In a statement, Adani group says, "In light of recent market volatility and in continuation of the promoter's commitment to reduce overall promoter leverate backed by Adani listed company shares, we are pleased to inform that promoters have posted the amounts to prepay US$1,114mn (million) ahead of its maturity of September 2024."
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
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To be sure there are many across the globe. If the MAN was not famous when he was touted by Forbes as number 3 and climbing, he certainly has garnered worldwide attention. Every punter and every retail investor is now familiar with the name “ADANI”.
We have followed Adani for over 8 years now, inviting him many times to establish a footprint in the USA partnering with Berkshire Hathaway owned MidAmerica in the Green Energy space through Adani Green Energies where he would supply the technology and the manufacturing and BH buys to establish the energy parks across the USA. He demurred wanting to build in India first and then gradually spread Westwards to the Middle East …
I believe his Business Logic and Strategy is impeccable. His focus on profitability, cash flow, growth unshakeable.
HOWEVER his weakness is that he followed the advice of “sharks” to goose the shares to heights rarely seen before with p/e of some 500+ to quickly enhance the leverage to borrow, and grow quickly.
Then along came Hindenburg and lit a match.
Once bit, twice shy. The “Sharks” the first ones to exit leaving retail holding the bag and his institutional entourage shell-shocked.
AS A DISTRESS bond expert with over 40 years experience, my warning is the DEBT markets. If not carefully managed, Adani may not get access to the foreign bond markets … just like Anil Ambani, Pramod Mittal, and the Ruias. Bonds trading at 60 + is a big NO-NO – a warning sign that holders are dumping and..
ONCE BIT TWICE SHY.
One such article:
In two weeks. Adani Group has lost more than $118 billion in market value, more than half its market capitalization. The fire continues to decimate the market value of the conglomerate built by the Indian tycoon Gautam Adani.
The conglomerate, which holds mines, ports, power plants and data centers, is one of the jewels of India. Its rise coincided with the country's ambitions to become an economic powerhouse rivaling China.
But investors do not seem convinced by the explanations provided so far. The Mumbai Stock Exchange rout of the entities making up the Adani empire continues.
Adani Enterprises, the conglomerate's flagship, lost 0.4% on Feb.6. Adani Transmission fell 10%, while Adani Green Energy lost 5%. Adani Power and Adani Total Gas each declined 5%. Adani Port and Special Economic Zone bucked the trend and ended 9.46% higher.
NOTE: There are those that criticize Nathan Anderson/Hindenburg. I am not one of them. we need these "necessary evils" in the marketplace to keep the "dealings straight". He proved it with Nikola and now Adani, his greatest challenge.