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Adani News Live Updates: Adani FPO sails through with help from fellow

Adani Group stocks were mixed in Tuesday’s afternoon deals as Adani Enterprises, Adani Transmission, Adani Ports were trading higher while other Group stocks continued to decline, extending their three-day sell-off. The shares have tumbled after the Januart 24 report from U.S.-based Hindenburg Research which flagged concerns about high debt levels and the use of tax havens. Adani has called the report baseless. Meanwhile, Adani’s 20,000 crore follow-on public offer (FPO) is being offered at a premium price band of 3,112 and 3,276 per FPO equity share, will close on January 31st.

01 Feb 2023, 05:30:58 AM IST

Adani’s Hindenburg fallout might cast a shadow on Indian Budget presentation

“India is set to unveil a budget that will chart a path for sustained robust growth and fiscal prudence although the fallout from Hindenburg Research’s allegations on the Adani Group poses an overhang on the presentation”, said Bloomberg

The Indian government is poised to present a budget that balances robust growth with fiscal responsibility, despite the recent controversy surrounding Hindenburg Research’s allegations against the Adani Group. The Finance Minister, Nirmala Sitharaman, will unveil the budget for the upcoming financial year starting April, which is expected to exceed $544 billion.

This budget will address job creation, social welfare funding, and incentives for manufacturing. It is the last full-year budget ahead of Prime Minister Narendra Modi’s bid for a third term in the upcoming 2024 elections.

31 Jan 2023, 11:38:29 PM IST

Haifa Port handover: ‘Element of a long string of future cooperation in the economic field’, says Israel ambassador

The handover of Israel’s Haifa Port by Israeli Prime Minister Benjamin Netanyahu to the Adani Group Chairman, Gautam Adani, has been celebrated as a symbol of trust between the two countries. The event was marked by a special ceremony in Israel and was described by the Israeli Ambassador to India, Naor Gilon, as an “element of a long string of future cooperation in the economic field”.

Haifa Port is considered a strategic asset for Israel and its transfer to the hands of a major Indian company such as Adani is seen as a significant step forward in the relationship between the two nations. The Israeli envoy expressed his hope that this investment will be only the beginning of a long-standing economic cooperation between the two countries. The handover of the Haifa Port reflects the growing trust and cooperation between India and Israel and is expected to lead to further economic opportunities for both nations.

(With inputs from ANI)

31 Jan 2023, 08:57:21 PM IST

Adani FPO sails through with help from fellow industrialists

Billionaire Gautam Adani-led group’s 20,000 crore share sale in its flagship firm sailed through on the last day after investors, some being family offices of fellow industrialists, rallied behind the embattled tycoon, whose business empire has been rocked by allegations of fraud by a US short seller.

While the portion of a follow-on share sale in Adani Enterprises Ltd reserved for anchor investors was fully subscribed last week, institutional and other non-retail investors helped the offer reach desired subscription levels hours before the sale closed, according to data available from BSE.

As many as 5.08 crore shares were sought against an offer of 4.55 crore, even though the offer price was higher than the rate at which the company stock was being traded on the stock exchange.

Non-institutional investors put in bids for over three times the 96.16 lakh shares reserved for them, while the 1.28 crore shares reserved for qualified institutional buyers (QIBs) were subscribed 1.2 times, according to BSE data.

There was, however, a muted response from retail investors and company employees.

With PTI inputs. 

31 Jan 2023, 08:34:49 PM IST

Adani FPO: What saved the issue on the last day of bidding?

Just about a week ago, the Street was awaiting India’s largest follow-on-public offer (worth 20,000 crore) which was about to be floated by one of the India’s biggest conglomerates. Investors – retail and institutional – were waiting for the issue to open to buy shares of Adani Enterprises at a bit of a discount from the market price.

Read MORE here. 

31 Jan 2023, 07:06:51 PM IST

Deepak Jasani on Adani group stocks

According to Deepak Jasani, Head of Retail Research, HDFC Securities,…

Read More: Adani News Live Updates: Adani FPO sails through with help from fellow

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