In January 2023, the Adani group was hit hard by a report from Hindenburg Research, a US-based short seller, accusing the conglomerate led by billionaire Gautam Adani of orchestrating “the largest con in corporate history”. The fallout was swift and severe: the group’s stocks plummeted by 50%, erasing $100bn in market value within just 10 days, and forcing the company to withdraw its Rs 20,000-crore follow-on public offer.
Fast forward 18 months, and Hindenburg released a second report, this time questioning the integrity of the ongoing investigation into Adani’s operations. Anticipation was high that the new allegations would once again send the group’s stocks into a tailspin. But reality has defied expectations. Ten days after the report’s release, Adani Enterprises' stocks dipped only about 3%. Unlike the first Hindenburg report, which disrupted the company’s financial plans, the second has so far failed to derail Adani’s fundraising efforts.
Minor Turbulence
In May 2024, Adani Enterprises’ board approved a Rs 16,600-crore qualified institutional placement (QIP), with media reports suggesting the QIP could hit the markets by September. The company is in the process of raising Rs 600 crore through public non-convertible debentures (NCDs), reports say. Despite the latest Hindenburg report, market analysts believe these fundraising plans are unlikely to be affected. Independent market analyst Ambareesh Baliga notes that the Adani group has likely reassured investors about regulatory concerns during prior discussions.
Diese Geschichte stammt aus der September 2024-Ausgabe von Outlook Business.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der September 2024-Ausgabe von Outlook Business.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Scale Stimulus
For technology start-ups, growth funding serves as the catalyst to scale, innovate, expand into new markets and make critical hires. New capital brings strategic value through investor expertise and industry network, customer introductions, helps maintain operational efficiency and mitigate cashflow challenges.The landscape of venture and growth financings in India has undergone a major shift since the pre-Covid era. The pandemic gave rise to a low-interest rate environment which saw an unprecedented inflow of capital into Indian start-ups with a very strong focus on high growth, often at the cost of high burn. Post-pandemic, the environment has seen a significant shift in focus towards sustainable growth, profitability and efficient unit economics.
The Best Valuation Need Not Be the Highest
Info Edge founder and veteran start-up investor Sanjeev Bikhchandani talks to Deepsekhar Choudhury about high valuations and corporate governance in start-ups. Edited excerpts
GCCS Shaping Start-Ups
The remarkable journey of global capability centres (GCCs) in India continues to set new benchmarks, enriching the nation's economic narrative.
Behind the Scenes
Evaluating start-ups is more than number crunching. While some factors are quantifiable, many are more nuanced. Here's a sneak peek inside the war room from where the rankings emerged
Start-Ups have Generated 17.28 Lakh Direct Jobs
Amardeep Singh Bhatia, secretary, department for promotion of industry and internal trade (DPIIT) tells Pushpita Dey about the government's various schemes to give start-ups a leg up.
On the Road Less Travelled
Our entrepreneurial journey as the founders of the CarDekho group proves the fact that ambition and ingenuity can flourish in the most unexpected places.
Being Local Matters
India's rapidly evolving consumer market, backed by a young, progressive population and a flourishing middle class, is a landscape of opportunity and complex challenges.
CELEBRATING EXCELLENCE: OUTLOOK BUSINESS SPOTLIGHT - ACHIEVERS AWARDS 2024
Recognizing Visionaries Who Inspire Growth, Innovation, and Progress
At the End of the Day, You Bet on Founders
Zerodha founder and chief executive Nithin Kamath tells Deepsekhar Choudhury that the philosophy of a company is what sets it apart and makes it special. Edited excerpts
Time to Go Global
India's defence and space start-up ecosystems have witnessed exponential growth in recent years, with over 1,000 defence and 250 space start-ups driving deep-tech innovation. Government initiatives such as Innovations for Defence Excellence (iDEX), positive indigenisation lists and allocation of 75% of the defence capital budget for domestic procurement, along with support from Indian National Space Promotion and Authorisation Centre (InSpace), have created vast opportunities.
