Adani Group firms lost $11 billion in market capitalisation on Wednesday after New York-based Hindenburg Research flagged concerns in a report about debt levels and the use of tax havens
Stocks to Watch: Adani Enterprises FPO and Earthstahl & Alloys IPO opens for subscription on Friday. Shares of Adani Group companies also likely to be in focus amid the Hindenburg controversy.
Hindenburg Research: The name is based on the Hindenburg disaster of 1937, when a German passenger airship caught fire, killing 35 people
Adani group questions report's timing, calls it malicious
The Hindenburg report comes on the heels of Adani Enterprises' (AEL) plans of Rs 20,000 crore follow-on public offer (FPO) announced a few days ago
Hindenburg Research said that it was shorting Adani group's stocks and accused the firms of 'brazen' market manipulation and accounting fraud
Closing Bell: Sectorally, Nifty IT clocked around a 2 per cent gain, followed by nearly 1 per cent upmove in bank, auto, FMCG and pharma indices. Metals and realty were the only pockets to close lower
AEL will be investing $70 billion in incubating new businesses and at the group level we will be investing close to $107 billion in the next decade, Singh says
Bankers see excess demand in Rs 6,000-cr anchor book
Pricing at a discount but shorting the stock ahead of the FPO won't be as straightforward
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Issuance of partly paid shares, however, will queer the pitch for arbitrage traders
As per analysts, electrolyser manufacturers, fuel cell makers for non-emission vehicles, traditional players engaged in energy storage solutions or batter makers are among key beneficiaries
No interest to enter telecom sector, says Group CFO
The FPO will open for subscription on January 27 and close on January 31, while the anchor investor's portion will be open a day earlier, the company said
CLOSING BELL: Broader markets, too, were subdued in trade as Nifty MidCap 100 and Nifty SmallCap 100 indices declined up to 0.4 per cent.
Stocks to watch today: Metals and mining major Vedanta will acquire debt-laden power plant Meenakshi Energy for Rs 1,440 crore
The floor price is set at a 13.4 per cent discount to the last close, while the top-end is close to 9 per cent below
The company is tapping industry opportunities, such as green hydrogen, the aviation sector and data centers
Adani Enterprises is planning to launch its Rs 20,000-crore follow-on public offer (FPO) before the Union Budget on February 1