ADANI GROUP
'I would know': Adani Group CFO says no bribery carried out by group executives
Adani Group's CFO refuted U.S. allegations of a $265 million bribery scheme involving Chairman Gautam Adani and other executives. The CFO firmly stated that the claims are baseless and that nothing of that sort happened. The group plans to take legal steps. Adani shares have taken a hit, and various consequences are unfolding following the allegations.
Major Adani investor GQG shares fall 13% after analyst downgrade
Shares of GQG Partners dropped 13% after UBS analysts downgraded the stock, following an estimated loss of A$600 million in funds under management due to Adani Group's indictment. UBS revised its rating from buy to neutral and reduced the price target to A$2.30 from A$3.30.
Adani Green shares recoup all losses following US bribery charges in 7 trading days
Adani Green Energy shares surged 9%, recovering losses from the U.S. indictment on November 21. Allegations against founder Gautam Adani were denied, boosting investor confidence. In recent sessions, Adani Green emerged as a top performer. The group may revisit its dollar bond sale in 2025, pending investigation outcomes. Plans to raise $500 million by February 2025 remain in place.
Adani Green Energy shares rally 9% after Gautam Adani responds to bribery allegations and legal scrutiny
Adani Green Share Price: Adani Green Energy shares rise by 9.1% after Chairman Gautam Adani addresses bribery and fraud allegations, emphasizing resilience and commitment to compliance. Adani highlights challenges faced, including the Carmichael coal mine protests and the 2023 Hindenburg report, stressing the group's strength and financial stability.
November sees 130 smallcaps gain up to 64% as markets stay resilient. What's December looking like?
Domestic markets showed resilience by the end of November despite the Adani Group's bribery scandal and foreign investors selling. Smallcap and midcap stocks performed well. Analysts expect the second half earnings to remain positive. Attention now shifts to US and Eurozone inflation data and upcoming RBI monetary policy meeting in December.
No negative action taken by stakeholders: Crisil reaffirms ratings for Adani companies
Crisil Ratings has reaffirmed its credit ratings for Adani Group entities. It cites sufficient liquidity and robust operational cash flows despite ongoing legal challenges. Lenders and investors haven't taken negative actions. The United States Department of Justice and the Securities and Exchange Commission recently filed charges against key Adani executives. Crisil said it is monitoring the developments closely.
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Crisil Ratings confident of Adani Group's financial flexibility to weather US bribery storm
Crisil Ratings has maintained a positive outlook on the Adani Group, citing its financial flexibility and business strength despite bribery charges against top executives in the US. This follows recent downgrades by agencies like Fitch and Moody's. Earlier this month, the US Department of Justice and SEC issued an indictment and civil complaint against Gautam Adani and other Adani Green Energy officials.
Adani Group stocks on verge of erasing losses linked to US bribery case
Adani Group stocks rebounded after a US legal setback, with significant gains, including Adani Green's 18%. The group's market cap rose to Rs 1.37 lakh crore, with investor confidence returning.
Adani stocks rally up to 9% as Japanese banks repose faith
Adani Share Price: Indian banks including SBI are reassessing their exposure to Adani stocks following bribery and fraud charges against Chairman Gautam Adani. While some global banks reconsider their stance, Japanese banks plan to maintain their support. SBI remains cautious but will continue funding near-completion projects of the Adani group.
Abu Dhabi's IHC says its outlook on Adani Group investments is unchanged
Abu Dhabi's IHC maintains its investment stance in India's Adani Group despite a recent US indictment against Gautam Adani and other executives for alleged bribery. IHC expressed confidence in Adani's green energy contributions. The indictment follows previous accusations of stock manipulation and high debt, which Adani denied.
Adani stocks surge over 9% as sentiment improves post group's clarification
Adani Enterprises Share Price: The Adani Group clarified that its executives, including Gautam Adani, were not indicted on bribery charges by US authorities but on securities fraud. The US actions caused significant financial and reputational damage, impacting deals and partnerships. While some stocks rebounded, the group faces ongoing scrutiny and reviews from investors and governments.
Adani Energy Solutions, Adani Total Gas shares soar up to 19%. Here¡¯s the reason behind the rally
Adani Total Gas Share Price: Adani Group stocks surged after clarifying bribery allegations. Shares of Adani Energy Solutions, Total Gas, and Green Energy hit upper circuits, following a clarification on US fraud charges and their impact.
No bribery charges, $55 billion hit on m-cap: Adani Group
Adani Green Energy Ltd said group founder chairman Gautam Adani, his nephew Sagar Adani, and senior executive Vneet Jaain have not been charged with violations of the US Foreign Corrupt Practices Act (FCPA) over bribery, nor is the civil complaint filed by the US Securities and Exchange Commission (SEC) based on this
Adani stocks zoom up to 20% after group issues clarification on US bribery allegations
Adani Group stocks rallied after the company clarified that its chairman, Gautam Adani, and other executives are not facing bribery charges as per the US Department of Justice. Moody's, however, revised its outlook on seven Adani companies to negative, citing governance concerns and potential operational disruptions amid ongoing legal proceedings.
Gautam Adani faces no bribery charges: Adani Group
Executives at Adani Green Energy, including Gautam Adani, face US charges. These relate to securities and wire fraud. Bribery charges under the FCPA were not filed. The company denies wrongdoing and plans a legal defense. The case involves allegations of a USD 265 million bribery scheme. This scheme aimed to secure solar power contracts in India.
Adani, nephew not charged under US Foreign Corrupt Practices Act: Adani Green
The US Department of Justice has charged Adani Group executives with financial crimes. The charges relate to an alleged bribery scheme in India. The executives are accused of securities and wire fraud conspiracy. They are not facing charges under the Foreign Corrupt Practices Act. The Adani Group denies the allegations and plans to fight the charges.
As Adani Group stocks wobble, investors take fewer chances
Shares of all the 11 listed companies ended lower on Tuesday, falling between 1% and 7% after Fitch Ratings put some Adani Group bonds under its negative watchlist.
Adani companies' outlook revised to negative
Seven companies within the group got their outlook lowered by Moody's. These include Adani Green Energy Ltd (AGEL), which is cited in the indictment, Adani Ports and Adani Transmission, among others.
Moody's changes rating outlook on 7 Adani companies to negative
Adani Group Stocks: Moody's downgraded the outlook for seven Adani Group companies. Fitch also took negative rating actions on several Adani entities and bonds. These actions followed Gautam Adani's indictment in a US bribery scandal. The rating agencies cited potential funding challenges and higher costs for the group.
Fitch takes negative rating actions on Adani Group entities amid US bribery scandal
Fitch has placed several Adani Group infrastructure entities and bonds under negative rating watch, following the indictment of key executives in the U.S. on bribery charges. Entities like Adani Ports, North Queensland Export Terminal, and Mumbai International Airport are at risk of downgrades.
Sebi investigating whether Adani Group flouted disclosure rules: Report
India's market regulator, SEBI, is investigating Adani Green Energy Ltd. for potential disclosure violations regarding a US Justice Department bribery probe. The investigation centers on whether Adani Green adequately informed investors about the investigation and its scope, particularly the involvement of individuals linked to the Adani Group.
Adani Group's debt-to-EBITDA hits 2.46x in H1 FY25, backed by Rs 53,024 crore reserves
The Adani Group reported a rise in its net debt-to-EBITDA ratio to 2.46 times for the first half of fiscal 2025, exceeding its guidance range of 3.5-4.5 times. This reflects the group's ambitious growth, offset by increased leverage. Despite this, the group maintains strong liquidity, with cash reserves of Rs 53,024 crore, sufficient to cover 28 months of debt repayments. The debt-to-EBITDA ratio increased from 2.19 times in FY24 to 2.46 times in September 2024.
US charges may slow Adani Group¡¯s fundraising plans
Domestic banks and financial institutions, which are the largest creditors of the Adani Group with close to Rs 95,000 crore, or 42%, of its total Rs 2.58 lakh crore debt, are likely to look at any fresh exposure to the group with caution.
Most Adani stocks gain; Ambuja, ACC and Adani Ports offer value
Sanghi Industries, Ambuja Cements and ACC rose 3-4% on Friday and were among the top gainers. Adani Enterprises, the group's flagship company, gained 2.2%.
Sebi begins inquiry into alleged false statements by Adani Group
The regulator has sought information from stock exchanges regarding Adani Green Energy's communications on US investigations, they said, and will consider launching a formal probe after receiving the reports from the bourses.
Exchanges seek clarification on disclosure violations by Adani Group entities
Stock exchanges have sought clarification on violation of disclosure norms by Adani Group entities regarding the alleged bribery case in the US and subsequent cancellation of Kenya's airport expansion deal. In its response to the case in the US, Adani Group firms on Thursday had said "there are no allegations made against the company".
Adani Group under fire, once again: The bribery indictment story so far and what next?
Adani Share Price: US prosecutors have accused Gautam Adani and seven others of bribery. They allegedly paid millions in bribes to Indian officials for contracts. Adani Group denies the charges. The company's stocks and bond prices have dropped. Political parties in India are debating the issue. Adani Group may appeal the charges or try to settle.
S&P downgrades outlook on three Adani Group firms amid US indictment
S&P Global Ratings has downgraded the outlook for three Adani Group companies following US authorities indicting founder Gautam Adani on bribery and fraud charges. The allegations have triggered market losses and raised concerns about the group's corporate governance, potentially impacting its operations and credit profile.
Heat's now on for PSU banks with Adani Group exposure
Indian lenders account for more than ?88,000 crore of the Adani Group's total debt of ?2.41 lakh crore as of March 31, 2024, according to a group presentation. Following the Hindenburg report in January 2023, several Indian banks and financial institutions had disclosed their exposure to the Adani Group.
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