Adani to Hindenburg Report: 'That's All You Got?'

Wednesday, June 21^st 2023

Good Morning ☕

Well, it seems like Adani Enterprises has truly defied expectations and bounced back like a boomerang! Who would have thought that a company hit by a Hindenburg report could double its share price? Adani Enterprises must have some serious resilience and a knack for surprising the market. It's like they turned the tables on those short positions and said, "Not today!" With investors now taking new long bets on the group, it seems like Adani Enterprises is having the last laugh. Talk about a plot twist in the world of finance!

1. Infosys co-founder Nandan Nilekani donates ₹315 crores to IIT Bombay

Infosys co-founder and chairman, Nandan Nilekani, has donated INR 315 crores ($38.5 million) to his alma mater, the Indian Institute of Technology Bombay. Nilekani has donated INR 400 crores to the institute so far. IIT-Bombay has stated that it will need fundraising of $500 million over the next five years. Nilekani's donation will act as an ‘anchor contribution’ and help the institute kick-start plans to achieve its stated objectives. Nilekani described IIT-Bombay as a ‘cornerstone in my life.’

2. Adani Enterprises share doubles shareholders' money since Hindenburg route

Adani Enterprises, the flagship company of the Adani Group, has seen its share price double since the Hindenburg report, which wiped over $100 billion from the conglomerate's value. The Adani family raised about $1.9 billion selling shares in the conglomerate to US investment firm GQG Partners in early March, but none of the group’s main units have tapped the equity market since the allegations by Hindenburg Research. Adani Enterprises surged about 19% on May 22, adding to its gain on May 20, and closing at the highest level since January 31. Traders said that trapped short positions were unwound aggressively, and investors were inclined to take new long bets on the group.

3. IIFL Securities to approach SAT against SEBI order on taking up new clients

IIFL Securities is set to approach the Securities Appellate Tribunal (SAT) against the Securities and Exchange Board of India (SEBI) order barring it from taking on new clients for two years. The SEBI order is related to a 2014 inspection of IIFL's book of accounts to check compliance with regulations. The regulator alleged that IIFL has not implemented SEBI rules framed in 1993 in its true spirit by 25 years. It has also continuously been found involved in unauthorized use of credit clients' funds for the purpose of meeting the obligations arising out of its proprietary trades and the trades of debit balance clients.

4. Hyundai plans to sell 2 million EV units by 2030, to invest $85.41 billion

Hyundai Motor has announced an $85.41 billion investment plan to accelerate its electric vehicle (EV) plans. The South Korean automaker aims to sell two million EVs annually by 2030, up from its previous target of 1.87 million. The plan includes a focus on increasing local production of EVs in the United States, its largest market, from the current 0.7% to a higher percentage. Hyundai also aims to achieve a more than 10% profitability rate for EVs in the long term. The company plans to spend about 35.8 trillion won on EVs in the period to 2032.

5. Cement prices likely to dip 1-3% this FY despite healthy demand: Crisil

Cement prices in India are expected to fall by 1-3% this fiscal year, according to a report by CRISIL. This comes after a 4% compound annual growth rate over the past four years, which saw prices reach an all-time high of INR 391 ($5.22) per 50 kg bag last fiscal year. The trend is expected to reverse due to increased competition intensity and declining input costs. This is despite healthy demand for cement in India, which is expected to continue to grow in the coming years.

6. HMA Agro Industries IPO raises ₹144 crore from anchor investors

HMA Agro Industries' initial public offer (IPO) opened on June 20 and will close on June 23. The company has collected Rs 144 crore from anchor investors ahead of the IPO. The price band for the IPO is set at Rs 555 to Rs 585 per share, and the issue size is Rs 480 crore. HMA Agro Industries is a food trade organization that deals in processed food and agro products. The company is the flagship company of the HMA Group, which has been in the meat industry for over four decades and is a star export house recognized by the Government of India. The shares of HMA Agro Industries IPO will list on July 4, 2023, on the NSE and BSE.

7. WHO flags 7 India-made syrups in its probe on contaminated medicine

The World Health Organization (WHO) has flagged 20 cough syrups made in India and Indonesia in its investigation into contaminated medicines that have caused over 300 deaths globally. The investigation was launched after the syrups were linked to acute kidney failure and the deaths of nearly 70 children in West Africa. The syrups contain "unacceptable amounts of diethylene glycol and ethylene glycol," chemicals often meant for industrial use. The Indian government has disputed the WHO's findings and defended the manufacturing process.

8. Visually impaired girl uses technology to score 94% marks in 10th

A visually impaired girl from Gujarat, India, has scored 94% in her 10th-grade exams using technology. The girl's mother said that she scored 97 in Hindi, 96 in English, 99 in computer studies, 94 in social studies, and 86 in math. Videos and multimedia are a great help for visually impaired students, and with her family and teachers' support, she managed to score well. The girl's achievement is an inspiration to many, especially those with disabilities.

9. Amazon, Marriott, Hilton, 37 other companies pledge to hire 13,000 refugees

Multinational companies including Amazon, Marriott, and Hilton pledged to hire more than 13,000 refugees, including Ukrainian women who have fled the war with Russia, over the next three years in Europe. More than 40 corporations say they will hire, connect to work or train a total of 250,000 refugees, with 13,680 of them getting jobs directly in those companies. The hiring push in Europe was organized by the Tent Partnership for Refugees, a nonprofit founded by Chobani CEO Hamdi Ulukaya that connects businesses and refugees, and is being unveiled at a gathering in Paris. Amazon leads the pack, vowing to hire at least 5,000 refugees over the next three years in Europe, followed by Marriott and Hilton with 1,500 each, Starbucks and ISS with 1,000 each, and smaller commitments from brands like Adidas, L’Oreal, and others.

10. Spotify planning to launch more expensive premium subscription slab: Report

Spotify is reportedly planning to launch a more expensive premium subscription plan. The new plan will offer additional features and benefits beyond the current premium plans, which cost $9.99 per month for an individual plan, $12.99 per month for a duo plan, $15.99 per month for a family plan, and $4.99 per month for a student plan. Spotify has not yet announced the details of the new plan, but it is expected to be priced higher than the current plans. The move comes after Spotify raised the prices of some of its premium plans in April 2021.

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