Adani news

June 13 (Reuters) - India's Adani Group is in talks with lenders to refinance up to $3.8 billion of a loan facility taken for its acquisition of Ambuja Cements Ltd The group is mulling whether to convert the original loan into debt with a longer maturity period and has started talking to banks individually about that plan, the report added. The conglomerate, led by billionaire Gautam Adani, expects to conclude the process within four months and most of its existing lenders, including Barclays Plc However, the report cautioned that the deal is yet to be finalised and may not go ahead. Adani Group, Deutsche Bank, Barclays and Standard Chartered declined to comment, while MUFG did not immediately respond to Reuters' request for comments. Ahmedabad, India-headquartered Adani last year acquired ACC Ltd Indian business daily The Economic Times had The Adani group's high debt levels were among the concerns that were flagged by U.S. short-seller Hindenburg in a report on Jan. 24. The short-seller also said the conglomerate improperly used tax havens, among other allegations that wiped out over $100 billion in investor wealth in the Adani group's listed entities. The group has called the report baseless and has since garnered investor support and repaid debt. Last month, a court-appointed panel

About four months after 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 $100 billion 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 $153 billion at one point.

NEW DELHI/SYDNEY/NEW YORK, Feb 10 (Reuters) - Moody's downgraded on Friday the ratings outlook for some Adani Group companies, while MSCI said it would cut the weightings of some in its stock indexes, the latest blows for the Indian conglomerate plunged into crisis by a short-seller's report. New York-based short-seller Hindenburg Research accused the Adani Group in a Jan. 24 report of stock manipulation and improper use of offshore tax havens that it said obscured the extent of Adani family stock ownership in group firms. The conglomerate, which has denied any wrongdoing, has since seen $110 billion wiped off the value of its seven listed firms. The crisis has put the spotlight on 60-year-old billionaire founder Gautam Adani, who was forced to shelve a $2.5 billion stock offering amid the market meltdown. It has also sparked worries of High-frequency data from the Institute of International Finance showed equity outflows in India pile up to $2.6 billion since the Hindenburg allegations through Thursday, more than half of the $4.27 billion outflow so far this year. On Friday, Moody's downgraded its ratings outlook to negative from stable for Adani Green Energy "These rating actions follow the significant and rapid decline in the market equity values of the Adani Group companies following the recent release of a report from a short-seller highlighting governance concerns in the group," Moody's said. MSCI reassessed the size of some Adani companies' free floats, having deter...

HONG KONG/MUMBAI, Jan 31 (Reuters Breakingviews) - India is making its way onto global investors’ maps. How the country’s financial authorities tackle the $65 billion selloff at Gautam Adani’s eponymous infrastructure empire following a The World Bank expects India’s economy to grow 6.6% in the year to March 2024, and the country is set to overtake China as the world’s most populous nation. Morgan Stanley economists forecast its stock market will be the world’s third largest before the end of 2030. No wonder that high-net-worth individuals, family offices, and pension funds from Israel to Canada have poured through New Delhi and Mumbai in recent months, many on a maiden trip to assess investment opportunities. Overseas ownership of Indian shares has more than tripled to $683 billion since 2014, when Narendra Modi took over as prime minister, according to primeinfobase.com. Foreigners now own about a fifth of all stocks, though their share has decreased slightly as domestic investors have piled in too. Those who entrusted their funds to managers who actively pick stocks may feel relieved. Many local money managers have For those who passively track stock market indexes, the controversy engulfing Adani, briefly the world’s third richest man, may act as a deterrent from an already expensive market. Companies in the MSCI India Index, where the tycoon’s companies have an almost 5% weighting, trade on an average multiple of 21 times forecast earnings for the year ahead, compared...

SYDNEY/NEW DELHI, Feb 9 (Reuters) - India's Adani Group faced fresh concerns on Thursday after financial index provider MSCI said it was reviewing the free float designation of some of its companies' securities. Billionaire Gautam Adani has seen some $110 billion wiped off the value of seven firms in the group he founded after U.S. short seller Hindenburg Research The Adani Group, which has denied any wrongdoing, did not respond to a Reuters request for comment on Thursday. Analysts say a change in free float status could affect the weightings of MSCI index constituents, possibly triggering a shift by funds as many investments are aligned to such indexes. "Some investors follow MSCI index as a gauge," said Neeraj Dewan, director at Quantum Securities. "Depending on the outcome of the MSCI review, we could see more pressure on select Adani group stocks." The world's largest stock investor, Norway's sovereign wealth fund, said on Thursday it had India's opposition parties heckled Prime Minister Narendra Modi in the upper house of parliament on Thursday and demanded an investigation into the allegations against the Adani Group. Modi, pointing to opposition leaders, said: "No matter how much mud you sling, the lotus will keep blooming," referring to his party's lotus flower symbol. FREE FLOAT UNCERTAINTY "MSCI has determined that the characteristics of certain investors have sufficient uncertainty that they should no longer be designated as free float," U.S.-based MSCI said. "...

COLOMBO: The renewable Sharing the progress of the project, Wijesekara on Monday wrote on Twitter, "Progress of the 500 MW Renewable Energy Project in Mannar & Pooneryn was discussed with Anil Sardana, MD & CEO of Adani Transmission Ltd & project management team". “We discussed the challenges, road map and timeline for the project completion and the commitment by Adani Green Energy to complete the project by December 2024”, Wijesekara said after his meeting with the Adani Group officials here. This was the first review since the one carried out in February, officials said. In August last year, the Adani Group was issued approval to start wind power projects in Pooneryn, in the country's northeast. Adani Green Energy was issued provisional approval for two wind projects of 286 MW in Mannar and 234 MW in Pooneryn for an investment of over USD 500 million. The Adani Group's investments in Lanka's energy sector are in addition to their investment in the port of Colombo's Western container terminal.