Logo of the Adani Group installed at a roundabout on the ring road in Ahmedabad, Gujarat. FILE
| Photo Credit: REUTERS

Shares of all Adani Group companies tumbled on Tuesday as the initial trend showed BJP winning a lesser number of seats than predicted in exit polls.

The stock of Adani Ports plummeted 20 per cent, Adani Energy Solutions plunged 19.80 per cent, Adani Power slumped 19.76 per cent, Ambuja Cements tumbled 19.20 per cent and the group’s flagship firm Adani Enterprises tanked 19.13 per cent on the BSE.

Erasing the record-rally of the previous trade, the 30-share BSE Sensex dropped 4,131.44 points or 5.40 per cent to 72,337.34, and the Nifty slumped 1,263.3 points or 5.43 per cent to 22,000.60.

Shares of all Adani Group companies rallied sharply on Monday, with Adani Power surging nearly 16 per cent in line with a massive surge in the equity market, taking the combined market valuation of the ten listed firms to Rs 19.42 lakh crore.

The stock of the majority of the group firms, including Adani Enterprises, Adani Ports, Adani Power and Adani Green, also bounced back to their pre-Hindenburg Research report levels on Monday.

The BJP-led NDA was ahead with leads in 296 seats and the opposition INDIA bloc not far behind in 227 seats as votes were counted for the Lok Sabha elections on Tuesday, setting the course for a third consecutive term as prime minister for Narendra Modi but with a stronger opposition.

While the BJP was ahead in 236 of 542 seats, the Congress had leads in 97, signalling a dip for the ruling party from the 303 score in 2019 and a spike for the opposition party’s 52 from the last election. An election marked by acridity and acrimony could end with the treasury benches in reduced numbers and an opposition with more teeth.

ALSO READ:Adani Group’s FY24 net jumps 55%; mulls $90-billion capex

In trends available till 11.45 am, the NDA was close to the 300 mark, comfortably over the magic figure of 272 with the opposition INDIA bloc making significant gains.

Shares of all group companies surged on Friday by up to 14 per cent after US brokerage Jefferies put a bullish view on the group that is back to an expansion spree with a planned USD 90 billion capital expenditure over the next decade.

New Delhi:

Fair trade regulator Competition Commission of India (CCI) cleared Adani Power’s proposed acquisition of Lanco Amarkantak Power.

Adani Power proposed to acquire 100% share capital and control of the Lanco Amarkantak Power, pursuant to the corporate insolvency resolution process (CIRP) initiated under the Insolvency and Bankruptcy Code, 2016 (IBC), according to a release.

Insolvent Lanco Amarkantak Power is engaged in the business of thermal power generation.

On March 5, Adani Power announced it received the creditors’ approval for the resolution plan to acquire insolvent Lanco Amarkantak Power.

“The proposed transaction does not result in an appreciable adverse effect on competition in any plausible relevant market in India,” CCI said.

Adani Power is engaged in the business of thermal power generation in India.

In another release, CCI said it has cleared the proposals of purchasing stakes in PharmEasy by various entities, including Ranjan Pai’s MEMG Family Office LLP and 360 ONE Group.

API Holdings, through its subsidiaries, is in the business of providing healthcare services through the online e-commerce marketplace PharmEasy.

The proposed transactions envisage the subscription of class B compulsorily convertible preference shares of the Target (API Holdings Ltd) by the acquirers (MEMG LLP and 360 ONE Group), as per the release.

360 One is a Sebi-registered Alternative Investment Fund. It is managed by its investment manager, AML. The latter provides investment management services to schemes of 360 ONE Mutual Fund and alternative investment funds of the 360 ONE Group.

MEMG Family Office LLP (MEMG LLP) is engaged in the provision of consulting and advisory services to customers in India and ultimately belongs to the Pai Family Group.

Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

Adani Power Limited’s bank loan facilities were rated ‘A’ with a stable outlook earlier.
| Photo Credit: Photo Credit: X/@CRISILLimited

Crisil Ratings has upgraded its ratings on Adani Power Limited’s (APL) ₹38,000 crore of bank loan facilities to ‘AA-‘, saying the business and financial risk profile of the company has seen “strong improvement”. The loan facilities were rated ‘A’ with a stable outlook earlier.

“The rating upgrade follows the strong improvement in the business and financial risk profiles of APL,” Crisil Ratings said in a report.

“The upgrade is driven by better-than-expected operating performance backed by timely commissioning and ramp-up of the Godda power plant (1.6 GW), Mahan power plant (1.2 GW), full recovery of pending regulatory dues related to claims for fuel costs as pass-through under change in law clauses of existing power purchase agreements (PPAs) and continued improvement in receivables,” it said.

“The rating also factors in the completion of most of the regulatory investigations into Adani Group. Regulatory investigations in two remaining allegations are under way and are expected to be completed over the next three months,” the ratings agency said.

It further said that APL has recovered a majority of pending regulatory dues, including carrying costs and late payment surcharge (LPS) between April and October 2023 from counterparties, post-resolution of the matter in APL’s favour through the order of Supreme Court of India in March and April 2023.

“The company has been receiving monthly receivables on a timely basis, including recurring regulatory claims, supporting its operating cash flow. The operating performance of APL has been strong with robust plant load factor (PLF) and healthy operating margin,” it said.

The company had better-than-expected operating earnings before interest, taxes, depreciation and amortisation (EBITDA) of ₹10,041 crore for fiscal 2023 and ₹7,926 crore for the first half of fiscal 2024 (₹10,280 crore in fiscal 2022).

Aam Aadmi Party MP Sanjay Singh addressing a press conference, in New Delhi, on May 22, 2023.
| Photo Credit: PTI

Aam Aadmi Party (AAP) Rajya Sabha MP Sanjay Singh on August 28 demanded action against officials and Ministers in Gujarat for an alleged excess payment made to Adani Power Mundra Limited (APMuL) over five years under two power purchase agreements.

The Gujarat government had denied the allegation after State Congress chief Shaktisinh Gohil had on August 26 raised the issue and claimed that the Bharatiya Janata Party government had made “excess payment of ₹3,900 crore” to the company.

Gujarat government spokesperson and Cabinet Minister Rushikesh Patel said the allegations were “misleading” and that the payment was only interim and not final. Addressing a press conference, Mr. Singh on Monday demanded a probe into the “corruption”.

“Where is the ED? Where is the CBI? You reach West Bengal, Telangana at the drop of a hat. But you are not able to see the corruption that is happening. It is only after the Hindenburg report that they realised that corruption was happening. How did this corruption happen? There should be action against officials and Ministers involved in this,” he said.

It has been alleged that the State-run Gujarat Urja Vikas Nigam Limited (GUVNL) paid Adani Power ₹13,802 crore between October 2018 and March 2023 even when the latter did not submit any invoice or supporting documents of coal procurement (for its power plants).

Mr. Singh produced a letter purportedly written by GUVNL, dated May 15, 2023 and addressed to Adani Power Mundra, seeking recovery of ₹3,802 crore, excess payment made by the GUVNL towards energy charges under the two Power Purchase Agreements (PPA) signed with the latter.

The logo of the Adani group is seen on the facade of one of its buildings on the outskirts of Ahmedabad. File
| Photo Credit: REUTERS

U.S.-based boutique investment firm GQG Partners has invested $1.1 billion in Adani Power for an 8.1% stake, sources with knowledge of the matter said on Wednesday.

GQG Partners bought 31 crore shares of Adani Power in the largest ever secondary market equity deal, they said, adding that promoter Adani family sold the stake for over ₹9,000 crore ($1.1 billion).