Latest news with #BenFoldy
India Gazette
3 days ago
- Business
- India Gazette
Adani stocks defy WSJ report: Market shrugs off allegations amidst group's resilience
Ahmedabad (Gujarat) [India], June 3 (ANI): Investors largely ignored a recent Wall Street Journal report alleging new US prosecution scrutiny over Adani's potential Iran sanctions violations. Adani Group stocks demonstrated resilience, with the group's market capitalisation down a mere 1.8 per cent, outperforming the broader Nifty's 0.7 per cent dip. Adani Enterprises saw a 1.9 per cent decline, while ACC fell just 0.3 per cent, according to company's release. The Adani Group swiftly dismissed the report as 'baseless and mischievous.' Analysts suggest the market is increasingly discounting such external pressures, viewing them as targeted attacks on Adani's crucial role in India's energy security. Despite a series of negative campaigns from global media, short-sellers, and regulatory bodies, Adani's performance and investment plans remain unimpacted. The group continues to attract global investor interest. Over the past two years, Adani Group has achieved over 25 per cent profit growth and invested Rs 1.75 lakh crore (USD 21 billion), even amidst volatility, added the release. This expansion has been coupled with significant debt reduction, bringing its net debt to EBITDA to a low 2.5x, among the best globally for infrastructure. Previous major challenges, including the January 2023 Hindenburg Research report and a November 2024 US Department of Justice indictment (preceding green energy fundraising), similarly failed to disrupt the group. It's notable that the WSJ reporter, Ben Foldy, has publicly expressed interest in writing a book on Hindenburg Research and has previously helped amplify their targets. Hindenburg itself has a history of targeting green energy companies, including Adani. The market's sustained confidence in Adani underscores its strong fundamentals, strategic importance to India, and proven ability to overcome external challenges. (ANI)
Hans India
3 days ago
- Business
- Hans India
Adani stocks defy WSJ report; market shrugs off allegations amid Group's resilience
Mumbai: Investors on Tuesday largely ignored a recent Wall Street Journal (WSJ) report alleging new US prosecution scrutiny over Adani's potential Iran sanctions violations. Adani Group stocks demonstrated resilience, with the group's market capitalisation down a mere 1.8 per cent, against the broader Nifty's 0.7 per cent dip. Adani Enterprises saw a 1.9 per cent decline, while ACC fell just 0.3 per cent. The Adani Group swiftly dismissed the report as "baseless and mischievous." Analysts suggest the market is increasingly discounting such external pressures, viewing them as targeted attacks on Adani's crucial role in India's energy security. Despite a series of negative campaigns from global media, short-sellers, and regulatory bodies, Adani's performance and investment plans remain unimpacted. The group continues to attract global investor interest. Over the past two years, Adani Group has achieved over 25 per cent profit growth and invested Rs 1.75 lakh crore ($21 billion), even amidst volatility. This expansion has been coupled with significant debt reduction, bringing its net debt to EBITDA to a low 2.5x, among the best globally for infrastructure. Previous major challenges, including the January 2023 Hindenburg Research report and a November 2024 US Department of Justice indictment (preceding green energy fundraising), similarly failed to disrupt the group. It's notable that the WSJ reporter, Ben Foldy, has publicly expressed interest in writing a book on Hindenburg Research and has previously helped amplify their targets. Hindenburg itself has a history of targeting green energy companies, including Adani. The market's sustained confidence in Adani underscores its strong fundamentals, strategic importance to India, and proven ability to overcome external challenges.
Time of India
3 days ago
- Business
- Time of India
Adani Group stocks in focus amid US scrutiny over suspected Iranian LPG imports via Mundra Port
Adani Group stocks are expected to remain in focus on Tuesday after a report by The Wall Street Journal (WSJ) said US prosecutors are investigating whether Gautam Adani's companies imported Iranian liquefied petroleum gas (LPG) into India via the Mundra port . According to the WSJ report published on 2nd June, 2025, tankers travelling between Gujarat's Mundra port and the Persian Gulf showed patterns typically associated with sanctions evasion . The report cited experts and individuals familiar with the matter, noting that the US Justice Department is reviewing the activity of several LPG tankers that allegedly shipped cargoes to Adani Enterprises . by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Adani Group Denies Allegations In a stock exchange filing on Monday, the Adani Group dismissed the report as 'baseless and mischievous,' stating there has been no deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG. "The Wall Street Journal's story of 2nd June 2025, by Ben Foldy and Dave Michaels, alleging links between Adani entities and Iranian LPG , is baseless and mischievous. Adani categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG. Further, we are not aware of any investigation by US authorities on this subject," said the company through a stock exchange filing. Live Events The WSJ said it had found tankers travelling between the Gulf and billionaire Gautam Adani's Mundra port in western India exhibiting traits that experts say are common for ships evading sanctions. It said the US Justice Department was reviewing the activities of several LPG tankers used to ship cargoes to Adani Enterprises, the group's flagship entity, citing people familiar with the matter. "By policy, the Adani Group does not handle any cargo from Iran at any of our ports. This includes any shipments originating from Iran or any vessels operating under the Iranian flag. Additionally, the Adani Group does not manage or facilitate any ships whose owners are Iranian. This policy is strictly adhered to across all our ports," added the group. Also Read: Technical picks: HDFC Life, Pidilite Industries among 5 stocks that can rally up to 20% in short term "As an importer of LPG, the appropriate due diligence and KYC of the suppliers is undertaken to ensure that the entities/persons are not on the OFAC sanctions list. The logistics of LPG trade are managed by well-established third-party international suppliers and logistics firms, which manage shipping in accordance with global compliance standards," added the company. "We again state that we do not own, operate or track vessels (including the alleged SMS Bros/Neel) and cannot comment on the current or past activity of vessels we have not contracted and do not control. Whatever the duties and responsibilities of a bona fide importer are, we have fulfilled those," said Adani Group. US President Donald Trump said in May that any party buying Iranian oil or petrochemical products would immediately be subject to secondary sanctions. Also Read: India's top 10 priciest stocks in 2025: MRF to Elcid, see who tops the list Last November, US authorities indicted Adani and his nephew, Sagar Adani, on suspicion of paying bribes to secure power supply contracts and misleading US investors during fundraising in the United States. Adani Group has denied the accusations and vowed to fight them. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Time of India
4 days ago
- Business
- Time of India
'Baseless and mischievous': Adani Group denies being under investigation by US authorities over links with Iranian LPG
The Adani Group on Monday denied media report of being investigated by United States authorities over alleged links with Iranian LPG . "The Wall Street Journal's story of 2nd June 2025, by Ben Foldy and Dave Michaels, alleging links between Adani entities and Iranian LPG, is baseless and mischievous. Adani categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG. Further, we are not aware of any investigation by US authorities on this subject," said the company through stock exchange filing. Read more: Gautam Adani under new scrutiny from US prosecutors, WSJ reports by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo "By policy, the Adani Group does not handle any cargo from Iran at any of our ports. This includes any shipments originating from Iran or any vessels operating under the Iranian flag. Additionally, the Adani Group does not manage or facilitate any ships whose owners are Iranian. This policy is strictly adhered to across all our ports," added the group. "As an importer of LPG, the appropriate due diligence and KYC of the suppliers is undertaken to ensure that the entities/persons are not on the OFAC sanctions list. The logistics of LPG trade are managed by well established third-party international suppliers and logistics firms, which manage shipping in accordance with global compliance standards," added the company. Live Events "We again state that we do not own, operate or track vessels (including the alleged SMS Bros/Neel) and cannot comment on the current or past activity of vessels we have not contracted and do not control. Whatever the duties and responsibilities of a bona fide importer are, we have fulfilled those," said Adani Group.
Hindustan Times
4 days ago
- Business
- Hindustan Times
Adani calls WSJ report on fresh US probe 'baseless and mischievous'
The Adani group has dismissed a report issued by the Wall Street Journal regarding the alleged ties between Adani group and Iranian LPG. In the official statement issued by the group, it has dismissed the report and labelled its allegations as 'baseless and mischievous.' 'The Wall Street Journal's story of 2nd June 2025, by Ben Foldy and Dave Michaels, alleging links between Adani entities and Iranian LPG, is baseless and mischievous. Adani categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG. Further, we are not aware of any investigation by US authorities on this subject,' read the official statement. The group further denied all suggestions of violation of US sanctions. "Any assertion to the contrary would not only be slanderous but also deemed to be an intentional act to injure the reputation and interests of the Adani Group," the statement added further.
