HINDENBURG BLOCK REPORT
Beyond Kotak, is there a China connection to the Hindenburg exposé on Adani?
Social media is rife with claims that the wife of Mark Elliot Kingdon, the man on whom the spotlight fell following Sebi's revelations, has had ties with the Chinese Communist Party and thus China could be another actor in the Hindenburg saga.
Zero factual inaccuracies with our Adani research: Hindenburg on Sebi notice | Read short seller's full response here
Adani-Hindenburg Case: US-based short-seller Hindenburg Research stated Kotak Bank, one of India’s largest banks and brokerage firms founded by Uday Kotak, which created and oversaw the offshore fund structure used by our investor partner to bet against Adani. Instead it simply named the K-India Opportunities fund and masked the “Kotak” name with the acronym “KMIL”
It’s hard to be in India and not be excited: Jefferies CEO Richard Handler
On his 1st India trip Handler talks about being the challenger on Wall St and why he’s so upbeat about the franchise’s prospects here in an exclusive interaction
What GQG Partners, the firm that fishes in troubled waters, sees in Vedanta
Following reports that US-based GQG Partners, founded by Rajiv Jain, is in talks to buy a stake in Vedanta, a big block deal was reported on Thursday in which more than 2% equity changed hands worth over Rs 2,600 crore.
Vedanta promoter in talks with GQG Partners to sell $1 billion worth stake: Report
The final talks for a potential stake sale have already taken place, and the transaction may take place in a few days in the form of a block deal, the news channel reported. As of December-end, promoter and group entities cumulatively held a 63.71% stake in Vedanta Ltd. On Wednesday, shares of Vedanta ended nearly 5% higher on the National Stock Exchange at Rs 282.55
Big block deal in Vedanta. Is GQG buying stake from promoter?
US-based GQG Partners is in talks to buy a stake in Vedanta. A big block deal worth over Rs 2,600 crore took place in Vedanta. The stake sale could be part of the Anil Agarwal-led mining company’s efforts to raise capital to repay debt.
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Hindenburg’s Adani, Icahn calls mark year of prominent bets
These successes mark a string of big hits dealt by the firm founded by Nate Anderson. A scorecard of 14 of the firm’s prominent bets since 2020 shows many of its targets decline once the short position is unveiled. Shares on average dropped about 9% on the first day, and were down 30% a year later, according to calculations by Bloomberg News.
Adani contractor probed by India resurfaces under a new name
The contracting firm — Howe Engineering Projects (India) Pvt Ltd. — contains the core operations of a business called PMC Projects Pvt Ltd. that India’s government alleged in 2014 was being used by billionaire Gautam Adani’s empire to siphon money overseas. Adani denied all wrongdoing and the probe’s findings were dismissed in 2017 by an adjudicating body.
India seeks to restart stalled Adani coal imports probe
Indian investigators seek Supreme Court permission to restart a probe into Adani Group's alleged coal import overvaluation. The Directorate of Revenue Intelligence aims to collect evidence from Singapore, accusing Adani of thwarting efforts. Adani denies wrongdoing, facing wider scrutiny since Hindenburg Research's accusations. Legal battles span Mumbai, New Delhi, and Singapore.
GQG, other investors pick up 8.1% in Adani Power in $1.1 billion deal
Worldwide Emerging Market Holding, part of the promoter group, offloaded 1.2% stake. Another promoter entity Afro Asia Trade and Investments sold its entire stake in the deal.
Adani Transmission falls over 4% on likely block deal on counter
Adani Transmission shares dropped more than 4% on the NSE after a likely block deal in the stock. Around 3.2% equity of Adani Transmission was traded, with more than 4.2 crore shares exchanged on the NSE. The market capitalization of the company stood at Rs 88,848.99 crore. Adani Transmission shares are trading at a significant discount from their 52-week high and have underperformed Nifty50 over the last month. Other Adani Group stocks also saw profit booking in the day's trade. The stock fell despite a positive trend in the overall markets.
Another $1 billion! GQG makes 3rd round of investment in Adani stocks: Report
GQG and other investors have bought $1 billion of additional stake in Adani Group stocks through block deals, ET Now reported quoting sources close to the matter.
$1 billion deal: Promoters sell stake in Adani Enterprises, Goldman GQG buys Adani Green shares
Following the bulk deals, shares of Adani Enterprises ended 5.34% higher at Rs 2,403.65 on BSE while that of Adani Green ended 0.16% lower at Rs 958.40.
Hindenburg-inflicted losses still weigh heavily on Adani stocks
Indian conglomerate Adani Group is still struggling to recover from short seller Hindenburg Research’s report on its financial practices in January. While two of Adani's 10 stocks have rebounded, the company has lost over $100bn since the report’s release, as investors reassess the firm's valuation. Abhay Agarwal, founder and fund manager at Piper Serica Advisors, said that the concerns over governance are unlikely to erase all losses in the next three, six or even 12 months. The median decline over four months for 10 Adani stocks is 23%, compared to 19% for shares of other firms targeted by Hindenburg since 2020.
Icahn’s investment firm sinks further, down 35% since Hindenburg attack
Hindenburg accused Carl Icahn's investment firm of over-valuing its holdings and relying on a "Ponzi-like" structure to pay dividends. Icahn called the report "self-serving."
Block investors may seek clarity on Cash App after Hindenburg report
Morgan Stanley analysts in April said some bearish investors remain uncertain about the amount of gross profit generated by "potential illicit activity" on the Cash App platform.
Block says Cash App has 44 million verified monthly users after Hindenburg report
Block Inc said on Thursday 44 million of its more 51 million monthly active customers on Cash App were verified through its identity program as of Dec. 31.
Hindenburg shorts Jack Dorsey's payments firm Block
Hindenburg Research said on Thursday it held short positions in Block Inc, alleging that the Jack Dorsey-led payments firm overstated its user counts and understated its customer acquisition costs. "Our 2-year investigation has concluded that Block has systematically taken advantage of the demographics it claims to be helping," the short seller said in a note published on its website.
Top-level executive shake-up at Nykaa; Twitter to remove legacy blue ticks from April 1
Five executives at omnichannel beauty and fashion retailer Nykaa have resigned, a spokesperson said on Friday.
Jack Dorsey's net worth takes a $526-million hit after Hindenburg report on Block fraud
The Hindenburg report on Thursday accused Dorsey’s fintech firm of committing financial fraud of $1 billion as it overstated the number of users while understating customer acquisition costs.
Who is Amrita Ahuja, the Indian-origin CFO of Block named in Hindenburg report?
Hindenburg report accused Indian-origin CFO of the company, Amrita Ahuja, of liquidating millions of dollars in equities during the pandemic as the firm’s price climbed on the strength of its facilitation of fraud.
Payments firm Block's Australian shares slump after Hindenburg report
Australia's corporate watchdog, the Securities and Investment Commission, declined to comment. A source not authorised to speak with media said the matter was for U.S. regulators. The Australian Stock Exchange noted Block's primary listing was in the U.S. and declined to comment further.
Jack Dorsey’s wealth tumbles $526 million after Hindenburg short
Hindenburg released a report Thursday claiming Block had inflated user metrics, and that the stock has downside of 65% to 75% “on a purely fundamental basis.” The company denied the allegations and said it plans to explore legal action against the short-seller.
IT firms could buy tech captives of crisis-hit banking sector; Hindenburg accuses Jack Dorsey's Block of $1B fraud
Several analysts believe that the global capability centre (GCC) ecosystem has significantly changed since the 2008 crisis stage and that the current crisis would result in an increase in GCC investments in the country.
Hindenburg takes aim at Dorsey's payments firm Block, shares plunge
The US short seller, behind a market rout of over $100 billion in India's Adani Group, said in its report that former Block employees estimated that 40% to 75% of accounts they reviewed were fake, involved in fraud, or were additional accounts tied to a single individual.
Adani Enterprises stock tanks over 12% as selling pressure intensifies
Wall Street short-seller Hindenburg Research had warned against price manipulation and accounting fraud by the group. Market regulator Sebi, which is already probing allegations made against the group, has now sought details of all ratings of local loans and securities of group companies from credit rating firms
Hindenburg bet against Adani puzzles rival US short sellers
With the Adani Group, there are added complications: the shareholding is concentrated in the hands of the Adani family and its shares do not trade on exchanges abroad
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