Adani latest news

March 10 (Reuters) - Gautam Adani is seeking to sell a stake in Ambuja Cement Adani on Thursday made a formal request to international lenders to sell 4% to 5% in Ambuja, his cement business, the report said. The Adani Group did not immediately respond to a Reuters request for comment. The embattled Adani Group last year Adani's latest move comes as the group seeks to rebuild investor confidence and allay concerns about its debt by pre-paying loans, in the aftermath of a scathing U.S. short-seller report. Hindenburg Research's report alleged stock manipulation and improper use of tax havens, and flagged "substantial" debt levels, which the group has denied. Gautam Adani and his family have prepaid all borrowings backed by his conglomerate Adani Group's shares, senior executives told investors at a meeting in London, Bloomberg News Ambuja Cements closed down 1.7%, while ACC ended down 0.7% on Friday. Information you can trust Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. • Advertise With Us , opens new tab • Advertising Guidelines , opens new tab • Coupons , opens new tab • Cookies , opens new tab • Terms of Use , opens new tab • Privacy , opens new tab • Digital Accessibility , opens...

In recent meetings with creditors, Adani officials outlined plans to lower the group’s leverage ratio from 4.2 times now to 3.1 by the end of FY24, chiefly by increasing earnings rather than reducing debt, two people with direct knowledge of Adani’s strategy said on the condition of anonymity. Adani’s new strategy is noteworthy, coming on the heels of short-seller Hindenburg Research terming the group as over-leveraged and raising allegations about corporate governance in a scathing report on 24 January that set off a steep decline in the share prices of group companies. According to the latest plan, the group is targeting to accelerate earnings growth. “The group’s overall debt may be brought down slightly by 5-10% from $23 billion during FY2024. Instead, Adani Group plans to grow its EBITDA (earnings before interest, depreciation, tax and amortization) by 20-22% year-on-year to further reduce the leverage ratio," said one of the two people, adding that the group plans to bring in higher efficiency across its eight key businesses. The group’s net debt-to-EBITDA ratio in 2013 was 7.6 times, declining to 3.2 in March 2022 but later increasing to around 4.2 again during FY23, the people cited above said. The group debt stands at ₹2.27 trillion as on 31 March 2023. Thirty-nine percent of debts are through bonds, 29% from international banks and 32% from domestic banks and NBFCs, according to a presentation made by the group to its investors. The group will bring in higher eff...

NEW DELHI/MUMBAI, Feb 2 (Reuters) - Adani's market losses swelled above $100 billion on Thursday, sparking worries about a potential systemic impact a day after the Indian group's flagship firm abandoned its $2.5 billion stock offering. Another challenge for Adani on Thursday came when S&P Dow Jones Indices said it would remove Adani Enterprises from widely used sustainability indices, effective Feb. 7, which would make the shares less appealing to sustainability-minded funds. In addition, India's National Stock Exchange said it has placed on additional surveillance shares of Adani Enterprises , Adani Ports and Ambuja Cements . However, Adani Group Chairman Gautam Adani is in talks with lenders to prepay and release pledged shares as he seeks to restore confidence in the financial health of his conglomerate, Bloomberg News reported on Thursday. The shock withdrawal of Adani Enterprises' share sale marks a dramatic setback for founder Adani, the school dropout-turned-billionaire whose fortunes rose rapidly in recent years but have plunged in just a week after a critical research report by U.S.-based short-seller Hindenburg Research. Aborting the share sale sent shockwaves across markets, politics and business. Adani stocks plunged, opposition lawmakers called for a wider probe and India's central bank sprang into action to check on the exposure of banks to the group. Meanwhile, Citigroup's The crisis marks an dramatic turn of fortune for Adani, who has in recent years forg...

Shares of Adani Ports & SEZ shares will be in focus on Tuesday morning after the Adani group company told stock exchanges that it has suspended its vessel operations at Mundra and Tuna port on Monday. The suspension of vessel operations was being done in view of an advisory issued by India Metrological Department on expected cyclone storm “Biparjoy", the company told stock exchanges post market hours. Shares of Adani Ports settled the day at Rs 742.25 on BSE. The stock is up 7 per cent in the last one month but has fallen 10 per cent in 2023 so far. As per reports, the cyclonic storm Biparjoy is likely to cross parts of the Gujarat coast on June 15 as a “very severe cyclonic storm”. The Indian Meteorological Department said that cyclone Biparjoy is very likely to move nearly northward till the morning of June 14 and later move north-north eastwards and cross Saurashtra and Kutch and adjoining Pakistani coasts between Gujarat’s Mandvi and Pakistan’s Karachi around June 15 noon. "It is very likely to move nearly northward till the morning of June 14, then move north-north eastwards and cross Saurashtra and Kutch and adjoining Pakistan coasts between Mandvi (Gujarat) and Karachi (Pakistan) around noon of June 15 as a very severe cyclonic storm with a maximum sustained wind speed of 125-135 kmph gusting to 150 kmph," the weather office said.

NEW DELHI: About four months after the US short-seller Hindenburg Research shook Indian financial markets with a bombshell report on the Adani Group, the conglomerate’s stocks are finding it hard to shake off the impact. While two of Adani’s 10 stocks have bounced back strongly, a full recovery to pre-Hindenburg levels looks a ways away. The group’s market value is still down more than US$100bil (RM460bil) since Hindenburg’s Jan 24 report, which claimed that billionaire Gautam Adani’s empire was “pulling the largest con in corporate history”. The rout had reached US$153bil (RM704bil) at one point. “Adani stocks have seen a readjustment of their valuations. The froth that existed prior to Hindenburg has gone away and won’t come back,” said Abhay Agarwal, founder and fund manager at Mumbai-based investment firm Piper Serica Advisors Ltd. “While investors are less concerned about governance issues at the group now than they were in the aftermath of the Hindenburg report, it is unlikely to erase all the losses over the next three, six or even 12 months.” Overall, the median decline in 10 Adani stocks over a period of about four months stands at 23%. That’s more than a 19% median loss over a similar stretch for shares of some other key companies targeted by Hindenburg, including Adani. The Indian group has been one of the most high-profile targets for Nathan Anderson’s company, which has had a run of often-successful bets from electric vehicle maker ...

Adani-Hindenburg case LIVE updates: SC hints at 3 months extension to SEBI, hearing on May 15 now May 12, 2023, Updated May 12, 2023, 4:58 PM IST Adani Group vs Hindenburg: The Supreme Court will hear the pleas on the Adani-Hindenburg row on May 12, almost two months after it had asked market regulator Securities and Exchange Board of India (Sebi) and an experts' panel to probe the matter. Adani-Hindenburg case: The Supreme Court on Friday said that it may give Sebi a three-month extension to complete its investigation into the Adani-Hindenburg row. It has now listed the matter for Monday, May 15 for consideration of SEBI's plea seeking an extension of time. The apex court had earlier asked the market regulator to complete its probe into the matter within two months. Market regulator Sebi was supposed to file the report by May 2 but on April 29, it submitted a fresh application seeking a six-month extension for a thorough investigation into the allegations of stock manipulation and financial fraud against Adani Group. On April 29, SEBI filed its request with the apex court and highlighted complex transactions involving listed, unlisted, and offshore entities that require deeper investigations. In its application to SC, SEBI said that given the complexity of the case, it would take around 15 months to complete the investigation. But it is trying to conclude the investigation within six months. Here are the latest updates from Business Today.In: SC gives 3 months extension, ...