adanienterprises
By Mohammed Kudrati Starting March 8, Adani Enterprises, shares of the flagship company of the Adani Group, will be out of the National Stock Exchange's [NSE] Additional Surveillance Mechanism (ASM). This was communicated by the NSE through a circular. The company follows two companies of its group - Adani Ports and Special Economic Zones and Ambuja Cements - which exited the framework on February 13. Adani Enterprises will leave the framework after being added to its short-term framework on February 3 alongside Aaron Industries, another scrip which meets the criteria to exit the framework. Ho...
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What’s New In Activism – Sarissa Turns Up The Heat On AmarinActivist investor Sarissa Capital Management upped its efforts to remake the board of U.K.-based drugmaker Amarin Corporation plc (NASDAQ:AMRN) with a lengthy investor presentation published on a newly set up website. Sarissa is seeking seven director seats and the removal of Amarin Chairman Per Wold-Olsen. Q4 2022 hedge fund letters, conferences and more The activist wants a board overhaul at Amarin, starting with the dismissal of Chairman Wold-Olsen, whom the investor holds responsible for failing to keep management accountable for ...
ValueWalk
By Mohammed Kudrati Adani Enterprises, the Adani Group flagship and a holding company for several of its subsidiaries, has had a rough week. Just two days before the launch of its follow-on public offering (FPO) worth ₹20,000 crores, which would have been India's largest, an US-based activist short-selling group Hindenburg Research released a report accusing the Group of running a gigantic con. The report accused the group of stock price manipulation, mis-governance and fraud. Since January 25, when the report first came out, investors panicked and dumped the group's stocks, as it collectively...
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By Archis Chowdhury Share prices of Adani Group companies have been on a freefall throughout the week. By Friday morning, the group's listed companies saw over US $100 billion wiped out in market cap, as per Bloomberg. Ten days ago, Gautam Adani was Asia's richest individual, and the world's third richest - with his triumph being closely linked to India's own story of successful growth. He was about to embark on India's largest further public offering of Rs. 20,000 crore (approximately US $2.4 billion) of Adani Enterprise shares. Following a week-long bloodbath after a report by short selling ...
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By Mohammed Kudrati As of February 3, seven companies of the Adani Group are on the National Stock Exchange and Bombay Stock Exchanges's Additional Securities Measure (ASM) list, with Adani Ports and Special Economic Zones (APSEZ), Adani Enterprises and Ambuja Cements being the latest entrants on the list. The latest three companies were added by the exchange thursday evening. There are two ASM lists: Long-term and short-term. APSEZ, Adani Enterprises and Ambuja Cements have joined Adani Total Gas, Adani Transmissions and Adani Green Energy Limited on the short-term ASM list. Adani Power is on...
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By Mohammed Kudrati Hindenburg Research has called the Gautam Adani-led Adani Group's 413-page response to its original report as hollow, accusing the energy to ports conglomerate of obfuscating its business with the Indian growth story. It says that the group addresses the concerns raised by it only fleetingly. "It also predictably tried to lead the focus away from substantive issues and instead stoked a nationalist narrative, claiming our report amounted to a “calculated attack on India.” In short, the Adani Group has attempted to conflate its meteoric rise and the wealth of its Chairman, Ga...
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By Mohammed Kudrati Gautam Adani-led Adani Group strongly refuted allegations of corporate fraud levelled by US activist investor Hindenburg Research alleging that the report's main objective was to damage Adani Enterprise's upcoming Follow-on Public Offering. Further, the Indian conglomerate said that Hindenburg Research made no attempt to contact it, in a statement attributed to Adani Group's Chief Financial Officer Jugeshinder Singh The group's stocks were reeling on Wednesday following publication of the research report. Hindenburg Research, founded by activist shortseller Nate Anderson, a...
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