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<ul><li>The combined market cap of Adani Group companies eroded by over ₹2.45 lakh crore.</li><li>This comes amid a US probe into Gautam Adani into an alleged bribe charge.</li><li>Adani has been charged over his role in an alleged scheme to pay a $250 million bribe to Indian officials.</li></ul><keyword id="20046345" type="General" weightage="20" keywordseo="Adani-Group-stocks" source="keywords">Adani group stocks</keyword> faced heavy drubbing during the morning trade on Thursday, with the combined market valuation of all the listed firms getting eroded by ₹2.45 lakh crore, as billionaire Gautam Adani has been charged by US prosecutors. Adani has been charged over his role in an alleged years-long scheme to pay a $250 million bribe to Indian officials in exchange for favourable terms for solar power contracts. The stock of the group's flagship firm Adani Enterprises plunged 22.99%, Adani Ports dived 20%, Adani Energy Solutions tanked 20%, Adani Green Energy plummeted 19.53% and Adani Total Gas tumbled 18.14% on the BSE. Shares of Adani Power slumped 17.79%, Ambuja Cements cracked 17.59%, ACC fell 14.54%, NDTV dropped 14.37% and Adani Wilmar declined 10%. Some of the group firms also hit their lowest trading permissible limit or lower circuit for the day. The combined market capitalisation (mcap) of all the ten listed group firms eroded by ₹2,45,016.51 crore during the morning deals. In the equity market, the BSE benchmark Sensex traded 536.89 points lower at 77,041.49 and the NSE Nifty quoted 186.75 points down at 23,331.75. US prosecutors charged Adani, 62, his nephew Sagar and other defendants for paying over $250 million in bribes between 2020 and 2024 to Indian government officials to win solar energy contracts on terms that could potentially bring in more than $2 billion in profit. This, they alleged, was concealed from the US banks and investors from whom the Adani group raised billions of dollars for the project. The complaint charges them with violating the antifraud provisions of the federal securities laws and seeks permanent injunctions, civil penalties, and officer and director bars. US law allows pursuing foreign corruption allegations if they involve certain links to American investors or markets. The Adani group did not immediately respond to requests for comments. "The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars," Breon Peace, US Attorney for the Eastern District of New York, which brought the case, said in a statement. Adani, chairman of the ports-to-energy Adani Group, his nephew Sagar R Adani, who is an executive director at the conglomerate's renewable energy arm Adani Green Energy Ltd, and its former CEO Vneet Jaain were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy. The Department of Justice alleged that on several occasions, Adani personally met with an Indian government official to advance the bribery scheme, and the defendants held in-person meetings with each other to discuss aspects of its execution. With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/redmi-a4-5g-with-120hz-display-launched-starting-at-8499/articleshow/115479469.cms">Redmi A4 5G with 120Hz display launched starting at ₹8,499</a> <a href="https://www.businessinsider.in/tech/mobile/news/android-16-developer-preview-announced-new-features-timeline-and-everything-you-need-to-know/articleshow/115476441.cms">Android 16 Developer Preview announced – new features, timeline and everything you need to know</a> <a href="https://www.businessinsider.in/tech/news/indian-wearables-market-declines-20-7-in-q3-2024-smartwatch-and-earwear-categories-struggle/articleshow/115447720.cms">Indian wearables market declines 20.7% in Q3 2024, smartwatch and earwear categories struggle</a>

Adani group stocks' combined market cap erodes by ₹2.45 lakh crore, Adani Enterprises tanks 23%

Ahmedabad (Gujarat) [India], November 9 (ANI): AdPorts and Special Economic Zone Ltd. (APSEZ) has reported robust financial results for the second quarter and the first half ending September 30, 2023, showcasing remarkable growth across key metrics. According to a press release by Adani, APSEZ witnessed a substantial YoY revenue growth of 26 per cent, reaching Rs 12,894 Crores during H1 FY24. The company's Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) recorded an impressive YoY growth of 49 per cent, amounting to Rs 7,429 Crores. Profit After Tax (PAT) increased by 33 per cent YoY, reaching Rs 3,881 Crores. The port EBITDA margin expanded by 220 basis points (bps) YoY to 72 per cent in H1 FY24. APSEZ achieved record cargo volumes of 203 MMT during H1 FY24 across its 8 ports and terminals. Mundra Port, the flagship port, celebrated 25 years of successful operations, handling over 16 MMT of cargo in a month and achieving the 4 Mn TEUs milestone in just 203 days. APSEZ expanded its logistics business, adding 11 rakes, Loni ICD, and warehouses at Mumbai and Indore during H1 FY24. Karan Adani, CEO and Whole Time Director of APSEZ expressed satisfaction with the company's outstanding performance, citing a 14 per cent YoY increase in cargo volume and improved operational efficiencies contributing to the 72 per cent domestic ports EBITDA during H1 FY24. Adani said, "APSEZ achieved another milestone by registering its highest ever half-yearly revenue of Rs 12,894 Crore, EBITDA of Rs 7,429 Crore and cargo volumes of 203 MMT during H1 FY24. The splendid performance was on the back of a 14 per cent YoY increase in cargo volume coupled with improving operational efficiencies at our ports, which has resulted in our domestic ports EBITDA improving by 220bps YoY to 72 per cent during H1 FY24." APSEZ's under-construction port in Sri Lanka secured a funding commitment of USD 553 million from the US International Development Finance Corporation (DFC). The logistics business recorded significant growth, with rail volumes up 25 per cent YoY and GPWIS volumes up 42 per cent YoY during H1 FY24. APSEZ achieved an emission intensity reduction of 48 per cent and a water intensity reduction of 58 per cent from the base year (FY2016) as of H1 FY24. The company completed a mangrove plantation of 4,200 Ha against its 2025 target of 5,000 Ha. S&amp;P (DJSI) provided APSEZ with a score of 65 (out of 100), ranking it in the top 4 per cent globally in the Transport and Transport infrastructure sector in its 2023 ESG assessment. APSEZ remains poised for sustained growth, with strong financials, strategic expansions, and a commitment to environmental sustainability. (ANI)

Adani ports and Special Economic Zone Ltd. records stellar H1 FY24 performance

AdPorts and Special Economic Zone on Thursday reported that its Profit After Tax or net profits during the just-concluded financial year 2023-24 grew by a whopping 50 per cent to Rs 8,104 crore. In 2022-23, they were at Rs 5,391 crore. During the fourth quarter January-March, the net profits grew 77 per cent to Rs 2,015 crore. Coming to the revenue from operations for the entire financial year and the fourth quarter, they grew 28 per cent and 19 per cent to Rs 26,711 crore and Rs 6,897 crore, respectively. 2023-24 has been a year of many new milestones for <keyword id="20038598" type="General" weightage="20" keywordseo="APSEZ" source="keywords" meta.keywordsubtype="org" meta.entityname="APSEZ" meta.hostid="261" meta.entityid="APSEZ">APSEZ</keyword> on both operational and financial metrics. <keyword id="20051210" type="General" weightage="20" keywordseo="Adani-Ports" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Ports" meta.hostid="261" meta.entityid="Adani Ports">Adani Ports</keyword> delivered 3x the India cargo growth rate and a record volume of 420 million tonne. "Clearly, the company's business model of end-to-end service, strategic partnership with key customers, leveraging the network effect through its string of ports, and focus on operational efficiencies is yielding results, said Ashwani Gupta, Whole-Time Director and CEO, APSEZ. With incremental cargo volumes of 100 million tonne achieved in less than two years, Adani Ports is well poised to achieve 500 million tonne of cargo volumes in 2025, aided by the recently acquired Gopalpur Port, and the scheduled commissioning of Vizhinjam Port in the current year and WCT (West Container Terminal) next year, said Gupta. "We continue to invest heavily in the business to drive growth, particularly in the logistics segment. Our newly launched trucking segment enables APSEZ to provide the last-mile connectivity solution to its customers. Our efforts towards sustainable business growth are well recognized in the top decile ESG rating from four global rating agencies," added Gupta. In 2023-24, APSEZ said it handled 27 per cent of the country's total cargo and 44 per cent of container cargo. Ten of its ports from the India portfolio recorded their lifetime high cargo volumes for the year. For 2023-24, the APSEZ Board has recommended a dividend of Rs 6 per share. This implies a payout of around Rs 1,300 crore for the company. A dividend is a reward that companies often provide to their shareholders, though it is not mandatory, from a portion of their earnings. APSEZ is the largest port developer and operator in India with seven strategically located ports and terminals on the west coast (Mundra, Tuna, Dahej, and Hazira in <keyword id="19906863" type="General" weightage="20" keywordseo="Gujarat" source="keywords">Gujarat</keyword>, Mormugao in Goa, Dighi in Maharashtra and Vizhinjam in Kerala) and eight ports and terminals on the East coast of India (Haldia in West Bengal, Dhamra and Gopalpur in Odisha, Gangavaram and Krishnapatnam in Andhra Pradesh, Kattupalli and Ennore in Tamil Nadu and Karaikal in Puducherry). SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/india-t20-world-cup-squad-kulcha-back-on-menu-kl-rahul-dropped/slidelist/109730805.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/india-t20-world-cup-squad-kulcha-back-on-menu-kl-rahul-dropped/slidelist/109730805.cms" target="_blank">India T20 World Cup squad: KulCha back on menu, KL Rahul dropped</a><a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a>

Adani Ports' net profits jump 50% in 2023-24, registers threefold cargo growth

<keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="261" meta.entityid="Adani Group">Adani Group</keyword> released the composite result and Credit Compendium of Adani Group of <keyword id="20027214" type="General" weightage="20" keywordseo="companies" source="keywords">companies</keyword> for Q1 FY25. The Results Compendium provides a comprehensive overview of the <keyword id="20088085" type="General" weightage="20" keywordseo="financial-performance" source="keywords">financial performance</keyword> of the Adani Portfolio, while the Credit Compendium offers in-depth insights into the portfolio's robust credit strength. According to the results, the strong performance for the quarter was led by <keyword id="20113873" type="General" weightage="20" keywordseo="Adani-Enterprises" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Enterprises" meta.hostid="261" meta.entityid="Adani Enterprises">Adani Enterprises</keyword>' emerging businesses, including solar and wind manufacturing. In a press release, the company stated that it has emerged as India's largest player in the fully integrated <keyword id="19990484" type="General" weightage="20" keywordseo="green-hydrogen" source="keywords">green hydrogen</keyword> chain, as well as in the airports and roads sectors. The company added that AEL's infrastructure businesses' steadily rising contribution is playing a significant role in this growth, with <keyword id="19957744" type="General" weightage="20" keywordseo="EBITDA" source="keywords">EBITDA</keyword> expanding by 69.98 per cent YoY. These fast-growing businesses now contribute 13.3 per cent to the portfolio-level EBITDA, up from 7.2 per cent a year ago. The overall EBITDA of Adani Group companies surged by 32.87 per cent year-on-year (YoY) to reach Rs 22,570 crore, resulting in a trailing twelve-month (TTM) EBITDA of Rs 79,180 crore, marking a 45.13 per cent increase over the corresponding TTM of the previous year. The Adani Group highlighted that its 'Core Infrastructure' platform comprises AEL's (Adani Enterprises) Infrastructure businesses, Utility (Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Total Gas), and Transport (Adani Ports &amp; SEZ) businesses. The Solar module manufacturing business of the group saw module sales rise by 125 per cent YoY in the quarter. Furthermore, the operationalization of photovoltaic cell lines lowered costs, resulting in higher profitability. The airport business also continues to see strong growth from rising passenger movement, increasing consumer offerings, and the addition of routes, airlines, and flights across seven operational airports. Adani Enterprises' performance indicates that in airports, the annual passenger movement across 7 airports crossed 90 million for the first time. During the quarter, eight new routes, six new airlines, and 13 new flights were added across all seven airports. Additionally, 25 new brands were introduced at Lucknow airport after the inauguration of Terminal 3. The road business achieved its highest-ever 730 lane-km construction during this quarter. In the Adani Green Energy segment, construction work for a 500 MW hydro pump storage has commenced, with a 31 per cent YoY capacity addition during the quarter. Another 250 MW wind capacity was operationalized in July at Khavda, bringing the total capacity to 11.2 GW. Adani Energy Solutions stated that the Khavda-Bhuj Transmission Line (KBTL) is fully commissioned, enabling 3 GW green power evacuation from Khavda. The 1,765 ckm Warora Kurnool Transmission Line (WKTL) was also fully commissioned, strengthening the national grid by ensuring seamless power flow between the western and southern regions. Adani Ports &amp; SEZ reported that Vizhinjam port, India's first transhipment port equipped with South Asia's most advanced container-handling technology, was formally commissioned in July and will become operational in November. In the Cements segment, the promoters infused Rs 15,000 crore in two tranches in Ambuja Cements in March and April, fully subscribing to the warrant program and infusing a total of Rs 20,000 crore since the acquisition in September 2022. The company also acquired Penna Cement, increasing the total capacity to 89 MTPA. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-launched-in-india-at-172999-but-you-cant-get-your-hands-on-it-right-now/articleshow/112517193.cms">Google Pixel 9 Pro Fold launched in India at ₹1,72,999, but you can’t get your hands on it right now</a> <a href="https://www.businessinsider.in/stock-market/news/ipo-scam-two-victims-from-hyderabad-lose-over-11crore-in-fake-ipo-scams/articleshow/112488051.cms">IPO scam – Two victims from Hyderabad lose over ₹11 crore in fake IPO scams</a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms">India’s wearables market decline for the first time as smartwatch shipments fall</a>

EBITDA of Adani Group companies surged by 32.87% year-on-year to ₹22,570 crore

In its latest report, US-based investor activist firm Hindenburg, lashed out at market regulator <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword> chief <keyword id="19922107" type="General" weightage="20" keywordseo="Madhabi-Puri-Buch" source="keywords">Madhabi Puri Buch</keyword>, alleging her and her husband, <keyword id="22743439" type="General" weightage="20" keywordseo="Dhaval-Buch" source="keywords">Dhaval Buch</keyword> of having stakes in the same offshore funds which had previously been utilised by Gautam Adani's brother, <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword>. Earlier last year, Hindenburg had come out with a report, arguing that the research firm had identified multiple instances where they had found that Adani Group was complicit in stock manipulation, and accounting frauds. The report mentioned around 38 Mauritius based shell entities which were directly controlled by Vinod Adani, or his associates, in addition to other suspected entities under his control, which were based out of Cyprus, the UAE, Singapore and Caribbean islands. It had also alleged that SEBI's distinct lack of regulatory action against the conglomerate, despite overwhelming evidence provided by them was disappointing. Now, in its latest report, it notes that "SEBI’s unwillingness to take meaningful action against suspect offshore shareholders in the Adani Group may stem from Chairperson Madhabi Buch’s complicity in using the exact same funds used by Vinod Adani, brother of Gautam Adani". We decode all that you need to know about the <keyword id="22758620" type="General" weightage="100" keywordseo="Adani-Hindenburg-saga" source="keywords">Adani-Hindenburg saga</keyword>. <h2>What is Buch being accused of?</h2>Three major things, really. First, quoting various whistleblower documents, Hindenburg alleged that during her tenure as a whole-time member at SEBI between 2017 and 2022, Buch maintained a 100% stake in Singapore-based Agora Partners. Two weeks post her appointment as SEBI's chairperson in March 2022, Buch privately emailed the fund, asking them to transfer all her share's to her husband's name. Second, during her tenure, Madhabi's husband, Dhawal Buch had been appointed as senior advisor at <keyword id="20144468" type="General" weightage="20" keywordseo="Blackstone" source="keywords" meta.keywordsubtype="org" meta.entityname="Blackstone" meta.hostid="261" meta.entityid="Blackstone">Blackstone</keyword>, a prominent global name in real estate and private equity. To this date, he maintains this position. Blackstone has, till date, sponsored three <keyword id="20186402" type="General" weightage="20" keywordseo="REITs" source="keywords">REITs</keyword> in India, including Embassy Office Parks REIT, Mindspace REIT, and Nexus Select Trust. As such, this results in a massive conflict of interest. The <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="261" meta.entityid="Hindenburg Research">Hindenburg research</keyword> alleges that during Buch significantly altered regulations, in order to favor investments in REITs (real estate investment trusts). As the short seller noted, "Buch touted REITs as her favorite products for the future, and urged investors to look positively upon the asset class". But, as the firm highlights, she did not explicitly ever mention that her husband is associated with Blackstone, a company which stands to gain significantly from such investments. Thirdly, as Hindenburg research explains, Madhabi currently holds a 99% stake in Agora Advisory, an India-based consulting firm where her husband also serves as a director. Per reports, at the end of FY22, the firm's revenue stood at Rs 19.8 million, which is about 5 times her disclosed salary as a whole-time SEBI member. <h2>How has Buch retorted to each of these allegations? </h2>On first, Buch notes that investment in the fund cited by Hindenburg in its research had been made in 2015, when she held no public position of note, and was 2 years away from joining SEBI as a whole-time member. Moreover, the decision to invest in this fund was largely because Anil Ahuja, who was the erstwhile chief investing officer (CEO) of the fund, was a childhood friend of Dhaval Buch, apart from having a long career in investing, having worked with Citibank and JP Morgan. During this time, the fund did not invest in any bonds or shares issued by companies of Adani Group. On second, Buch made it clear that Dhaval was hired by Blackstone on account of his deep expertise in supply chain management. Once this happened, Blackstone was immediately added to Madhabi's recusal list. Additionally, regulatory decisions are not solely taken by the chairperson, but come into existence after intense public discussion. And thirdly, both Agora Advisory in India, and Agora Partners in Singapore were made dormant after Buch was appointed as SEBI chairperson. Per the joint statement issued by the Buchs, "These companies (and her shareholding in them) were explicitly part of her disclosures to SEBI." <h2>What kind of financial impact are we estimating? </h2>Stocks of Adani companies found themselves swimming in red today. Adani Ports dipped by 1.78%, while Adani Enterprises and ACC fell by over 1% each during trade today. Adani Total Gas plunged by over 3%, while Adani Wilmar also sunk by over 2%. With the shares cumulatively experiencing over 7% fall, estimates suggest that over Rs 53,000 crore worth of investor wealth was wiped off today. The news does not bode well for India's mutual fund companies, who have a total of Rs 41,814 crore on Adani companies. As for REITs, data from IRA (Indian REITs Association) suggests that there are, at present, four listed REITs on the Indian stock exchanges, collectively managing assets worth over ₹1,40,000 crores and serving more than 240,000 unitholders. "These REITs have distributed over ₹18,000 crores, with the market capitalization of this rapidly growing asset class reaching approximately ₹80,000 crores", the association notes. As the research firm disclosed, it made Rs 34 crores shorting (borrowing a stock who's value you anticipate will fall, and then sell it in markets to earn profits). According to media reports, about 111 mutual fund schemes have invested around Rs 14,000 crore in Adani Ports and SEZ. How has Hindenburg doubled down? In a fresh salvo, Hindenburg notes that this admission confirms that Madhabi and Dhaval Buch had indeed, "invested in an obscure Bermuda/Mauritius fund structure, alongside money allegedly siphoned by Vinod Adani, the brother of Gautam Adani". "She also confirmed the fund was run by a childhood friend of her husband, who at the time was an Adani director. SEBI was tasked with investigating investment funds relating to the Adani matter, which would include funds Mrs. Buch was personally invested in, and funds by the same sponsor which were specifically highlighted in our original report. This is obviously a massive conflict of interest," the firm said. Another accusation that has gone the SEBI chairperson's way is that even while she was serving as SEBI chief, Buch continued to earn revenues from her active consulting firms, and also making deals under her husband's name all the while she served as SEBI's whole-time member. <h2>What's next? </h2>Taking note of Hindenburg's report, SEBI released a statement asking investors to "remain calm and exercise due diligence before reacting to such reports. Investors may also like to take note of the disclaimer in the report that states that readers should assume that Hindenburg Research may have short positions in the securities covered in the report", it said. "The allegations made by Hindenburg Research, against the Adani Group, have been duly investigated by SEBI. Hon’ble Supreme Court in its Order of January 3, 2024 noted that SEBI had completed twenty–two out of twenty–four investigations into the Adani group. Subsequently, one more investigation was completed in March 2024, and one remaining investigation is close to completion. During the ongoing investigation in this matter, more than 100 summons, around 1,100 letters and emails have been issued to seek information", it continued.

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Adani group stocks' combined market cap erodes by ₹2.45 lakh crore, Adani Enterprises tanks 23%

BI India Bureau

Adani ports and Special Economic Zone Ltd. records stellar H1 FY24 performance

ANI

Adani Ports' net profits jump 50% in 2023-24, registers threefold cargo growth

ANI

EBITDA of Adani Group companies surged by 32.87% year-on-year to ₹22,570 crore

ANI

Adani Hindenburg case: All your questions answered

Ira Alok Puranik

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