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Tag: Adani

  • Adani stocks crash: SC orders setting up of panel headed by ex-judge Sapre

    Adani stocks crash: SC orders setting up of panel headed by ex-judge Sapre

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    New Delhi: The Supreme Court on Thursday ordered setting up of a six-member committee headed by former apex court judge Justice A M Sapre to investigate the recent Adani Group shares crash triggered by the Hindenburg Research’s fraud allegations and other regulatory aspects related to stock markets.

    The court asked the panel to submit its report in a sealed cover within two months.

    The top court observed that the PILs pertained to “the loss of investors’ wealth over the past few weeks due to the steep decline of share prices of Adani group companies, precipitated by the Hindenburg Research report which alleged manipulations and malpractices by the Adani group companies” and also directed market regulator SEBI (Securities and Exchange Board of India) to complete its ongoing probe into the issue in two months and file a status report.

    Besides former apex court judge Justice Sapre, the other members of the court-appointed panel will be “O P Bhat (former Chairman of SBI), Justice J P Devadhar (retired judge of the Bombay High Court), K V Kamath, Nandan Nilekani, Somasekharan Sundaresan”.

    A bench headed by Chief Justice D Y Chandrachud directed the Centre, financial statutory bodies and the SEBI chairperson to render all cooperation to the Justice Sapre panel which will have to submit its report in a sealed cover within two months in the court.

    The remit of the Committee shall be to provide an overall assessment of the situation including the relevant causal factors which have led to the volatility in the securities market in the recent past, the court said.

    The committee will “suggest measures to strengthen investor awareness and to investigate whether there has been a regulatory failure in dealing with the alleged contravention of laws pertaining to the securities market in relation to the Adani Group or other companies,” it said.

    It will suggest measures to strengthen the statutory or regulatory framework, and secure compliance with the existing framework for the protection of investors, it said.

    The court directed the SEBI to inform the court-appointed committee of domain experts about the steps taken by it so far during the ongoing probe.

    The bench, however, clarified that the constitution of the committee was not an “adverse reflection” on the functioning of the regulatory agencies.

    The bench, which also comprised Justices P S Narasimha and J B Pardiwala, in a judgement, said the panel will make an overall assessment of the situation, suggest measures to make investors aware and strengthen existing regulatory measures for stock markets.

    The court also asked it to examine if there was a violation of market regulations, short selling norms or stock price manipulations.

    On the ambit of the probe to be conducted by the panel, the bench said it would “provide an overall assessment of the situation including the relevant causal factors which have led to the volatility in the securities market in the recent past.”

    The committee will also suggest measures to increase “investor awareness” besides investigating whether there was any regulatory framework to deal with the recent alleged violations of law in the securities market.

    The Justice Sapre panel will be suggesting “measures to strengthen the statutory framework and regulatory framework and secure compliance with the existing framework for the protection of existing investors.”

    “The Committee is at liberty to seek recourse to external experts. The honorarium payable to the members of the committee shall be fixed by the Chairperson and shall be borne by the Union Government,” it said.

    The Union Ministry of Finance shall nominate a senior officer to act as a nodal officer to provide logistical support to the panel, it said.

    The apex court said in order to protect Indian investors against the volatility of the kind which has been witnessed in the recent past, it was of the view that it is appropriate to constitute an expert committee for the assessment of the extant regulatory framework and for making recommendations to strengthen it.

    The top court requested the SEBI Chairperson to ensure that all requisite information is provided to the Committee.

    ” All agencies of the Union Government including agencies connected with financial regulation, fiscal agencies and law enforcement agencies shall cooperate with the Committee. The Committee is at liberty to seek recourse to external experts in its work.

    “The honorarium payable to the members of the Committee shall be fixed by the Chairperson and shall be borne by the Union Government. The Secretary, Ministry of Finance shall nominate a senior officer who will act as a nodal officer to provide logistical assistance to the Committee,” it said.

    The top court said all the expenses incurred in connection with the work of the Committee shall be defrayed by the Union Government.

    “The Committee is requested to furnish its report in a sealed cover to this Court within two months,” it said.

    On February 17, the top court, while reserving its verdict on setting up of the panel, had said that it will maintain “fullest transparency” to protect investor interest and refused to accept the Centre’s suggestion given in a sealed cover on it.

    On February 10, the top court had said the interest of Indian investors need to be protected against market volatility in the backdrop of the Adani Group stocks rout and asked the Centre to consider setting up a panel of domain experts headed by a former judge to look at strengthening the regulatory mechanism.

    The Centre had agreed to the apex court’s proposal to set up a committee, to be headed by a former Supreme Court judge, to go into the regulatory regimes.

    SEBI, in its note filed in the top court, had indicated it is not in favour of banning short-selling or sale of borrowed shares, and said it is investigating allegations made by a tiny short-seller against the Adani Group as well as its share price movements.

    Till now, four PILs have been filed in the top court on the issue by lawyers M L Sharma, Vishal Tiwari, Congress leader Jaya Thakur and Mukesh Kumar, who claims to be a social activist.

    Adani Group stocks have taken a beating on the bourses after the Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate.

    The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

    (Except for the headline, this story has not been edited by Siasat staff and is published from a syndicated feed.)

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    #Adani #stocks #crash #orders #setting #panel #headed #exjudge #Sapre

    ( With inputs from www.siasat.com )

  • Adani stocks crash: SC orders setting up of panel headed by ex-judge Sapre

    Adani stocks crash: SC orders setting up of panel headed by ex-judge Sapre

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    New Delhi: The Supreme Court on Thursday ordered setting up of a six-member committee headed by former apex court judge Justice A M Sapre to investigate the recent Adani Group shares crash triggered by the Hindenburg Research’s fraud allegations and other regulatory aspects related to stock markets.

    The court asked the panel to submit its report in a sealed cover within two months.

    The top court observed that the PILs pertained to “the loss of investors’ wealth over the past few weeks due to the steep decline of share prices of Adani group companies, precipitated by the Hindenburg Research report which alleged manipulations and malpractices by the Adani group companies” and also directed market regulator SEBI (Securities and Exchange Board of India) to complete its ongoing probe into the issue in two months and file a status report.

    Besides former apex court judge Justice Sapre, the other members of the court-appointed panel will be “O P Bhat (former Chairman of SBI), Justice J P Devadhar (retired judge of the Bombay High Court), K V Kamath, Nandan Nilekani, Somasekharan Sundaresan”.

    A bench headed by Chief Justice D Y Chandrachud directed the Centre, financial statutory bodies and the SEBI chairperson to render all cooperation to the Justice Sapre panel which will have to submit its report in a sealed cover within two months in the court.

    The remit of the Committee shall be to provide an overall assessment of the situation including the relevant causal factors which have led to the volatility in the securities market in the recent past, the court said.

    The committee will “suggest measures to strengthen investor awareness and to investigate whether there has been a regulatory failure in dealing with the alleged contravention of laws pertaining to the securities market in relation to the Adani Group or other companies,” it said.

    It will suggest measures to strengthen the statutory or regulatory framework, and secure compliance with the existing framework for the protection of investors, it said.

    The court directed the SEBI to inform the court-appointed committee of domain experts about the steps taken by it so far during the ongoing probe.

    The bench, however, clarified that the constitution of the committee was not an “adverse reflection” on the functioning of the regulatory agencies.

    The bench, which also comprised Justices P S Narasimha and J B Pardiwala, in a judgement, said the panel will make an overall assessment of the situation, suggest measures to make investors aware and strengthen existing regulatory measures for stock markets.

    The court also asked it to examine if there was a violation of market regulations, short selling norms or stock price manipulations.

    On the ambit of the probe to be conducted by the panel, the bench said it would “provide an overall assessment of the situation including the relevant causal factors which have led to the volatility in the securities market in the recent past.”

    The committee will also suggest measures to increase “investor awareness” besides investigating whether there was any regulatory framework to deal with the recent alleged violations of law in the securities market.

    The Justice Sapre panel will be suggesting “measures to strengthen the statutory framework and regulatory framework and secure compliance with the existing framework for the protection of existing investors.”

    “The Committee is at liberty to seek recourse to external experts. The honorarium payable to the members of the committee shall be fixed by the Chairperson and shall be borne by the Union Government,” it said.

    The Union Ministry of Finance shall nominate a senior officer to act as a nodal officer to provide logistical support to the panel, it said.

    The apex court said in order to protect Indian investors against the volatility of the kind which has been witnessed in the recent past, it was of the view that it is appropriate to constitute an expert committee for the assessment of the extant regulatory framework and for making recommendations to strengthen it.

    The top court requested the SEBI Chairperson to ensure that all requisite information is provided to the Committee.

    ” All agencies of the Union Government including agencies connected with financial regulation, fiscal agencies and law enforcement agencies shall cooperate with the Committee. The Committee is at liberty to seek recourse to external experts in its work.

    “The honorarium payable to the members of the Committee shall be fixed by the Chairperson and shall be borne by the Union Government. The Secretary, Ministry of Finance shall nominate a senior officer who will act as a nodal officer to provide logistical assistance to the Committee,” it said.

    The top court said all the expenses incurred in connection with the work of the Committee shall be defrayed by the Union Government.

    “The Committee is requested to furnish its report in a sealed cover to this Court within two months,” it said.

    On February 17, the top court, while reserving its verdict on setting up of the panel, had said that it will maintain “fullest transparency” to protect investor interest and refused to accept the Centre’s suggestion given in a sealed cover on it.

    On February 10, the top court had said the interest of Indian investors need to be protected against market volatility in the backdrop of the Adani Group stocks rout and asked the Centre to consider setting up a panel of domain experts headed by a former judge to look at strengthening the regulatory mechanism.

    The Centre had agreed to the apex court’s proposal to set up a committee, to be headed by a former Supreme Court judge, to go into the regulatory regimes.

    SEBI, in its note filed in the top court, had indicated it is not in favour of banning short-selling or sale of borrowed shares, and said it is investigating allegations made by a tiny short-seller against the Adani Group as well as its share price movements.

    Till now, four PILs have been filed in the top court on the issue by lawyers M L Sharma, Vishal Tiwari, Congress leader Jaya Thakur and Mukesh Kumar, who claims to be a social activist.

    Adani Group stocks have taken a beating on the bourses after the Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate.

    The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

    (Except for the headline, this story has not been edited by Siasat staff and is published from a syndicated feed.)

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    #Adani #stocks #crash #orders #setting #panel #headed #exjudge #Sapre

    ( With inputs from www.siasat.com )

  • Adani ports beat own milestone; cargo volumes cross 300 MMT

    Adani ports beat own milestone; cargo volumes cross 300 MMT

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    Ahmedabad: Adani Ports and Special Economic Zone Ltd (APSEZ), the largest integrated transport utility in India and a part of the diversified Adani Group, crossed 300 MMT of cargo handling on February 23, 2023, in just 329 days, beating its own milestone from last year of 354 days.

    APSEZ has registered unprecedented growth since it started operations over two decades ago and continues to outperform all India cargo volume growth, with its market share rising rapidly.

    “The improvement in cargo volumes is testimony to the faith that our customers have in us,” APSEZ CEO and Whole Time Director Karan Adani said.

    “It shows our commitment to using improved efficiencies and technological integrations to drive and achieve customer satisfaction. The APSEZ’s flagship port, Mundra, is outpacing all its closest rivals by comfortable margins and continues to be the largest port in the nation in terms of volumes handled. Mundra’s infrastructure meets world standards and provides service levels on par with those of its global competitors, making it India’s gateway for container goods.”

    Increase in cargo volume handled at ports is a signthat the nation’s economy is picking up. Almost 95 per cent of the trade volumes in India are carried through maritime transport. So, having world-class mega ports is imperative for the Indian coastline. Through concession agreements with various government authorities, APSEZ has strategically built a string of ports (pearls) across the coastline of India, along with ICDs (inland container depots) and warehouses, woven intricately with self-owned rakes, covering more than 70 per cent of the hinterland.

    APSEZ has seen 4 per cent growth y-o-y at its container terminals because of its efficient infrastructure,which not only helps the country increase its trade share in global trade but also makes it easier for consumers gain access to a wide range of international products at reduced costs. Also, the lower logistics costs associated with maritime allow Indian businesses to export goods around the world,boosting domestic economy and raising the employment rate of Indians in the process.

    The engagement with container lines and the resolve to deliver on commitments has led to more new services at APSEZ terminals, raising volumes.

    Mundra Port shipped 1,501 fertiliser rakes in the current fiscal year with the total cargo dispatch of 4.8 MMT – the highest ever in the port’s history.

    This was made possible because of the port’s mechanised infrastructure and operational planning. This means vessels do not have to wait longer at the port as fertilisers are removed quickly from them, followed by quicker bagging and loading onto rakes with minimum wastage. The ability to turn around rakes and vessels quickly allows for the delivery of fertilisers to farmers round the year.

    This year also saw growth in agri exports due to India’s record high foodgrain production and the Russia-Ukraine conflict that opened up opportunities for farm exports.

    MundraPort registered a record RO-RO exports – an increase of 18 per cent largely due to long-time customer, Maruti Suzuki India Ltd. Hazira has been continuously witnessing sustained growth in chemical volumes y-o-y due to its proximity to the chemical hub of India. It has seen a 16 per cent growth this year.

    APSEZ’s market leadership in container business has been strengthened because of its strategic partnerships with the world’s largest shipping lines like MSC and CMA- CGM.

    Mundra Port alone has handled 3,508 commercial vessels, hosting the country’s largest container vessel APL Raffles and the deepest draft container vessel MSC Washington.

    Shipping larger quantities in a single shipment is very cost-effective. APSEZ’s foresight to maintain deep draft ports (cape-enabled) enables its customers bring larger vessel parcels, thereby lowering their overall logistics cost. Krishnapatnam Port has handled capesize vessel like MV NS HAIRUN that carried 165,100 MT of iron ore and departed the port waters with a departure draft of 17.75 m.

    At a time when the country’s electricity demand is at an all-time high, APSEZ has risen to the occasion and handled the sudden surge of imported coal volumes flowing to India. In line with the government’s vision of RSR (Rail-Sea-Rail) movement of domestic coal, APSEZ has begun offering coastal coal export solutions to TANGEDCO through its Gangavaram Port. Similarly, it has been supporting the coastal coal movement to NTPC Khudgi by commencement of coastal coal handling at its Mormugao Terminal.

    Besides expanding its business operations, APSEZ has also met its sustainability commitments. Energy and emission intensity has been reduced by around 41 per cent and water intensity by 56 per cent from 2016 levels. Electrification of Rubber Tyred Gantry Cranes (RTGs) and Quay Cranes has been completed, and that of Mobile Harbour Cranes is in progress, with 2023 as the target completion year. Diesel-based Internal Transfer Vehicles (ITVs) are being replaced by electric ITVs at Ennore, Kattupalli, Hazira and Mundra. The renewable share of electricity in 9M FY23 has been around 13 per cent.

    With its plan to install 250 MW of renewable capacity on a captive basis, APSEZ is moving closer to its goal of becoming carbon-neutral by 2025.

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    #Adani #ports #beat #milestone #cargo #volumes #cross #MMT

    ( With inputs from www.siasat.com )

  • ‘Modi-ji is giving our money to 1 person’: Kharge attacks Centre on Adani row

    ‘Modi-ji is giving our money to 1 person’: Kharge attacks Centre on Adani row

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    Raipur: As Congress’ 85th plenary session concludes, party chief Mallikarjun Kharge on Sunday hurdled a scathing attack at the Centre over the Adani issue.

    The 85th plenary session of Congress was being held in Raipur.

    Addressing the gathering on the third and final day of the session, Kharge said, “Few people are looting the property of this country. Modi ji is giving our money and property to one person. Adani has been made so big that he become as fat as an elephant…”

    Pertinent to mention, a report by a US-based Hindenburg Research surfaced on January 24, claiming that the Adani Group had weak business fundamentals, and was involved in stock manipulation and accounting fraud, among others.

    According to the statement, the Adani portfolio and the Adani verticals are focused on bringing India into the global economy and nation-building. In the summary of the long response by Adani Group, it said the report was “nothing but a lie”.

    The report triggered a sell-off of shares of all Adani Group companies.

    However, the Adani group had termed the report “nothing but a lie”.

    The Congress chief further attacked the Centre over the border issue with China.

    “Giving a clean chit to China, we targeted ourselves. We have degraded the relations with the neighbouring country. We keep on highlighting the mistakes committed by the government. Every worker of the party will fight till last breath for the constitution of the country,” he added.

    He said the speech of former party president Sonia Gandhi was motivating and enthused new energy in party workers.

    After serious delegation, Kharge said several important decisions and proposals were passed in the session.

    “We took historic decision of keeping 50 per cent seats in CWC for women, ST, SC and youths. The meaning of Congress is patriotism, sacrifice, serving and dedication, fearlessness and discipline,” he said.

    He said the fight against the ideology of the Bharatiya Janata Party (BJP) and Rashtriya Swayamsevak Sangh (RSS) will be intensified.

    “Caste-based census is necessary and the one was carried out by our government was not published yet. National Education Policy is the policy of RSS and we are against it. They are trying to give the education of Manusmriti,” Kharge said.

    Congress general secretary Priyanka Gandhi said, “During elections, issues not relevant to the public are raised. Politics should be on how to tackle unemployment, strengthen GDP, take up our economy. BJP conducted raids on us but we are standing strong.

    “It is our job to give a platform to those people who are watching the politics of the country and understand that something is going wrong. It is our job to raise their voice. On the other hand, it is our job to tell and explain this to those people who are not understanding this. This is a huge responsibility,” she added.

    Congress called for five action from Raipur plenary session.

    In a statement, Congress said lakhs of citizens, including workers of the party, walked 4,000 km from Kanyakumari to Kashmir with Rahul Gandhi during the Bharat Jodo Yatra. The Yatra took forward an inclusive and progressive vision of India where Constitutional values reign supreme.

    “In celebrating diversity, equality and fraternity, it presented a clear alternative to the BJP’s vision of India. In a few months, we will be celebrating the centenary of the Seva Dal, a crucial grassroots organisation of Congress workers. This will be an occasion to impart fresh energy into our mass contact programmes,” the statement said.

    Congress said it is the only party that has never compromised with the BJP and RSS and its “despicable politics.”

    “We will always fight to protect our political values against the BJP’s authoritarian, communal and crony capitalist onslaught. We are prepared to work with like-minded political parties on the basis of a common, constructive programme to preserve and protect the Constitution in letter and spirit and to address the three main challenges facing the country: growing economic inequality, intensifying social polarisation and deepening political dictatorship,” the statement said.

    Congress asked party leaders and workers to work with discipline, solidarity and complete unity to ensure victory in important state elections in Karnataka, Chhattisgarh, Madhya Pradesh, Mizoram, Rajasthan and Telangana this year. “The results of these elections will set the tone for the all-important 2024 Lok Sabha election,” the statement said.

    The party said its governments in Chhattisgarh, Himachal Pradesh and Rajasthan are models for the rest of the country.

    In the decade from 2004-2014, Congress delivered the highest ever GDP growth, pulled crores of Indians out of poverty, and introduced many transformational rights-based legislations, such as MGNREGA, Forest Rights Act and National Food Security Act, the party said.

    “The time is now ripe for a new vision to empower the nation’s producers and reboot the economy. MSMEs that have been destroyed in the last eight and a half years must be revived and made the engine of rapid growth and employment, through cluster-based skill development programmes for the youth, and dedicated funding and technological support for labour-intensive manufacturing. GST must be drastically simplified and significantly improved for the benefit of small businesses and traders, and GST compensation for states must be extended for another five years,” the statement said.

    It further stated that agricultural policies and reforms must be reoriented to place farmers and farm workers at the centre, and not only production goals. Farmers must be safeguarded through measures such as debt relief and legally guaranteed MSP. To ensure the fruits of rapid growth benefit all sections of society, Sampoorna Samajik Suraksha must be introduced, especially a women-centric NYAY programme and a Universal Right to Health Act. To cement the foundations of social justice an immediate Caste Census is critical.

    “India awaits a reinvigorated Congress and we owe it to the people to fulfill their expectations. Crores of workers of the Congress party must build on the momentum of the Bharat Jodo Yatra to defeat the divisive forces of the BJP and RSS. A mass awareness campaign will be launched against the crudest example of crony capitalism which the entire country and the world is seeing. We end the Raipur plenary with a renewed resolve and common purpose to build a stronger and united India,” added the Congress statement.

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    #Modiji #giving #money #person #Kharge #attacks #Centre #Adani #row

    ( With inputs from www.siasat.com )

  • Will continue to ask questions about Adani till truth is out: Rahul

    Will continue to ask questions about Adani till truth is out: Rahul

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    Nava Raipur: Congress leader Rahul Gandhi on Sunday said the party will keep asking questions about Gautam Adani till the truth comes out, as he flayed BJP leaders for coming out in support of the industrialist in Parliament.

    He also said the party should formulate a new plan to carry forward the “tapasya ” undertaken through the Bharat Jodo Yatra and that he along with the entire country will participate in it, indicating another such initiative.

    Launching a strong attack on the government on the Adani issue, he charged that Adani was working against the country by cornering the entire wealth.

    “When we asked in Parliament what is the prime minister’s relation with Adani our entire speech is expunged. We will ask in Parliament thousands of times till the truth of Adani ji is out, we will not stop,” he said at the 85th plenary session of the Congress here amid applause.

    “I want to tell Adani that his company is ‘hurting’ the country and is ‘snatching the entire infrastructure of country,” the former Congress president charged.

    “The battle for the country’s freedom was against one company as it had taken away all wealth and ports etc.,” he said.

    “History is being repeated. This is work against the country and if that happens the entire Congress party will stand against it,” he said.

    He also said that the party will continue to ask questions on the relationship between Prime Minister Narendra Modi and Adani.

    Hindenburg Research had made a litany of allegations, including fraudulent transactions and share-price manipulation, against the Adani Group.

    The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

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    #continue #questions #Adani #truth #Rahul

    ( With inputs from www.siasat.com )

  • ‘We need answers’: Oppn asks questions on LIC’s stock value slump in Adani Group

    ‘We need answers’: Oppn asks questions on LIC’s stock value slump in Adani Group

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    Members of several opposition parties have raised questions on the latest development of the value of stocks held by the Life Insurance Corporation (LIC) of India in the embattled Adani group companies.

    TMC MP Mahua Moitra in a tweet on Friday tagged FM Nirmala Sitharaman and asked the reasons behind why the centre is supporting Adani at the ‘cost of Indian public’.

    “₹3200 cr loss in Adani shares for @LICIndiaForever so far.
    @nsitharaman
    #IRDAI what pressure is there to support Adani at cost of Indian public?
    We need answers,” she tweeted.

    Congress spokesperson Randeep Singh Surjewala asked the Prime Minister to ‘break the silence’.

    “The bitter truth is that the original deposit made by #LIC years ago in the shares of #Adani has also fallen.

    LIC’s original holding of Adani shares – ₹ 36,474 crores.

    On February 23, 2023 the price remained – ₹ 33242 cr. Still why not investigate Adani? PM break the silence!” he said in a series of tweets.

     AIMIM chief Asaduddin Owaisi on Thursday targetted the BJP-led centre by saying that Prime Minister Narendra Modi has put common man’s savings at risk by investing LIC’s money in the Adani group of companies.

    “Poora kuppa kar diye” as we say in Hyderabad. LIC is putting common man’s savings at risk; all for the sake of one man’s friendship.
    @PMOIndia’s motto seems to be “profit before people,” he tweeted.

    Kerala former finance minister Thomas Isaac said that the management of LIC has the dity to protect policy holders’ interests and not just Adanis’.

    “Till when will LIC continue stand on the burning deck of Adani ship like a Casablanca? Reports say that LIC’s Adani Group investment has eroded to near cost now. LIC’s assets are public money, the management has the duty to protect policy holders interests and not just Advani’s,” he tweeted.

    Supreme Court lawyer and activist Prashant Bhushan asked the reason behind giving an extension to the LIC chairman when just in a span of one month after the Hindeburg expose, the value of Adani shares held by the LIC has fallen down.

    “So, in just a month after the Hindenburg expose, the Value of Adani shares but by LIC from our money has fallen from 72000 Cr to 26000 Cr, more than 3250 Cr below its purchase price. And this LIC Chairman has been given extension. For putting more public money into Adani shares?” he tweeted.

    The investments made in the Adani group companies by state-run insurance giant Life Insurance Corporation of India (LIC) have turned negative as of closing on February 23, according to data analysed from stakes held by the insurance company as per the December shareholding pattern made available on the exchanges.

    If some Adani stocks do not find support soon, LIC’s investment in the beleaguered Group, whose listed companies’ share prices have fallen by up to 80 percent, will almost certainly turn negative, as combined profit has now fallen to around Rs 3,000 crore from Rs 53,000 crore profit since the beginning of this year.

    Following a sell-off in Adani stocks following the Hindenburg Research report, the combined market value of LIC’s investments in Adani Group was Rs 33,000 crore on February 23, down from nearly Rs 83,000 crore on December 31, 2022. When Hindenburg published its damning report on January 24, the LIC’s investment in Adani Cos was valued at Rs 81,000 crore.

    This is primarily due to the significant sell-off in Adani Group stocks.

    After the publication of the Hindenburg report, LIC declared on January 30 that at the end of December, it owned Rs 35,917 crores under equity and debt in Adani Group equities.

    Since the US-based short seller Hindenburg released their research a month ago alleging accounting fraud and stock manipulation, the market value of the group’s 10 listed firms has fallen by $146 billion, or approximately 60 percent. Adani has refuted the charges.

    With the decline on Thursday, LIC’s investments now have a negative value or a loss. It is assumed that after January 30, LIC has not acquired or disposed of any stock in the Group entities.

    LIC owns between 1.28 percent and 9.14 percent of the shares in seven publicly traded Adani companies.

    The value of LIC’s investment in Adani Ports (APSEZ), in which it owns more than 9 percent, has fallen from Rs 15,000 crore on January 24 to slightly less than Rs 11,000 crore on February 23. Similarly, the value of its 4.23 percent stake in Adani Enterprises has decreased from Rs 16,500 crore to Rs 6,660 crore over the same time period. LIC also owns slightly less than 6 percent of Adani Total Gas.

    Since this Adani stock has dropped nearly 80 percent in the last month, LIC’s investment value has dropped from Rs 25,500 crore on January 24 to around Rs 5,200 crore.

    LIC holds 3.65 percent of Adani Transmission and 1.28 percent of Adani Green. In one month, the shares of both companies fell 73 percent. The LIC’s investment in Adani Transmission is now valued at Rs 3,000 crore, while the investment in Adani Green is valued at around Rs 1,000 crore. The loss suffered by LIC in Ambuja Cement and ACC is not severe.

    According to LIC, its total exposure in Adani Group companies amounts to 0.975 percent of its total assets under management (AUM) at book value.

    Meanwhile, most Adani stocks closed with significant losses on Thursday. In one month, the Group’s market capitalisation has dropped by approximately Rs 12 lakh crore.

    The stock market’s fallout has resulted in a sharp decline in Gautam Adani’s wealth, which now stands at $42.7 billion, according to the Bloomberg Billionaires index. He has dropped to 29th place on the world’s wealthiest list, down from second place last year.

    Gautam Adani is the founder of the Ahmedabad-based conglomerate Adani Group. Infrastructure, commodities, power generation, transmission, real estate, and cement are all areas of interest for the group.



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    #answers #Oppn #asks #questions #LICs #stock #slump #Adani #Group

    ( With inputs from www.siasat.com )

  • LIC’s investment value in Adani stocks down by Rs 50K crore since Jan

    LIC’s investment value in Adani stocks down by Rs 50K crore since Jan

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    The investments made in the Adani group companies by state-run insurance giant Life Insurance Corporation of India (LIC) have turned negative as of closing on February 23, according to data analysed from stakes held by the insurance company as per the December shareholding pattern made available on the exchanges.

    If some Adani stocks do not find support soon, LIC’s investment in the beleaguered Group, whose listed companies’ share prices have fallen by up to 80 percent, will almost certainly turn negative, as combined profit has now fallen to around Rs 3,000 crore from Rs 53,000 crore profit since the beginning of this year.

    Following a sell-off in Adani stocks following the Hindenburg Research report, the combined market value of LIC’s investments in Adani Group was Rs 33,000 crore on February 23, down from nearly Rs 83,000 crore on December 31, 2022. When Hindenburg published its damning report on January 24, the LIC’s investment in Adani Cos was valued at Rs 81,000 crore.

    This is primarily due to the significant sell-off in Adani Group stocks.

    After the publication of the Hindenburg report, LIC declared on January 30 that at the end of December, it owned Rs 35,917 crores under equity and debt in Adani Group equities.

    Since the US-based short seller Hindenburg released their research a month ago alleging accounting fraud and stock manipulation, the market value of the group’s 10 listed firms has fallen by $146 billion, or approximately 60 percent. Adani has refuted the charges.

    With the decline on Thursday, LIC’s investments now have a negative value or a loss. It is assumed that after January 30, LIC has not acquired or disposed of any stock in the Group entities.

    LIC owns between 1.28 percent and 9.14 percent of the shares in seven publicly traded Adani companies.

    The value of LIC’s investment in Adani Ports (APSEZ), in which it owns more than 9 percent, has fallen from Rs 15,000 crore on January 24 to slightly less than Rs 11,000 crore on February 23. Similarly, the value of its 4.23 percent stake in Adani Enterprises has decreased from Rs 16,500 crore to Rs 6,660 crore over the same time period. LIC also owns slightly less than 6 percent of Adani Total Gas.

    Since this Adani stock has dropped nearly 80 percent in the last month, LIC’s investment value has dropped from Rs 25,500 crore on January 24 to around Rs 5,200 crore.

    LIC holds 3.65 percent of Adani Transmission and 1.28 percent of Adani Green. In one month, the shares of both companies fell 73 percent. The LIC’s investment in Adani Transmission is now valued at Rs 3,000 crore, while the investment in Adani Green is valued at around Rs 1,000 crore. The loss suffered by LIC in Ambuja Cement and ACC is not severe.

    According to LIC, its total exposure in Adani Group companies amounts to 0.975 percent of its total assets under management (AUM) at book value.

    Meanwhile, most Adani stocks closed with significant losses on Thursday. In one month, the Group’s market capitalisation has dropped by approximately Rs 12 lakh crore.

    The stock market’s fallout has resulted in a sharp decline in Gautam Adani’s wealth, which now stands at $42.7 billion, according to the Bloomberg Billionaires index. He has dropped to 29th place on the world’s wealthiest list, down from second place last year.

    Gautam Adani is the founder of the Ahmedabad-based conglomerate Adani Group. Infrastructure, commodities, power generation, transmission, real estate, and cement are all areas of interest for the group.

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    #LICs #investment #Adani #stocks #50K #crore #Jan

    ( With inputs from www.siasat.com )

  • Telangana: ‘PM Modi helped Adani make money,’ says IT minister KTR

    Telangana: ‘PM Modi helped Adani make money,’ says IT minister KTR

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    KTR narayanpet

    Hyderabad: Telangana IT Minister KT Rama Rao (KTR) at a public meeting on Thursday in Bhupalpally, alleged that prime minister Narendra Modi was helping Gautam Adani become rich.

    “Modi indeed helped Adani get that money,” he said referring to the recent Hindenburg research report row. KTR said that the Prime Minister failed to fulfill his election promise to deposit Rs 15 lakhs in Jan Dhan accounts.

    “Though the NITI Aayog recommended the Centre to grant Rs.19,000 crore to Mission Bhagiratha and Rs.5,000 crore to Mission Kakatiya, the Centre has not sanctioned a single rupee for these schemes,” he said.

    KTR further argued that the PM was responsible for the death of 700 farmers during the protests against the Centre but the BJP leaders still call him God.

    “I am asking them for whom he is a God,” he added.

    He said that the prices of LPG cylinders have increased from Rs 400 to Rs 1200 during the Modi Government.

    Speaking about Congress, he said that people should not get carried away by propaganda spread by the party that was conducting foot marches in the state. “But what did Congress do for the united Andhra Pradesh when it was in power for five decades? The state will suffer a lot if they are given power again,” he said.

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    #Telangana #Modi #helped #Adani #money #minister #KTR

    ( With inputs from www.siasat.com )

  • ‘Poora kuppa kar diye’: Owaisi targets Modi on LIC’s stake in Adani group

    ‘Poora kuppa kar diye’: Owaisi targets Modi on LIC’s stake in Adani group

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    Hyderabad: Referring to an article on the value of investments by the Life Insurance Corporation (LIC) of India, AIMIM chief Asaduddin Owaisi on Thursday targetted the BJP-led centre by saying that Prime Minister Narendra Modi has put common man’s savings at risk by investing LIC’s money in the Adani group of companies.

    “Poora kuppa kar diye” as we say in Hyderabad. LIC is putting common man’s savings at risk; all for the sake of one man’s friendship.
    @PMOIndia’s motto seems to be “profit before people,” he tweeted.

    According to the cnbctv.com’s article shared by Owaisi, the value of the LIC’s investments in the Adani group of companies has turned negative

    As of closing on February 22, LIC’s investment value in Adani Group companies stood at Rs 33,632 crore, as per the December shareholding pattern available on the exchanges.

    On January 27, LIC had disclosed that the value of its investments in the Adani Group stood at Rs 56,142 crore.

    For the past few weeks, the Adani Group’s stocks have been making headlines, particularly in light of the significant dip in Gautam Adani’s net worth after the release of the Hindenburg report.

    Currently, Adani slipped to the 27th position in the world’s billionaire list as his net worth dipped by nearly 62 percent on the year-to-date (YTD) basis to USD 46.1 billion. It was USD 121 billion on January 1, 2023.

    Due to the huge dip, Adani’s net worth reached a near two-year low of USD 44.9 which was on February 22, 2021.



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    #Poora #kuppa #kar #diye #Owaisi #targets #Modi #LICs #stake #Adani #group

    ( With inputs from www.siasat.com )

  • Rahul Gandhi continues to attack PM over Adani issue

    Rahul Gandhi continues to attack PM over Adani issue

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    Shillong: Congress leader Rahul Gandhi on Wednesday continued his attack on Prime Minister Narendra Modi over his relationship with the Adani group, claiming that whenever the PM goes abroad, the conglomerate gets a “gift”.

    Addressing an election rally here, Gandhi asserted that the group has access to every single business because its head Gautam Adani is close to the prime minister.

    Claiming that television channels and newspapers did not properly cover his speech in Lok Sabha on this subject, he alleged that the media is in the hands of the powerful and close aides of the prime minister.

    “Whenever the PM goes abroad, Mr Adani gets a gift. PM goes to Bangladesh, Mr Adani gets a gift. PM goes to Australia, Mr Adani gets a gift. PM goes to Sri Lanka, Mr Adani gets a gift. PM goes to Sri Lanka, Mr Adani gets a gift,” Gandhi said, referring to contracts bagged by the ports-to-energy conglomerate in those countries.

    One businessman became the second richest man in the world from the 609th in a matter of years, the Congress leader said without naming Adani.

    “He (Adani) owns ports, airports; he does constructions; he works for the defence sector; he dominates the apple trade in Himachal Pradesh,” Gandhi said.

    The former Congress president claimed that the scale of corruption at the Centre is probably “never ever seen” in Indian history.

    Gandhi said he had asked the PM to disclose his relationship with Adani in a Lok Sabha speech earlier this month, but got no reply.

    “My speech was nowhere to be seen. It was not visible in the media, not heard about in newspapers and not seen in channels. The reason is the media of this country is completely controlled by two or three large industrialists who have a good relationship with the PM,” he said.

    On Monday also, Gandhi alleged that the billionaire industrialist benefited from the central government’s “magic” and asserted that he was not against businesses but the creation of monopolies.

    Gandhi and the Congress party have been attacking the prime minister and the government over the growth of the Adani group during the BJP rule and have claimed that this is happening due to the businessman’s proximity to the party and its leadership.

    The BJP had slammed the allegations as baseless and reminded the opposition party that there were big scams when the Congress-led UPA was in power that tarnished the image of the country.

    Stating that he had come to learn about the lack of unemployment across the country during his recent 4000 km Bharat Jodo Yatra, the Congress leader said he came to know how the common people are in pain because of rising prices of petrol, diesel, gas cylinders and food products.

    The Congress party is committed to fight against issues concerning Indians – price rise, control of the country’s wealth in the hands of one or two persons, unemployment and the “hatred that the BJP is spreading”, Gandhi said.

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    #Rahul #Gandhi #continues #attack #Adani #issue

    ( With inputs from www.siasat.com )