Tag: adani group

Opening Bell: The Indian benchmark indices started the week on a tepid note today(30 January 2023) as clouds over Adani group, amid its clash with US-based Hindenburg Research, weighed on sentiment. The S&P BSE Sensex fell 590 points to quote at 58,741 level, while the Nifty50 dropped 149 points to 17,455 levels. Both indices were down 0.99 percent. ICICI Bank, Axis Bank, L&T, HUL, HDFC, Tata Steel, JSW Steel, RIL, Power Grid, HDFC Bank, Hindalco, SBI Life, Apollo Hospitals, and Bharti Airtel were the top laggards on the Nifty50 index as they fell in the range of 1 percent to 2 percent. In the broader market, the BSE MidCap and SmallCap indices declined up to 0.34 percent. Meanwhile, among sectors, the Nifty Metal index was the top NSE gainer, up 1 percent; while the Nifty Oil and Gas index was the top NSE loser, down 4 percent. Read more

Shares of Adani Group stocks sank up to 10 percent, with the stock price of the flagship firm Adani Enterprises bearing the brunt of the selling pressure. The Adani Group stocks had been major outperformers so far this calendar year, hence the current selling can be attributed to profit-taking at these counters. Adani Enterprises was down for the seventh straight trading session, having corrected over 20 percent from its lifetime high to a low of Rs 3,105 today. However, in the past three months, the stock has outperformed the market by surging 48 percent, as against an 8 percent rise in the benchmark index. Read more

POSCO and the Adani Group together will be investing up to $5 billion and have agreed to explore business cooperation opportunities, including the establishment of green, environment-friendly integrated steel mill at Mundra, Gujarat, as well as other businesses. The non-binding MoU signed between POSCO and Adani will see further collaboration at the group business level in various industries such as renewable energy, hydrogen, and logistics in response to carbon reduction requirements. Both the parties are examining various options to cooperate and leverage the technical, financial, and operational strengths of each company. The collaboration includes evaluating a joint Integrated Steel Mill at Mundra, Gujarat, based on POSCO’s state-of-the-art technology and cutting-edge R&D capability, said Adani in its release. Read more

Shares of Adani Group stocks fell up to 5 percent in intraday trade on July 19 after Minister of State for Finance Pankaj Chaudhary said in Parliament today that the directorate of revenue intelligence and SEBI (Securities and Exchange Board of India) are probing some entities of the Adani group about compliance with the SEBI regulations. It was not immediately clear when the investigation was launched. The minister did not name which companies were involved. He also alleged that the Enforcement Directorate is not probing companies holding FPIs based on day-to-day trading of shares. A month ago, Adani Group had quashed reports about the National Securities Depository Ltd (NSDL) freezing three foreign portfolio investors (FPIs) related to the group. Adani Group CFO Jugeshinder Singh told CNBC-TV18 that it was "a malicious attempt to push a patently false story". Read more

Shares of Adani Group companies rallied up to 9 per cent on Monday after the Company is set to acquire a 74 per cent stake in Mumbai International Airport (MIAL) for nearly Rs 15,000 crore, which operates the country’s second-largest airport, with the current operator settling its disputes with its minority partner and exiting the venture. Adani Green Energy surged 9.35 per cent to Rs 411.90 on the BSE while Adani Enterprises gained 4.13 per cent at Rs 242.85. Besides, Adani Power, Adani Ports and Special Economic Zone, and Adani Gas rose in the range of 1-2 per cent. Adani Group might acquire the 50.5 per cent stake of GVK Group in MIAL and will buy the remaining 23.5 per cent from the minority partners, Airports Company South Africa (ACSA) and Bidvest Group.ACSA and Bidvest hold 10 and 13.5 per cent stake, respectively, in MIAL. The deal with MIAL would make Adani the largest private airport operator in India, after the GMR Group, which operates the Delhi and Hyderabad airports. Read more