ADANIENT
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Adani Enterprises Incorporates Adani Cybersecurity Services Limited
Aug 5 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI ENTERPRISES LTD - INCORPORATES ADANI CYBERSECURITY SERVICES LIMITED
Source text: ID:nBSEdBDCc
Further company coverage: ADEL.NS
(([email protected];;))
Aug 5 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI ENTERPRISES LTD - INCORPORATES ADANI CYBERSECURITY SERVICES LIMITED
Source text: ID:nBSEdBDCc
Further company coverage: ADEL.NS
(([email protected];;))
ADANI SEEKS BATTERY TIEUP WITH CHINA’S BYD IN RENEWABLES PUSH - BLOOMBERG NEWS
Aug 4 (Reuters) -
ADANI SEEKS BATTERY TIEUP WITH CHINA’S BYD IN RENEWABLES PUSH - BLOOMBERG NEWS
Source text: https://tinyurl.com/3cpsz77c
(([email protected];))
Aug 4 (Reuters) -
ADANI SEEKS BATTERY TIEUP WITH CHINA’S BYD IN RENEWABLES PUSH - BLOOMBERG NEWS
Source text: https://tinyurl.com/3cpsz77c
(([email protected];))
India's Adani Enterprises falls after Q1 profit slump
** Shares of Adani Enterprises ADEL.NS fall 4.1% to 2,428 rupees
** Adani Group flagship co's Q1 consol net profit fell 49.5% Y/Y to 7.34 bln rupees ($83.8 mln)
** Q1 consol revenue fell 13.8% Y/Y to 219.61 bln rupees
** Trading vols at 1.2 mln shares so far, 1.6x the 30-day average
** ADEL down ~4% YTD
($1 = 87.5920 Indian rupees)
(Reporting by Vijay Malkar)
(([email protected];))
** Shares of Adani Enterprises ADEL.NS fall 4.1% to 2,428 rupees
** Adani Group flagship co's Q1 consol net profit fell 49.5% Y/Y to 7.34 bln rupees ($83.8 mln)
** Q1 consol revenue fell 13.8% Y/Y to 219.61 bln rupees
** Trading vols at 1.2 mln shares so far, 1.6x the 30-day average
** ADEL down ~4% YTD
($1 = 87.5920 Indian rupees)
(Reporting by Vijay Malkar)
(([email protected];))
ANALYSIS-Indonesia nickel slump piles pressure on coal miners hit by falling exports
Indonesia coal exports down 12.6% y/y by volume, Kpler says
Nickel smelters' coal-fired power demand to peak in 2026, ICMA forecasts
Top miners' shares fall by 1% to 18% this year, underperforming market
By Sudarshan Varadhan, Fransiska Nangoy and Hongmei Li
SINGAPORE/JAKARTA, July 30 (Reuters) - Indonesia's coal producers are trapped between the rock of falling exports and a hard place of peaking demand from the nickel smelters that had been driving the fuel's consumption domestically, creating a growth conundrum for the companies.
Coal is Indonesia's biggest export earner, making $30.49 billion in 2024, and plunging revenues from the sector would have disproportionately bad effects on the country's commodity-dependent economy, Southeast Asia's biggest.
With lower profit margins leading to dropping share prices, coal's woes point to a future of workforce cuts, slowing output and fewer contributions to government coffers at a time when President Prabowo Subianto is starting up ambitious spending plans.
Electricity-hungry smelters, most of which process nickel, have been the fastest growing demand source for Indonesian coal.
However, that demand will peak at 84.2 million tons by 2026 and fall to 78.6 million tons in 2027, according to the Indonesian Coal Miners Association (ICMA), because of nickel industry overcapacity and the potential implementation of stricter emissions regulations.
At the same time, Indonesian coal exports through June this year are down 12.6% from a year earlier by volume, data from Kpler showed, with government data showing the value of exports through May down 19.1%.
Exports to China, the country's biggest coal buyer, fell by 30% from a year earlier in June, Chinese government data showed, as it relies on more domestic output and takes advantage of low prices to import higher quality coal from elsewhere.
"Indonesian coal miners are taking steps to diversify their business to hedge against a steeply falling demand for low- to mid-grade coal," said Manish Gupta, senior analyst for Asia thermal coal research at Wood Mackenzie.
"We don't expect the growth in captive (plant) addition from nickel smelting to continue going forward," he said, using the industry jargon for power plants connected to nickel smelting sites, known as captive plants.
Indonesia's expanding nickel smelting industry had propelled a three-fold increase in Indonesia's captive coal-fired capacity to 16.6 gigawatts (GW) in 2024, from 5.5 GW in 2019, according to the coal plant tracker from Global Energy Monitor.
But as nickel prices have fallen due to increasing overcapacity and lower stainless steel imports by China, Indonesian smelters have idled some facilities.
In June, smelting inactivity at Indonesian nickel pig iron operations was 9% higher than a year earlier, the highest in two years, mainly as the country's biggest nickel producer Tsingshan Holdings likely halted output at its joint venture plants at Morowali Industrial Park, data from geospatial analytics firm Earth-i showed.
H. Kristiono, the deputy chairman of the ICMA, which includes Adaro AADI.JK, Bayan BYAN.JK and Bukit Asam PTBA.JK as well as foreign traders Adani Global and Trafigura, still expects the smelter industry's coal-fired power capacity to grow despite the underutilisation, although at a slower rate than previously estimated and still doubling by the end of the decade.
Coal will remain the dominant power fuel source for the nickel sector because of challenges to switching to other sources, little progress connecting sites to the national grid and Indonesia's resistance to stricter regulations.
About 6 GW of capacity, or 46% of all coal-fired power plants under construction in Indonesia, are planned for Central Sulawesi and North Maluku provinces, where nickel processing is concentrated, according to the Global Coal Monitor.
COMPANIES SQUEEZED
Overall though, the combination of lower exports and slower captive power demand growth is pressuring Indonesia's coal producers who are also being squeezed by higher government payments and rising fuel costs.
Profit margins at major miner Bayan has fallen for three years and state-owned Bukit Asam's first quarter margins fell below the annual averages for every year since 2010, LSEG data showed, due to increased royalty payments and rising machinery costs.
Shares of Indonesia's top five coal miners by output are down 1% to 18% this year, underperforming broader market .JKSE growth of nearly 7%. Adaro is down 18%, while Golden Energy Mines GEMS.JK and Bukit Asam have lost more than a tenth of their value since the beginning of this year.
The companies did not respond to requests seeking comment.
In April, Indonesia announced new royalty rates for coal, nickel and other minerals to support Prabowo's higher spending. While some big coal miners saw their effective royalty rate drop, others faced a 1 percentage point increase from April.
In 2024, royalties made up 16% of the average coal producer's cost structure, the highest among major Indonesian commodities, according to Australia-based Energy Shift Institute.
Jakarta is also considering export duties on coal shipments for certain price levels to boost state coffers, at a time when miners already face higher fuel costs due to the removal of biodiesel subsidies.
Some coal miners looking to weather the downturn are exploring diversification options, but progress has been slow, analysts say. Bukit Asam, for example, said in May it is considering a $3.1 billion investment in a plant to convert coal to synthetic natural gas.
"Producers are eyeing a mix of downstream options, renewables opportunities, or investments in alternate commodities," Wood Mackenzie's Gupta said.
(Reporting by Sudarshan Varadhan, Hongmei Li and Fransiska Nangoy, additional reporting by Ashitha Shivaprasad; Editing by Christian Schmollinger)
(([email protected]; +65 91164984;))
Indonesia coal exports down 12.6% y/y by volume, Kpler says
Nickel smelters' coal-fired power demand to peak in 2026, ICMA forecasts
Top miners' shares fall by 1% to 18% this year, underperforming market
By Sudarshan Varadhan, Fransiska Nangoy and Hongmei Li
SINGAPORE/JAKARTA, July 30 (Reuters) - Indonesia's coal producers are trapped between the rock of falling exports and a hard place of peaking demand from the nickel smelters that had been driving the fuel's consumption domestically, creating a growth conundrum for the companies.
Coal is Indonesia's biggest export earner, making $30.49 billion in 2024, and plunging revenues from the sector would have disproportionately bad effects on the country's commodity-dependent economy, Southeast Asia's biggest.
With lower profit margins leading to dropping share prices, coal's woes point to a future of workforce cuts, slowing output and fewer contributions to government coffers at a time when President Prabowo Subianto is starting up ambitious spending plans.
Electricity-hungry smelters, most of which process nickel, have been the fastest growing demand source for Indonesian coal.
However, that demand will peak at 84.2 million tons by 2026 and fall to 78.6 million tons in 2027, according to the Indonesian Coal Miners Association (ICMA), because of nickel industry overcapacity and the potential implementation of stricter emissions regulations.
At the same time, Indonesian coal exports through June this year are down 12.6% from a year earlier by volume, data from Kpler showed, with government data showing the value of exports through May down 19.1%.
Exports to China, the country's biggest coal buyer, fell by 30% from a year earlier in June, Chinese government data showed, as it relies on more domestic output and takes advantage of low prices to import higher quality coal from elsewhere.
"Indonesian coal miners are taking steps to diversify their business to hedge against a steeply falling demand for low- to mid-grade coal," said Manish Gupta, senior analyst for Asia thermal coal research at Wood Mackenzie.
"We don't expect the growth in captive (plant) addition from nickel smelting to continue going forward," he said, using the industry jargon for power plants connected to nickel smelting sites, known as captive plants.
Indonesia's expanding nickel smelting industry had propelled a three-fold increase in Indonesia's captive coal-fired capacity to 16.6 gigawatts (GW) in 2024, from 5.5 GW in 2019, according to the coal plant tracker from Global Energy Monitor.
But as nickel prices have fallen due to increasing overcapacity and lower stainless steel imports by China, Indonesian smelters have idled some facilities.
In June, smelting inactivity at Indonesian nickel pig iron operations was 9% higher than a year earlier, the highest in two years, mainly as the country's biggest nickel producer Tsingshan Holdings likely halted output at its joint venture plants at Morowali Industrial Park, data from geospatial analytics firm Earth-i showed.
H. Kristiono, the deputy chairman of the ICMA, which includes Adaro AADI.JK, Bayan BYAN.JK and Bukit Asam PTBA.JK as well as foreign traders Adani Global and Trafigura, still expects the smelter industry's coal-fired power capacity to grow despite the underutilisation, although at a slower rate than previously estimated and still doubling by the end of the decade.
Coal will remain the dominant power fuel source for the nickel sector because of challenges to switching to other sources, little progress connecting sites to the national grid and Indonesia's resistance to stricter regulations.
About 6 GW of capacity, or 46% of all coal-fired power plants under construction in Indonesia, are planned for Central Sulawesi and North Maluku provinces, where nickel processing is concentrated, according to the Global Coal Monitor.
COMPANIES SQUEEZED
Overall though, the combination of lower exports and slower captive power demand growth is pressuring Indonesia's coal producers who are also being squeezed by higher government payments and rising fuel costs.
Profit margins at major miner Bayan has fallen for three years and state-owned Bukit Asam's first quarter margins fell below the annual averages for every year since 2010, LSEG data showed, due to increased royalty payments and rising machinery costs.
Shares of Indonesia's top five coal miners by output are down 1% to 18% this year, underperforming broader market .JKSE growth of nearly 7%. Adaro is down 18%, while Golden Energy Mines GEMS.JK and Bukit Asam have lost more than a tenth of their value since the beginning of this year.
The companies did not respond to requests seeking comment.
In April, Indonesia announced new royalty rates for coal, nickel and other minerals to support Prabowo's higher spending. While some big coal miners saw their effective royalty rate drop, others faced a 1 percentage point increase from April.
In 2024, royalties made up 16% of the average coal producer's cost structure, the highest among major Indonesian commodities, according to Australia-based Energy Shift Institute.
Jakarta is also considering export duties on coal shipments for certain price levels to boost state coffers, at a time when miners already face higher fuel costs due to the removal of biodiesel subsidies.
Some coal miners looking to weather the downturn are exploring diversification options, but progress has been slow, analysts say. Bukit Asam, for example, said in May it is considering a $3.1 billion investment in a plant to convert coal to synthetic natural gas.
"Producers are eyeing a mix of downstream options, renewables opportunities, or investments in alternate commodities," Wood Mackenzie's Gupta said.
(Reporting by Sudarshan Varadhan, Hongmei Li and Fransiska Nangoy, additional reporting by Ashitha Shivaprasad; Editing by Christian Schmollinger)
(([email protected]; +65 91164984;))
Adani Enterprises To Join Hands With Mettube For Copper Tubes Business
July 24 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI ENTERPRISES TO JOIN HANDS WITH METTUBE FOR COPPER TUBES BUSINESS
ADANI ENTERPRISES IS DIVESTING 50% OF ITS KUTCH COPPER TUBES LTD. SUBSIDIARY TO METTUBE
WILL ACQUIRE A 50% STAKE IN METTUBE COPPER INDIA
ADANI ENTERPRISES WILL INVEST 50% IN METTUBE COPPER INDIA
Source text: [ID:]
Further company coverage: ADEL.NS
(([email protected];;))
July 24 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI ENTERPRISES TO JOIN HANDS WITH METTUBE FOR COPPER TUBES BUSINESS
ADANI ENTERPRISES IS DIVESTING 50% OF ITS KUTCH COPPER TUBES LTD. SUBSIDIARY TO METTUBE
WILL ACQUIRE A 50% STAKE IN METTUBE COPPER INDIA
ADANI ENTERPRISES WILL INVEST 50% IN METTUBE COPPER INDIA
Source text: [ID:]
Further company coverage: ADEL.NS
(([email protected];;))
India's Adani to exit consumer goods joint venture with Wilmar in $1.3 billion deal
Rewrites throughout, adds background, shares
July 17 (Reuters) - India's Adani Group will exit its consumer goods joint venture with Wilmar WLIL.SI in a $1.3 billion deal, giving control to the Singaporean firm, it said on Thursday.
The sale was announced in December and comes amid Adani's plans to bolster its infrastructure business.
As part of the deal, Adani Commodities, a unit of Adani Enterprises ADEL.NS, will sell a 30.42% stake in the JV, AWL Agri Business AWLA.NS. Wilmar-owned Lence will buy up to a 20% stake and rest will be sold to a set of "pre-identified investors," Adani Enterprises said.
Wilmar, through Lence, will hold an up to 63.94% stake in AWL Agri after the sale is completed.
Lence will buy the 20% stake for around $832 million, at 275 rupees a share, a 4.8% premium to AWL Agri's closing price on Wednesday. Wilmar will recognise a gain of $1.23 billion from the deal, it said in an exchange filing.
AWL Agri shares closed up 6.7% on the day after rising as much as 8.1% earlier in the session.
($1 = 86.0510 Indian rupees)
(Reporting by Nandan Mandayam in Bengaluru; Editing by Sonia Cheema)
(([email protected]; Mobile: +91 9591011727;))
Rewrites throughout, adds background, shares
July 17 (Reuters) - India's Adani Group will exit its consumer goods joint venture with Wilmar WLIL.SI in a $1.3 billion deal, giving control to the Singaporean firm, it said on Thursday.
The sale was announced in December and comes amid Adani's plans to bolster its infrastructure business.
As part of the deal, Adani Commodities, a unit of Adani Enterprises ADEL.NS, will sell a 30.42% stake in the JV, AWL Agri Business AWLA.NS. Wilmar-owned Lence will buy up to a 20% stake and rest will be sold to a set of "pre-identified investors," Adani Enterprises said.
Wilmar, through Lence, will hold an up to 63.94% stake in AWL Agri after the sale is completed.
Lence will buy the 20% stake for around $832 million, at 275 rupees a share, a 4.8% premium to AWL Agri's closing price on Wednesday. Wilmar will recognise a gain of $1.23 billion from the deal, it said in an exchange filing.
AWL Agri shares closed up 6.7% on the day after rising as much as 8.1% earlier in the session.
($1 = 86.0510 Indian rupees)
(Reporting by Nandan Mandayam in Bengaluru; Editing by Sonia Cheema)
(([email protected]; Mobile: +91 9591011727;))
Adani Enterprises Announces Early Closure Of Debenture Issuance
July 9 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI ENTERPRISES LTD - ANNOUNCES EARLY CLOSURE OF DEBENTURE ISSUANCE
Source text: ID:nBSEGpQ3
Further company coverage: ADEL.NS
(([email protected];;))
July 9 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI ENTERPRISES LTD - ANNOUNCES EARLY CLOSURE OF DEBENTURE ISSUANCE
Source text: ID:nBSEGpQ3
Further company coverage: ADEL.NS
(([email protected];;))
India's Adani Enterprises to sell 2-5 year debt at public bond sale next week, sources say
By Dharamraj Dhutia
MUMBAI, July 1 (Reuters) - Indian billionaire Gautam Adani's flagship firm plans to raise up to 10 billion rupees ($116.77 million) through a retail bond issue opening for public subscription next week, two sources aware of the development told Reuters on Tuesday.
Adani Enterprises ADEL.NS will sell two-year, three-year and five-year bonds through the issue, which will remain open for subscription from July 9 to July 22, the sources added.
The company will pay an annual coupon of 8.95% on its two-year bonds, 9.15% on three-year bonds and 9.30% on five-year bonds, and will also have an option to defer interest payment to maturity, the sources said.
For investors opting for quarterly payouts, the coupon will be 8.85% on three-year and 9.00% on five-year notes, they added.
Adani Enterprises did not reply to a Reuters request for comment.
This marks Adani Enterprises' second retail bond sale within a year. In September 2024, it raised 8 billion rupees via its debut public issue, offering two, three, and five-year bonds at coupons of 9.25%, 9.65%, and 9.90% respectively, indicating a 30–60 basis point drop in rates across tenors this time.
The proposed issue, rated AA- by Icra and Care Ratings, includes a greenshoe option of 5 billion rupees. Nuvama Wealth Management, Trust Investment Advisors and Tip Sons Consultancy Services will be the lead managers for the bond sale, the company said.
Last month, the company raised $750 million from a group of international banks. In November, U.S. authorities indicted Gautam Adani and his nephew, Sagar Adani, over alleged bribery and misleading of investors in connection with U.S. fundraising.
Gautam Adani denied any wrongdoing last week, telling shareholders that no individual from the group had been charged under the U.S. Foreign Corrupt Practices Act.
Adani Group and its 13 offshore investors have also been facing an investigation by the Securities and Exchange Board of India (SEBI) since Hindenburg Research in 2023 alleged the group's improper use of tax havens. The group has consistently denied any wrongdoing.
($1 = 85.6375 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, July 1 (Reuters) - Indian billionaire Gautam Adani's flagship firm plans to raise up to 10 billion rupees ($116.77 million) through a retail bond issue opening for public subscription next week, two sources aware of the development told Reuters on Tuesday.
Adani Enterprises ADEL.NS will sell two-year, three-year and five-year bonds through the issue, which will remain open for subscription from July 9 to July 22, the sources added.
The company will pay an annual coupon of 8.95% on its two-year bonds, 9.15% on three-year bonds and 9.30% on five-year bonds, and will also have an option to defer interest payment to maturity, the sources said.
For investors opting for quarterly payouts, the coupon will be 8.85% on three-year and 9.00% on five-year notes, they added.
Adani Enterprises did not reply to a Reuters request for comment.
This marks Adani Enterprises' second retail bond sale within a year. In September 2024, it raised 8 billion rupees via its debut public issue, offering two, three, and five-year bonds at coupons of 9.25%, 9.65%, and 9.90% respectively, indicating a 30–60 basis point drop in rates across tenors this time.
The proposed issue, rated AA- by Icra and Care Ratings, includes a greenshoe option of 5 billion rupees. Nuvama Wealth Management, Trust Investment Advisors and Tip Sons Consultancy Services will be the lead managers for the bond sale, the company said.
Last month, the company raised $750 million from a group of international banks. In November, U.S. authorities indicted Gautam Adani and his nephew, Sagar Adani, over alleged bribery and misleading of investors in connection with U.S. fundraising.
Gautam Adani denied any wrongdoing last week, telling shareholders that no individual from the group had been charged under the U.S. Foreign Corrupt Practices Act.
Adani Group and its 13 offshore investors have also been facing an investigation by the Securities and Exchange Board of India (SEBI) since Hindenburg Research in 2023 alleged the group's improper use of tax havens. The group has consistently denied any wrongdoing.
($1 = 85.6375 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)
(([email protected];))
India's Adani Enterprises plans public bond sale
MUMBAI, June 30 (Reuters) - Indian billionaire Gautam Adani's flagship company aims to raise 10 billion rupees ($117 million) through the sale of retail bonds, and has filed a draft prospectus for the issue, according to statements on stock exchanges.
This will be the second time within a year that Adani Enterprises ADEL.NS will tap the retail bond market. In September 2024, the company raised 8 billion rupees through a public issue, which was its first such debt sale.
The proposed issue includes a greenshoe option of 5 billion rupees.
Nuvama Wealth Management, Trust Investment Advisors and Tip Sons Consultancy Services will be the lead managers for the bond sale.
The tenor, coupon and the launch date have not yet been decided for the bonds that are rated AA- by Icra and Care Ratings.
($1 = 85.4470 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
(([email protected];))
MUMBAI, June 30 (Reuters) - Indian billionaire Gautam Adani's flagship company aims to raise 10 billion rupees ($117 million) through the sale of retail bonds, and has filed a draft prospectus for the issue, according to statements on stock exchanges.
This will be the second time within a year that Adani Enterprises ADEL.NS will tap the retail bond market. In September 2024, the company raised 8 billion rupees through a public issue, which was its first such debt sale.
The proposed issue includes a greenshoe option of 5 billion rupees.
Nuvama Wealth Management, Trust Investment Advisors and Tip Sons Consultancy Services will be the lead managers for the bond sale.
The tenor, coupon and the launch date have not yet been decided for the bonds that are rated AA- by Icra and Care Ratings.
($1 = 85.4470 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
(([email protected];))
Adani Airports Gets $1 Bln Financing From Global Investors For Mumbai International Airport- Statement
June 24 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI AIRPORTS GETS $1 BILLION FINANCING FROM GLOBAL INVESTORS FOR MUMBAI INTERNATIONAL AIRPORT- STATEMENT
Source text: [ID:]
Further company coverage: ADEL.NS
(([email protected];))
June 24 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI AIRPORTS GETS $1 BILLION FINANCING FROM GLOBAL INVESTORS FOR MUMBAI INTERNATIONAL AIRPORT- STATEMENT
Source text: [ID:]
Further company coverage: ADEL.NS
(([email protected];))
Adani eyes airport unit IPO by 2027, accelerates $100 billion capex pace, Bloomberg News reports
June 12 (Reuters) - Billionaire Gautam Adani's group is planning to list its Adani Airports unit by 2027, as part of a growth plan that requires investing $100 billion across businesses over the next few years, Bloomberg News reported on Wednesday.
The unit is set to be spun off and listed by March 2027, the report said, citing Adani Group executives who spoke on the condition of anonymity.
Adani Airports operates eight airports across India, including the Navi Mumbai International Airport, located in the outskirts of India's financial hub, which the company expects will be operational soon.
The company also doubled the pace of its capital spending plan and now expects to allocate $100 billion in five to six years instead of spreading it out over a decade as announced before, the report added.
The airport unit secured a $750 million investment last week from a consortium of international banks. Part of the funds will be used to refinance debt of $400 million.
Reuters could not immediately verify the report, and Adani Group did not immediately respond to a request for a comment.
(Reporting by Angela Christy in Bengaluru; Editing by Alan Barona)
June 12 (Reuters) - Billionaire Gautam Adani's group is planning to list its Adani Airports unit by 2027, as part of a growth plan that requires investing $100 billion across businesses over the next few years, Bloomberg News reported on Wednesday.
The unit is set to be spun off and listed by March 2027, the report said, citing Adani Group executives who spoke on the condition of anonymity.
Adani Airports operates eight airports across India, including the Navi Mumbai International Airport, located in the outskirts of India's financial hub, which the company expects will be operational soon.
The company also doubled the pace of its capital spending plan and now expects to allocate $100 billion in five to six years instead of spreading it out over a decade as announced before, the report added.
The airport unit secured a $750 million investment last week from a consortium of international banks. Part of the funds will be used to refinance debt of $400 million.
Reuters could not immediately verify the report, and Adani Group did not immediately respond to a request for a comment.
(Reporting by Angela Christy in Bengaluru; Editing by Alan Barona)
Adani Plans Airport Unit IPO By 2027, Bloomberg News Reports
June 11 (Reuters) -
ADANI PLANS AIRPORT UNIT IPO BY 2027- BLOOMBERG NEWS
Source text: https://tinyurl.com/feb59wta
Further company coverage: ADEL.NS
(([email protected];))
June 11 (Reuters) -
ADANI PLANS AIRPORT UNIT IPO BY 2027- BLOOMBERG NEWS
Source text: https://tinyurl.com/feb59wta
Further company coverage: ADEL.NS
(([email protected];))
Adani Enterprises Says Adani Airports Secures $750 Mln Global Financing
June 4 (Reuters) - Adani Enterprises Ltd ADEL.NS:
AIRPORTS SECURES USD 750 MN GLOBAL FINANCING
PROCEEDS TO REFINANCE USD 400 MILLION DEBT AND GROWTH CAPEX
FINANCING LED BY FIRST ABU DHABI BANK, BARCLAYS, STANDARD CHARTERED
NAVI MUMBAI AIRPORT TO ADD 20 MILLION PASSENGERS IN FIRST PHASE
Source text: ID:nBSE5LKfwv
Further company coverage: ADEL.NS
(([email protected];;))
June 4 (Reuters) - Adani Enterprises Ltd ADEL.NS:
AIRPORTS SECURES USD 750 MN GLOBAL FINANCING
PROCEEDS TO REFINANCE USD 400 MILLION DEBT AND GROWTH CAPEX
FINANCING LED BY FIRST ABU DHABI BANK, BARCLAYS, STANDARD CHARTERED
NAVI MUMBAI AIRPORT TO ADD 20 MILLION PASSENGERS IN FIRST PHASE
Source text: ID:nBSE5LKfwv
Further company coverage: ADEL.NS
(([email protected];;))
Adani Group Spokesperson: WSJ Story Alleging Links Between Adani Entities And Iranian LPG Is 'Baseless'
June 2 (Reuters) - ADANI GROUP SPOKESPERSON:
WALL STREET JOURNAL’S STORY ALLEGING LINKS BETWEEN ADANI ENTITIES AND IRANIAN LPG IS 'BASELESS'
CATEGORICALLY DENIES ANY DELIBERATE ENGAGEMENT IN SANCTIONS EVASION OR TRADE INVOLVING IRANIAN-ORIGIN LPG
NOT AWARE OF ANY INVESTIGATION BY U.S. AUTHORITIES ON TRADE INVOLVING IRANIAN-ORIGIN LPG
BY POLICY, ADANI GROUP DOES NOT HANDLE ANY CARGO FROM IRAN AT ANY OF OUR PORTS
Further company coverage: ADEL.NS
(([email protected];))
June 2 (Reuters) - ADANI GROUP SPOKESPERSON:
WALL STREET JOURNAL’S STORY ALLEGING LINKS BETWEEN ADANI ENTITIES AND IRANIAN LPG IS 'BASELESS'
CATEGORICALLY DENIES ANY DELIBERATE ENGAGEMENT IN SANCTIONS EVASION OR TRADE INVOLVING IRANIAN-ORIGIN LPG
NOT AWARE OF ANY INVESTIGATION BY U.S. AUTHORITIES ON TRADE INVOLVING IRANIAN-ORIGIN LPG
BY POLICY, ADANI GROUP DOES NOT HANDLE ANY CARGO FROM IRAN AT ANY OF OUR PORTS
Further company coverage: ADEL.NS
(([email protected];))
Adani, Emaar Said To Cease Talks On Indian Real Estate Unit Sale- Bloomberg News
May 30 (Reuters) -
ADANI, EMAAR SAID TO CEASE TALKS ON INDIAN REAL ESTATE UNIT SALE- BLOOMBERG NEWS
Source text: https://tinyurl.com/2rux9bc8
Further company coverage: ADEL.NS
(([email protected];))
May 30 (Reuters) -
ADANI, EMAAR SAID TO CEASE TALKS ON INDIAN REAL ESTATE UNIT SALE- BLOOMBERG NEWS
Source text: https://tinyurl.com/2rux9bc8
Further company coverage: ADEL.NS
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India's Adani Ports plans local debt market comeback after 17 months, bankers say
Updates with details throughout
By Dharamraj Dhutia
MUMBAI, May 28 (Reuters) - Adani Ports and Special Economic Zone APSE.NS, India's largest private port operator, plans a return to the domestic bond market after a 17-month hiatus in what could be its largest-ever rupee denominated debt issue, three merchant bankers said on Wednesday.
The company is set to raise as much as 50 billion rupees ($583.57 million) through the sale of bonds maturing in 15 years and has invited bids from bankers and investors on Thursday, the bankers, who did not want to be named because they are not authorised to speak to media said.
The Adani group did not immediately respond to a Reuters email seeking comments.
If realised, this would not only be the largest bond issue by the company but also the longest in terms of tenor, as the company had raised funds through up to 10-year bonds in the past.
It would also be the first time since early 2024 that the company will tap local bond market for funds. In January 2024, it had raised 2.50 billion rupees each through five-year and 10-year bonds at 8.70% and 8.80% coupons respectively.
The company is likely to offer a coupon of around 7.75% the bankers added, requesting anonymity as they are not authorised to speak to the media.
On May 22, the company's board approved raising up to 60 billion rupees through bond sales.
The notes are rated AAA by Crisil, Icra and Care.
The Adani Group and its 13 offshore investors have been facing an investigation by the Securities and Exchange Board of India (SEBI) since Hindenburg Research in 2023 alleged improper use of tax havens by the group, triggering a stock sell-off.
The group has repeatedly denied wrongdoing, and its shares have since recovered.
In November, U.S. authorities indicted group chairman Gautam Adani and some other executives, alleging they paid bribes to secure Indian power supply contracts and misled U.S. investors during fund raising. The company has denied wrongdoing, and said the allegations are baseless.
($1 = 85.6800 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee and Savio D'Souza)
(([email protected];))
Updates with details throughout
By Dharamraj Dhutia
MUMBAI, May 28 (Reuters) - Adani Ports and Special Economic Zone APSE.NS, India's largest private port operator, plans a return to the domestic bond market after a 17-month hiatus in what could be its largest-ever rupee denominated debt issue, three merchant bankers said on Wednesday.
The company is set to raise as much as 50 billion rupees ($583.57 million) through the sale of bonds maturing in 15 years and has invited bids from bankers and investors on Thursday, the bankers, who did not want to be named because they are not authorised to speak to media said.
The Adani group did not immediately respond to a Reuters email seeking comments.
If realised, this would not only be the largest bond issue by the company but also the longest in terms of tenor, as the company had raised funds through up to 10-year bonds in the past.
It would also be the first time since early 2024 that the company will tap local bond market for funds. In January 2024, it had raised 2.50 billion rupees each through five-year and 10-year bonds at 8.70% and 8.80% coupons respectively.
The company is likely to offer a coupon of around 7.75% the bankers added, requesting anonymity as they are not authorised to speak to the media.
On May 22, the company's board approved raising up to 60 billion rupees through bond sales.
The notes are rated AAA by Crisil, Icra and Care.
The Adani Group and its 13 offshore investors have been facing an investigation by the Securities and Exchange Board of India (SEBI) since Hindenburg Research in 2023 alleged improper use of tax havens by the group, triggering a stock sell-off.
The group has repeatedly denied wrongdoing, and its shares have since recovered.
In November, U.S. authorities indicted group chairman Gautam Adani and some other executives, alleging they paid bribes to secure Indian power supply contracts and misled U.S. investors during fund raising. The company has denied wrongdoing, and said the allegations are baseless.
($1 = 85.6800 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee and Savio D'Souza)
(([email protected];))
Adani Group to invest $5.8 bln in north-eastern India , chairman says
May 23 (Reuters) - Adani Group will invest 500 billion rupees ($5.84 billion) over the next decade to develop green energy projects and infrastructure in India's Northeast, chairman Gautam Adani said on Friday.
"Our focus will span green energy — including smart-meters, hydro, pumped storage, power transmission, roads & highways, digital infrastructure, logistics...," Adani said at an industry event in New Delhi.
Earlier this year, he had announced that his ports-to-power conglomerate will invest 500 billion rupees in the northeastern state of Assam to expand airports, roads and gas distribution.
($1 = 85.6880 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Nivedita Bhattacharjee)
(([email protected]; X: @MukherjeeHritam;))
May 23 (Reuters) - Adani Group will invest 500 billion rupees ($5.84 billion) over the next decade to develop green energy projects and infrastructure in India's Northeast, chairman Gautam Adani said on Friday.
"Our focus will span green energy — including smart-meters, hydro, pumped storage, power transmission, roads & highways, digital infrastructure, logistics...," Adani said at an industry event in New Delhi.
Earlier this year, he had announced that his ports-to-power conglomerate will invest 500 billion rupees in the northeastern state of Assam to expand airports, roads and gas distribution.
($1 = 85.6880 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Nivedita Bhattacharjee)
(([email protected]; X: @MukherjeeHritam;))
India threatens two offshore funds holding Adani shares with penalties, document shows
Funds face probe following Hindenburg's 2023 report on Adani
Elara's two funds did not cooperate in Adani probe-document
India regulator warns funds of penalties, document shows
Funds want to settle case without admitting guilt, sources say
By Jayshree P Upadhyay
MUMBAI, May 19 (Reuters) - India's markets regulator has threatened two Mauritus-based funds with investments in the Adani Group that they could face penalties and cancellation of licences for not sharing shareholding details despite repeated requests over two years, according to a document reviewed by Reuters.
The Adani Group and its 13 offshore investors have been facing an investigation by the Securities and Exchange Board of India (SEBI) since Hindenburg Research in 2023 alleged improper use of tax havens by the group, triggering a stock sell-off. The group has repeatedly denied wrongdoing, and its shares have since recovered.
Indian regulations require that at least 25% of the shares of listed companies be held by public shareholders, but Hindenburg alleged the Adani Group breached those rules since some offshore funds with Adani company holdings were related to the conglomerate.
The two Mauritius-based Elara funds - Elara India Opportunities Fund and Vespera Fund - had been asked since 2023 to provide "granular disclosures" of all their shareholders since they had "concentrated positions" in the Adani Group, according to a SEBI document dated March 28, which was reviewed by Reuters.
"To date, this has not been provided by these FPIs (foreign portfolio investors) to SEBI ... They have also not provided any reasons," the document said, adding that such delays had "impeded the investigation into the Adani Group's compliance with minimum public shareholding norms."
India's Elara Capital and SEBI did not respond to Reuters queries. The Adani Group also did not respond.
The SEBI document noted that Elara funds did not make disclosures about their acquisitions of certain Adani stocks exceeding 5% - as was required by Indian regulations. It did not specify the exact shareholding in question.
Even though the funds are Mauritius based, they are registered with SEBI as FPIs, bringing them under compliance norms and scrutiny of the Indian regulator.
The two funds have applied to SEBI to settle the matter without admitting guilt and by paying a monetary fine, said two sources with direct knowledge of the matter, who declined to be named as the investigation is confidential.
It was not clear what penalties could they face eventually.
In November, U.S. authorities indicted group chairman Gautam Adani and some other executives, alleging they paid bribes to secure Indian power supply contracts and misled U.S. investors during fund raising. Adani denies wrongdoing, and says the allegations are baseless.
At least two other offshore investors in Adani stocks - Mauritius-based Lotus Investment and LTS Investment - also did not supply information on Adani holdings when asked by SEBI, the two sources added.
P.R. Ramesh, a lawyer who represent Lotus and LTS in India, did not respond to repeated requests for comment.
(Reporting by Jayshree P Upadhyay; Editing by Aditya Kalra and Raju Gopalakrishnan)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
Funds face probe following Hindenburg's 2023 report on Adani
Elara's two funds did not cooperate in Adani probe-document
India regulator warns funds of penalties, document shows
Funds want to settle case without admitting guilt, sources say
By Jayshree P Upadhyay
MUMBAI, May 19 (Reuters) - India's markets regulator has threatened two Mauritus-based funds with investments in the Adani Group that they could face penalties and cancellation of licences for not sharing shareholding details despite repeated requests over two years, according to a document reviewed by Reuters.
The Adani Group and its 13 offshore investors have been facing an investigation by the Securities and Exchange Board of India (SEBI) since Hindenburg Research in 2023 alleged improper use of tax havens by the group, triggering a stock sell-off. The group has repeatedly denied wrongdoing, and its shares have since recovered.
Indian regulations require that at least 25% of the shares of listed companies be held by public shareholders, but Hindenburg alleged the Adani Group breached those rules since some offshore funds with Adani company holdings were related to the conglomerate.
The two Mauritius-based Elara funds - Elara India Opportunities Fund and Vespera Fund - had been asked since 2023 to provide "granular disclosures" of all their shareholders since they had "concentrated positions" in the Adani Group, according to a SEBI document dated March 28, which was reviewed by Reuters.
"To date, this has not been provided by these FPIs (foreign portfolio investors) to SEBI ... They have also not provided any reasons," the document said, adding that such delays had "impeded the investigation into the Adani Group's compliance with minimum public shareholding norms."
India's Elara Capital and SEBI did not respond to Reuters queries. The Adani Group also did not respond.
The SEBI document noted that Elara funds did not make disclosures about their acquisitions of certain Adani stocks exceeding 5% - as was required by Indian regulations. It did not specify the exact shareholding in question.
Even though the funds are Mauritius based, they are registered with SEBI as FPIs, bringing them under compliance norms and scrutiny of the Indian regulator.
The two funds have applied to SEBI to settle the matter without admitting guilt and by paying a monetary fine, said two sources with direct knowledge of the matter, who declined to be named as the investigation is confidential.
It was not clear what penalties could they face eventually.
In November, U.S. authorities indicted group chairman Gautam Adani and some other executives, alleging they paid bribes to secure Indian power supply contracts and misled U.S. investors during fund raising. Adani denies wrongdoing, and says the allegations are baseless.
At least two other offshore investors in Adani stocks - Mauritius-based Lotus Investment and LTS Investment - also did not supply information on Adani holdings when asked by SEBI, the two sources added.
P.R. Ramesh, a lawyer who represent Lotus and LTS in India, did not respond to repeated requests for comment.
(Reporting by Jayshree P Upadhyay; Editing by Aditya Kalra and Raju Gopalakrishnan)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
Adani Airport Holdings Says Association With DragonPass Terminated With Immediate Effect
May 15 (Reuters) -
ADANI AIRPORT HOLDINGS - OUR ASSOCIATION WITH DRAGONPASS HAS BEEN TERMINATED WITH IMMEDIATE EFFECT
ADANI AIRPORT HOLDINGS-DRAGONPASS CUSTOMERS TO NO LONGER HAVE ACCESS TO LOUNGES AT ADANI-MANAGED AIRPORTS
Further company coverage: ADEL.NS
(([email protected];;))
May 15 (Reuters) -
ADANI AIRPORT HOLDINGS - OUR ASSOCIATION WITH DRAGONPASS HAS BEEN TERMINATED WITH IMMEDIATE EFFECT
ADANI AIRPORT HOLDINGS-DRAGONPASS CUSTOMERS TO NO LONGER HAVE ACCESS TO LOUNGES AT ADANI-MANAGED AIRPORTS
Further company coverage: ADEL.NS
(([email protected];;))
India to defend import curbs on copper in legal tussle with trade associations, sources say
By Neha Arora
NEW DELHI, May 13 (Reuters) - The Indian government is expected to argue that there is sufficient domestic supply of copper cathodes, and an adequate number of suppliers, as it prepares a response to a case on import curbs filed by two trade associations, two sources said.
India, the world's second-largest importer of refined copper, relies on imports to address shortfalls and meet robust demand in sectors such as energy, defence, automotives and infrastructure. Copper is among the 30 critical minerals identified by India in 2023.
But the government imposed quality control measures on copper cathode imports in December, requiring all suppliers, foreign and domestic, to obtain certification from Indian authorities.
The Bombay Metal Exchange and the Bombay Non-Ferrous Metals Association have submitted a petition, seen by Reuters, to the Bombay High Court claiming that the government action could lead to a monopoly dominated by three domestic suppliers, without naming them.
"Where are the shortages?" one of the sources, familiar with government thinking, told Reuters. "The only evidence they (trade bodies) have is that in December and January imports had reduced, which is old data."
The source said that companies had imported large quantities of copper in October and November, which then led to lower imports in the following months.
"We will fight the case, their case does not hold," the source said, declining to be identified as the government has not filed a formal response yet. Another source confirmed the government would defend its position.
The trade associations and India's mines ministry did not immediately respond to requests for comment.
DEMAND SURGE
Copper demand is expected to double by 2030 as India aims to meet the needs of its industries and the energy transition. Domestic companies in the copper industry include Hindalco Industries HALC.NS, Vedanta, Adani ADEL.NS, and the state-owned Hindustan Copper HCPR.NS.
India's refined copper production is estimated at around 555,000 tons per year, and New Delhi imports around 500,000 tons of copper a year to meet the shortfall. Imports have surged since the 2018 closure of Vedanta's domestic Sterlite Copper smelter
But in December, the government said that the ramp-up of Adani Enterprises' smelter would fulfil India's domestic requirement and cut down imports. It is expected to become operational over the next four weeks.
Japan accounts for about two-thirds of India's refined copper imports, followed by Tanzania and Mozambique.
There are currently 10 certified foreign copper suppliers, both sources said, seven of which are Japanese, and five more domestic certified suppliers.
(Reporting by Neha Arora; Editing by Rachna Uppal)
(([email protected];))
By Neha Arora
NEW DELHI, May 13 (Reuters) - The Indian government is expected to argue that there is sufficient domestic supply of copper cathodes, and an adequate number of suppliers, as it prepares a response to a case on import curbs filed by two trade associations, two sources said.
India, the world's second-largest importer of refined copper, relies on imports to address shortfalls and meet robust demand in sectors such as energy, defence, automotives and infrastructure. Copper is among the 30 critical minerals identified by India in 2023.
But the government imposed quality control measures on copper cathode imports in December, requiring all suppliers, foreign and domestic, to obtain certification from Indian authorities.
The Bombay Metal Exchange and the Bombay Non-Ferrous Metals Association have submitted a petition, seen by Reuters, to the Bombay High Court claiming that the government action could lead to a monopoly dominated by three domestic suppliers, without naming them.
"Where are the shortages?" one of the sources, familiar with government thinking, told Reuters. "The only evidence they (trade bodies) have is that in December and January imports had reduced, which is old data."
The source said that companies had imported large quantities of copper in October and November, which then led to lower imports in the following months.
"We will fight the case, their case does not hold," the source said, declining to be identified as the government has not filed a formal response yet. Another source confirmed the government would defend its position.
The trade associations and India's mines ministry did not immediately respond to requests for comment.
DEMAND SURGE
Copper demand is expected to double by 2030 as India aims to meet the needs of its industries and the energy transition. Domestic companies in the copper industry include Hindalco Industries HALC.NS, Vedanta, Adani ADEL.NS, and the state-owned Hindustan Copper HCPR.NS.
India's refined copper production is estimated at around 555,000 tons per year, and New Delhi imports around 500,000 tons of copper a year to meet the shortfall. Imports have surged since the 2018 closure of Vedanta's domestic Sterlite Copper smelter
But in December, the government said that the ramp-up of Adani Enterprises' smelter would fulfil India's domestic requirement and cut down imports. It is expected to become operational over the next four weeks.
Japan accounts for about two-thirds of India's refined copper imports, followed by Tanzania and Mozambique.
There are currently 10 certified foreign copper suppliers, both sources said, seven of which are Japanese, and five more domestic certified suppliers.
(Reporting by Neha Arora; Editing by Rachna Uppal)
(([email protected];))
Adani aides meet Trump team to push for end to US bribery case, Bloomberg News reports
Changes date; Adds Adani Green's response in paragraph 6, updates stock moves in paragraph 9
May 5 (Reuters) - Representatives for Indian billionaire Gautam Adani met officials from U.S. President Donald Trump's administration to seek dismissal of criminal charges in an overseas bribery probe, with a resolution possible in a month, Bloomberg News reported.
In November, U.S. authorities indicted Adani and his nephew, Sagar Adani, alleging they paid bribes to secure power supply contracts, and misled U.S. investors during fund raises there.
The U.S. financial regulator summoned the duo, alleging they misled investors on compliance during a $750 million Adani Green ADNA.NS bond sale in the United States.
The billionaire's aides are trying to make the case that his prosecution does not align with Trump's priorities and should be reconsidered, Bloomberg News reported on Sunday, citing sources familiar with the matter.
The discussions began earlier this year and have picked up in recent weeks, with a resolution possible within a month if the momentum continues, the report said.
Adani Green, in a statement on Monday, reiterated it was not part of any proceedings, but it did not directly comment on the report about the meetings. It had recently said its review of the indictment found no non-compliance or irregularities.
The Justice Department and White House declined comment to Bloomberg on the report and did not respond to Reuters for comment outside business hours.
Adani Enterprises, the group's flagship firm, also did not respond to a request for comment. The group has previously denied any wrongdoing.
Shares of Adani Group's nine Indian listed companies rose between 1.7% and 10.5% on Monday, amid a 0.6% increase in the broader market.
The indictment has erased about $13 billion in market value from Adani Group's nine listed firms.
(Reporting by Bipasha Dey, Nandan Mandayam and Kashish Tandon in Bengaluru; Editing by Nivedita Bhattacharjee and Mrigank Dhaniwala)
(([email protected];))
Changes date; Adds Adani Green's response in paragraph 6, updates stock moves in paragraph 9
May 5 (Reuters) - Representatives for Indian billionaire Gautam Adani met officials from U.S. President Donald Trump's administration to seek dismissal of criminal charges in an overseas bribery probe, with a resolution possible in a month, Bloomberg News reported.
In November, U.S. authorities indicted Adani and his nephew, Sagar Adani, alleging they paid bribes to secure power supply contracts, and misled U.S. investors during fund raises there.
The U.S. financial regulator summoned the duo, alleging they misled investors on compliance during a $750 million Adani Green ADNA.NS bond sale in the United States.
The billionaire's aides are trying to make the case that his prosecution does not align with Trump's priorities and should be reconsidered, Bloomberg News reported on Sunday, citing sources familiar with the matter.
The discussions began earlier this year and have picked up in recent weeks, with a resolution possible within a month if the momentum continues, the report said.
Adani Green, in a statement on Monday, reiterated it was not part of any proceedings, but it did not directly comment on the report about the meetings. It had recently said its review of the indictment found no non-compliance or irregularities.
The Justice Department and White House declined comment to Bloomberg on the report and did not respond to Reuters for comment outside business hours.
Adani Enterprises, the group's flagship firm, also did not respond to a request for comment. The group has previously denied any wrongdoing.
Shares of Adani Group's nine Indian listed companies rose between 1.7% and 10.5% on Monday, amid a 0.6% increase in the broader market.
The indictment has erased about $13 billion in market value from Adani Group's nine listed firms.
(Reporting by Bipasha Dey, Nandan Mandayam and Kashish Tandon in Bengaluru; Editing by Nivedita Bhattacharjee and Mrigank Dhaniwala)
(([email protected];))
Indian regulator accuses Adani nephew in insider trading case, he seeks to settle
Regulator alleges Pranav Adani violated insider trading norms
Notice alleges Adani shared information of acquisition of Soft-Bank backed SB Energy
Adani has sought settlement of the allegations
By Jayshree P Upadhyay
MUMBAI, May 2 (Reuters) - India's markets regulator has alleged Pranav Adani, director of several Adani group companies and the nephew of the billionaire founder, shared price sensitive information and breached regulations aimed at preventing insider trading, according a document reviewed by Reuters.
Adani, the nephew of Gautam Adani, was sent a notice by the Securities and Exchange Board of India (SEBI) last year which alleged he shared information about Adani Green's ADNA.NS 2021 acquisition of SoftBank-backed SB Energy Holdings with his brother-in-law before the deal was announced, according to a source and the document.
The matter has not been previously reported.
In an e-mailed response sent to Reuters, Pranav Adani said he was seeking to settle the charges "to put an end to the matter, without admission or denial of the allegations" and that "he has not violated any securities law".
Settlement terms were being discussed, said the source with direct knowledge of the matter, who declined to be named as the matter is confidential.
The scrutiny is the latest challenge for the Adani group. U.S. authorities last year indicted Gautam Adani and two Adani Green executives for allegedly paying bribes to secure Indian power supply contracts and misleading U.S. investors. The group has denied the charges and called them "baseless".
Pranav Adani "communicated UPSI (unpublished price sensitive information) pertaining to the SB Energy acquisition" to his brother-in-law Kunal Shah and violated norms related to insider trading rules in 2021, said the SEBI document, which showed call records and trading patterns were reviewed in the investigation.
Kunal Shah and Nrupal Shah, his brother, then traded in shares of Adani Green and made "ill-gotten gains" of 9 million rupees ($108,000), the document added.
The Shah brothers said in a statement sent by their law firm that the trades were not executed with the "knowledge of any unpublished price sensitive information nor with any mala fide intent."
"The information in question was already generally available in the public domain," the statement said.
SEBI did not respond to Reuters requests for comment.
Adani Green’s acquisition of SB energy on May 17, 2021 at an enterprise value of $3.5 billion is the largest acquisition in the renewable energy sector in India so far.
Pranav Adani became aware of the impending acquisition two-three days prior to May 16, 2021, when the deal was finalised, SEBI said.
SEBI had proposed that Kunal and Nrupal Shah also settle, but the brothers chose to contest the allegations as they found the terms too onerous, the source added.
Pranav Adani's settlement plea would be taken up after SEBI's ongoing review of its settlement process is over.
(Reporting by Jayshree P Upadhyay; Editing by Aditya Kalra and Raju Gopalakrishnan)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
Regulator alleges Pranav Adani violated insider trading norms
Notice alleges Adani shared information of acquisition of Soft-Bank backed SB Energy
Adani has sought settlement of the allegations
By Jayshree P Upadhyay
MUMBAI, May 2 (Reuters) - India's markets regulator has alleged Pranav Adani, director of several Adani group companies and the nephew of the billionaire founder, shared price sensitive information and breached regulations aimed at preventing insider trading, according a document reviewed by Reuters.
Adani, the nephew of Gautam Adani, was sent a notice by the Securities and Exchange Board of India (SEBI) last year which alleged he shared information about Adani Green's ADNA.NS 2021 acquisition of SoftBank-backed SB Energy Holdings with his brother-in-law before the deal was announced, according to a source and the document.
The matter has not been previously reported.
In an e-mailed response sent to Reuters, Pranav Adani said he was seeking to settle the charges "to put an end to the matter, without admission or denial of the allegations" and that "he has not violated any securities law".
Settlement terms were being discussed, said the source with direct knowledge of the matter, who declined to be named as the matter is confidential.
The scrutiny is the latest challenge for the Adani group. U.S. authorities last year indicted Gautam Adani and two Adani Green executives for allegedly paying bribes to secure Indian power supply contracts and misleading U.S. investors. The group has denied the charges and called them "baseless".
Pranav Adani "communicated UPSI (unpublished price sensitive information) pertaining to the SB Energy acquisition" to his brother-in-law Kunal Shah and violated norms related to insider trading rules in 2021, said the SEBI document, which showed call records and trading patterns were reviewed in the investigation.
Kunal Shah and Nrupal Shah, his brother, then traded in shares of Adani Green and made "ill-gotten gains" of 9 million rupees ($108,000), the document added.
The Shah brothers said in a statement sent by their law firm that the trades were not executed with the "knowledge of any unpublished price sensitive information nor with any mala fide intent."
"The information in question was already generally available in the public domain," the statement said.
SEBI did not respond to Reuters requests for comment.
Adani Green’s acquisition of SB energy on May 17, 2021 at an enterprise value of $3.5 billion is the largest acquisition in the renewable energy sector in India so far.
Pranav Adani became aware of the impending acquisition two-three days prior to May 16, 2021, when the deal was finalised, SEBI said.
SEBI had proposed that Kunal and Nrupal Shah also settle, but the brothers chose to contest the allegations as they found the terms too onerous, the source added.
Pranav Adani's settlement plea would be taken up after SEBI's ongoing review of its settlement process is over.
(Reporting by Jayshree P Upadhyay; Editing by Aditya Kalra and Raju Gopalakrishnan)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
Adani Enterprises fourth-quarter profit drops
May 1 (Reuters) - India's Adani Enterprises ADEL.NS, the flagship company of the Adani Group, reported a drop in fourth-quarter profit on Thursday, hurt by weaker performance at its coal trading division.
The company's consolidated profit before exceptional items and tax declined to 13.13 billion rupees ($155.15 million) in the January-to-March quarter, from 13.22 billion rupees a year ago.
($1 = 84.6270 Indian rupees)
(Reporting by Sethuraman NR; Editing by Mrigank Dhaniwala)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
May 1 (Reuters) - India's Adani Enterprises ADEL.NS, the flagship company of the Adani Group, reported a drop in fourth-quarter profit on Thursday, hurt by weaker performance at its coal trading division.
The company's consolidated profit before exceptional items and tax declined to 13.13 billion rupees ($155.15 million) in the January-to-March quarter, from 13.22 billion rupees a year ago.
($1 = 84.6270 Indian rupees)
(Reporting by Sethuraman NR; Editing by Mrigank Dhaniwala)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
India's Airtel to buy 5G spectrum from Adani
April 22 (Reuters) - Indian telecom operator Bharti Airtel BRTI.NS will buy 5G telecom spectrum from a unit of Adani Enterprises ADEL.NS, the company said on Tuesday.
Airtel and its unit Bharti Hexacom BHAX.NS have signed agreements with Adani Data Networks to acquire rights to use 400 MHz of high-frequency spectrum across six circles including Gujarat, Mumbai and Andhra Pradesh.
The companies did not disclose the financial details of the deal.
Airtel is focussed on expanding its 5G network and user base. Its 5G user base stood at about 120 million at the end of December against its total user base of 414 million.
(Reporting by Aleef Jahan in Bengaluru; Editing by Mrigank Dhaniwala)
April 22 (Reuters) - Indian telecom operator Bharti Airtel BRTI.NS will buy 5G telecom spectrum from a unit of Adani Enterprises ADEL.NS, the company said on Tuesday.
Airtel and its unit Bharti Hexacom BHAX.NS have signed agreements with Adani Data Networks to acquire rights to use 400 MHz of high-frequency spectrum across six circles including Gujarat, Mumbai and Andhra Pradesh.
The companies did not disclose the financial details of the deal.
Airtel is focussed on expanding its 5G network and user base. Its 5G user base stood at about 120 million at the end of December against its total user base of 414 million.
(Reporting by Aleef Jahan in Bengaluru; Editing by Mrigank Dhaniwala)
Adani To Grow Data Center Investment By $10 Billion On AI Demand - Bloomberg News
April 21 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI TO GROW DATA CENTER INVESTMENT BY $10 BILLION ON AI DEMAND - BLOOMBERG NEWS
Source text: https://tinyurl.com/3t2cp97n
Further company coverage: ADEL.NS
(([email protected];))
April 21 (Reuters) - Adani Enterprises Ltd ADEL.NS:
ADANI TO GROW DATA CENTER INVESTMENT BY $10 BILLION ON AI DEMAND - BLOOMBERG NEWS
Source text: https://tinyurl.com/3t2cp97n
Further company coverage: ADEL.NS
(([email protected];))
EXCLUSIVE-India plans to ease nuclear liability laws to attract foreign firms, sources say
India plans to ease nuclear liability laws to attract foreign firms, sources say
Proposes amendments to allay suppliers' fears of unlimited liability, they say
Aims to attract U.S. nuclear firms to boost nuclear power capacity to 100 GW by 2047
By Sarita Chaganti Singh
NEW DELHI, April 18 (Reuters) - India is planning to ease its nuclear liability laws to cap accident-related penalties on equipment suppliers, three government sources said, in a move mainly to attract U.S. firms that have been holding back due to the risk of unlimited exposure.
The proposal by Prime Minister Narendra Modi's government is the latest step to expand nuclear power production capacity by 12 times to 100 gigawatts by 2047 as well as provide a fillip to India in trade and tariff negotiations with the U.S.
A draft law prepared by the department of atomic energy removes a key clause in the Civil Nuclear Liability Damage Act of 2010 that exposes suppliers to unlimited liability for accidents, the three sources said.
India's atomic energy department, the prime minister's office and the finance ministry did not respond to requests seeking comment.
"India needs nuclear power, which is clean and essential," said Debasish Mishra, chief growth officer at Deloitte South Asia.
"A liability cap will allay the major concern of the suppliers of nuclear reactors."
The amendments are in line with international norms that put the onus on the operator to maintain safety instead of the supplier of nuclear reactors.
New Delhi is hoping the changes will ease concerns of mainly U.S. firms like General Electric Co GE.N and Westinghouse Electric Co that have been sitting on the sidelines for years due to unlimited risks in case of accidents.
Analysts say passage of the amended law is crucial to negotiations between India and the U.S. for a trade deal this year that aims to raise bilateral trade to $500 billion by 2030 from $191 billion last year.
Modi's administration is confident of getting approval for the amendments in the monsoon session of parliament, set to begin in July, according to the sources.
Under the proposed amendments, the right of the operator to compensation from the supplier in case of an accident will be capped at the value of the contract. It will also be subject to a period to be specified in the contract.
Currently, the law does not define a limit to the amount of compensation an operator can seek from suppliers and the period for which the vendor can be held accountable.
LAW GREW OUT OF BHOPAL DISASTER
India's 2010 nuclear liability law grew out of the 1984 Bhopal gas disaster, the world's deadliest industrial accident, at a factory owned by U.S. multinational Union Carbide Corp in which more than 5,000 people were killed.
Union Carbide agreed to pay an out-of-court settlement of $470 million in damages in 1989.
The current liability law effectively shut out Western companies from a huge market, and also strained U.S.-Indian relations since they reached a deal on nuclear cooperation in 2008.
It also left U.S. firms at a disadvantage to Russian and French companies whose accident liability is underwritten by their governments.
The draft law also proposes a lower liability cap on small reactor operators at $58 million, but is unlikely to alter the cap for large reactor operators from the current level of $175 million, the three sources said.
India is betting big on nuclear power to meet its rising energy demand without compromising on net-zero commitments, for which it proposes to allow private Indian companies to build such plants.
Indian conglomerates like Reliance Industries RELI.NS, Tata Power TTPW.NS, Adani Power ADAN.NS and Vedanta Ltd VDAN.NS have held discussions with the government to invest around $5.14 billion each in the sector.
($1 = 85.6320 Indian rupees)
(Reporting by Sarita Chaganti Singh, Editing by Raju Gopalakrishnan.)
(([email protected];))
India plans to ease nuclear liability laws to attract foreign firms, sources say
Proposes amendments to allay suppliers' fears of unlimited liability, they say
Aims to attract U.S. nuclear firms to boost nuclear power capacity to 100 GW by 2047
By Sarita Chaganti Singh
NEW DELHI, April 18 (Reuters) - India is planning to ease its nuclear liability laws to cap accident-related penalties on equipment suppliers, three government sources said, in a move mainly to attract U.S. firms that have been holding back due to the risk of unlimited exposure.
The proposal by Prime Minister Narendra Modi's government is the latest step to expand nuclear power production capacity by 12 times to 100 gigawatts by 2047 as well as provide a fillip to India in trade and tariff negotiations with the U.S.
A draft law prepared by the department of atomic energy removes a key clause in the Civil Nuclear Liability Damage Act of 2010 that exposes suppliers to unlimited liability for accidents, the three sources said.
India's atomic energy department, the prime minister's office and the finance ministry did not respond to requests seeking comment.
"India needs nuclear power, which is clean and essential," said Debasish Mishra, chief growth officer at Deloitte South Asia.
"A liability cap will allay the major concern of the suppliers of nuclear reactors."
The amendments are in line with international norms that put the onus on the operator to maintain safety instead of the supplier of nuclear reactors.
New Delhi is hoping the changes will ease concerns of mainly U.S. firms like General Electric Co GE.N and Westinghouse Electric Co that have been sitting on the sidelines for years due to unlimited risks in case of accidents.
Analysts say passage of the amended law is crucial to negotiations between India and the U.S. for a trade deal this year that aims to raise bilateral trade to $500 billion by 2030 from $191 billion last year.
Modi's administration is confident of getting approval for the amendments in the monsoon session of parliament, set to begin in July, according to the sources.
Under the proposed amendments, the right of the operator to compensation from the supplier in case of an accident will be capped at the value of the contract. It will also be subject to a period to be specified in the contract.
Currently, the law does not define a limit to the amount of compensation an operator can seek from suppliers and the period for which the vendor can be held accountable.
LAW GREW OUT OF BHOPAL DISASTER
India's 2010 nuclear liability law grew out of the 1984 Bhopal gas disaster, the world's deadliest industrial accident, at a factory owned by U.S. multinational Union Carbide Corp in which more than 5,000 people were killed.
Union Carbide agreed to pay an out-of-court settlement of $470 million in damages in 1989.
The current liability law effectively shut out Western companies from a huge market, and also strained U.S.-Indian relations since they reached a deal on nuclear cooperation in 2008.
It also left U.S. firms at a disadvantage to Russian and French companies whose accident liability is underwritten by their governments.
The draft law also proposes a lower liability cap on small reactor operators at $58 million, but is unlikely to alter the cap for large reactor operators from the current level of $175 million, the three sources said.
India is betting big on nuclear power to meet its rising energy demand without compromising on net-zero commitments, for which it proposes to allow private Indian companies to build such plants.
Indian conglomerates like Reliance Industries RELI.NS, Tata Power TTPW.NS, Adani Power ADAN.NS and Vedanta Ltd VDAN.NS have held discussions with the government to invest around $5.14 billion each in the sector.
($1 = 85.6320 Indian rupees)
(Reporting by Sarita Chaganti Singh, Editing by Raju Gopalakrishnan.)
(([email protected];))
BREAKINGVIEWS-BlackRock debt deal is half a coup for Adani
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, April 17 (Reuters Breakingviews) - It is not quite business as usual for industrialist Gautam Adani. His conglomerate has just issued its first dollar bond since U.S. authorities indicted him on charges relating to a $265 million Indian solar power bribery scheme. The tycoon denies the allegations but the offering shows how the saga is impacting the $135 billion group.
It's a coup for Adani that the world's largest asset manager subscribed to roughly one-third of the $750 million offshore bond this month. The private placement will help its unit acquire infrastructure developer ITD Cementation ITCM.NS. On Tuesday, though, it emerged that other backers who signed up are yield-hungry types.
Private credit providers Farallon Capital Management, Hillhouse-backed Elham Capital, King Street Capital and UK-based Sona Asset Management also picked up slices, the Economic Times reported, citing unnamed sources. King Street and Sona also helped Adani's Australian coal port unit to refinance borrowings through a loan in February.
That makes it look like global banks have become harder to tap for new loans. Barclays and Deutsche Bank were among a legion who extended $5.25 billion to the group for its purchase of two of India's largest cement makers in 2022. Indian banks are not allowed to finance onshore M&A; that limits the infrastructure giant from tapping funding at home where the central bank is cutting interest rates.
The coupon on Adani's bond is in the high single digits, two people familiar with the offering told Breakingviews. It's higher than the 7.45% rate at which Adani Green Energy ADNA.NS priced its aborted $600 million offshore bond in November. Prior to the U.S. charges, Adani disclosed its average financing cost at 8.18%.
All this suggests the Indian group is paying a price, albeit not a punishing one, for its U.S. problems. Shares of most of the group's 10 listed companies also have recovered from the indictment hit. Meanwhile, President Donald Trump's decision to pause enforcement of the Foreign Corrupt Practices Act has raised expectations that charges against Adani will ease. That hope might yet prove fleeting but for now, Adani is growing his business.
Follow @ShritamaBose on X
CONTEXT NEWS
BlackRock subscribed to roughly one-third of a $750 million bond issued by a unit of India's Adani Group, two people familiar with the matter told Reuters Breakingviews. The bond will help to fund the Indian conglomerate's acquisition of a construction firm. Farallon Capital Management, Elham Capital and King Street Capital invested in the offering too, the Economic Times reported on April 15, citing unnamed sources.
Most Adani stocks have recovered from the US indictment shock https://www.reuters.com/graphics/BRV-BRV/egvblbebavq/chart.png
(Editing by Una Galani and Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, April 17 (Reuters Breakingviews) - It is not quite business as usual for industrialist Gautam Adani. His conglomerate has just issued its first dollar bond since U.S. authorities indicted him on charges relating to a $265 million Indian solar power bribery scheme. The tycoon denies the allegations but the offering shows how the saga is impacting the $135 billion group.
It's a coup for Adani that the world's largest asset manager subscribed to roughly one-third of the $750 million offshore bond this month. The private placement will help its unit acquire infrastructure developer ITD Cementation ITCM.NS. On Tuesday, though, it emerged that other backers who signed up are yield-hungry types.
Private credit providers Farallon Capital Management, Hillhouse-backed Elham Capital, King Street Capital and UK-based Sona Asset Management also picked up slices, the Economic Times reported, citing unnamed sources. King Street and Sona also helped Adani's Australian coal port unit to refinance borrowings through a loan in February.
That makes it look like global banks have become harder to tap for new loans. Barclays and Deutsche Bank were among a legion who extended $5.25 billion to the group for its purchase of two of India's largest cement makers in 2022. Indian banks are not allowed to finance onshore M&A; that limits the infrastructure giant from tapping funding at home where the central bank is cutting interest rates.
The coupon on Adani's bond is in the high single digits, two people familiar with the offering told Breakingviews. It's higher than the 7.45% rate at which Adani Green Energy ADNA.NS priced its aborted $600 million offshore bond in November. Prior to the U.S. charges, Adani disclosed its average financing cost at 8.18%.
All this suggests the Indian group is paying a price, albeit not a punishing one, for its U.S. problems. Shares of most of the group's 10 listed companies also have recovered from the indictment hit. Meanwhile, President Donald Trump's decision to pause enforcement of the Foreign Corrupt Practices Act has raised expectations that charges against Adani will ease. That hope might yet prove fleeting but for now, Adani is growing his business.
Follow @ShritamaBose on X
CONTEXT NEWS
BlackRock subscribed to roughly one-third of a $750 million bond issued by a unit of India's Adani Group, two people familiar with the matter told Reuters Breakingviews. The bond will help to fund the Indian conglomerate's acquisition of a construction firm. Farallon Capital Management, Elham Capital and King Street Capital invested in the offering too, the Economic Times reported on April 15, citing unnamed sources.
Most Adani stocks have recovered from the US indictment shock https://www.reuters.com/graphics/BRV-BRV/egvblbebavq/chart.png
(Editing by Una Galani and Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
India's Adani Enterprises to start copper smelter in four weeks
SANTIAGO, April 10 (Reuters) - India's Adani Enterprises Ltd ADEL.NS is preparing to start up a major copper smelter in the next four weeks, said the company's head of metals, Felipe Williams.
"In the next four weeks, we're starting the largest metallurgical complex of copper and other metals in the world," he said at a conference hosted by the International Copper Association in Santiago.
He said the smelting that would begin in the coming weeks is part of a first phase, and the company has environmental approvals to increase capacity.
(Reporting by Daina Beth Solomon; Editing by Chris Reese)
(([email protected];))
SANTIAGO, April 10 (Reuters) - India's Adani Enterprises Ltd ADEL.NS is preparing to start up a major copper smelter in the next four weeks, said the company's head of metals, Felipe Williams.
"In the next four weeks, we're starting the largest metallurgical complex of copper and other metals in the world," he said at a conference hosted by the International Copper Association in Santiago.
He said the smelting that would begin in the coming weeks is part of a first phase, and the company has environmental approvals to increase capacity.
(Reporting by Daina Beth Solomon; Editing by Chris Reese)
(([email protected];))
MEDIA-BlackRock backs Adani's $750 million bond to fund an acquisition - Bloomberg News
-- Source link: https://tinyurl.com/yrdsee2r
-- Note: Reuters has not verified this story and does not vouch for its accuracy
((Bengaluru newsroom, [email protected]))
-- Source link: https://tinyurl.com/yrdsee2r
-- Note: Reuters has not verified this story and does not vouch for its accuracy
((Bengaluru newsroom, [email protected]))
Chile's Codelco to supply copper concentrate to India's Adani Group-owned smelter
April 2 (Reuters) - Chile's state-owned Codelco, the world's largest copper producer, said on Wednesday it would supply copper concentrates to India's Adani Group's $1.2 billion smelter, the world's biggest single-location plant of its type.
The supply will begin this year, said Codelco, whose chairman, Maximo Pacheco, met Adani Group chairman Gautam Adani at the conglomerate's headquarters in Ahmedabad in the western state of Gujarat.
Kutch Copper, as the smelter is formally known, is also located in Gujarat and its executives had told Reuters it would source concentrates from Chile and other countries.
The smelter began operations a year ago and last month entered into a joint venture to make wires and cables.
India's copper imports have surged since the 2018 closure of Vedanta's VDAN.NS Sterlite Copper smelter, which produced about 400,000 metric tons of the metal.
Currently, only Hindalco Industries HALC.NS, part of India's Aditya Birla group, and state-run miner Hindustan Copper HCPR.NS produce copper in the country.
Codelco also separately signed a preliminary agreement with Hindustan Copper to cooperate on exploring and processing minerals.
(Reporting by Nandan Mandayam in Bengaluru; Editing by Savio D'Souza)
(([email protected]; Mobile: +91 9591011727;))
April 2 (Reuters) - Chile's state-owned Codelco, the world's largest copper producer, said on Wednesday it would supply copper concentrates to India's Adani Group's $1.2 billion smelter, the world's biggest single-location plant of its type.
The supply will begin this year, said Codelco, whose chairman, Maximo Pacheco, met Adani Group chairman Gautam Adani at the conglomerate's headquarters in Ahmedabad in the western state of Gujarat.
Kutch Copper, as the smelter is formally known, is also located in Gujarat and its executives had told Reuters it would source concentrates from Chile and other countries.
The smelter began operations a year ago and last month entered into a joint venture to make wires and cables.
India's copper imports have surged since the 2018 closure of Vedanta's VDAN.NS Sterlite Copper smelter, which produced about 400,000 metric tons of the metal.
Currently, only Hindalco Industries HALC.NS, part of India's Aditya Birla group, and state-run miner Hindustan Copper HCPR.NS produce copper in the country.
Codelco also separately signed a preliminary agreement with Hindustan Copper to cooperate on exploring and processing minerals.
(Reporting by Nandan Mandayam in Bengaluru; Editing by Savio D'Souza)
(([email protected]; Mobile: +91 9591011727;))
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What does Adani Enterprises do?
Adani Enterprises Limited is a leading player in India's business landscape, focusing on infrastructure assets across various sectors like new energy, materials, airport management, and data centers.
Who are the competitors of Adani Enterprises?
Adani Enterprises major competitors are Coal India, Anmol India, Reetech Internation, Jainam Ferro Alloys, Nagpur Power & Inds.. Market Cap of Adani Enterprises is ₹2,71,296 Crs. While the median market cap of its peers are ₹146 Crs.
Is Adani Enterprises financially stable compared to its competitors?
Adani Enterprises seems to be less financially stable compared to its competitors. Altman Z score of Adani Enterprises is 2.0 and is ranked 6 out of its 6 competitors.
Does Adani Enterprises pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Adani Enterprises latest dividend payout ratio is 2.11% and 3yr average dividend payout ratio is 4.07%
How has Adani Enterprises allocated its funds?
Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Capital Work in Progress
How strong is Adani Enterprises balance sheet?
Balance sheet of Adani Enterprises is moderately strong, But short term working capital might become an issue for this company.
Is the profitablity of Adani Enterprises improving?
The profit is oscillating. The profit of Adani Enterprises is ₹6,744 Crs for TTM, ₹7,099 Crs for Mar 2025 and ₹3,241 Crs for Mar 2024.
Is the debt of Adani Enterprises increasing or decreasing?
Yes, The net debt of Adani Enterprises is increasing. Latest net debt of Adani Enterprises is ₹64,958 Crs as of Mar-25. This is greater than Mar-24 when it was ₹38,616 Crs.
Is Adani Enterprises stock expensive?
Adani Enterprises is not expensive. Latest PE of Adani Enterprises is 42.53, while 3 year average PE is 161. Also latest EV/EBITDA of Adani Enterprises is 24.9 while 3yr average is 46.58.
Has the share price of Adani Enterprises grown faster than its competition?
Adani Enterprises has given lower returns compared to its competitors. Adani Enterprises has grown at ~-3.57% over the last 2yrs while peers have grown at a median rate of 26.61%
Is the promoter bullish about Adani Enterprises?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in Adani Enterprises is 73.97% and last quarter promoter holding is 73.97%.
Are mutual funds buying/selling Adani Enterprises?
The mutual fund holding of Adani Enterprises is increasing. The current mutual fund holding in Adani Enterprises is 2.67% while previous quarter holding is 2.49%.