises hit a 10 per cent upper circuit, while Adani Energy Solutions rose 14 per cent. Adani Power and Adani Green Energy surged over 12 per cent. Adani Total Gas, Adani Ports, and Adani Wilmar advanced 5-8 per cent.

    “These results, branded as a semi-final to the forthcoming May’24 Loksabha elections, will provide comfort to the markets as far as political stability is concerned. The incumbent BJP’s performance in avoiding anti-incumbency and retaining a big state like MP (5th consecutive term) while managing to regain Rajasthan and Chhattisgarh should provide them with a good tailwind for the 2024 general elections,” said Motilal Oswal.

    “While state elections have shown no correlation with Loksabha elections in the past (BJP had lost these three states in Dec’18 but won the 2019 Loksabha elections with a better majority than 2014), it nonetheless removes a key overhang of political uncertainty for the markets for the next five months,” it said.

    Stocks have been rising since last week following the Supreme Court’s conclusion of hearings in a lawsuit where market regulator SEBI is investigating extensive allegations of corporate wrongdoing against the conglomerate, analysts added.

    Gautam Adani now ranks 20th on the Bloomberg Billionaires Index with a $65.8 billion fortune. A stock rally in firms owned by Gautam Adani added $5.6 billion to his net worth last week, according to Bloomberg.

    Adani Group saw a wealth surge of over Rs 1.76 lakh crore in last one week.

    The Supreme Court last week reserved judgment on PILs seeking a court-monitored probe into allegations by Hindenburg Research against the Adani group for stock market violations. The Court questioned SEBI on safeguarding investors from market fluctuations. Allegations of inflated share prices caused a significant drop in Adani companies’ value, prompting petitions. The Court’s intervention stemmed from the stock market’s extreme volatility during the hearings.

    Despite the pending court verdict and ongoing regulatory probe posing uncertainty for the conglomerate, investors remain optimistic about the Adani Group’s future after the recent earnings.

    Listed Adani group companies saw a substantial year-on-year (Y-o-Y) increase in net profit during the first half of 2023-24 (H1FY24), more than doubling to Rs 24,494 crore despite a decline in revenue. These ten firms reported a 92 per cent surge in net profit, while their net sales dropped by 14.4 per cent to Rs 1.50 trillion in H1FY24 as per ACE Equities data. Additionally, the total debt by September 2023 marginally decreased by 1.2 per cent to Rs 2.18 lakh crore compared to FY23’s Rs 2.21 lakh crore.

    Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

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    Aparna Deb

    Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious abo…Read More



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  • Adani Shares Decline Up To 4.2% After Auditor Deloitte Resigns – News18

    Adani Shares Decline Up To 4.2% After Auditor Deloitte Resigns – News18


    Shares of Adani Ports and Special Economic Zone on Monday, August 14, declined 3.5 per cent in the early trade after the company’s auditor Deloitte resigned. In a 163-page filing with stock exchanges relating to Deloitte Haskins & Sells LLP’s resignation, Adani Ports and Special Economic Zone (APSEZ) has said that in meetings with its leadership, Deloitte indicated concern over a lack of a wider audit role as auditors of other listed Adani companies.

    Adani Enterprises was also down by Rs 106.3 or 4.19 per cent to Rs 2,432.15 on the BSE. Adani Green Energy was down too, by Rs 22.25 or 2.29 per cent at Rs 949.25.

    The BSE Sensex on Monday, August 14, declined by about 460 points to 64,862 in the opening trade, owing to pessimism across the Asian indices. The NSE Nifty also declined 154.1 points to 19,274.20 in the early morning trade. The rupee fell 25 paise to 83.07 against US dollar in early trade.

    Among 30 Sensex companies, 25 were in the red. Top-5 losers included JSW Steel, Tata Motors, SBI, Bajaj Finserv were Tata Steel, declining up to 2.12 per cent.

    Mohammad Haris

    Haris is Deputy News Editor (Business) at News18.com. He writes on various issues related to markets, economy and companies.…Read More



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  • Adani Ent, Adani Power, And Other Adani Stocks Fall Up To 6%; Know Why Are Stocks Falling – News18

    Adani Ent, Adani Power, And Other Adani Stocks Fall Up To 6%; Know Why Are Stocks Falling – News18


    Adani Stocks Fall Today: Adani Group shares were under pressure, falling up to 6 per cent on the BSE in Friday’s intra-day trade following reports that the Group has drawn regulatory scrutiny in the US after a short seller’s report. All the 10 listed counters of the Gautam Adani-led conglomerate opened with big cuts in the last trading session of the week.

    The ten listed Adani Group companies have lost a cumulative market capitalisation of over Rs 52,000 crore in Friday’s trading session so far. This is the biggest market capitalisation erosion for the group in over four months. The last instance was when the group had lost Rs 59,538 crore on February 9 this year.

    According to a Bloomberg report, the US authorities are looking into what representations Adani Group made to its American investors following a scathing short seller’s report that accused the company of using offshore companies to secretly manipulate its share prices.

    The US Attorney’s Office in Brooklyn, New York, has sent inquiries in recent months to institutional investors with large holdings in the India conglomerate; Bloomberg reported quoting one person familiar with the inquiries, the report stated.

    Shares of Adani Enterprises, the flagship company of Adani Group, dipped 6 per cent to Rs 2,251 on the BSE in intra-day trade. Adani Ports and Special Economic Zone, Adani Power, Adani Total Gas, Adani Transmission, Adani Green Energy, Adani Wilmar, Ambuja Cements and ACC were down 2 per cent to 4 per cent. In comparison, the S&P BSE Sensex was down 0.28 per cent at 63,061 at 10:17 AM.

    Adani Ports and Special Economic Zone cracked more than 3 per cent to Rs 721 levels, commanding a total market capitalization of little more than Rs 1.50 lakh crore. The scrip had settled at Rs 745.50 in the previous trading session.

    Adani Power dropped over 4 per cent to Rs 246.25 as its market capitalization slipped below Rs 1 lakh crore market, while Adani Transmission, Adani Total Gas and Adani Green Energy dropped 3 per cent each during the early trading session. Ambuja Cement was also trading 3 per cent lower.

    Among other Adani group companies, Adani Wilmar was down 2 per cent, same as ACC and New Delhi Television (NDTV).

    Meanwhile, the market regulator the Securities Exchange Board of India (SEBI) is conducting an investigation into allegations made by a foreign short-seller on January 25, 2023, and also into market activity before and after that date. The verdict is expected from the securities watchdog in August.

    However, a panel of experts appointed by the Supreme Court also said in a report last month that there’s no regulatory failure or wrongdoing behind the wild swings of Adani stocks.

    “We are fully compliant with all laws, rules, and regulations and are confident that truth will prevail. We are fully cooperating with SEBI and will continue to provide all our support and cooperation,” Adani Group said in a media statement on April 29.

    It is pertinent to note that in the SEBI application filed before the Hon’ble Supreme Court, there are no conclusions of any alleged wrongdoing. The SEBI application only cites the allegations made in the short-sellers report, which are still under investigation, the Group said.

    Aparna Deb

    Aparna Deb is a Subeditor and writes for the business vertical of News18.com. Among other things, financial market, economy and policies interest her …Read More



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  • Adani Enterprises Shares Drop 8% as Traders Book Profit; What Should you Do Now?

    Adani Enterprises Shares Drop 8% as Traders Book Profit; What Should you Do Now?


    Adani Enterprises Share Price: The three-day rally in Adani Enterprises on Wednesday came to an abrupt halt as the Nifty stock lost up to 8% to hit day’s low of Rs 2425.85 on BSE as traders booked profits.

    Shares of Adani Enterprises rose over 45 per cent to Rs 2751.25 on Wednesday from Rs 1,890-level on Friday, May 19. However, the stock dropped about 8 per cent on the profit booking to Rs 2425.85 during the session. The total market capitalization of Gautam Adani’s flagship tumbled to Rs 2.80 lakh crore from Rs 3.15 lakh crore a day earlier.

    At a market capitalisation of Rs 2.8 lakh crore, Adani Enterprises is the most valued stock in the Ahmedabad-based conglomerate’s family of ten listed companies.

    Amid a spate of positive news flow which began with the Supreme Court-appointed committee’s report on Hindenburg claims, the stock rallied 39% in just three days before today’s fall.

    Meanwhile, veteran investor Rajiv Jain’s GQG Partners LLC has increased its stake in billionaire Gautam Adani’s conglomerate by about 10 per cent. As media reports suggested, the US-based investment firm will also take part in the conglomerate’s future fundraising, doubling down on what he calls “the best infrastructure assets available in India.”

    In March, GQG acquired almost Rs 15,446 crore investment into four Adani Group companies. The value of this investment now stands at around Rs 25,515 crore, up by a staggering Rs 10,069 crore, driven by a sharp rally in Adani group stocks. This means Jain’s investment into four Adani Group companies in March has generated more than 65 per cent returns in less than three months.

    How Are Other Adani Group Share Performing Today?

    Adani Ports share price fell about 2 per cent, ACC share price fell over a per cent while Ambuja Cements share price fell almost a per cent.

    On the other hand, Adani Power share price rose nearly 5 per cent. Stocks such as Adani Transmission opened at a 5 per cent upper circuit of Rs 909.90, Adani Green Energy share price opened higher and soon hit its 5 per cent upper price band of Rs 1,038.95. Adani Total Gas share price opened at a 5 per cent upper circuit of Rs 795.25 and NDTV share price, too, opened at a 5 per cent upper circuit at Rs 205.50.

    What Analysts Say?

    After the stellar gains of the last few days, analysts were expecting some profit booking in Adani stocks as they point out that the valuations are still on the higher side.

    “Adani stocks had corrected hugely after the Hindenburg report. The high integrity of the members of the Supreme Court panel must have given confidence to investors to buy the beaten-down stocks. Some short covering also would have contributed to the rally. However, from the valuation perspective, Adani stocks are not undervalued,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

    We are going to see a huge number of institutional investors coming in buying these stocks because the clouds of uncertainty around stocks have been cleared. At the same time, valuations are also good. They have access to growth capital. The group has emerged stronger, said Vinit Bolinjkar, Head of Research at Ventura Securities.

    “Adani Enterprises has prioritized asset allocation. With their impending IPO, the green energy business will get wings. That is not discounted in valuations. I will not be surprised if analysts give a target of Rs 4,000 to Adani Enterprises,” he added.

    Aparna Deb

    Aparna Deb is a Subeditor and writes for the business vertical of News18.com. Among other things, financial market, economy and policies interest her …Read More



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  • Adani Group Pre-Pays Over $900 Million Worth Share-Backed Financing

    Adani Group Pre-Pays Over $900 Million Worth Share-Backed Financing


    Last Updated: March 07, 2023, 14:01 IST

    Embattled Indian conglomerate Adani said on Tuesday it prepaid share-backed financing of 73.74 billion rupees ($901.16 million), as part of its promoters’ commitment to cut overall leverage backed by Adani listed company shares.

    ($1 = 81.8280 Indian rupees)

    Read all the Latest Business News here

    (This story has not been edited by News18 staff and is published from a syndicated news agency feed)



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  • Adani Crisis: RBI Says Banking Sector Resilient, Stable

    Adani Crisis: RBI Says Banking Sector Resilient, Stable


    Amid concerns over banks’ exposure to the crisis-ridden Adani Group, the Reserve Bank on Friday said India’s banking sector is resilient and stable, and the central bank maintains a constant vigil on the lenders.

    Responding to media reports expressing concern about the exposure of Indian banks to a “business conglomerate”, the Reserve Bank said in a statement that it is constantly monitoring the banking sector.

    However, the RBI did not name the Adani Group in the statement.

    Stocks of Adani Group firms have taken a massive beating on the bourses after US-based short-seller Hindenburg Research made a litany of allegations in a report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.

    The group has rejected the allegations.

    Hindenburg released the report on January 24 — the day on which Adani Enterprises’ Rs 20,000-crore follow-on share sale opened for anchor investors.

    In its statement, the RBI said as per the current assessment, “the banking sector remains resilient and stable. Various parameters relating to capital adequacy, asset quality, liquidity, provision coverage and profitability are healthy.” “As the regulator and supervisor, the RBI maintains a constant vigil on the banking sector and on individual banks with a view to maintain financial stability. The RBI has a Central Repository of Information on Large Credits (CRILC) database system where the banks report their exposure of Rs 5 crore and above which is used for monitoring purposes,” the central bank added.

    The RBI, the statement said, remains vigilant and continues to monitor the stability of the Indian banking sector.

    It further said banks are also in compliance with the Large Exposure Framework (LEF) guidelines issued by the RBI.

    The Reserve Bank of India (RBI) earlier this week sought details about lenders’ exposure to the Adani Group. On Wednesday, Swiss lender Credit Suisse stopped accepting bonds by Adani group companies as collateral for margin lending.

    Three leading public sector banks have already disclosed their exposure to the Adani Group. The country’s largest lender State Bank of India (SBI) has an exposure of Rs 27,000 crore, while that of the second biggest Punjab National Bank (PNB) is at Rs 7,000 crore.

    Another state-owned lender Bank of Baroda has total exposure of Rs 7,000 crore, which is also fully secured.

    Government-owned life insurance behemoth Life Insurance Corporation (LIC) has disclosed holdings of Rs 36,474.78 crore in Adani group’s debt and equity.

    Earlier, the conglomerate withdrew the Rs 20,000-crore follow on public offer (FPO) of its flagship firm Adani Enterprises amid a steep fall in its stock prices.

    Besides Credit Suisse Group AG, Citigroup Inc’s wealth arm has also stopped accepting securities of Adani Group firms as collateral for margin loans as banks ramp up scrutiny of the conglomerate’s finances.

    The Opposition has been stalling Parliament for the past two days demanding a Joint Parliamentary Committee or a Supreme Court monitored probe into the affairs of the group. They alleged that the drastic fall in Adani Group shares on Indian exchanges has put public money in danger as public sector LIC and SBI have invested in those companies.

    The Congress has alleged that the LIC and SBI have been “forced” to invest in the Adani Group.

    Meanwhile, Moody’s Investors Service on Friday said it is assessing overall financial flexibility, including liquidity position, of Adani Group firms.

    “These adverse developments are likely to reduce the group’s ability to raise capital to fund committed capex or refinance maturing debt over the next 1-2 years,” Moody’s said.

    However, another rating firm Fitch Ratings said there is no immediate impact on the ratings of Adani entities and their securities.

    Shares of four Adani Group firms, including Adani Enterprises and Adani Ports bounced back on Friday after facing heavy drubbing in the past 6 days.

    The stock of Adani Enterprises rebounded 1.25 per cent to settle at Rs 1,584.20 apiece on the BSE. During the day, it tumbled 35 per cent to Rs 1,017.10 — its one-year low.

    Shares of Adani Ports also bounced back and climbed 7.98 per cent to Rs 498.85 after falling 14.51 per cent to Rs 394.95 — its one-year low — during the day.

    Ambuja Cements rallied 6.03 per cent and ACC climbed 4.39 per cent.

    However, shares of Adani Transmission tanked 10 per cent, Adani Green Energy (10 per cent), Adani Power (5 per cent), Adani Total Gas (5 per cent), Adani Wilmar (4.99 per cent), NDTV (4.98 per cent).

    Read all the Latest Business News here

    (This story has not been edited by News18 staff and is published from a syndicated news agency feed)



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