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1. Adani Group pledges additional shares
According to stock exchange filings, Adani Group has pledged more shares of its ports unit to lenders within its flagship conglomerate. The three companies – Adani Ports and Special Economic Zone, Adani Transmission and Adani Green Energy – each hold 1% of the company’s shareholding in SBICAP Trustee Co, a unit of State Bank of India (SBI).
Share pledges are part of a $300 million letter of credit issued by SBI for Adani group’s Carmichael coal mining project in Australia. At the end of each month, collateral is reviewed to determine if additional funding needs to be added.
2. Adani Group’s Srinagar visit
SRINAGAR: The Adani Group is in the process of installing transmission lines for a proposed South Asian energy grid. Additionally, they plan to construct a port in Sri Lanka, which is facing its own financial troubles.
Shares of the conglomerate have suffered sharp losses following a U.S.-based short seller’s report alleging improper use of offshore tax havens and stock manipulation by management. Furthermore, this report raised doubts about the Group’s debt levels.
The Indian government is keeping a close eye on the Adani Group following an onslaught of negative news regarding its troubles. India’s largest lender, State Bank of India, has only a minimal exposure to the group – estimated at 0.8%-1.2% of its loans according to Fitch Ratings.
3. Adani Group’s Srinagar visit
Congress workers in Srinagar raised slogans calling for a Joint Probing Committee investigation into allegations of fraud against Adani Group. Senior leader Mohammad Anwar Bhat stated that both LIC and Jammu and Kashmir bank have lost Rs 250 crores invested in the company.
On Wednesday, stock prices of the group fell sharply after a short-seller report raised allegations of share price manipulation and other irregularities. Although most companies within the group ended in the black, several ventured into negative territory.
Within the group of companies, Ambuja Cements saw its shares decline after reporting lower-than-expected profits in its Q3 results. On the other hand, Adani Enterprises saw shares surge after it announced plans to repay its share-backed loans.
4. Adani Group’s Srinagar visit
On Sunday, AAP workers led by central Kashmir youth president Jibran Dar gathered in Jawahar Nagar area and raised slogans against Prime Minister Narendra Modi and business tycoon Gautam Adani. They charged that Modi was favoring Adani while doing nothing for ordinary people.
Party leaders lashed out at the JKUT government over its ongoing arbitrary eviction drive, contending it was an injustice towards landless tillers, small farmers, and ordinary citizens alike.
The Congress party has demanded either a joint parliamentary committee (JPC) probe or Supreme Court oversight into the allegations against Adani Group. Hindenburg Research, an American short seller, had released a report detailing an expansive network of Adani-family controlled offshore shell entities located in tax havens which it claimed enabled corruption, money laundering and taxpayer theft.
5. Adani Group’s Srinagar visit
On Saturday, Congress party activists in Jammu and Kashmir held a fierce protest against the Adani Group and clashed with police at some locations around Srinagar city as they demanded that the Joint Parliamentary Committee (JPC) investigate into allegations made against them.
The Adani group’s shares have taken a hit on the stock exchange following a US short seller’s report about its business practices. However, management has dismissed these charges without hesitation.
Indian banks’ exposures to the Adani Group are not large enough to materially impair their credit quality, according to Moody’s Investor Service. However, if it becomes more dependent on loans from them, higher risks could arise.