Kotak Mahindra Group has denied any connection with Hindenburg Research, a US short seller, in response to SEBI's 46-page show cause notice regarding its Adani Report. The group clarified that Hindenburg was never a client of its K-India Opportunities Fund or Kotak Mahindra International Ltd. However, Hindenburg has pointed out that SEBI's notice failed to mention the involvement of Kotak Bank, founded by Uday Kotak, which oversaw the offshore fund structure used by its investor partner to short Adani stocks. This omission has raised questions about the intention behind SEBI's actions and whether it is trying to protect powerful Indian businessmen like Uday Kotak from scrutiny.
Aditya Birla Group's UltraTech Cement has announced the acquisition of a 23% stake in India Cements, a company led by former BCCI president N Srinivasan, for over Rs 1,900 crore. This move is expected to increase UltraTech's manufacturing capacity and bolster its competition against Adani Group. The acquisition was made through two block deals and UltraTech will now become the second-largest shareholder in India Cements. Adani Group had recently announced its own acquisition of Penna Cement, adding 14 MTPA to its capacity.
Ambuja Cements, a leading company of the Adani Group, has acquired 100 per cent stake in Penna Cement Industries Ltd (PCIL) for Rs 10,422 crore. The acquisition will help Ambuja Cements achieve its target capacity of 140 MTPA by 2028 and increase its market share by 2 per cent pan-India and 8 per cent in south India. The purchase, financed through internal accruals, marks a significant milestone in Ambuja Cement's growth journey.
In a major boost for the Indian power sector, BHEL and Adani Power have entered into thermal power project deals worth over ₹7,000 crore. BHEL will supply equipment and supervise erection & commissioning for 2x800 MW plants in Chhattisgarh and Uttar Pradesh, while also manufacturing boiler and turbine generator for these projects. The news caused a surge in the stock prices of both BHEL and Adani Power, with BHEL gaining 12.9% and Adani Power rising by 8.2% in the first hour of trade.
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Adani Group stocks saw a significant surge in trading volumes, leading to a boost in market capitalization of over Rs 2.6 lakh crore across just two sessions, thanks to exit polls predicting the return of Narendra Modi as Prime Minister of India. Adani Power, Adani Green, and Adani Ports were among the biggest gainers, with market caps increasing by over Rs 42,000 crore each. The strong earnings performance and debt management efforts by the Adani Group also contributed to the rise in stock prices.
After exit polls predicted a third term for Prime Minister Narendra Modi's government, stocks of Adani Group companies reached record highs on Monday. These conglomerates, led by billionaire Gautam Adani, have invested billions in various sectors such as mining, ports, and gas, benefiting from the government's focus on infrastructure development. As a result, shares of Adani Ports, Adani Enterprises, Adani Power, and Adani Green all soared, with analysts predicting even further success in the coming months.
After nearly five months, Gautam Adani, chairman of Adani Group, has surpassed Mukesh Ambani, chairman of Reliance Industries, as the richest person in Asia according to Bloomberg Billionaires Index. Adani's net worth increased by $5.45 billion, overtaking Ambani's $76.2 million gain. This change comes after a significant drop in Adani Group's valuation in January due to allegations of accounting fraud, stock market manipulation, and fraudulent transactions. Adani's surge in net worth is attributed to a recent rise in Adani Group's stock prices and a promising $90 billion capital expenditure plan over the next decade. Bernard Arnault, chairman of LVMH, currently holds the title of the world's richest person with a net worth of $207 billion.
The Adani Group's investor presentation revealed that their core infrastructure and utility portfolio has driven phenomenal growth, leading to record-breaking earnings and liquidity. With a cash balance exceeding long-term debt repayments for over 30 months and 84% of EBITDA coming from infrastructure and utility, the conglomerate's future looks stable and predictable. Additionally, their incubating assets, including airports and green hydrogen, are seeing rapid growth and contribute to almost 10% of their EBITDA.
Despite facing allegations of malpractices and manipulation from the Hindenburg report, Adani Group's flagship company, Adani Enterprises, has managed to recover from its losses. This success has been attributed to debt reduction and the acquisition of major projects. However, the ongoing investigation by SEBI regarding Foreign Portfolio Investments in Adani Group's stocks raises questions about the company's corporate governance and free float. This has also impacted the group's potential inclusion in the S&P BSE Sensex Index.