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Economic Times
2 days ago
- Business
- Economic Times
Gautam Adani's Middle East gamble: Billions at risk as Iran-Israel war escalates
Haifa Port in focus as risks rise Live Events Defence joint venture with Elbit Systems Semiconductor plan on ice Strategic presence, emerging risk (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The Adani Group's sprawling investments across Israel, from the strategic Haifa Port to high-stakes defence ventures, are coming under sharp scrutiny as escalating hostilities between Israel and Iran cast a shadow over regional stability and investor latest Israeli strikes on Iranian nuclear and military sites, widely seen as the opening phase of a prolonged confrontation, have raised immediate concerns about the operational and strategic implications for Gautam Adani's billion-dollar bets in the Middle Friday, shares of Adani Ports and Special Economic Zone fell as much as 3.2% to Rs 1398, while Adani Enterprises declined 2.8% to Rs 2469.55 on the the centre of Adani's presence in Israel is Haifa Port, where Adani Ports holds a 70% stake acquired in 2023 for $1.2 billion in partnership with Israel's Gadot Group. Strategically located in northern Israel, the port contributes around 3% to Adani Ports' annual cargo volume and is critical for Israeli imports and the immediate term, Adani's Haifa Port is likely to face risks such as cargo delays and shipping reroutes due to the escalating regional instability. While its northern location offers some protection from the conflict-heavy southern zones of Israel, prolonged fighting could disrupt wider Mediterranean trade routes, potentially affecting operations and past regional escalations, Adani Ports shares had slipped as dry bulk vessels encountered bottlenecks. Market participants note that while the financial exposure may be limited, the symbolic and strategic weight of the asset makes it vulnerable to sustained geopolitical tensions Adani's Israel ties also extend into defence manufacturing. In 2018, Adani Enterprises partnered with Israeli defence major Elbit Systems to launch Adani Elbit Advanced Systems India. Based in Hyderabad, the joint venture manufactures Hermes 900 drones, the same unmanned aerial vehicles used by the Israel Defense Forces (IDF).The Hyderabad facility is currently the only site outside Israel producing the Hermes 900 drone, a key asset for the Israel Defense Forces. Elbit Systems, which supplies 85% of the IDF's drones, may see demand increase as the conflict the Adani-Elbit joint venture could benefit from heightened military procurement, the situation also brings into focus the broader economic and political complexities surrounding such defence collaborations in a volatile geopolitical Adani Group had also been in talks with Israel's Tower Semiconductor for a proposed $10 billion commercial semiconductor manufacturing joint venture. However, according to a Reuters report in April, the project has been put on hold, possibly due to both market and geopolitical Haifa Port accounts for only about 3% of Adani Ports' overall cargo volume, its strategic significance far outweighs its contribution to throughput. The limited direct financial exposure may shield the company in the short term, but the port's symbolic value, and its location in a region now gripped by rising instability, could weigh on investor sentiment and operational continuity in the coming declared a state of emergency in anticipation of Iranian retaliation via missiles or drones. An Israeli defence official said several senior Iranian officials and nuclear scientists were also likely market reaction was immediate. Brent crude surged nearly 9% to $75.36 per barrel, while gold rose 1.5% to $3,434 per ounce. Asian equities dropped sharply amid a wider flight to safe-haven assets like the Swiss franc.U.S. Secretary of State Marco Rubio said the United States was not involved, calling the Israeli action a 'unilateral strike.' Meanwhile, a planned sixth round of U.S.-Iran nuclear talks in Oman hangs in conflict reshapes the Middle East's economic and political terrain, the Adani Group's Israel portfolio, spanning ports, semiconductors, and military technology, now finds itself at the intersection of business ambition and battlefield read | Oil jumps more than 12% as Israel strikes Iran, rattling investors (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Economic Times
28-04-2025
- Business
- Economic Times
Gensol Engineering shares tumble for 13th day; hit another lower circuit limit
Gensol Engineering's stock faces a sharp decline, hitting a lower circuit. This comes amid Sebi's investigation into promoters Anmol Singh Jaggi and Puneet Singh Jaggi. They are accused of diverting loan funds meant for EV purchases. Sebi has barred them from capital markets. The company's planned stock split is also on hold. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Shares of Gensol Engineering extended their sourthward journey on Monday, dropping 5 per cent, to hit a fresh lower circuit limit , amid the ongoing crisis at the firm. The stock of the firm tanked 5 per cent to hit the lowest trading permissible limit as also its 52-week low of Rs 86.50 on the the NSE, it dropped 5 per cent to Rs 85.65 -- its lower circuit as well as 52-week low stock has been falling for the 13th trading day, including Monday, and has slumped 47 per cent during this its 52-week high of Rs 1,125.75, the stock has lost 92.31 per Anmol Singh Jaggi and Puneet Singh Jaggi , promoters of Gensol and BluSmart, are facing regulatory action by the Securities and Exchange Board of India (Sebi) over allegations of diversion of the loan money meant for EV purchase. Sebi has imposed a capital market ban on the duo, barring them from holding positions in listed companies. Gensol Engineering is engaged in providing solar consulting services , engineering, procurement and construction (EPC) services, and leasing of electric vehicles, among received a complaint in June 2024 related to the manipulation of share price and diversion of funds from Gensol and thereafter, started examining the Sebi directed Gensol Engineering to put its planned stock split into the ratio of 1:10 on hold.
Economic Times
25-04-2025
- Business
- Economic Times
Gensol Engineering rejects reports linking promoters to ED probe in Mahadev betting app case
Nine ways Gensol-Blusmart promoters siphoned crores to fund lavish lifestyle Gensol Engineering on Thursday issued a formal clarification refuting media reports that claimed its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, are likely to be summoned by the Enforcement Directorate (ED) in connection with the Mahadev Book app investigation. The company termed the reports as 'factually incorrect, speculative, and misleading.'"We categorically state that the news item is factually incorrect, speculative, and misleading. We reiterate that the promoters of Gensol Engineering Limited have no association with the Mahadev Book app case or the alleged financial transactions cited therein.""The Company/ any of its KMPs or directors including Mr. Anmol Singh Jaggi and Mr. Puneet Singh Jaggi, has not received any communication or notice from ED with respect to appearance regarding Mahadev book app case pursuant to fresh probe done by ED on 16.04.2025," the company said in an exchange filing. The company mentioned that in past, when the shares of Zenith Multi Trading DMCC was attached by ED, the clarification in this regard was disclosed by the Company on BSE and NSE on 13.03.2024. "It is also pertinent to mention that in the filings made to BSE and NSE for the quarter ended 31.12.2024 and onwards, you will note that in place of Zenith Multi Trading DMCC, the name of ED Raipur is appearing." Shares of Gensol continued their southward journey on Thursday, tumbling 5 per cent to hit another lower circuit level, amid the ongoing crisis at the firm. Sebi, through its interim order on Tuesday last week, barred brothers Anmol Singh Jaggi and Puneet Singh Jaggi from accessing the securities markets until further action comes amid accusations of siphoning off loan funds from their publicly listed company Gensol Engineering for personal use, raising concerns over corporate governance and financial stock of the crisis-hit firm dropped 4.96 per cent to Rs 95.80 -- its lowest trading permissible limit for the day as well as 52-week low level -- on the the NSE, it dived 5 per cent to hit the lower circuit as well as 52-week low of Rs its 52-week high of Rs 1,125.75, the stock has lost 91.49 per cent so stock has been tumbling for 11 trading days, including Thursday. Gensol Engineering is engaged in providing solar consulting services, engineering, procurement and construction (EPC) services, and leasing of electric vehicles, among others. Sebi received a complaint in June 2024 related to the manipulation of share price and diversion of funds from Gensol and thereafter, started examining the Sebi directed Gensol Engineering to put its planned stock split into the ratio of 1:10 on hold. The Corporate Affairs Ministry on Monday said it will take necessary action in the Gensol Engineering matter after examining market regulator Sebi's order against the company.
Economic Times
25-04-2025
- Business
- Economic Times
Gensol Engineering fall another 5%; drop for 12th day
Gensol Engineering's shares plummeted, hitting a lower circuit for the 12th consecutive day amid ongoing crisis. The stock has lost over 44% in 12 days, triggered by Enforcement Directorate searches and the detention of co-promoter Puneet Singh Jaggi. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Shares of Gensol Engineering continued to face drubbing, tumbling 5 per cent on Friday, to hit fresh lower circuit limit, amid the ongoing crisis at the firm. The stock of the crisis-hit firm tanked 4.96 per cent to Rs 91.05 -- the lowest trading permissible limit for the day as well as a 52-week low level -- on the the NSE, it dropped 5 per cent to Rs 90.16 -- the lower circuit as well as 52-week stock has been tumbling for 12 trading days, including Friday. Shares of the firm have lost over 44 per cent in 12 its 52-week high of Rs 1,125.75, the stock has tumbled 91.91 per Enforcement Directorate Thursday conducted searches against beleaguered Gensol Engineering Ltd and detained its co-promoter Puneet Singh Jaggi from a Delhi hotel, official sources raids were conducted at the company's premises in Delhi, Gurugram and Ahmedabad under the provisions of the Foreign Exchange Management Act (FEMA).The promoter brothers of the company -- Anmol Singh Jaggi and Puneet Singh Jaggi -- are under the scanner of the federal probe agency following a Sebi report against them for alleged financial misconduct, corporate misgovernance and diversion of through its interim order on Tuesday last week, barred brothers Anmol Singh Jaggi and Puneet Singh Jaggi from accessing the securities markets until further Engineering is engaged in providing solar consulting services , engineering, procurement and construction (EPC) services, and leasing of electric vehicles, among received a complaint in June 2024 related to the manipulation of share price and diversion of funds from Gensol and thereafter, started examining the Sebi directed Gensol Engineering to put its planned stock split into the ratio of 1:10 on hold.
