Adani Group started efforts to compensate for the loss, increased stake in two companies of its group
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Adani Group: Industrialist Gautam Adani (Gautam Adani) led promoter group has increased its stake in two listed companies of the group. This group, working in the port to energy sector, is trying to make a comeback after the losses incurred due to some reports. According to the information sent to the stock exchanges, the promoter group has increased its stake in its flagship company Adani Enterprises from 69.87 percent to 71.93 percent. This is the second time in less than a month that promoters have increased stake in the group’s flagship company. Last month, promoters had increased their stake in Adani Enterprises Limited from 67.65 percent to 69.87 percent. Apart from this, the promoter group has increased its stake in Adani Ports and Special Economic Zone Limited from 63.06 percent to 65.23 percent.
Purchased in open market transactions between August 14 and September 8
Resurgent Trade and Investment Ltd has bought about one per cent stake in Adani Ports and Special Economic Zone Ltd from the open market and another 1.2 per cent stake has been bought by Emerging Markets Investment DMCC. Both are promoter group companies. Adani Enterprises Ltd. In the case of Shares have been purchased by Kempas Trade and Investment Limited and Infinite Trade and Investment Limited. It has been said in the information that this stake was purchased in open market transactions between August 14 and September 8. A few weeks before this, America’s GQG Partners had bought stake in Adani Group companies. Last month, GQG had increased its stake in Adani Ports and Special Economic Zone (APSEZ) to 5.03 percent through a wholesale deal.
Sold 8.09 percent stake in Adani Power in a big deal on August 16.
GQG now has stake in five out of 10 companies of Adani Group. He had purchased 7.73 percent stake in Adani Power Limited on August 16. Promoter group companies Worldwide Emerging Market Holding and Afro Asia Trade and Investments had sold 8.09 percent stake in Adani Power in a big deal on August 16. Out of this, 7.73 percent stake was bought by GQG. After the stake sale, the promoters’ stake in Adani Power has reduced from 74.97 percent to 66.88 percent. American short-seller Hindenburg Research, in a report released on January 24, had accused the Adani Group of accounting fraud, share price manipulation and misuse of tax havens, after which the market capitalization of the group companies was reduced by about $ 150 billion. The group had rejected these allegations. However, now there has been some improvement in the shares of Adani Group companies.
Adani Wilmar losses of Rs 79 crore in June quarter
Adani Wilmar has suffered a loss of Rs 79 crore in the first quarter of the current financial year. On August 2, the company had informed that this loss was due to the fall in edible oil prices. The company had earned a net profit of Rs 194 crore in the same quarter of the last financial year. Adani Wilmar told the stock market that its total income also fell by 12 percent to Rs 12,928 crore in the June quarter, which was Rs 14,724 crore in the same quarter of the last financial year. Adani Wilmar sells edible oils and other food items under the Fortune brand. Angshu Malik, Managing Director and Chief Executive Officer (CEO), Adani Wilmar Limited, said that with the fall in edible oil prices, we have gained momentum in this segment. The fall in edible oil prices is good from the industry point of view.
Adani Group suffered a loss of 100 billion dollars due to Hindenburg
After the Hindenburg report, the valuation of Adani Group’s stocks reduced by $100 billion. However, after Hindenburg’s report, Adani Group had completely rejected Hindenburg’s allegations. According to the report, SEBI said that its investigation in 22 out of 24 cases has been completed. In the two cases in which interim reports have been submitted, investigation is being done on 13 foreign entities of Adani Group. However, the report has not yet been made public by SEBI. But, market experts say that according to the present report, the case of violation by Adani Group is a technical one in which monetary penalty can be imposed after the completion of the investigation.
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