Skip to main content

Adani says, shares rout is temporary volatility.

 Indian tycoon Gautam Adani has dis­missed a share-price rout triggered by a short-seller assault on his

con­glom­er­ate as «tem­por­ary» volat­il­ity.At the quarterly earn­ings release of his Adani Enter­prises yes­ter­day, the ports-to-power mogul said his con­glom­er­ate’s biggest divi­sion «will con­tinue to work with the twin object­ives of mod­er­ate lever­age and look­ing at stra­tegic oppor­tun­it­ies to expand and grow».

Oppos­i­tion politi­cians have used the long­stand­ing rela­tion­ship between Modi and fel­low Gujarat nat­ive Adani to needle the prime min­is­ter, who has not dir­ectly addressed the issue.

Adani Enter­prises shares rose as high as Rs1,889 yes­ter­day, up 9 per cent on the open­ing price of Rs1,735 and up from a low of Rs1,017 on Feb­ru­ary 3, accord­ing to the National Stock Exchange of India data. India’s reg­u­lator told the Supreme Court on Monday that it was invest­ig­at­ing alleg­a­tions made in the Hinden­burg report and share trad­ing before and after its pub­lic­a­tion, Reu­ters repor­ted.

Adani Enter­prises said it had made «no mater­ial fin­an­cial adjust­ment» to its quarterly res­ults, which refer to a period before the Hinden­burg report was released.

www.sba.tax

Labels:

Comments

Post a Comment

Cloud Bookkeeping

US FED rate rise.

  The US Federal Reserve officials have indicated that they plan to resume increasing interest rates to control inflation in the world's biggest economy. During the June meeting, the Federal Open Market Committee reached a consensus to keep interest rates stable for the time being to evaluate whether further tightening of policy would be necessary. However, the majority of the committee anticipates that additional rate increases will be required in the future. The minutes of the meeting have recently been made public. According to the minutes, most participants believed maintaining the federal funds rate at 5 to 5.25 per cent was appropriate or acceptable, despite some individuals wanting to raise the acceleration due to slow progress in cooling inflation. Although Fed forecasts predicted a mild recession starting later in the year, policymakers faced challenges in interpreting data that showed a tight job market and only slight improvements in inflation. Additionally, officials gr...
Post a Comment
Read more

EU business slide.

  S&P Global’s flash eurozone composite purchasing managers’ index, a key gauge of business conditions for the manufacturing and services sector, fell 1 point to 47.1, figures showed yesterday. That is its lowest level since November 2020 and the fourth consecutive month below the crucial 50 mark separating growth from contraction. One of the few bright spots in the survey was that companies in all sectors reported a slight easing of cost pressures, price growth and supply chain constraints. However, prices charged for goods and services still rose at the sixth fastest rate since such data started in 2002. Jobs growth increased marginally from October but remained low compared with the past 18 months. Following a few months of falling price pressure in manufacturing and services, the October print shows an overall stabilisation said Jens Eisenschmidt, chief European economist at Morgan Stanley. However, German businesses, at the hub of Europe’s energy crisis, reported that manu...
1 comment
Read more

EU debt reduction

  Brussels wants to give EU capitals extra time to curb their debts and create space for public investment as part of an overhaul of the EU’s deficit rules .  The European Commission would table a proposal at the end of the month to reform the Stability and Growth Pact ,  under which it would work out multi-year ,  country-specific plans with capitals for getting their debt burdens under control ,  EU officials said .  The proposals come as member states face mounting fiscal burdens as they spend hundreds of billions of euros sheltering businesses and households from the energy crisis .  Under the new blueprint ,  the commission would propose a four- or five-year plan to an EU member state to get its public debt burden on a credible ,  downward trajectory ,  officials said . The national fiscal plan would need to pass a debt sustainability analysis and be approved by the commission and EU council .  The new regime would ditch an EU ...
Post a Comment
Read more