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Congress leader Priyanka Gandhi Vadra carried a bold bag to Parliament, featuring a design with Prime Minister Narendra Modi and industrialist Gautam Adani on one side and the slogan "Modi Adani Bhai Bhai" on the other.

Priyanka Gandhi carries 'Modi-Adani' bag to Parliament

Congress leader Priyanka Gandhi Vadra carried a bold bag to Parliament, featuring a design with Prime Minister Narendra Modi and industrialist Gautam Adani on one side and the slogan "Modi Adani Bhai Bhai" on the other.

Congress leader Priyanka Gandhi Vadra carried a bold bag to Parliament, featuring a design with Prime Minister Narendra Modi and industrialist Gautam Adani on one side and the slogan "Modi Adani Bhai Bhai" on the other.
The bag drew attention from her brother, Rahul Gandhi, who commented with a smile, &ldquo;Look how cute this is!&rdquo; after examining the design and slogan.
This gesture is part of the ongoing opposition criticism of the government, particularly regarding allegations of bribery involving Adani in the U.S. Since the beginning of the parliamentary session on November 20, both Houses have faced repeated disruptions as the opposition demands a probe into the matter.
On Monday (December 9), Congress MPs Manickam Tagore and Saptagiri Sankar Ulaka wore face masks of Modi and Adani as part of protests demanding a joint parliamentary investigation into the bribery case.
Rahul Gandhi was seen clicking pictures of the MPs and jokingly asking about their "relationship," to which they humorously replied, "We have had a relationship for years."
Opposition MPs from the INDIA alliance, excluding Trinamool Congress, Samajwadi Party, and Aam Aadmi Party, joined the protests, chanting slogans such as "Modi, Adani ek hain" and "We want justice" outside the Makar Dwar of Parliament.
Also Read: <a href="https://www.editorji.com/india-news/lalu-prasad-yadav-backs-mamata-banerjee-for-india-bloc-leadership-1733812268497">Lalu Prasad Yadav Backs Mamata Banerjee for INDIA Bloc Leadership</a>

Outlining the group's vision, Karan Adani highlighted plans to build the world's largest integrated green energy ecosystem in Rajasthan.

Adani Group Unveils Ambitious ₹7.5 Lakh Crore Investment Plan to Transform Rajasthan’s Economy

Outlining the group's vision, Karan Adani highlighted plans to build the world's largest integrated green energy ecosystem in Rajasthan.

Karan Adani, Managing Director of Adani Ports and SEZ Ltd, unveiled an ambitious Rs7.5 lakh crore investment plan for Rajasthan at the Rising Rajasthan Global Summit held on Monday at the Jaipur Exhibition and Convention Centre (JECC) in Sitapura.
He stated, "The Adani Group plans to invest over ₹ 7.5 lakh cr across various sectors of the state (Rajasthan) economy. With over 50 per cent of this investment being made over the next 5 years."
Outlining the group's vision, Karan Adani highlighted plans to build the world's largest integrated green energy ecosystem in Rajasthan.
He said, "We plan to build the world's biggest integrated green energy ecosystem involving 100 GW of renewable energy, 2 Million tons of Hydrogen, and 1.8 GW of pump hydrostorage. These investments will turn Rajasthan into an oasis of green jobs."
Apart from green energy, the Adani Group's plans extend to the cement industry, underscoring Rajasthan's importance in the group's ambition to become India's largest cement producer.
Karan Adani said, "Beyond energy, Rajasthan is critical to our ambition to become India's largest cement company. We will set up 4 new cement plants to build additional capacity of 6mn tonnes per annum in the state."
The group also aims to enhance Rajasthan's infrastructure with initiatives such as the development of a world-class facility at Jaipur Airport to improve connectivity and boost tourism. The creation of multi-modal logistics parks will support the state's ambitious infrastructure and economic transformation plans.
Mr Adani emphasised, "In addition, there are other investment plans such as developing world-class facility at Jaipur airport, multi-model logistic parks that will support your transformative plan for Rajasthan."
During the opening remarks, Rajasthan Chief Minister Bhajanlal Sharma, stated, "So far ₹ 33 lakh crore of MoU are signed under Rising Rajasthan."
The Rising Rajasthan Global Investment Summit 2024, which is happening from December 9 to 11 in Jaipur, is expected to attract global investors, industry leaders, policymakers, and government officials.&nbsp; &nbsp; The occasion, graced by Prime Minister Narendra Modi and other dignitaries, promises to highlight Rajasthan's strides in development, innovation, and industrial growth.

Adani Infra (India) Limited has struck a ₹685 crore deal to acquire a 30.07% stake in PSP Projects. The move aligns with Gautam Adani’s ambitious expansion strategy. Find out how this acquisition could pan out for Adanis and PSP Projects.

Gautam Adani’s Adani Infra Acquires 30.07% Stake in PSP Projects for ₹685 Crore: Key Details Inside

Adani Infra (India) Limited has struck a ₹685 crore deal to acquire a 30.07% stake in PSP Projects. The move aligns with Gautam Adani&rsquo;s ambitious expansion strategy. Find out how this acquisition could pan out for Adanis and PSP Projects.

Billionaire Gautam Adani has made another bold move in the infrastructure sector. His company, Adani Infra (India) Limited, has signed definitive agreements to acquire up to a 30.07% stake in construction firm PSP Projects for ₹685 crore.
Adani Infra is acquiring the stake from PSP Projects&rsquo; founder-promoter, Prahladbhai S. Patel. Currently, Prahladbhai S. Patel and his family own a 60.14% stake in the construction company, with Prahladbhai S. Patel individually holding around 48% of the company&rsquo;s shares.
Management After the Deal
According to PSP Projects&rsquo; statement, the existing management of the company will continue after the deal, while the Adani Group will have equal representation on the board and joint control of the company. The transaction remains subject to customary and regulatory approvals, including the completion of an open offer.
PSP Projects: Adani&rsquo;s Open Offer
As required by SEBI rules for acquisitions exceeding 25% in listed companies, the Adani deal also includes an open offer for PSP Projects at ₹642.06 per share &ndash; a 4% discount to ₹666.50, the closing price of the company&rsquo;s shares on Tuesday, November 19.
PSP Projects: Company Profile
According to the PSP Projects statement sent to the exchanges, the company is &ldquo;one of the leading EPC companies in India&rdquo; with an order book of ₹6,546 crore. The company has executed projects such as the Surat Diamond Bourse, Kashi Vishwanath Dham, and Palladium Mall (Ahmedabad), among others.
After the acquisition by the Adani Group, PSP Projects expects to become one of the leading EPC companies in India, bolstered by accelerated growth in the country&rsquo;s infrastructure development.
Gautam Adani&rsquo;s Expansion Spree
The acquisition of PSP Projects aligns with Gautam Adani&rsquo;s strategy to expand into sectors such as cement, airports, defence, ports, power, and consumer goods, with the group aiming to invest $100 billion in capital expenditure over the next decade. It is also a good fit for Adani Infra, which is the Project Management Consultancy (PMC) arm of the Adani Portfolio, owned 100% by the Adani family.

Kotak Mahindra Bank's shares dropped 2% following Hindenburg Research's allegations of SEBI protecting powerful businessmen and criticizing SEBI's show cause notice as an attempt to silence whistleblowers exposing corruption

Kotak Mahindra Bank gets dragged into Adani-Hindenburg saga; shares drop over 3% 

Kotak Mahindra Bank's shares dropped 3% following Hindenburg Research's allegations of SEBI protecting powerful businessmen and criticizing SEBI's show cause notice as an attempt to silence whistleblowers exposing corruption

<h2>Kotak Mahindra Bank's shares dropped 3% following Hindenburg Research's allegations of SEBI protecting powerful businessmen and criticizing SEBI's show cause notice as an attempt to silence whistleblowers exposing corruption</h2>

The shares of Kotak Mahindra Bank declined as much as 3% on Tuesday as Hindenburg research named the bank in response to the show cause notice from Indian market regulator SEBI.&nbsp;
Hindenburg alleged that SEBI's lack of mention of Kotak or any other Kotak board member may be meant to protect yet another powerful Indian businessman from the prospect of scrutiny.
<h3>Kotak twist in Adani-Hindenburg case</h3>
The US short seller disclosed that Kotak Bank created and oversaw an offshore fund structure that was used by its "investor partner" to be against the conglomerate but hastened to add that it may "barely come out above breakeven" on its trade.
Hindenburg further added that the investor partner made $4.1 million in gross revenue through "gains related to Adani shorts from that investor relationship" and just $31,000 through its short position of the conglomerate's US bonds.
"We suspect SEBI's lack of mention of Kotak or any other Kotak board member may be meant to protect yet another powerful Indian businessman from the prospect of scrutiny, a role SEBI seems to embrace," Hindenburg said.
<h3>Hindenburg's reply to SEBI</h3>
Hindenburg described the show cause notice as "nonsense" and claimed it was an attempt to "silence and intimidate" those exposing corruption and fraud by powerful individuals in India.
The New York-based firm reiterated that when it released its report alleging long-term stock manipulation and accounting fraud by the Adani group, it had disclosed its short position on Adani stocks.
"After 1.5 years Of investigation, SEBI identified zero factual inaccuracies with our Adani research. Instead, the regulator took issue with things like our use of the word 'scandal' when describing multiple prior instances of Adani promoters being charged with fraud by Indian regulators, and our quoting of an individual that alleged SEBI is corrupt and works 'hand in glove' with conglomerates like Adani to help it skirt regulations," Hindenburg said.
Also watch: <a href="https://www.editorji.com/business-news/hindenburg-research-receives-show-cause-notice-from-sebi-over-adani-stock-bets-1719896503571">Hindenburg Research receives show cause notice from SEBI over Adani stock bets</a>

Adani group stocks gained Rs 2.6 lakh crore in two days amid a bullish market, with Adani Power and other firms seeing significant surges. The total market cap of Adani group firms now stands at Rs 19.65 lakh crore

Adani Group stocks extend gains for second consecutive session; m-cap rises to Rs 2.6 lakh crore

<h2>Adani group stocks gained Rs 2.6 lakh crore in two days amid a bullish market, with Adani Power and other firms seeing significant surges. The total market cap of Adani group firms now stands at Rs 19.65 lakh crore</h2>

Adani group stocks extended gains for the second consecutive session on Monday. This comes as the Indian equities are witnessing a bull run after the exit poll results that predicted a 3rd consecutive win for the BJP led NDA. Over these two sessions, the Adani group stocks added over Rs 2.6 lakh crore to its market capitalisation.
<h3>Adani group stocks rally</h3>
Adani Power saw the highest surge of 12% on Monday, followed by Adani Energy Solutions that jumped 8%. Meanwhile, Adani Enterprises, Adani Green Energy and Adani Total gas surged 7% each.&nbsp;
As per Moneycontrol, Adani Power alone added Rs 4,70,000 crore to its total market cap, which now exceeds Rs 3.3 lakh crore in the past two sessions. Adani Enterprises bolstered its market cap by over Rs 61,000 crore, reaching a total of over Rs 4 lakh crore.
The report also mentioned that Adani Green and Adani Ports each saw an increase of over Rs 42,000 crore in market cap, while Adani Total Gas experienced a rise of over Rs 21,000 crore during the same period. Ambuja Cement and Adani Energy also made significant strides, adding over Rs 13,000 crore each to their respective total market caps. Total mcap of Adani group firms stands near Rs 19.65 lakh crore from Rs 17 lakh crore two day's ago.
<h3>Adani group's performance</h3>
In FY24, the Adani Group's EBITDA surged by 40% YoY to Rs66000 crore. This was fueled by Adani Power's EBITDA doubling. This doubling in Adani Power's EBITDA was driven by capacity expansion, increased volumes, merchant contributions, and lower imported coal prices.
"Adani Group's MCap was hit by a short seller report in late FY23. During FY24, the group focused on containing debt, reducing founders' share pledge. Total group EBITDA grew 40% YoY in FY24 (5yr CAGR:+27%), group raised fresh funds from equity/debt/strategic investors, promoter increased stake in group Cos and group Mcap rebounded. The group is back on expansion spree and eyeing USD90bn capex over next decade. In the report, we discuss the group's FY24 perf and way ahead", Jefferies India said in its note
Also watch: <a href="https://www.editorji.com/business-news/markets/indian-stock-market-cheers-exit-poll-predictions-of-bjp-victory-sensex-nifty-at-record-highs-1717389970850">Indian stock market cheers exit poll predictions of BJP victory; Sensex, Nifty at record highs</a>

The Adani conglomerate is poised to broaden its presence, eyeing investment across six Bihar regions: Purnia, Begusarai, Darbhanga, Samastipur, Kishanganj, and Araria. Furthermore, plans to introduce EV-charging stations loom on Bihar's horizon.

Adani Group's ₹8,700 crore investment set to generate 10,000 jobs in Bihar

The Adani conglomerate is poised to broaden its presence, eyeing investment across six Bihar regions: Purnia, Begusarai, Darbhanga, Samastipur, Kishanganj, and Araria. Furthermore, plans to introduce EV-charging stations loom on Bihar's horizon.

Adani Group's recent announcement of an additional investment of ₹8,700 crore in Bihar has sparked optimism for economic growth and job creation in the state. Pranav Adani, Director of Adani Enterprises, revealed this development during the Bihar Business Connect-2023 event. This investment will extend across various sectors, prominently including cement manufacturing, logistics, and the agro-industry.
Adani highlighted the substantial employment prospects arising from this investment, estimating that approximately 10,000 job opportunities, both direct and indirect, will emerge. The group plans to allocate ₹1,200 crore for establishing expansive warehousing across 150 acres, with a significant godown in Patna anticipated to employ around 2,000 individuals.
Expanding their footprint, the Adani conglomerate aims to invest in six different locations within Bihar: Purnia, Begusarai, Darbhanga, Samastipur, Kishanganj, and Araria. Additionally, plans to introduce EV-charging stations are on the horizon for the state, further indicating the group's diversified investment interests.
Adani's vision extends beyond conventional sectors, with intentions to introduce Adani Wilmar, the group's FMCG arm, into Bihar. Notably, an ambitious plan to infuse ₹2,500 crore into cement manufacturing is in progress. The goal is to initiate production of 10 million metric tonnes within a year, generating employment for at least 3,000 individuals in the cement sector alone.
The Bihar Logistics Policy 2023 was unveiled at the summit by Chief Minister Nitish Kumar, signaling the state's commitment to fostering a conducive investment environment. Adani expressed confidence in Bihar's potential, citing the group's existing ₹850 crore investments in logistics, gas distribution, and agro-logistics as a testament to their commitment to the state's growth.
"Bihar is now an attractive investment destination in the country. We are currently present in logistics, gas distribution, and agro-logistics, with an investment of ₹850 crore. Now, we aim to increase our investment around 10-fold," affirmed Adani, underscoring the pivotal role Bihar plays in the Adani Group's expansion plans. Also Watch: <a href="https://www.editorji.com/business-news/india-s-richest-race-gautam-adani-inches-closer-to-mukesh-ambani-1702552037720#google_vignette">India&rsquo;s richest race: Gautam Adani inches closer to Mukesh Ambani</a>

All the 10 listed group companies were trading with sharp gains during the morning trade, defying a muted trend in the equity market

Adani shares soar: Investors gain ₹1.2 lakh crore in best day since Hindenburg crisis

<h2>Investors flocked the counters of all the 10 listed companies, with shares ending with sharp gains</h2>

Investors witnessed a significant upswing in Adani stocks, surging up to 20% following the positive sentiment from Friday's Supreme Court hearing regarding the Hindenburg issue.
This single trading session added Rs 1.19 lakh crore to investors' wealth. It marked the conglomerate's best trading day since the Hindenburg attack that resulted in substantial losses earlier in the year.
Shares of Adani Total Gas zoomed 20 per cent, Adani Energy Solutions surged 19.06 per cent, Adani Power soared 12.32 per cent, Adani Green Energy jumped 12.27 per cent, NDTV advanced 11.73 per cent, Adani Wilmar went up by 9.96 per cent and Adani Enterprises climbed 8.66 per cent on the BSE.
Adani Ports gained 5.20 per cent, Ambuja Cements climbed 4.22 per cent and ACC went up by 2.62 per cent.
The combined market valuation of all the 10 firms soared to Rs 11.31 lakh crore at the end of trade on Tuesday. It stood at around Rs 10.26 lakh crore at the close of trading on Friday. Thus, the combined market valuation of all the 10 firms went up by about Rs 1 lakh crore on Tuesday.
Also read/watch - <a title="Adani vs Hindenburg case: Supreme Court reserves verdict on PILs for court-monitored probe" href="https://www.editorji.com/business-news/adani-vs-hindenburg-row-supreme-court-reserves-verdict-stresses-media-reports-not-absolute-truth-1700829726148#google_vignette">Adani vs Hindenburg case: Supreme Court reserves verdict on PILs for court-monitored probe</a>
What's driving the rally
Adani Group stocks surged following recent developments in the Adani-Hindenburg case, notably the Supreme Court's hearing on Friday. The Court reserved its verdict on petitions seeking an investigation into allegations made by Hindenburg Research against the Adani group regarding stock market regulation violations.
Market experts link the rise in Adani shares to the Supreme Court's indication that it trusts SEBI's investigation into Hindenburg Research's allegations of stock manipulation. Avinash Gorakshkar from Profitmart Securities highlighted the positive sentiment but cautioned about potential profit booking triggering a downward correction.
SEBI informed the Supreme Court that it doesn't need additional time for its investigation, having resolved 22 out of 24 cases related to the Hindenburg issue. The remaining aspects hinge on data from foreign regulatory bodies.
Chief Justice DY Chandrachud's panel concluded hearings on petitions and requested written submissions by Monday regarding the Adani-Hindenburg matter.








SC's CJI Chandrachud-led bench asserts Supreme Court can't question SEBI probe solely on media reports





 
 













 



Adani versus Hindenburg case: Supreme Court reserves verdict on PILs for court-monitored probe

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<h2>SC's CJI Chandrachud-led bench asserts Supreme Court can't question SEBI probe solely on media reports</h2>
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The Supreme Court has reserved its verdict on petitions probing fraud allegations against Adani Group following the Hindenburg Research report. Chief Justice DY Chandrachud led the bench, stressing SEBI's independence from media influence.
Advocate Prashant Bhushan claimed SEBI's probe lacked credibility due to unaddressed fund links involving Vinod Adani. However, the court stated SEBI couldn't act based solely on media reports.
The case revolves around accusations of Adani inflating share prices, causing a significant stock drop. Petitions also questioned SEBI Act changes shielding Adani Group's market maneuvers.
Also read/watch - <a title="Tesla eyes $2 billion investment in India but with conditions: Report" href="https://www.editorji.com/business-news/economy/tesla-eyes-2-billion-investment-in-india-but-with-conditions-report-1700823418348#google_vignette">Tesla eyes $2 billion investment in India but with conditions: Report</a>
Earlier, SEBI's independent investigation and an expert committee found no major lapses. The court addressed allegations of media manipulation influencing India's actions.
Sharp exchanges erupted over SEBI's impartiality and committee members' associations. Despite conflict claims, the Court sought substantial evidence.
Meanwhile, SEBI affirmed nearing completion of its investigation, citing a need for information from foreign regulators to conclude the two remaining probes.

As US funding comes in, The conglomerate continues to face problems with Deloitte Haskins & Sells LLP resigning as Adani Port's auditor in August

US funds coming; Adani to expand overseas port venture

<h2>As US funding comes in, The conglomerate continues to face problems with Deloitte Haskins &amp; Sells LLP resigning as Adani Port's auditor in August</h2>

Adani Ports and Special Economic Zone the flagship company of India's Adani Group, is set to expand its overseas port empire following a $553 million US government financing deal for the West Container Terminal in Colombo. The announcement comes as a significant boost for the Adani Group, which has faced challenges, including a short-seller attack and corporate fraud allegations. The US funding is viewed as a strategic move to counter China's maritime influence in the Indian Ocean.
Karan Adani, the CEO of Adani Ports, revealed plans for further expansion into neighbouring countries, including Bangladesh, East African and Southeast Asian nations such as Tanzania and Vietnam. The move aligns with India's efforts to counter China's string of ports in the region. Despite facing protests and criticism in Sri Lanka and scaling back plans in Myanmar, Adani Ports aims to establish a foothold in key global regions.
While the US government's funding serves as a crucial financial injection for Adani's overseas ambitions, challenges persist. The conglomerate faces increased scrutiny over its business practices, with Deloitte Haskins &amp; Sells LLP resigning as Adani Port's auditor in August. Concerns have been raised over compliance with local laws and transactions between Adani Ports and unrelated entities.
Despite these challenges, Adani Ports remains India's largest port operator, with plans to expand domestically. The company recently inaugurated a transhipment terminal in Kerala to capitalize on the booming international trade. However, experts emphasize the need for Adani Ports to significantly scale up its operations to challenge China's extensive infrastructure investments, which span over 90 ports worldwide.
While Adani Group's focus is primarily on domestic business, Gautam Adani's long-standing friendship with Prime Minister Narendra Modi has tied the conglomerate's plans to India's economic objectives. The recent US funding represents a crucial step in Adani's long-term strategy to gradually build investments in South Asia and beyond, amid shifting global dynamics and China's evolving approach to infrastructure projects. Also Watch: <a href="https://www.editorji.com/business-news/adani-group-explores-complete-stake-sale-in-adani-wilmar-1699256869664">Adani Group in talks to sell entire stake in Adani Wilmar: Report</a>

Adani Group, led by Chairman Gautam Adani, eyes selling 43.97% stake in Adani Wilmar, redirecting funds to key infrastructure projects. Strategic shift signals a pivotal move in the conglomerate's restructuring efforts

Adani Group in talks to sell entire stake in Adani Wilmar: Report

<h2>Adani Group, led by Chairman Gautam Adani, eyes selling 43.97% stake in Adani Wilmar, redirecting funds to key infrastructure projects. Strategic shift signals a pivotal move in the conglomerate's restructuring efforts</h2>

The Adani Group, helmed by Chairman Gautam Adani, is reportedly in discussions with several multinational consumer goods companies to sell its entire 43.97% stake in Adani Wilmar, the joint venture behind the popular Fortune brand of edible oils. The deal, which is anticipated to fetch the conglomerate between $2.5-3 billion, is expected to be finalized within a month, according to sources cited in The Economic Times.
Adani Wilmar, established in January 1999 as a joint venture between the Adani Group and Singapore-based Wilmar International, boasts a diverse product portfolio, including wheat flour, rice, pulses, and sugar. In addition to being a leading packaged food company in India, it holds the titles of the largest lauric fat manufacturer, the largest castor oil manufacturer, and the largest exporter of castor oil and its derivatives in the country.
While both the Adani Group and Adani Wilmar have refrained from commenting on the reported stake sale, sources suggest that the move aligns with the conglomerate's strategy to exit non-core assets and redirect resources towards core focus areas, particularly infrastructure investments, reported Business Today. The proceeds from the stake sale are expected to fuel these strategic initiatives rather than reducing debt, as per insiders.
This development follows earlier reports of the Adani Group's plans to divest non-core assets, aimed at creating a liquidity buffer. The move to sell its stake in Adani Wilmar signifies a pivotal step in the group's ongoing restructuring efforts, emphasizing a shift towards its core business interests. Adani Wilmar operates 23 plants across 10 states in India, solidifying its position as a key player in the country's packaged food industry. Also Watch: <a href="https://www.editorji.com/business-news/adani-group-nears-securing-3-5-bn-loan-for-ambuja-cements-acquisition-1697787193027">Adani Group nears securing $3.5 bn loan for Ambuja Cements acquisition</a>

Adani Group, led by Gautam Adani, nears $3.5B loan to refinance Ambuja Cements acquisition debt. Sources hint at swift finalization, reflecting market trust post-fraud allegations

Adani Group nears securing $3.5 bn loan for Ambuja Cements acquisition

<h2>Adani Group, led by Gautam Adani, nears $3.5B loan to refinance Ambuja Cements acquisition debt. Sources hint at swift finalization, reflecting market trust post-fraud allegations</h2>

The Adani Group, led by billionaire Gautam Adani, is on the verge of securing a substantial $3.5 billion loan. The funds will be utilized to refinance existing debt incurred during the acquisition of Ambuja Cements Ltd. This impending deal stands out as one of Asia's largest loans this year, reflecting the confidence creditors have in the Adani conglomerate.
Sources familiar with the matter, requesting anonymity due to its sensitive nature, have indicated that the agreement could be finalized within the coming week. The loan is anticipated to be priced between 450-500 basis points all-in-costs over the secured overnight finance rate, encompassing three tenors: 6-month, 18-month, and 3-year periods, as per a Bloomberg report.
The financing initiative follows a period of extensive negotiations with banks and comes in the wake of fraud allegations made by US-based short-seller Hindenburg Research earlier in the year. These allegations caused a significant drop in the company's bonds and shares. It is crucial to emphasize that Adani vehemently refuted these claims.
In a proactive move to strengthen their financial position, Adani's flagship company had already raised ₹12.5 billion ($151 million) in July by issuing local-currency bonds. This strategic financial manoeuvre aimed to dispel concerns arising from the Hindenburg allegations, paving the way for the group's current pursuit of this substantial loan.
Also Watch: <a href="https://www.editorji.com/business-news/israel-hamas-war-adani-s-haifa-port-staff-on-high-safety-alert-1696854270987">Israel-Hamas War: Adani's Haifa port staff on high safety alert</a>

Congress leader Rahul Gandhi on October 18 cited a Financial Times report claiming that the Adani Group over-invoiced coal imported from Indonesia.

Adani doubled price of coal imported from Indonesia: Rahul Gandhi

Congress leader Rahul Gandhi on October 18 cited a Financial Times report claiming that the Adani Group over-invoiced coal imported from Indonesia.

Congress leader Rahul Gandhi on Wednesday cited a media report to accuse the Adani Group of over-invoicing in coal imports and fleecing people to the tune of Rs 12,000 crore in electricity rates.
Addressing a press conference at the AICC headquarters here, Gandhi attacked Prime Minister Narendra Modi, asking him to come clean on the Adani issue by initiating a probe into the matter and defend his credibility.
"Why is the prime minister silent on the issue&hellip;I am only helping the prime minister and asking him to come clean by starting an investigation and defend his credibility," Gandhi said.
The former Congress chief displayed a recent Financial Times report at the press conference which claimed that the Adani Group appears to have imported billions of dollars of coal at prices well above market value.
Gandhi claimed that as per the report Adani over-invoiced coal imports and took out Rs 12,000 crore from "people's pockets".
Adani bought coal in Indonesia and when it reached India, its price doubled, Gandhi alleged, citing the report.
Gandhi claimed this over-invoicing of coal was having an impact on electricity rates in the country and leading to consumers paying higher electricity bills. He also said that this story would have brought down any government in the world but no action was being taken in India.
"Adani has full protection of the government, everyone know which power is behind him," he said.
The opposition party has also been questioning the financial dealings of billionaire Gautam Adani's Group after US research firm Hindenburg alleged "irregularities" and charged it with stock price manipulation.
The Adani Group has denied all the allegations made in the Hindenburg report and claimed there had been no wrongdoing on its part. There was no immediate response from the group on the fresh allegations.
Also watch: <a href="https://www.editorji.com/india-news/politics/what-does-amit-shah-s-son-do-rahul-gandhi-s-sharp-retort-on-dynastic-politics-1697552543326">'What does Amit Shah's son do?' Rahul Gandhi's sharp retort on dynastic politics</a>

One of the PIL petitioners on the Adani-Hindenburg case in an affidavit has mentioned that the DRI had sent a letter to the then SEBI chairperson in 2014 alerting him that the Adani group may be committing stock market manipulation

Adani-Hindenburg case: SEBI member related to Adani family, says petitioner

One of the PIL petitioners on the Adani-Hindenburg case in an affidavit has mentioned that the DRI had sent a letter to the then SEBI chairperson in 2014 alerting him that the Adani group may be committing stock market manipulation

One of the PIL petitioners in the Adani-Hindenburg case has told the Supreme Court that one of the SEBI members has family ties with the Adani group and that it creates a conflict of interest.&nbsp;
"Sebi has an apparent conflict of interest in investigating the Adani group since an employee, Cyril Shroff's daughter, is married to Karan Adani, Adani Group Chairperson Gautam Adani's son," the affidavit filed by petitioner Anamika Jaiswal read.
As per the petition, Cyril Shroff is a member of Sebi's committee on corporate governance, that deals with offences such as insider trading.&nbsp;
The petition also alleged that market regulator SEBI suppressed important facts from the Supreme Court and "slept over" Directorate of Revenue Intelligence's letter on alleged stock manipulation by the Adani firms.&nbsp;
On August 25, SEBI had informed the apex court it has completed the probe in all but two allegations against the Adani group, and is still awaiting information from five tax havens on the actual owners behind the foreign entities that have invested in the conglomerate.
Also Read: <a href="https://www.editorji.com/business-news/adani-hindenburg-case-mauritius-based-opaque-funds-invested-in-adani-stocks-alleges-occrp-1693455036482">Mauritius based opaque funds invested in Adani stocks, alleges OCCRP</a>
The Securities and Exchange Board of India (SEBI), in a status report to the Supreme Court, said out of the 24 matters it was probing, findings in as many as 22 are final.
In an affidavit filed before the top court, the petitioner has said while the investigation against the Adani group was going on in the over invoicing case, the Directorate of Revenue Intelligence (DRI) sent a letter to the then SEBI chairperson in 2014 alerting him that the group may be committing stock market manipulation using the money allegedly siphoned off using the modus operandi of over-valuation in the import of power equipment.
The letter was accompanied by a CD containing evidence of siphoning off Rs 2,323 crore and two notes on the case being investigated by the DRI, the affidavit claimed. The letter, the affidavit said, also stated that more documents may be obtained from the Mumbai Zonal Unit of the DRI.
"The petitioner herein submits that not only has the SEBI suppressed important facts from this court and slept over DRI alerts, but there is also an apparent conflict of interest in SEBI conducting Adani investigation.
The petitioner submitted that five out of the 24 SEBI investigation reports are on insider trading allegations against the Adani group companies.
The petitioner said frequent amendments brought in by SEBI to the regulations and definitions have benefitted Adani Group.
"These amendments have in fact provided a shield and an excuse to the Adani Group, due to which their regulatory contraventions and price manipulations remained undetected.
"Even now, the expert committee has cited the said amendments as an excuse to declare that the investigation with regard to issues as mentioned in Hindenburg Report may be a journey without a destination," the affidavit said.
Hindenburg Research, in a January 24 report, had alleged accounting fraud, stock price manipulation and improper use of tax havens, triggering a stock market rout of the Adani group shares that erased close to USD 150 billion in market value at its lowest point.
Following this, the Supreme Court asked SEBI to look into the allegations and submit its findings. In March, a separate six-member expert panel was formed which included a retired judge and veteran bankers, to go into regulatory aspects of the allegations.
That panel said in May the SEBI has so far drawn a blank in its investigations and its ongoing pursuit of the case is a "journey without a destination".
The apex court set August 14 as the deadline for SEBI to conclude its probe and submit the report. The regulator sought a 15-day extension to conclude the investigation. It has now submitted a status report on its probe.
On its part, the Adani group has rejected all allegations

6 out of 8 Mauritius &amp; Bermuda-based public funds that invested in Adani group are shut, posing a challenge to SEBI in determining the ultimate beneficiaries of these investment vehicles

Adani row: 6 out of 8 offshore funds used to invest in Adani group shut

6 out of 8 Mauritius & Bermuda-based public funds that invested in Adani group are shut, posing a challenge to SEBI in determining the ultimate beneficiaries of these investment vehicles

6 out of 8 Mauritius &amp; Bermuda-based public funds that invested in Adani group are shut, posing a challenge to SEBI in determining the ultimate beneficiaries of these investment vehicles

Six out of eight Mauritius and Bermuda-based public funds that invested in the Adani group have been shut, reported Mint. These public funds were alleged to have been used by people with ties to the Adani Group for buying shares of the conglomerate&rsquo;s listed companies.
This, now poses a challenge to the Indian market regulator SEBI in determining the ultimate beneficiaries of these investment vehicles.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/adani-hindenburg-case-mauritius-based-opaque-funds-invested-in-adani-stocks-alleges-occrp-1693455036482">Mauritius based opaque funds invested in Adani stocks, alleges OCCRP</a>
The Organised Crime and Corruption Reporting Project (OCCRP), recently released a report that identified two persons with ties to the Adani family who secretly held significant stakes in group entities in possible violation of the country&rsquo;s law on maximum ownership by promoters in listed entities, through some of these funds.&nbsp;
SEBI had filed a status report on the Adani-Hindenburg matter and the hearing is slated to happen on September 15.
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The fall in Adani stocks after the OCCRP report has pushed LIC to lose over ₹1,400 crore and has brought down its combined m-cap by ₹3,951 crore

Adani-OCCRP row: LIC loses over ₹1,400 crore in six Adani stocks in just one day

The fall in Adani stocks after the OCCRP report has pushed LIC to lose over ₹1,400 crore and has brought down its combined m-cap by ₹3,951 crore

The Adani stocks are on a two day losing streak, after the Organised Crime and Corruption Reporting Project (OCCRP) published a report containing multiple allegations. On Thursday, nine out of ten Adani stocks ended in red dragging the market capitalisation by about ₹35,000 crore in a single day.
This fall has now pushed LIC which has investments in seven Adani stocks to lose more than ₹1,400 crore in just one day. The combined market value of the LIC holdings have fallen by ₹3,951 crore to ₹44,743.94 crore as on Friday's morning trading session against ₹48,694.65 crore on August 22.
Also Read: <a href="https://www.editorji.com/business-news/adani-group-stocks-see-declines-adani-green-energy-plummets-over-4-1693495542801">Allegations shake Adani stocks: Market cap takes a ₹35,000 cr hit</a>
The OCCRP report had alleged that millions of dollars were invested in some publicly traded Adani stocks via opaque Mauritius funds. Adani group had denied the report, calling it 'recycled allegations'
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The shares of Adani group slipped into the red zone on Thursday denting the market-capitalisation by over Rs 35,600 crore even while the group has denied the allegations made by OCCRP

Adani group responds to OCCRP report; calls it 'recycled allegations'

The shares of Adani group slipped into the red zone on Thursday denting the market-capitalisation by over Rs 35,600 crore even while the group has denied the allegations made by OCCRP

The Organised Crime and Corruption Reporting Project released a report alleging that millions of dollars were invested in some publicly traded Adani stocks via opaque Mauritius funds. The Adani group has now responded to the allegations.&nbsp;
Adani group in a statement categorically rejected what it called as "recycled allegations", calling them "yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report".
Also Read: <a href="https://www.editorji.com/business-news/adani-hindenburg-case-mauritius-based-opaque-funds-invested-in-adani-stocks-alleges-occrp-1693455036482">Mauritius based opaque funds invested in Adani stocks, alleges OCCRP</a>
"These claims are based on closed cases from a decade ago when the Directorate of Revenue Intelligence (DRI) probed allegations of over invoicing, transfer of funds abroad, related party transactions and investments through FPIs. An independent adjudicating authority and an appellate tribunal had both confirmed that there was no over-valuation and that the transactions were in accordance with applicable law. The matter attained finality in March 2023 when the Supreme Court of India ruled in our favour. Clearly, since there was no over-valuation, there is no relevance or foundation for these allegations on transfer of funds," it said.
The foreign portfolio investors named in the OCCRP report "are already part of the investigation by the Securities and Exchange Board of India (SEBI)", it said.
"As per the Expert Committee appointed by the Hon'ble Supreme Court, there is no evidence of any breach of the Minimum Public Shareholding (MPS) requirements or manipulation of stock prices." "These attempts are aimed at, inter alia, generating profits by driving down our stock prices and these short sellers are under investigation by various authorities. As the Supreme Court and SEBI are overseeing these matters, it is vital to respect the ongoing regulatory process," it said. "We have complete faith in the due process of law and remain confident of the quality of our disclosures and corporate governance standards. In light of these facts, the timing of these news reports is suspicious, mischievous and malicious - and we reject these reports in their entirety", the statement said.
Meanwhile, the stocks of Adani group fell on Thursday denting the group market capitalisation by over Rs 35,600 crore. Adani Power shares lost over 3% during morning deals whereas Adani Transmission share price tumbled to the tune of 3.3% in early morning session. Adani Enterprises share price lost to the tune of 2.50% while Adani Green Energy and Adani Total Gas lost to the tune of 2.25% during Thursday deals.
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In one of the largest ever secondary market equity transactions GQG partners and  other investors bought 31.2 crore shares of Adani Power

GQG, other investors invest $1.1 bn for 8.1% stake in Adani Power

In one of the largest ever secondary market equity transactions GQG partners and &nbsp;other investors bought 31.2 crore shares of Adani Power

US-based boutique investment firm GQG Partners along with other investors on Wednesday bought an 8.1% stake in Adani Power Ltd for over Rs 9,000 crore (USD 1.1 billion) as the marquee investor shrugged off damning report of a US short seller to invest in billionaire Gautam Adani's group.
GQG Partners and other investors bought 31.2 crore shares of Adani Power in a block deal -- one of the largest ever secondary market equity transactions -- stock market data showed.
Adani Power is the fourth firm of the ports-to-energy conglomerate where GQG has invested since May.
Promoter Adani family, which held 74.97% in the firm, sold 31.2 crore or an 8.1% stake at an average price of Rs 279.17 per share.
Also Read: <a href="https://www.editorji.com/business-news/adani-group-stocks-rise-after-gqg-buys-additional-stake-1687948936396">Adani group stocks rise after GQG buys additional stake</a>
GQG Partners Emerging Markets Equity Fund and Goldman Sachs Trust II-Goldman Sachs GQG Partners Intl Opportunities Fund bought 15.2 crore shares at Rs 279.15 apiece, according to the stock market data.
The US-based investment firm, which started investing in the Adani Group in early March when the group was reeling under damaging allegations made by short-seller Hindenburg Research, has been increasing its stake in group companies.
GQG had previously picked up a 5.4% stake in Adani Enterprises, a 6.54% stake in Adani Green Energy Ltd and a 2.5% stake in Adani Transmission Ltd.
Adani Power is one of India's strategic energy and power producer.
The transaction is the first of its kind in India between an investor and a promoter group.
Sources said the investment highlights the intrinsic strength of Adani Group's diversified business ventures but also stands as an endorsement of the Group's commitment to the highest standards of governance. Furthermore, the success of this investment programme underscores the Group's unparalleled ability to raise substantial funds seamlessly across all its portfolio of companies.
Meanwhile, the shares of Adani Power gained over 3% in the morning trade on August 17, recovering the previous day&rsquo;s loss
Hindenburg Research, in a bombshell report in January, alleged accounting fraud and stock price manipulation at the group, triggering a stock market rout that had erased about USD 150 billion in its market value at its lowest point.
Adani Group has denied all allegations by Hindenburg and is plotting a comeback strategy that includes recasting its ambitions, scrapping acquisitions, pre-paying debt to address concerns about its cash flows and borrowings, and scaling back its pace of spending on new projects.
In March, promoters sold stakes worth Rs 15,446 crore (USD 1.87 billion) in group companies to GQG Partners. GQG ramped up that investment with an additional purchase of shares worth USD 400-500 million in May.
Adani family had raised USD 1.38 billion (Rs 11,330 crore) through stake sale in the three portfolio companies -- Adani Enterprises Ltd, Adani Green Energy Ltd and Adani Transmission Ltd.
In addition, the three portfolio companies have received board approvals for primary issuances through a share sale to investors.
Adani Enterprises Ltd plans to raise Rs 12,500 crore through share sale to investors while Adani Transmission plans to mop up Rs 8,500 crore. Adani Green Energy plans to raise Rs 12,300 crore.
Investments have been in key Adani group firms that are linked to India's ongoing energy transition. Adani Enterprises is incubating the green hydrogen projects while Adani Green Energy is the renewable energy arm that is building 45 GW of capacity by 2030. Adani Transmission lays lines to wheel such power.
The Group's 360-degree energy suite encompasses renewables, power generation, transmission and gas, reflecting a well-rounded perspective on India's dynamic energy landscape.
India stands at a crucial juncture, balancing its colossal energy demands with global sustainability commitments.
The share sales come months after Adani Enterprises was forced to abort a Rs 20,000 crore Follow-on Public Offering (FPO) in the wake of the Hindenburg report.
The offer was fully subscribed but the company returned the money to subscribers.
The funds that Adani Group is raising will be used to pare debt and fund the group's expansion projects.
The sources said GQG's bet on Adani was primarily because of the conglomerate emerging as the largest and fastest-growing critical infrastructure developer. Adani's portfolio offers a one-stop play for India's growing infrastructure theme with no equivalent alternative.
The group's flagship and incubator Adani Enterprises Ltd is developing businesses like airports, roads (transport and logistics), data centres, copper and green hydrogen, which could lead to massive value unlocking over the next 5 to 15 years for its investors, they said.
Its incubator model has a 100% success rate of creating unicorns and has built unicorns like Adani Transmission, Adani Power and Adani Ports &amp; SEZ. The combined market capitalisation of these four companies alone stands at USD 62 billion -- almost twice that of the incubator.
The management, in the recent past, has said that they will be separately listing airports and road businesses in the next three to four years.
Adani Green has emerged as the largest and fastest-growing renewable energy player in India. Its green capacities have grown at 33% CAGR over the past five years, outpacing the industry average of 15%.
Currently, the size of its renewable energy portfolio stands at 20.4 GW (8.2 GW operational and another 12,2 GW under construction and near construction projects). It is targeting a 45 GW portfolio by 2030.

The company's net debt was at Rs 1,86,897 crore, given the cash balance of of Rs 40,351 crore. This net debt is nearly 17% more than the previous year

Adani group raises fresh debt over Rs 19,000 crore since Hindenburg report 

The company's net debt was at Rs 1,86,897 crore, given the cash balance of of Rs 40,351 crore. This net debt is nearly 17% more than the previous year

The Adani group in its presentation shared with the Reserve Bank of India has revealed that it has raised a fresh debt of Rs 19,235 crore in the two months following the Hindenburg report. The group's gross debt outstanding is Rs 2,27,248 crore.&nbsp;
However, the company's net debt was at Rs 1,86,897 crore, given the cash balance of of Rs 40,351 crore. This net debt is nearly 17% more than the previous year. Meanwhile, the group companies have paid back $2. 1 billion of margin linked, share-backed financing and another loan of $500 million debt for acquiring Ambuja Cement.
The fresh debt funding has made Adani Group's investment pipeline stronger. Times of India quoted sources and said that Adani would use part of the freshdebt for the Navi Mumbai airport, which comes under Adani Enterprises. The group also plans to raise fresh funding for its Mundra Petrochem project under Adani Enterprises.
The group in its presentation has said that both domestic and international banks continue to show confidence across its businesses by disbursing new debt and rolling over existinglines.
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Adani Group stocks have been on the radar of investors since Hindenburg's report was released on January 23, 2023 allegedly accusing the Gautam Adani-led conglomerate of malpractices and manipulation of the stock prices

Adani Group stocks continue to rally; Adani Enterprises zooms nearly 13%

Adani Group stocks have been on the radar of investors since Hindenburg's report was released on January 23, 2023 allegedly accusing the Gautam Adani-led conglomerate of malpractices and manipulation of the stock prices.&nbsp;

Days after the Supreme Court-appointed panel found no evidence of regulatory failure by the capital markets regulator SEBI, shares of all the ten listed Adani Group firms continued their rally on Tuesday, with Adani Enterprises climbing nearly 13%. The SC appointed panel has been looking into the allegations made by Hindenburg Research.&nbsp;
On Tuesday morning, Shares of Adani Wilmar jumped 10%, Adani Ports rallied 5%, Adani Power, Adani Total Gas, Adani Green and Adani Transmission were all up 5% each.&nbsp;
NDTV advanced 4.97% and ACC climbed 0.39%.&nbsp;
The Adani group stocks continued their upward move after seeing a surge on Monday as well with Adani Enterprises climbing nearly 19%.&nbsp;
Adani stocks have been on move since the report by the US-based short seller triggered a steep sell-off in Adani Group stocks which nosedived, wiping out about 75% of their value.
However, within a span of four months, Adani Group stocks after testing their new lows, have recovered smartly and a few of them have turned multibaggers from their respective 52-week lows. These stocks have sharply surged up to 160% since February 2023.
Adani-Hindenburg row
The SC-appointed panel looking into allegations made by Hindenburg Research found no evidence of a 'regulatory failure' by the market regulator Securities and Exchange Board of India (SEBI).
According to the 173-page report, the committee found "no evident pattern of manipulation" in the sharp stock price rise in billionaire Gautam Adani's companies that can be attributed to "any single entity or group of connected entities."
Nevertheless, investigations are still being conducted. The Supreme Court has given SEBI until August 14 to wrap up its investigation into potential securities law violations by the Adani Group as well as any odd market activity in its stocks.

The top court has also said that that the parties be given copies of the report that was filed by the Justice Sapre panel in the interim. The next hearing will take place in July.

Adani-Hindenburg Case: Top court gives SEBI till August 14 to finish the investigation

The top court has also said that that the parties be given copies of the report that was filed by the Justice Sapre panel in the interim. The next hearing will take place in July.

The Supreme Court has given capital markets regulator SEBI an extension till August 14th to complete its investigation into the Adani-Hindenburg issue.&nbsp;
This was in response to an application filed by SEBI seeking 6 months more time to complete the probe. The two months&rsquo; time originally allowed by the apex court as per its March 2nd order ended on May 2nd.&nbsp;
On Friday, the top court told SEBI that it was unable to grant the market regulator's request for a six-month extension to finish its investigation.
Additionally, the SC has ordered that the parties be given copies of the report that was filed by the Justice Sapre panel in the interim so they can participate in future discussions. The next hearing will take place in July.
On January 24th, the U.S based short seller, Hindenburg research released a report making scathing allegations of stock price manipulation and corporate governance malpractices by the Adani group. This report sent the conglomerate's stocks on a downward spiral. Adani group strongly denied the accusations in a 400 page reply.
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adani group

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