In January, short-seller Hindenburg Research published a damning report alleging that Indian conglomerate Adani Group was involved in “brazen stock manipulation”
. To enhance its green credentials, Adani canceled a Rs 7,017 crore coal plant purchase, ditched plans to buy a stake in power traderAdani Group later revealed that it prepaid share-backed financing of Rs 7,374 crore to various Indian financial institutions and international banks. The company also held multiple roadshows in London, Dubai, Hong Kong and Singapore, among other locations.
Well, these moves appear to be working. Shares of the group's flagship Adani Enterprises have rocketed 127% from its 52-week low they hit on February 3; Adani Green Energy shares have rallied 86%, Adani Transmission is up 63%, Adani Total Gas has gained 37% while shares of Adani Power have gained 22% over the past 30 days alone.
Gautam Adani is not complaining either, with his net worth up $20B over the timeframe, though he’s still $65B poorer than he was before Hindenberg hammered him and his companies.The world’s 5th richest person, Warren Buffett, cannot be considered an energy investorsince his other investments dwarf what he has put into oil and gas stocks. Nevertheless, Buffet has seen his net worth decrease by $2.1B in the year-to-date to $105B. After a five-month hiatus, Buffett has resumed buying shares of.
With a net worth of $77.1B Mukesh Ambani is the world’s 12th richest man and the richest energy investor., the world's largest oil refining complex. The Mumbai-based conglomerate's other businesses include a 4G wireless network across India. Two years ago, Reliance Industries overtook to become the world’s largest publicly traded energy company. However, an epic run by XOM last year saw it reclaim its position as top dog with a market cap of $430.7B.
RIL’s energy business accounts for ~80% of the company’s revenue. However, investors have chosen to focus on Chairman Mukesh Ambani’s plan to grow the company’s digital and retail arms. Reliance’s big bet in non-energy businesses such as telecom, retail, and digital services has helped it to vastly expand its revenue base.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Push in States for $20 Minimum Wage as Inflation PersistsJust years after labor activists persuaded a handful of states to raise their minimum wage to $15 per hour, workers initially thrilled with the pay bump are finding their hard-won gains erased by inflation. New York, California, and Massachusetts are among states where legislation has been filed to boost minimum wages to $20 or more. But opponents to hikes in wages say it can be detrimental to small businesses who already operate on thin margins. Barry Nicholson, a businessowner in Corning, a city by the Finger Lakes in New York, said a big wage increase would be “a smack in the face to small businesses.”
Read more »
Russian Oil Giant Signs New Deal To Boost Crude Supply To India | OilPrice.comRussia’s largest oil firm has signed a term agreement with Indian Oil Corporation to increase the supply of Russian oil to India significantly.
Read more »
Humza Yousaf warned to 'consider where he fell short' after narrower-than-expected victoryOne SNP figure warned the new leader to 'reflect carefully' after the narrow win over Kate Forbes, warning: 'To fail to do so does not augur well for the future'
Read more »
Enhancing intraoperative tumor delineation with multispectral short-wave infrared fluorescence imaging and machine learningThe Journal of Biomedical Optics (JBO) is a Gold Open Access journal that publishes peer-reviewed papers on the use of novel optical systems and techniques for improved health care and biomedical research.
Read more »
“That has to be a record”: Cyclist counts 20 vehicles parked in short cycle lane stretch – as council finally considers installing wands; Leeds’ new AI traffic lights “turn green for cyclists”; “Department for Cars strikes again” + more on the live blogOn the lunchtime live blog: Leeds set to install AI ‘smart’ traffic lights which “turn green for cyclists” “The Department for Cars strikes again”: Cycling proficiency funding axed Belgian cyclist breaks seven-day distance world record + more! cycling
Read more »