Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<keyword id="6420486" type="General" weightage="100" keywordseo="ndtv" source="Orion">NDTV</keyword>'s share price rose 5 per cent, hitting the upper circuit in opening trade on Wednesday, a day after the <keyword id="76451" type="General" weightage="80" keywordseo="adani" source="Orion">Adani</keyword> group launched a hostile bid to take over the media house. The stock climbed 5 per cent to Rs 384.50 -- its upper circuit limit as well as 52-week high -- on the <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword> after beginning the trade on a positive note. The company's market capitalisation climbed Rs 117.99 crore to Rs 2,478.92 crore on the BSE. On the NSE, it jumped 4.99 per cent to Rs 388.20 -- its upper circuit limit as also the one-year peak. After declining in opening trade, the 30-share benchmark <keyword id="6484188" type="General" weightage="50" keywordseo="sensex" source="Orion">Sensex</keyword> was trading 87 points higher at 59,118.24 points in late morning trade. In a move that has significant ramifications for the media landscape, billionaire <keyword id="111343" type="General" weightage="50" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword> on Tuesday launched a hostile bid to take over NDTV, first with an indirect acquisition of 29.18 per cent stake in the broadcaster followed by an offer to buy out a further 26 per cent controlling stake. On Tuesday, the owners of <keyword id="201523" type="General" weightage="50" keywordseo="new-delhi-television-ltd" source="Orion">New Delhi Television Ltd</keyword> (NDTV), a popular news channel, said they were completely unaware of the takeover until Tuesday, and that it was done without their consent or any discussion. Three Adani group firms - Vishvapradhan Commercial Pvt Ltd (VCPL) along with AMG Media Networks and Adani Enterprises Ltd - have come out with a public announcement for the offer under the Sebi norms. The open offer to acquire an additional 26 per cent or 1.67 crore equity shares in NDTV is worth nearly Rs 493 crore. The offer price is Rs 294 per share, 19.71 per cent lower than the closing price on Tuesday. NDTV's share price, which has risen more than 300 per cent so far this year, closed at Rs 366.20 apiece on BSE on Tuesday. If the open offer is successful, the Adani group will have more than 55 per cent stake in NDTV. As the Adani group looks to boost media investments as part of an ambitious expansion plan, a group firm first acquired a company that in the past was linked to rival billionaire <keyword id="3820" type="General" weightage="50" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword>. The particular company had loaned Rs 250 crore to NDTV in 2008-09 and the Adani group firm now exercised the option to convert that debt into 29.18 per cent stake in the news channel company. Subsequently, it has launched an open offer for another 26 per cent stake, the group said in a statement on Tuesday. "AMVL's wholly-owned subsidiary VCPL holds warrants of RRPR Holding Pvt Ltd (RRPR) entitling it to convert them into a 99.9 per cent stake in RRPR. VCPL has exercised warrants to acquire 99.5 per cent in RRPR," it said. Such acquisition will result in VCPL acquiring control of RRPR. "RRPR is a promoter group company of NDTV and holds a 29.18 per cent stake in NDTV," the statement said. On Tuesday, NDTV said the exercise of the right by VCPL was executed without any input of the company or its founders. In an internal communication to its employees on Tuesday, NDTV said, "the developments of today are entirely unexpected for NDTV, and for Radhika and Prannoy". "We are in the process of evaluating the next steps, many of which involve regulatory and legal processes," it added. The bid for NDTV will be the Adani group's most high-profile bet in the media sector where Ambani already has a sizeable presence through Network18, which runs a bouquet of channels, including news channel CNN-News18 and business channel CNBC-TV18. Last year, Adani Media Ventures Ltd (AMVL), the media arm under the group's flagship Adani Enterprises Ltd, had acquired the digital business news platform Quintillion Business Media Pvt Ltd (QBM). NDTV had a revenue of Rs 421 crore with an EBITDA of Rs 123 crore and a net profit of Rs 85 crore in FY22, with negligible debt. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/top-five-gmail-features-to-get-more-productive/slidelist/93746021.cms">Top five Gmail features to get more productive</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/economy/news/this-financial-metric-explains-how-the-indian-economy-will-take-some-time-before-it-is-back-on-track/articleshow/93746079.cms">This financial metric explains how the Indian economy will take some time before it is back on track</a>

NDTV stock hits upper circuit on Adani group takeover bid

<ul class="summary-list"><li>Adani Enterprises shot up 19% after a report found no conclusive evidence of price manipulation yet.</li><li>Shares of billionaire Gautam Adani's flagship company had their best day since January. </li></ul>Adani Enterprises surged 19% Monday after a preliminary report found no conclusive evidence of market manipulation as previously alleged by short seller Hindenburg Research. Shares of billionaire Gautam Adani's flagship company hit an intraday high of 2,347 rupees on the <a href="https://www.bseindia.com/stock-share-price/adani-enterprises-ltd/adanient/512599/" target="_blank" rel="noopener">BSE</a>, notching their best day since January.A panel assembled by India's Supreme Court found no conclusive evidence of Adani companies manipulation or regulatory failure, according to a preliminary report released Friday, adding that it has "not been able to prove that its suspicion can be translated into a firm case of prosecuting an allegation of violation."However, investigations are ongoing. The Securities and Exchange Board of India has an August 14 deadline to close its probe of the conglomerate.Shares of other Adani companies rallied on the news too, with their market value increasing more than 9% to hit $108.5 billion, according to <a href="https://www.wsj.com/livecoverage/stock-market-today-dow-jones-05-22-2023/card/adani-shares-have-their-best-day-since-a-short-seller-report-33rHQWIZRJQDguN4w9Wk" target="_blank" rel="noopener">FactSet data</a> on Monday. Hindenburg released a scathing report about Adani Group on January 24, alleging the Indian conglomerate had engaged in "a brazen stock manipulation and accounting fraud scheme over the course of decades."Adani Group has denied these allegations. Adani's wealth has plummeted by $54 billion year-to-date on the back of the stock selloff and the short-seller report, according to the <a href="https://www.bloomberg.com/billionaires/profiles/gautam-s-adani/" target="_blank" rel="noopener nofollow">Bloomberg Billionaires Index</a>.

Adani Enterprises surge 19% after report finds no evidence of stock-price manipulation alleged by short seller

<ul><li>Queensland’s Department of Environment and Science gave a go ahead for Adanis to start construction at the Carmichael coal mines.</li><li>The approval has been termed as bad news by environmental groups. </li></ul>After a decade long battle, Gujarat-based <keyword id="6367820" type="ORGANIZATION" weightage="20" keywordseo="adani-group">Adani Group</keyword> finally won the rights to develop its Charmichael coal mine in Queensland, Australia. The controversial coal mine became a hotbed for climate change concerns. But today, Adani <a href="https://www.abc.net.au/news/2019-06-13/adani-carmichael-coal-mine-approved-water-management-galilee/11203208">received</a> a go-ahead from Queensland’s Department of Environment and Science (DES). The approval was holding up the billionaire Gautam Adani-led group from kickstarting construction at the mine. The project to develop the mine also involves building a railway line which will connect the mine to Abbot Point port, aiding exports. This infrastructure is estimated to cost around $3.3 billion. However, there were concerns that the construction would have an adverse impact on the groundwater table. Added to that, the endangered finch bird which is native to the region, could also be affected, according to environmental groups. DES has been <a href="https://www.abc.net.au/news/2019-06-13/adani-carmichael-coal-mine-approved-water-management-galilee/11203208">reviewing</a> Adani’s groundwater management plan for over two years. Eminent scientific bodies like CSIRO (Commonwealth Scientific and Industrial Research Organization) and Geoscience Australia are among those which conducted reviews of the project’s groundwater management plan. Adani acquired the mines in 2010 and they were expected to produce 8-10 million tonnes of thermal coal a year. This coal can be used to generate electricity, though the quality of coal has been described as ‘low’ with high ash content. Not only was the coal mine acquisition controversial due to its claimed economic benefits and financial viability; it also ran into an environmental quagmire. The coal basin is located in a pristine area, and this approval was opposed by green groups who believe that it can affect the Great Barrier Reef. It is also believed to deplete the groundwater at its site and the carbon emissions will not help the delicate balance of the area either. The <a href="https://in.reuters.com/article/australia-coal-adani-ent/adani-wins-green-light-for-long-awaited-australian-coal-mine-idINKCN1TE0C0">approval</a> has been described as “bad news” by the Australian Marine Conservation Society.

Australia allows India's Adani Group to start construction at the Carmichael mine

<ul class="summary-list"><li>Adani Group companies have lost over $110 billion in market value in the past fortnight. </li><li>That's after US short seller Hindenburg Research leveled allegations of market manipulation and fraud at the conglomerate.</li></ul>Very few companies have <a href="https://markets.businessinsider.com/news/stocks/adani-hindenburg-shares-india-sebi-regulator-calm-market-2023-2?_gl=1*khxd8j*_ga*MTMwNjYzODQ5MS4xNjMzMzIwMTA2*_ga_E21CV80ZCZ*MTY3NTczNTk3Mi4yNDU2LjAuMTY3NTczNTk3Mi4wLjAuMA..">lost a huge chunk of their market capital</a> as swiftly and to such an extent as those belonging to the Adani Group. Ten listed companies under the Adani Group — which came under attack by short seller Hindenburg Research — have already shed more than $110 billion as of Friday, per <a href="https://www.bloomberg.com/news/articles/2023-02-03/adani-rout-spurred-by-short-seller-among-biggest-in-history" target="_blank" rel="noopener nofollow">Bloomberg</a>. These losses eclipse the market capital lost by other targets of a short seller's attack.Adani Group's losses were significantly larger and swifter than the bloodshed at Houston-based energy trading giant Enron and German payments company Wirecard, which were also mired in accounting scandals before they collapsed, according to a <a href="https://www.bloomberg.com/news/articles/2023-02-03/adani-rout-spurred-by-short-seller-among-biggest-in-history">Bloomberg analysis</a> published on Friday. While Enron has ceased to exist, <a href="https://www.wirecard.com/">Wirecard is now insolvent</a>. <a href="https://www.businessinsider.com/qa-with-jim-chanos-part-iii-the-fall-of-enron-2010-4">Enron</a> was <a href="https://www.latimes.com/archives/la-xpm-2002-jan-20-fi-petruno20-story.html" target="_blank" rel="noopener">brought down</a> — in part — by famed short seller <a href="https://markets.businessinsider.com/news/currencies/jim-chanos-kynikos-short-sellers-crypto-fraud-spac-china-stocks-2022-5">Jim Chanos</a> of hedge fund Kynikos Associates. Chanos shorted the firm's stock after flagging fraudulent accounting practices. Enron lost more than $65 billion between August 2000 and December 2001 when it filed for Chapter 11 bankruptcy, per Bloomberg's record.In Wirecard's case, it was short seller <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-short-sell-wirecard-elon-musk-toyota-volkswagen-2022-1">Fraser Perring,</a> who in a <a href="https://viceroyresearch.org/2020/07/03/zatarra-research-investigations-wirecard-reports/" target="_blank" rel="noopener">2016 report</a>, accused the payments firm of money laundering and fraud. Wirecard's share price collapsed after the company revealed in June 2020 that <a href="https://www.businessinsider.com/how-2-billion-went-missing-from-wirecard-german-fintech-company-2020-6">$2 billion in cash went "missing"</a> from its balance sheet and likely never existed. It filed for insolvency in the same month. Wirecard's market value was wiped out from 24 billion euros, or $26 billion, in 2018.Other companies that have lost substantial market value after being targeted by short sellers include electric truck maker <a href="https://www.businessinsider.com/nikola-short-seller-hindenburg-alleges-fraud-electric-trucks-trevor-milton-2020-9">Nikola</a> — its market value fell from a high of around $30 billion in 2020 to $1.3 billion now — and <a href="https://www.businessinsider.com/valeant-stock-plunge-timeline-2015-10">Valeant Pharmaceuticals.</a> The latter's market cap fell from $87 billion in August 2015 to around $2.8 billion now.Nikola, in particular, was also targeted by Hindenburg Research. The US-based short seller has targeted about 30 firms since 2020, per Bloomberg. These stocks lost about 15% on average the day after being targeted, and were on average 26% lower six months later, according to the news outlet's calculations.On its part, the Adani Group has been troubleshooting hard. On <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-net-worth-billionaire-world-richest-list-hindenburg-shortseller-2023-1?_gl=1*f11orn*_ga*MTMwNjYzODQ5MS4xNjMzMzIwMTA2*_ga_E21CV80ZCZ*MTY3NTc0NjA0OS4yNDU4LjEuMTY3NTc0Njg0OC4wLjAuMA..">January 29,</a> it released a <a href="https://www.adani.com/-/media/Project/Adani/Invetsors/Adani-Response-to-Hindenburg-January-29-2023" target="_blank" rel="noopener nofollow">413-page report</a> defending itself against Hindenburg's allegation — just three days after saying it was <a href="https://markets.businessinsider.com/news/stocks/adani-group-legal-action-hindenburg-short-seller-2023-1?_gl=1*f2o1x6*_ga*MTMwNjYzODQ5MS4xNjMzMzIwMTA2*_ga_E21CV80ZCZ*MTY3NTc0NjA0OS4yNDU4LjEuMTY3NTc0Njk3MS4wLjAuMA..">exploring potential legal action</a> against the short seller.They even sought to restore investor confidence by prepaying $1.1 billion in loans, the conglomerate said in a <a href="https://www.adani.com/Newsroom/Media-Release/Statement-On-Pledge-of-Shares-of-Adani-Listed-Companies" target="_blank" rel="noopener">statement</a> on Monday. It said the move was made "in light of recent market volatility."And it seems to be working — most Adani Group-related stocks appeared to be lifted by the news.The conglomerate's flagship company, Adani Enterprises surged 20% in under two hours of trade on Tuesday, while those of Adani Ports and Special Economic Zone soared over 9%. Shares of Adani Transmission, Adani Green Energy, and Adani Power were also up. The shares of Adani Total Gas were 5% lower.

The massive selloff in Adani shares eclipses those of other short-seller targets like Enron and Wirecard

<ul><li>At 7:50 am the SGX Nifty was trading 0.58% lower pointing towards a cautious start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider</a>. </li></ul>Indian stock market is likely to open on a muted note amidst mixed cues from global peers. At 7:50 am, the SGX Nifty was trading 0.58% lower indicating a cautious start for Nifty50. On Wednesday, the US stocks ended higher, recouping some of their recent massive losses. The Dow Jones Industrial Average ended 1.6% higher. While, the S&amp;P 500 gained 2.01% towards the end of trading. Here’s a list of stocks to watch for in trade on September 10: IRCTC IRCTC has clarified that it has received no information from the government after news reports surfaced that the government of India is looking to sell a 15-20% stake in the company via offer-for-sale. The shares of IRCTC ended 2% lower on September 9. Indiabulls Housing Finance Indiabulls Housing Finance launched its qualified institutional placement (QIP) on Wednesday. The company is looking to raise ₹1,000 crore. The company has set the floor price for the QIP at ₹206.70 per equity share. The shares of Indiabulls Housing Finance ended 1% lower yesterday. Bharat Dynamics The government on Wednesday mobilised ₹776 crore by divesting nearly 13% in Bharat Dynamics. The offer for sale (OFS) had hit the market with the government selling over 2.74 crore shares in BDL at a floor price of ₹330 a piece. The shares of Bharat Dynamics ended 5% lower on September 9. HDFC Bank, ICICI Bank, SBI and other banking stocks HDFC Bank, ICICI Bank, SBI and other banking stocks will also be in focus during the trade today. The Supreme Court of India will hear petitions seeking an extension of the moratorium period on repayment of loans. Future Consumer Future Consumer promoter, Future Capital Investment has invoked pledge on 1 crore shares on September 8. This may also move other Future Group stocks like— Future Retail, Future Lifestyle, and Future Enterprises, among others. The shares of Future Consumer ended flat on September 9. Adani Power and Adani Transmission Adani Power promoter, Adani Tradeline LLP released 1 crore pledged shares. Also, Adani Transmission promoters Gautam Adani/Rajesh Adani and Adani Tradeline LLP released a pledge on 4,49,56,300 equity shares and 94,60,000 shares, respectively. The shares of Adani Power ended 0.13% higher on September 9. Whereas Adani Transmission finished 0.61% lower. HAL, J&amp;K Bank, and Hindustan Copper These companies are slated to report their quarterly earnings today. SEE ALSO:<a href="https://www.businessinsider.in/defense/news/rafale-jets-to-be-formally-inducted-into-iaf-on-thursday/articleshow/78030072.cms" data-type="tilCustomLink"> India to formally induct Rafale aircraft in the 17 Squadron 'Golden Arrows' today</a> <a href="https://www.businessinsider.in/science/space/news/northrop-grumman-names-its-next-space-ship-after-kalpana-chawla-the-first-woman-of-indian-origin-to-go-to-space/articleshow/78018575.cms" data-type="tilCustomLink">Northrop Grumman names its next space ship after Kalpana Chawla — the first woman of Indian-origin to go to space</a>

Top stocks to watch— IRCTC, Adani Power, HDFC Bank, ICICI Bank, Future Consumer, Future Retail, Bharat Dynamics, HAL, Indiabulls Housing Finance and more

<ul class="summary-list"><li>Indian billionaire Gautam Adani lost $52 billion in net worth over six trading days.</li><li>Adani's losses were due to a massive selloff in the shares of his companies.</li></ul>Indian tycoon Gautam Adani's wealth has come under so much pressure in the last week and a half that his losses have outpaced some of the largest fortunes lost in recent years.Adani — whose empire is under pressure from a US short seller — has already lost $52 billion in just six trading days, according to the <a href="https://www.bloomberg.com/billionaires/profiles/gautam-s-adani/" target="_blank" rel="noopener">Bloomberg Billionaires Index.</a> In comparison, former FTX CEO Sam Bankman-Fried lost all of his $16 billion fortune in under a week following the collapse of the crypto exchange, per <a href="https://www.bloomberg.com/news/articles/2022-11-11/sam-bankman-fried-s-assets-go-from-16-billion-to-zero-after-ftx-collapse" target="_blank" rel="noopener">Bloomberg.</a>Adani is now worth $61.3 billion and on the 21st spot on the Bloomberg Billionaires Index. He's also India's second-richest person after <a href="https://www.businessinsider.com/asia-richest-men-wealth-businesses-assets-asia-comparison-2022-8">Mukesh Ambani.</a> However, that's a steep drop from just last week, when Adani was the planet's <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-hindenburg-allegations-net-worth-crash-2023-1?_gl=1*rllwbb*_ga*MTMwNjYzODQ5MS4xNjMzMzIwMTA2*_ga_E21CV80ZCZ*MTY3NTM4NTcyMi4yNDM5LjEuMTY3NTM5NjA4Ny4wLjAuMA..">fourth-richest person.</a> At his peak in September 2022, Adani was worth $150 billion, per Bloomberg.In terms of absolute value, Adani's wealth wipeout is also larger than that of <a href="https://www.businessinsider.com/eike-batista-is-a-negative-billionaire-2015-2#:~:text=Eike%20Batista%2C%20once%20Brazil's%20richest,2012%2C%20now%20owes%20%241.2%20billion.">Brazil's "negative billionaire"</a> Eike Batista, who lost his entire $35 billion fortune in a year after his oil and mining empire collapsed in 2013.The spectacular decline in Adani's net worth is the most serious in terms of its scale and speed of decline since <a href="https://www.bloomberg.com/news/articles/2023-02-02/adani-s-52-billion-wealth-wipeout-in-six-days-has-few-parallels?srnd=premium" target="_blank" rel="noopener">Bloomberg</a> started tracking billionaires in 2012, the news outlet noted. The dramatic decline in Adani's net worth is because much of his wealth is derived from his stakes in his businesses.Listed companies under the Adani Group have <a href="https://markets.businessinsider.com/news/stocks/adani-stocks-wipe-out-over-100-billion-market-value-2023-2">lost over $100 billion</a> in market value so far this year since short seller Hindenburg Research released a scathing <a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener nofollow">report</a> last Tuesday alleging "brazen stock manipulation and accounting fraud scheme" at the <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-hindenburg-allegations-net-worth-crash-2023-1?utm_medium=ingest&amp;utm_source=markets" rel="">Adani Group.</a>The Adani Group has been <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-net-worth-billionaire-world-richest-list-hindenburg-shortseller-2023-1?utm_medium=ingest&amp;utm_source=markets" rel="">defending itself vigorously,</a> but Hindenburg has also doubled down on its initial report.Still, the battle has rattled the market. Shares in its flagship company Adani Enterprises are down about 60% this year so far.However, since much of Adani's wealth is tied up with his stakes in his companies, there could still be upside for his fortune as share prices fluctuate.After all, <a href="https://www.businessinsider.com/rich-billionaires-who-declared-bankruptcy-2019-7#once-brazils-richest-man-with-a-net-worth-of-30-billion-eike-batista-lost-a-majority-of-his-wealth-when-his-oil-company-ogx-went-bankrupt-in-2013-in-july-2018-he-was-sentenced-to-30-years-in-prison-for-bribing-former-rio-de-janeiro-gov-sergio-cabral-9">Tesla CEO Elon Musk</a> was the <a href="https://www.bloomberg.com/news/articles/2022-12-30/elon-musk-becomes-first-person-ever-to-lose-200-billion" target="_blank" rel="noopener">first person ever</a> to lose $200 billion after the electric vehicle maker's shares declined sharply last year. But his net worth is up $36.5 billion this year so far on the back of strong gains in the stock, per Bloomberg Billionaires Index.

You Searched For "Adani news" and got 7 results

NDTV stock hits upper circuit on Adani group takeover bid

PTI

Adani Enterprises surge 19% after report finds no evidence of stock-price manipulation alleged by short seller

Morgan Chittum

Australia allows India's Adani Group to start construction at the Carmichael mine

BI India Bureau

The massive selloff in Adani shares eclipses those of other short-seller targets like Enron and Wirecard

Huileng Tan

Top stocks to watch— IRCTC, Adani Power, HDFC Bank, ICICI Bank, Future Consumer, Future Retail, Bharat Dynamics, HAL, Indiabulls Housing Finance and more

Navdeep Yadav

Gautam Adani lost $52 billion in 6 days. That's over 3 times what Sam Bankman-Fried lost in a similar timeframe.

Huileng Tan

Gautam Adani lost $52 billion in 6 days. That's over 3 times what Sam Bankman-Fried lost in a similar timeframe.

Huileng Tan

Popular Keywords

Buying Guides