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Gautam Adani's wealth rises by $5.6 billion amid market rally
Livemint
·
1y ago
Medial
Billionaire Gautam Adani's net worth surged by $5.6 billion following a market rally prompted by the Supreme Court hearing on the Hindenburg report-related matter. The court reserved its verdict on allegations of corporate fraud against the Adani Group, noting that it won't solely rely on media reports. Adani is now ranked 20th on the Bloomberg Billionaires Index with a fortune of $65.8 billion. Additionally, Adani Group stocks gained about $9.8 billion in market value, driven by market optimism after the ruling party's victory in state elections.
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Gautam Adani rejoins $100 billion club after Hindenburg report
Livemint
·
1y ago
Medial
Adani Group chairman Gautam Adani has recovered much of his wealth after the attack by Hindenburg Research in 2023, rejoining the $100 billion club. His net worth has risen to $100.7 billion, making him the 12th-richest person globally. Adani's conglomerate, which lost over $150 billion in market value, has taken steps to regain investor confidence and repay debt. The group received fresh equity capital from investors including GQG Partners LLC and Qatar Investment Authority in 2023. Adani's rebound coincides with increasing global investor interest in India.
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Gautam Adani overtakes Mukesh Ambani to become richest Asian
YourStory
·
1y ago
Medial
Gautam Adani has reclaimed the title of the richest person in Asia, surpassing Mukesh Ambani of Reliance Industries. Adani's net worth of $111 billion now ranks him 11th in the world, while Ambani follows closely at 12th with $109 billion, according to Bloomberg Billionaires Index. The surge in stock prices of Adani Group companies, driven by a optimistic outlook from US brokerage Jefferies, contributed to Adani's recent rise. Adani Group's market capitalization increased by Rs 84,064 crore, pushing Adani ahead of Ambani. Adani's conglomerate had faced setbacks earlier due to allegations of fraud but has since rebounded.
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Hindenburg Research, whose reports wiped billions off Gautam Adani's wealth, shuts down
Economic Times
·
6m ago
Medial
Hindenburg Research, known for its critical reports that significantly impacted Gautam Adani's wealth, has announced its shutdown. The firm gained notoriety for its allegations of fraud and stock manipulation against Adani Group, leading to a dramatic decline in the group's market value and triggering investigations. Hindenburg's reports have drawn attention for their detailed analysis and aggressive stance on corporate governance issues. The closure marks the end of a controversial chapter in financial research, raising questions about the future of short-selling firms and their influence on markets. The decision comes amid ongoing scrutiny of their methodologies and the implications of their findings.
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Gautam Adani, family raise stake in Ambuja Cements to 70%
VCCircle
·
1y ago
Medial
Indian billionaire Gautam Adani's family has increased its stake in Ambuja Cements to 70.3% with a $996.7 million investment. The move aims to help the cement maker bolster its production capacity amid intense competition in the Indian cement sector. This investment completes the family's total investment of $2.7 billion in Ambuja Cements, which they acquired from Holcim in 2022. The funds will be used to increase the company's manufacturing capacity to 140 million tonnes per annum by 2028.
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Gautam Adani ‘bribery’ case: How the troubles began since Hindenburg allegations — a timeline | Company Business News
Livemint
·
8m ago
Medial
The Securities and Exchange Commission (SEC) has charged Adani Group Chairman Gautam Adani and his nephew Sagar Adani, among others, with involvement in a multi-billion-dollar bribery and fraud scheme. The SEC alleges that Adani Green Energy and Azure Power raised funds from US investors, promising bribes to Indian government officials to secure solar energy contracts. This comes after a report by US-based short seller Hindenburg Research alleged stock manipulation and accounting fraud by the Adani Group, leading to significant market value losses. Adani Enterprises also saw a drop in share price and Gautam Adani's net worth.
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Adani Group stocks plunge after US indictments
VCCircle
·
8m ago
Medial
Shares of Adani Group companies saw a sharp decline in market value after the chairman, Gautam Adani, was indicted by U.S. authorities for his alleged involvement in a bribery and fraud scheme. The group lost approximately $22 billion in market capitalization in early trading. The charges claim that Adani and seven others paid bribes to Indian officials to secure profitable contracts and develop a major solar power plant project. The indictment follows previous allegations made by U.S. shortseller Hindenburg Research regarding Adani's use of tax havens and stock manipulation.
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Gautam Adani above Mukesh Ambani on IE's Top 100 Influential Indians list
Livemint
·
1y ago
Medial
The Indian Express has released its list of the 'Top 100 Most Influential Indians of 2024,' featuring personalities from various sectors. In the business category, Gautam Adani, the chairman of the Adani Group, secured a spot in the top 10, surpassing Mukesh Ambani. Adani's rapid progress in infrastructure sectors and his personal wealth contributed to his influence. Ambani, on the other hand, is focusing on investments in new energy and succession planning for Reliance Industries. The list also includes prominent political figures like Prime Minister Narendra Modi and Home Minister Amit Shah.
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Adani to invest $14 bn in FY25
Thehindubusinessline
·
1y ago
Medial
Adani Group, led by chairman Gautam Adani, plans to invest over ₹1.2 lakh crore (about $14 billion) in various sectors such as ports, energy, airports, commodities, cement, and media. This investment is part of the company's goal to spend $100 billion in the next 7-10 years to expand its businesses. About 70% of the planned investment will be allocated to Adani's green portfolio, including renewable power and green hydrogen projects. The company's strong cash flows and profitability have paved the way for these mega-scale investments.
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AI companies lose $190 billion in market cap after Alphabet and Microsoft report
Economic Times
·
1y ago
Medial
Investors were disappointed with quarterly results from tech giants Microsoft, Alphabet, and Advanced Micro Devices, resulting in a loss of $190 billion in stock market value for AI-related companies. The selloff highlights the high expectations of investors in the AI sector, which had previously caused a rally in stock prices. Alphabet's stock dropped 5.6% after missing revenue expectations, while Microsoft's Azure platform grew faster but still experienced a stock decline. Chipmaker Advanced Micro also saw a downturn after missing revenue estimates for its AI processors.
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Zoho suspends $700-mn chipmaking plan in latest setback for India
VCCircle
·
3m ago
Medial
Zoho has suspended its $700-million chip manufacturing plans due to difficulties in finding a suitable technology partner for the complex process, marking a setback for India's semiconductor ambitions. This follows billionaire Gautam Adani's group pausing its $10 billion chip project with Tower Semiconductor. Zoho's founder, Sridhar Vembu, had envisioned a $400-million investment in Karnataka to diversify operations. The suspension poses challenges to India's goal of becoming a global chip manufacturing hub.
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