Chittagong International Trade Fair started on Thursday
Adani Group finally got a good news after several days of storm. It was learned that Adani Enterprises made a net profit of Rs 820 crore in the last quarter of last year i.e. October-December period. Whereas a year ago in the same quarter they had a loss of 11.63 crore rupees.
Adani Enterprises also made major progress in revenue collection in the October-December quarter. They have achieved 42 percent growth in this regard. The total revenue collected is 26 thousand 612 crore rupees. At the same time, the company’s operating profit also doubled—1,968 crores.
Of this, Adani Enterprises’ integrated wealth management business revenue grew by 38 percent. The income of the mining business has increased three times to Rs 244 crore.
Apart from this, the revenue of Adani’s energy ecosystem business has more than doubled to Rs 1,427 crore. Airport business revenue has also doubled to Rs 1,733 crore.
Production at Australia-based Carmichael mine rose to 2.5 million tonnes in the third quarter from 1.9 million tonnes in the previous quarter.
In this context, Gautam Adani said in a statement, ‘The current turbulent situation is temporary. We want to work for the long term. We proceed with a dual purpose. I will take a loan, but the interest on the loan will be less than the profit from it and I will try to use the strategic position.
Naturally, after the release of the third quarter financial report, the share price of Adani Enterprises rose by 1.87 percent in the Indian stock market today. But overall, the share price of Adani Group still fell today. Adani Total Gas was down 5 percent, Adani Transmission was down 5 percent, Adani Green Energy was down 5 percent, Adani Power Limited was down 5 percent, Adani Wilmar was down 5 percent, Ambuja Cement was down 1.74 percent and NDTV was down 5 percent.
Apart from Adani Enterprises, the share prices of the two companies that have increased are Adani Ports and Special Economic Zone with 2.06 percent and ACC Limited with 0.39 percent.
At the beginning of the week, the shares of Adani Group fell on Monday as well. The total share price of seven listed companies has halved since the end of last month after the publication of the Hindenburg Research report. Adani Group claims to reassure investors that its balance sheet is strong enough. There are still plans to expand the business. There are also financial resources for that. They are also confident of delivering returns to shareholders. Apart from this, they are active in complying with corporate laws.
Meanwhile, Adani Group hired another US audit firm, Grant Thornton, to refute Hindenburg’s allegations. Analysts believe that this is the biggest step of the Adani group after the publication of the Hindenburg report on January 24.
Last week, the Adani group said it was considering conducting an independent review of related-party transactions and internal controls, including legal matters. And this appointment of Grant Thornton is for that purpose.
The name of the storm is Hindenburg
The Hindenburg Research report alleges that Gautam Adani got rich through fraud. The business conglomerate owned by him has artificially inflated share prices. In this way investors have been cheated in the stock market.
The share price of Adani’s various companies has been falling ever since this report came out, which continues today. In all, the market capitalization of the listed companies of the Adani group has decreased by more than 100 billion or 10 trillion dollars.
The value of Gautam Adani’s personal assets also decreased. According to the Forbes list, Gautam Adani’s net worth was $119 billion or $11,900 million on the day the report was published on January 24, which was $53.3 billion or $5,330 million this afternoon. On Tuesday, his net worth fell by $4.7 billion—8.03 percent.
Adani’s asset value has fallen every day since January 24, except for one day in between.
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