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Tag: Gautam Adani

  • Adani declares victory over Hindenburg storm as profits soar in letter to shareholders

    Adani declares victory over Hindenburg storm as profits soar in letter to shareholders

    MUMBAI: Gautam Adani has emerged from his regulatory bunker swinging, declaring the Hindenburg Research controversy a “defining inflection point” that strengthened rather than weakened his sprawling business empire.

    In a defiant letter to shareholders, the Indian billionaire framed last week’s Securities and Exchange Board of India (Sebi)  clearance as complete vindication, proclaiming “truth has prevailed” after nearly two years of scrutiny following the short-seller’s damning January 2023 report.

    The Adani Group chairman marshalled impressive financial firepower to support his narrative of resilience. Portfolio EBITDA rocketed from Rs 57,205 crore in FY23 to Rs 89,806 crore in FY25—a staggering 57 per cent absolute growth representing a two-year compound annual growth rate of 25 per cent.

    Asset expansion proved equally dramatic, with gross block swelling from Rs 4,12,318 crore to Rs 6,09,133 crore over the same period. That Rs two lakh crore addition marks a 48 per cent surge whilst the group battled accusations of accounting manipulation and stock price inflation.

    Adani positioned his conglomerate’s infrastructure achievements as proof of substance over speculation. The group commissioned India’s first container trans shipment port at Vizhinjam, added six gigawatts of renewable capacity including the world’s largest single-location renewable project at Khavda, and completed what it claims is the world’s largest copper smelter.

    The rhetoric veered between wounded pride and renewed ambition. Hindenburg’s assault wasn’t merely corporate criticism, Adani argued, but “a direct challenge to the audacity of Indian enterprises to dream on a global scale.” The implication: attacking Adani amounted to attacking India itself.

    Looking forward, the chairman promised to “further strengthen governance standards,” “accelerate innovation and sustainability,” and “double down on nation building”—language that suggests the controversy has hardly dented his expansionist appetites.

    The letter’s tone reflects broader themes in Indian corporate culture, where business leaders frequently cast commercial success in nationalist terms. For Adani, surviving Hindenburg’s onslaught becomes not just corporate vindication but validation of India’s global ambitions.

    Whether Sebi’s clearance truly closes the book on governance questions remains to be seen. But Adani’s defiant missive makes clear he views the storm as survived rather than merely weathered, with ambitious expansion plans intact.

  • Gautam Adani marks son’s wedding with Rs 10,000 crore donation for social causes

    Gautam Adani marks son’s wedding with Rs 10,000 crore donation for social causes

    Billionaire industrialist, Gautam Adani has stayed true to his commitment of hosting a simple and traditional wedding for his son, Jeet Adani. Contrary to speculation about a grand celebration, the wedding was understated, aligning with Gautam’s earlier remarks at the Maha Kumbh Mela last month.

    Marking the occasion with an extraordinary gesture, Adani has donated Rs 10,000 crore towards various social causes. Sources close to him reveal that his philanthropic priorities align with his guiding philosophy: ‘Seva sadhana hai, seva prarthana hai, aur seva hi parmatma hai’ (Service is devotion, service is prayer, and service is the ultimate divinity).

    A significant portion of the donation will be directed towards infrastructure development in healthcare, education, and skill enhancement. The funds are expected to support world-class yet affordable hospitals, medical colleges, K-12 schools, and global skill academies, ensuring access to high-quality education and employment opportunities across all sections of society.

    Jeet, son of billionaire industrialist Gautam, tied the knot with Diva, daughter of diamond trader Jaimin Shah, in an intimate ceremony at the Belvedere Club in Ahmedabad’s Adani Shantigram township. The wedding, held this afternoon, was a private affair attended only by close family and friends. Notably absent were politicians, business leaders, diplomats, film stars, and other high-profile figures.

    In a heartfelt gesture, Gautam referred to his daughter-in-law as his ‘daughter diva’ in a social media post. His emphasis on simplicity was consistent with his earlier remarks at the Maha Kumbh Mela, where he dismissed speculation of a grand affair, stating, “We are like common people. Jeet came here to take Ma Ganga’s blessings. His marriage will happen in a simple and traditional way.”

    Two days before the wedding, Gautam launched Mangal Seva, an initiative to support newly married women with disabilities. Under this programme, 500 women will receive Rs 10 lakh each annually. To mark the launch, Jeet personally met 21 newly married divyang women and their husbands.

    Through his Rs 10,000 crore donation and his commitment to social impact, Gautam has redefined personal celebrations, choosing ‘Seva Over Self’. His approach underscores a shift towards meaningful philanthropy, prioritising societal well-being over lavish displays of wealth. NDTV is majority-owned by the Adani Group, which acquired a 64.71 per cent stake in December 2022 through its subsidiary AMG Media Networks.

  • NDTV responds to BSE query on Adani group news reports

    NDTV responds to BSE query on Adani group news reports

    MUMBAI: With the spotlight being beamed on the Adani group courtesy the criminal indictment and civil complaint by the US department of justice and the Securities and Exchange Commision in a US court against Gautam Adani and two other board members of Adani Green, the Bombay stock exchange reached out to group company NDTV India querying it about the development.

    NDTV responded by clarifying that no allegations have been made against it  (NDTV), It also cited the media release issued by the Adani group quoting a spokesperson that  “the allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied. As stated by the US Department of Justice itself, the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty. All possible legal recourse will be sought.”

    “Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws.”

    The NDTV stock appeared to be unaffected by all the allegations as it fell just 0.65 per cent to Rs 168.25 at trading day’s end. 

  • Adani Group acquires IANS after NDTV, BQ Prime

    Adani Group acquires IANS after NDTV, BQ Prime

    Mumbai: Adani Group acquired the IANS wired news service agency as reported by PTI. Adani subsidiary AMG Media Network has taken control by purchasing a 50.5 per cent stake in IANS. Infrastructure conglomerate Adani Group now shifted its focus on Adani’s venture into the media business strategically. AMG Media Network subsidiary of Adani Group garnered a new feather in its cap after acquiring NDTV, a Quintillion Business news network (BQ Prime).

    As per regulatory filings, the Adani group acquired a stake of equity shares with an agreement with IANS and its shareholder Sandeep Bamzai. IANS (Indo-Asian News Service) is a network-wired news agency in India, South Asia, Africa, and North America. In the last decade, IANS shifted focus to the Indian news verticals.

    As filing mentioned , AMG media shareholders had signed an agreement with Sandeep Bamzai and IANS. In the financial year 2023, IANS had a turnover of around 11.86 crores. Despite the loss of 100 billion dollars due to short selling, the Hindenburg report stated irregularities in Adani’s financial irregularities.

    According to filings company management and control will be managed by AMG. Along with the right to appoint a board of directors. Allegedly IANS faced financial difficulty for day-to-day functioning. IANS media agency has more than 200 employees headquartered in New Delhi.

    Over the years Adani Group has diversified its portfolio into producing coal, energy distribution, mining, ports infrastructure, data centers, and more recently into cement and copper and now into media. The acquisition amount of IANS is not disclosed.

  • BQ Prime to be rebranded as NDTV Profit

    BQ Prime to be rebranded as NDTV Profit

    Mumbai: BQ Prime channel is all set to be relaunched under a new brand name, NDTV Profit, according to media reports.

    The channel will be rebranded as NDTV Profit and will launch on 8 December, as per close sources.

    BQ Prime was earlier owned by Quintillion Business Media, which was acquired by Adani Group last year.

    NDTV Profit was shut down on 5 June 2018. The decision to pull the plug on the channel, then owned by Prannoy Roy, was taken following mounting revenue losses.

    The announcement regarding the revival of the channel was made in January this year during a town hall held after the takeover of NDTV by Adani Group. 

  • The collective wealth of India’s 100 Richest was flat at $799 billion this year.

    The collective wealth of India’s 100 Richest was flat at $799 billion this year.

    Mumbai: In a dramatic shift in the pecking order at the top, Mukesh Ambani reclaims the number one position on the 2023 Forbes list of India’s 100 Richest. The collective wealth of India’s 100 Richest was flat at $799 billion this year. The complete list is available at www.forbes.com/india and www.forbesindia.com. The list can also be found in the October issue of Forbes Asia and the December issue of Forbes India.  

    India is on a high after hosting the G20 Summit in New Delhi this September and becoming the fourth country to land a spacecraft on the moon. Reflecting this sentiment, India’s stock market has risen to 14 per cent since fortunes were last measured. However, that jump, tempered by a  weaker rupee, was not reflected in the collective net worth of India’s 100 Richest, which flatlined at $799 billion.  

    Mukesh Ambani, who transformed his Reliance Industries into a diversified conglomerate, reclaims the number one spot with a net worth of $92 billion. Shortly after spinning off and listing Jio Financial Services, which has an asset management joint venture with BlackRock, Ambani cemented his succession plan by appointing his three children to Reliance’s board as non-executive directors in August.  

    The fortune of infrastructure magnate Gautam Adani, who rose meteorically to overtake Ambani as India’s richest person for the first time last year, reversed dramatically after a damaging report by U.S. short-seller Hindenburg Research in January sent his group’s shares tumbling. Despite recovering somewhat since, his net worth, which includes that of his family, fell by a whopping $82 billion to $68 billion – down the most in both dollar and percentage terms – and he slips back into second place.  

    Software tycoon Shiv Nadar climbs two spots to return to No. 3 with a fortune of  $29.3 billion, as shares of HCL Technologies jumped 42 per cent in the past year amid a tech rebound. Matriarch Savitri Jindal, of the O.P. Jindal Group, a power and steel conglomerate, ranks number four with $24 billion, up 46 per cent, thanks partly to the September IPO of ports unit JSW  Infrastructure, by her son Sajjan Jindal. Rounding out the top five is Radhakishan Damani of  Avenue Supermarts, whose fortune declined to $23 billion from $27.6 billion previously.

    Forbes Asia, Asia wealth editor and India editor Naazneen Karmali said: “India is riding high and is considered a hot spot by global investors. That buoyancy has made the elite  club of India’s 100 Richest even more exclusive this year, with the minimum net worth to make  the cutoff rising to a record $2.3 billion.”  

    The biggest percentage gainer this year is Inder Jaisinghani at number 32 with $6.4 billion. His family’s net worth nearly doubled as his wires and cables company, Polycab India,  benefited from increasing electrification. Pharma brothers Ramesh and Rajeev Juneja got a  handsome 64 per cent boost from the May listing of their Mankind Pharma, bringing them to number 29 with $6.9 billion. The Juneja siblings also appear on the cover of the October issue of Forbes Asia.

    There are three new entrants this year: Renuka Jagtiani, chairwoman of Landmark Group, a Dubai-headquartered retailing giant, enters the list at number 44 with $4.8 billion, following the passing of her husband Micky Jagtiani in May. Also new to the list is the Dani family (number 22, $8 billion) of Asian Paints, heirs of patriarch Ashwin Dani, who died in  September. The third newcomer is garment exporter K.P. Ramasamy (number 100, $2.3 billion),  founder and chairman of K.P.R. Mill.  

    Among the seven returnees this year is Ranjan Pai (number 86, $2.75 billion), who cashed out $1 billion from selling part of his stake in hospital chain Manipal Health Enterprises to  Singapore’s Temasek. Notable among the eight drop-offs are ed-tech couple Byju Raveendran and Divya Gokulnath, whose firm Byju’s saw its valuation marked down drastically amid myriad challenges.  

    The top 10 richest in India are:  

    1) Mukesh Ambani; US$92 billion  
    2) Gautam Adani; $68 billion  
    3) Shiv Nadar: $29.3 billion  
    4) Savitri Jindal; $24 billion  
    5) Radhakishan Damani; $23 billion  
    6) Cyrus Poonawalla; $20.7 billion  
    7) Hinduja Family; $20 billion  
    8) Dilip Shanghvi; $19 billion  
    9) Kumar Birla; $17.5 billion  
    10) Shapoor Mistry & Family; $16.9 billion

    This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and India’s regulatory agencies. The ranking lists family fortunes, including those shared among extended families such as the Bajaj and Godrej families. Public fortunes were calculated based on stock prices and exchange rates as of September 22. Private companies were valued based on similar companies that are publicly traded. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country.

  • Sensex sees a high with Modi win

    Sensex sees a high with Modi win

    MUMBAI: It is not only that BJP and the citizens of the largest democracy are rejoicing over the victory of Narendra Modi, who is set to swear in as the next Prime Minister. The hope that Modi had shown to people during his campaigns, has reflected on the sensex today. The S&P BSE Sensex had managed to rally over 1400 points in quick time on Friday.

    At 11:00 a.m.; sensex was trading 982 points higher or 4.1 per cent at 24887.82. It hit a low of 24,271.54 and a high of 25,375.63 in trade today. According to a news report in the Economic Time, a few cash rich companies will be a priority for investors now.

     

    According to another report by Financial Express, shares of Mukesh Ambani owned Reliance Industries Limited (RIL) increased by as much as 9 per cent.

     

    Mukesh Ambani-led Reliance Industries scrip surged 8.47 per cent to touch one-year peak of Rs 1,142.50 at the BSE. Shares of another listed-entity Reliance Industrial Infrastructure rose by 3.94 per cent to Rs 455.85.On the NSE, the blue-chip stock zoomed 8.71 per cent to hit its fresh 52-week high of Rs 1,145.25.

     

    Another market report available on Economic Times.com, mentions how the shares of the Adani group of companies have escalated to as much as10 per cent. The Group head Gautam Adani is known to be close to India next PM Narendra Modi as the mandate of the 16 Lok Sabha gave a humongous victory to the BJP.

     

    This Gujarat based company along with RIL, which has its oil refinery at Jamnagar is expected to gain the most with Modi’s win. At 09:30 a.m.; Adani Ports & Special Economic Zone was trading 3.4 per cent higher at Rs 227.85, Adani Enterprises was up 6.2 per cent to Rs 532.45 and Adani Power was trading 4.4 per cent higher at Rs 57.40. 

     

    The rupee meanwhile rallied to a 11 month high of 58 of 58.71 against the dollar early today due to persistent selling of the US currency by both banks and exporters on hopes of higher foreign capital inflows. The weakness of the dollar in the overseas market has also boosted the rupee value.

     

    Major business news channels and newspapers have said the stocks of certain companies like ICICI Bank, Axis Bank, PNB, BOI, Yes Bank, RIL, IOC, ONGC, GAIL, HPCL, Maruti Suzuki, M&M, Motherson Sumi and Apollo Tyres have gone bullish.. According to Economic times, United Phosphorus, Dhanuka Agritech, Lupin, Divis, Aurobindo Pharma, L&T, Voltas, Crompton Greaves, Cummins, TCS, Mind Tree, Tech Mahindra, HCL Tech, Tata Steel, Century Textile, DB Corp, Emami Ltd, IRB Infra, Havells India and Welspun India will outperform as the new government takes charge.