A man walks past a corporate office of Adani Group in Gurugram, India, November 22, 2024. REUTERS/Priyanshu Singh
| Photo Credit: Reuters

Shares of all 11 listed Adani Group firms rallied in morning trade on Friday (November 29, 2024), with Adani Green Energy surging nearly 15%.

Shares of Ambuja Cements went up by 2.90%, Sanghi Industries (2.44%), Adani Ports (2.25%), Adani Wilmar (2.24%), Adani Enterprises (2.11%) and ACC (1.34%).

The BSE benchmark Sensex traded 688.31 points higher at 79,732.05 and the NSE Nifty jumped 192.65 points to 24,106.80.

Abu Dhabi’s International Holding Company (IHC), one of the largest sovereign funds that manages assets close to $100 billion, has reaffirmed its support to the Adani Group, saying its outlook on investments in the group remains unchanged despite the U.S. indictment of the conglomerate’s founder chairman Gautam Adani.

“Our partnership with the Adani Group reflects our confidence in their contributions to the green energy and sustainability sectors,” IHC, one of Adani group’s key foreign investors, said in a statement.

“As with all our investments, our team continues to evaluate relevant information and developments. At this time, our outlook on these investments remains unchanged.” The IHC statement comes soon after Adani group emphasised that its chairman and his aides have not been charged under the U.S. Foreign Corrupt Practices Act but faced three other charges, including securities and wire fraud that are punishable with monetary fines.

The U.S. Department of Justice’s (U.S. DoJ) indictment filed in a New York Court last week does not mention Gautam Adani, founder chairman of the ports-to-energy conglomerate, his nephew Sagar or Vneet Jaain in any count related to conspiracy to violate the FCPA, AGEL – the firm at the heart of allegation of $265 million bribes allegedly being paid to Indian officials to secure solar power sale contracts that could benefit bring in $2 billion of profits more than 20 year period to the firm, had said in a filing to the stock exchange.

Adani Group last week denied all allegations as baseless and said it would seek legal recourse to defend itself.

Meanwhile, other international partners have also expressed their continued support. The Sri Lanka Ports Authority has expressed its ongoing confidence in its partnership with Adani, as the Indian group plays a vital role in expanding the country’s port infrastructure.

Also, the Tanzanian government has reaffirmed its commitment to its agreements with Adani Ports, as it feels that there are no concerns regarding the ongoing projects and that all contracts fully comply with Tanzanian law.

In May 2024, Tanzania and Adani Ports finalised a 30-year concession agreement to operate Container Terminal 2 at Dar es Salaam port.

Shares of Adani Group firms surged after an Adani Group entity said that Gautam Adani and his aides have not been charged under the U.S. Foreign Corrupt Practices Act. File
| Photo Credit: Reuters

Equity benchmark indices Sensex and Nifty rebounded on Wednesday (November 27, 2024), driven by a sharp rally in Adani group stocks and fresh foreign fund inflows.

The BSE benchmark Sensex climbed 230.02 points, or 0.29%, to settle at 80,234.08. During the day, it surged 507.09 points, or 0.63%, to 80,511.15.

The NSE Nifty rose 80.40 points, or 0.33%, to 24,274.90.

From the 30-share Sensex pack, Adani Ports surged 6%. NTPC, HDFC Bank, Bajaj Finance, Maruti and Axis Bank were among the other gainers.

In contrast, Titan, State Bank of India, Asian Paints, Tata Consultancy Services, HCL Tech, Sun Pharma, IndusInd Bank, and ICICI Bank were among the laggards.

Shares of Adani Group firms, including Adani Power, Adani Total Gas, Adani Enterprises, Adani Energy Solutions, and Adani Green Energy, surged after an Adani Group entity said on Wednesday (November 27, 2024) that Gautam Adani and his aides have not been charged under the U.S. Foreign Corrupt Practices Act, adding that they faced three other charges, including securities and wire fraud that are punishable with monetary fines.

Some of the group firms hit their upper circuit limits.

Foreign Institutional Investors (FIIs) bought equities worth ₹1,157.70 crore on Tuesday (November 26, 2024), according to exchange data.

In Asian markets, Shanghai and Hong Kong settled in the green, while Seoul and Tokyo ended lower.

European markets were trading mostly lower. The U.S. markets ended in positive territory on Tuesday (November 26, 2024).

Global oil benchmark Brent crude climbed 0.63% to $73.23 a barrel.

On Tuesday (November 26, 2024), the BSE benchmark declined 105.79 points, or 0.13%, to close at 80,004.06. The Nifty dipped 27.40 points, or 0.11%, to 24,194.50.

Adani Power was nearly 16% up, while Adani Ports and SEZ had risen 7.2% in the morning trade on November 27, 2024.
| Photo Credit: Dado Ruvic

After getting beaten down on Tuesday, all Adani group stocks recovered sharply on Wednesday (November 27, 2024), with Adani Green Energy Ltd. seeing the first uptick in share price since the U.S. Court indictment of the firm and its senior employees on bribery and securities fraud charges came to light on November 21, rising 10% as of 1330 hours on the Bombay Stock Exchange.

The group flagship Adani Enterprises was also up 10%, after a 4.8% decline on Tuesday (November 26, 204). Adani Energy Solutions Ltd was 10% higher as well.

Also read: Former Attorney General Mukul Rohatgi says no bribery charges against Gautam Adani, nephew in U.S. indictment

Adani Wilmar had risen 7.3% so far on Wednesday (November 27, 2024), while the group’s cement firms ACC and Ambuja Cements, were up 4.3% and 4.6%, respectively.

Adani Total Gas led the gains with a 16.5% surge, indicating investors were unfazed by the French partner TotalEnergies SE’s decision to freeze fresh investments into the Adani group.

Adani Power was nearly 16% up, while Adani Ports and SEZ had risen 7.2% in the day’s trading so far.

Adani Group’s plunged up to 20% on Thursday after he was indicted by U.S. prosecutors on charges he duped investors in a solar energy project in India by concealing that it was being facilitated by an alleged bribery scheme.

In an indictment unsealed by federal prosecutors in New York on Wednesday (November 20, 2024), Gautam Adani, 62, was charged with securities fraud and conspiracy to commit securities and wire fraud.

Also read: Gautam Adani U.S. indictment LIVE 

The flagship company Adani Enterprises witnessed a sharp decline of 20% in its share value, while Adani Energy Solutions experienced an identical drop. Adani Green Energy saw a reduction of 19.17%, Adani Total Gas decreased by 18.14%, Adani Power fell by 17.79%, and Adani Ports registered a 15% decline on the BSE.

Adani Enterprises

Adani Enterprises Limited (AEL) is a multinational publicly-listed holding company and a part of Adani Group. Through its various subsidiaries, Adani Enterprises is involved in edible oils and staple foods, airport operations, solar PV manufacturing, road infrastructure, among several other sectors.

Adani Green Energy

Adani Green Energy Limited is one of the largest renewable companies in India, with a current project portfolio of 20,434 MW. The company operates Kamuthi Solar Power Project, one of the largest solar photovoltaic plants in the world.

Adani Power Limited

Adani Power Limited, a part of the diversified Adani Group, is the largest private thermal power producer in India. APL possesses a power generation capacity of 15,250 MW comprising thermal power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, and Jharkhand, and a 40 MW solar power project in Gujarat.

Adani Total Gas

A joint venture between Adani Energy Solutions (37.4%) and UK’s Total Energies formed in 2005, Adani Total Gas Limited is among the four biggest distributors of municipal gas in India. It operates in 34 geographical areas and another 19 through a joint venture with Indian Oil. It also focuses on CNG, biogas, and EV mobility.

Adani Transmission

Headquartered in Ahmedabad, Adani transmission is one of India’s largest private sector electric power transmission companies.

Adani Wilmar

A multinational FMCG joint venture between Adani Enterprises (44%) and Singapore’s Wilmar International (44%) formed in 1999. It deals in the processing and sale of a variety of edible oils, flour, rice and more through brands like Fortune Foods which is also exported to the Middle East, South-East Asia, and Africa. Recently, Adani Enterprises cancelled a demerger of its stake in the venture until the venture meets public shareholding norms first.

Adani Ports and Special Economic Zones

Adani Ports and Special Economic Zone Limited (APSEZ) is the largest commercial ports operator in India accounting for nearly one-fourth of the cargo movement in the country. Its presence across 13 domestic ports in seven maritime states of Gujarat, Maharashtra, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.

ACC

Formerly known as The Associated Cement Companies Limited, it was a merger of eleven cement companies — belonging to industrialists like JRD Tata, Ambala Sarabhai and so on — into a single entity in 1936. The management control of the company was taken over by Swiss cement manufacturer Holcim Group in 2004. In 2022, Adani Group acquired Holcim’s stake in ACC.

Ambuja Cements

Formerly known as Gujarat Ambuja Cement Limited, it is a cement manufacturing formed in 1983. It entered into a strategic partnership with Holcim Group in 2006, which then had a controlling stake of 61.62% in Ambuja from 2010 to 2022. When Holcim left the Indian market, Adani Group acquired it’s stake.

NDTV

Share market data from The Hindu Businessline

File picture of BJP IT cell head Amit Malviya
| Photo Credit: PTI

The BJP on Thursday (November 21, 2024) targeted the Congress over its attack on the Central government after U.S. prosecutors charged industrialist Gautam Advani with bribery and fraud, saying all the States mentioned in the indictment were at that time ruled by non-BJP parties.

BJP’s IT department head Amit Malviya also questioned the timing of the development, as it came just before the start of Parliament session and Donald Trump’s impending presidency.

FOLLOW: Gautam Adani U.S. indictment LIVE updates

This raises several questions, he said. “That the Congress is willing to be a prop in the hands of George Soros and his cabal speaks volumes,” Mr. Malviya said on X in reply to Congress leader Jairam Ramesh’s claim that the indictment vindicates the Congress’s demand for a Joint Parliamentary Committee (JPC) investigation into the various “Modani scams”.

Citing from the U.S. federal prosecutors’s indictment, Mr. Malviya said the States where government officials were paid bribes allegedly by the Adani Group were Odisha, Tamil Nadu, Chhattisgarh and Andhra Pradesh between July 2021 and February 2022.

He told Mr. Ramesh, “All the states mentioned here were Opposition-ruled during that time. So, before you pontificate, answer on the bribes the Congress and its allies accepted,” he said.

While Odisha and Andhra Pradesh were then ruled by the BJD and the YSR Congress, two regional parties unaffiliated to either the ruling or the opposition alliance at that time, the Congress ally DMK was and remains in power in Tamil Nadu.The Congress was in power in Chhattisgarh.

“Don’t get excited”

Taking a swipe at Mr. Ramesh, he said it is always good to read before one reacts and added that the U.S. document cited by the senior Congress leader said the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.

An Indian court, the BJP leader said, can similarly on legitimate grounds accuse American firms of bribing U.S. government officials to deny access to Indian markets.

“Should we then allow law to take its course and the concerned corporate to defend or plant ourselves in domestic politics of a foreign country,” he said, asking the Congress to not get needlessly excited.

Congress allegations

The Congress, especially the Leader of Opposition in Lok Sabha Rahul Gandhi, has constantly alleged proximity between the government led by Prime Minister Narendra Modi and Adani, claiming that the port-to-energy conglomerate has received undue favours from the BJP dispensation.

Mr. Adani has dismissed such suggestions. The BJP, too, has denied the allegations and noted that the Adani Group has invested heavily in many Opposition-ruled states as well.

Federal U.S. prosecutors have charged Mr. Adani, his nephew Sagar Adani and some other group officials for paying over $250 millions in bribe to Indian officials in exchange for favourable terms for solar power contracts.

U.S. prosecutors charged Mr. Adani, 62, his nephew Sagar and other defendants for paying over $250 million in bribes between 2020 and 2024 to Indian government officials to win solar energy contracts on terms that could potentially bring in more than $2 billion in profit.

The Adani group did not immediately respond to requests for comments.

Adani Group Chairman Gautam Adani. File
| Photo Credit: PTI

Equity benchmark indices Sensex and Nifty tumbled in early trade on Thursday (November 21, 2024) amid sharp fall in Adani group stocks and unabated foreign fund outflows.

Weak trends from Asian peers also drove the markets lower during the initial trade. The BSE benchmark Sensex tumbled 468.17 points to 77,110.21 in early trade. The NSE Nifty declined 179.75 points to 23,338.75.

From the 30-share Sensex pack, Adani Ports tumbled 10% as billionaire Gautam Adani has been charged by U.S. prosecutors over his role in an alleged years-long scheme to pay $250 million bribe to Indian officials in exchange for favourable terms for solar power contracts.

Other Adani group stocks, including Adani Enterprises, Adani Green Energy and Adani Energy Solutions, also fell sharply in the early trade.

State Bank of India, IndusInd Bank, NTPC and Tata Motors were also among the laggards. Infosys, HCL Technologies, Tata Consultancy Services and Tech Mahindra were the gainers.

Also read: U.S. charges Gautam Adani with defrauding investors, hiding plan to bribe Indian officials

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,411.73 crore on Tuesday, according to exchange data.

In Asian markets, Tokyo, Shanghai and Hong Kong traded lower while Seoul quoted higher.

The U.S. markets ended mostly in the positive territory.

Global oil benchmark Brent crude climbed 0.25% to $72.99 a barrel. The Indian stock markets were closed on Wednesday due to assembly elections in Maharashtra.

Snapping its four days of decline, the BSE benchmark Sensex had climbed 239.37 points or 0.31% to settle at 77,578.38 on Tuesday. The Nifty also bounced back on Tuesday after falling in the past seven trading days. It went up by 64.70 points or 0.28% to settle at 23,518.50.

Representational image
| Photo Credit: AMIIT DAVE

Shares of Adani group stocks fell on Thursday after a report from investigative reporting platform OCCRP alleged hundreds of millions of dollars were invested in publicly traded group stocks through Mauritius-based ‘opaque’ investment funds managed by partners of promoter family of billionaire Gautam Adani.

The conglomerate denied the charges vehemently.

On the BSE, the stock of Adani Green Energy nosedived 4.43% to ₹927.65 apiece, with a market capitalisation of ₹1.47 lakh crore.

The scrip of Adani Power plunged 3.82% to ₹315.85, flagship firm Adani Enterprises declined 3.56% to ₹2,424 and Adani Energy Solutions fell 3.18% to ₹814.95 apiece on the bourse.

Shares of ACC dipped 3.15% to ₹1,937.10 and Ambuja Cements fell 2.84% to ₹431.60.

In the morning session, the 30-shares BSE Sensex was trading 38.32 points or 0.06% lower at 65,048.93 points.

The fresh allegations by an organisation funded by likes of George Soros and Rockefeller Brothers Fund come months after a US short seller wiped away close to $150 billion in value of Adani group stocks with allegations of accounting fraud, stock price manipulation and improper use of tax havens by the ports-to-energy conglomerate run by billionaire Gautam Adani. Adani Group has denied all Hindenburg allegations.

Citing review of files from multiple tax havens and internal Adani Group emails, OCCRP (Organised Crime and Corruption Reporting Project) said its investigation found at least two cases where the “mysterious” investors bought and sold Adani stock through such offshore structures.

The two men, Nasser Ali Shaban Ahli and Chang Chung-Ling, who OCCRP claimed have longtime business ties to the Adani family and have also served as directors and shareholders in Group companies and firms associated with Gautam Adani’s elder brother Vinod Adani, “spent years buying and selling Adani stock through offshore structures that obscured their involvement – and made considerable profits in the process.”

The documents “show that the management company in charge of their investments paid a Vinod Adani company to advice them in their investment”, it alleged.

Adani in a statement categorically rejected what it called as “recycled allegations”, calling them “yet another concerted bid by Soros-funded interests supported by a section of the foreign media to revive the meritless Hindenburg report”.

“These claims are based on closed cases from a decade ago when the Directorate of Revenue Intelligence (DRI) probed allegations of over invoicing, transfer of funds abroad, related party transactions and investments through FPIs. An independent adjudicating authority and an appellate tribunal had both confirmed that there was no over-valuation and that the transactions were in accordance with applicable law. The matter attained finality in March 2023 when the Supreme Court of India ruled in our favour. Clearly, since there was no over-valuation, there is no relevance or foundation for these allegations on transfer of funds,” it said.