Adani Group: Adani’s big plan on Hindenburg loss, planned to spend 84 billion dollars, action seen in shares
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Adani Group: In the month of January this year, Adani Group was accused of corporate fraud by American short-seller Hindenburg. After this, the group suffered huge losses in the market. However, recently the Supreme Court, while hearing the case, reserved its decision. Also said positive things for the company. Due to this, there was a significant rise in the shares of Adani Group last week. This boom continues even today. Meanwhile, news is now coming that the group is now planning to spend about Rs 7 trillion ($84 billion) on its infrastructure. Speaking to reporters, Adani Group Chief Financial Officer Jugeshinder Singh said that we wish to invest more. He said the group aims to raise bonds through high-yield papers and private placements through its companies including Adani Ports and Special Economic Zone Ltd and Adani Energy Solutions Ltd next year. Adani Group will also deploy funds to repay bonds of its green energy arm maturing in September and December next year, potentially in July, to avoid prepayment penalties.
What is the condition of Adani Group shares today?
The shares of Adani Group are expected to have an upward trend this week. Today the shares of Adani Enterprises Ltd are trading at Rs 2566 with a rise of about 8.60 percent i.e. Rs 203.30. At the same time, the shares of Adani Power continue to rise. The company’s shares were trading at Rs 472.60 at 9.20 am with a rise of 7.31 percent i.e. Rs 32.20. Shares of Adani Total Gas Ltd were trading at Rs 744.70 with a gain of 6.17 percent. The shares of Adani Energy Solutions Ltd are up by 6.91 percent. It is trading at Rs 913.80.
What did the Supreme Court say
The Supreme Court said that there is no reason to doubt market regulator SEBI, which is investigating the allegations against Adani Group in the Hindenburg report. He said that there is no fact before him to distrust the market regulator’s investigation. Along with this, the top court said that it is considering the claims made in the Hindenburg Report as not being completely based on facts. The bench said that in the absence of any facts before it, it would not be appropriate to constitute a Special Investigation Team (SIT) at its own level. A bench headed by Chief Justice DY Chandrachud reserved its order after hearing the arguments of the parties related to the Adani-Hindenberg case. The court objected to SEBI being asked to investigate the Adani-Hindenburg case on the basis of some media reports. He said that he cannot ask a statutory regulator to accept anything published in the media as absolute truth.
Adani made huge earnings last week
Due to the positive attitude of the Supreme Court towards the company, there was a rise in the stock of Adani Group in the stock market. The group earned about Rs 1 lakh crore last Monday. Last week, BSE Sensex rose by 1,511.15 points or 2.29 percent while Nifty rose by 473.2 points or 2.39 percent. Vinod Nair, Head of Research, Geojit Financial Services, believes that better than estimated GDP figures will give a growth outlook for the financial year 2023-24 and this will encourage the market to maintain the bullish momentum. Apart from this, enthusiasm was also seen from the monthly sales figures of vehicles. India’s gross domestic product (GDP) growth rate in the July-September quarter was a higher than expected 7.6 percent. In this way, India has maintained its status as the fastest growing major economy in the world.
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