Latest news with #HindenburgResearch
Time of India
11-06-2025
- Business
- Time of India
GQG's Jain cuts AI exposure on data centre woes, backs utilities
Rajiv Jain , manager of the $23 billion GQG Partners Emerging Markets Equity Fund , is trimming exposure to investments linked to artificial intelligence on concerns of waning data-centre demand, while remaining bullish on utilities. Utility companies in Asia have flagged that hyper-scalers are paring back data-centre demand numbers following the region's aggressive AI growth, Jain said Wednesday at the Morgan Stanley Australia Summit in Sydney. 'What we've learned from a lot of utilities is that there's probably some more double counting. The numbers might be overstated here' on data-centre appetite, he said. The buzz around artificial intelligence is approaching the 'late innings, rather than the mid- or early innings,' he added. Known for his contrarian bets, Jain bought into Adani Group stocks in 2023 when shares tanked in the fallout from a Hindenburg Research report that alleged accounting fraud. The fund's stake in the group swelled to $10 billion in value a year later as stocks recovered, up from an initial investment of $1.9 billion. The fund is positive on utilities globally over artificial intelligence, with Jain saying that the sector will continue to benefit from investments in power generation , distribution and transmission. Live Events
Yahoo
10-06-2025
- Automotive
- Yahoo
Nikola Founder Trevor Milton releases new documentary
The rise and fall of Trevor Milton, founder and former executive chairman of battery electric truck maker Nikola, was a story that took the trucking industry by storm. A bombshell report in 2020 by Hindenburg Research launched accusations of fraud, saying Milton lied about the capabilities of Nikola's product, alleging nepotism, and more. Ultimately, this led to investigations into Milton and Nikola, an ousting of him as CEO, and a 2023 conviction that slapped him with a sentence of four years in federal prison. At the start of this year, President Trump pardoned Milton and now he is setting the record straight of his own volition. Milton and his team have released a documentary, 'Conviction or Conspiracy – The Trevor Milton Saga', streaming free and open access on YouTube. In a press release, Milton said, 'For years, I've been silent—forced to sit back while the media, opportunists, and corporations ran wild with their version of my story. Today, that silence ends. I want people to watch the film, think for themselves, and finally get the full picture.' 'This isn't just my story—it's a warning about how quickly our system can be weaponized,' Milton added. 'This film gives people the context and evidence that was left out of the headlines. I'm proud it's finally out.' The film hit YouTube to ensure 'unrestricted global access.' Find it here: The post Nikola Founder Trevor Milton releases new documentary appeared first on FreightWaves.
Russia Today
03-06-2025
- Business
- Russia Today
US launches new probe into India's Adani over Iran trade
The US Department of Justice has launched a new investigation into Indian billionaire Gautam Adani, alleging potential violations of US sanctions on Iran, the Wall Street Journal reported on Monday. The probe focuses on alleged imports of Iranian liquefied petroleum gas (LPG) into India through Adani's Mundra port, located in the western state of Gujarat. An investigation by the WSJ found that tankers traveling between Mundra and the Persian Gulf often exhibited behavior commonly associated with ships attempting to evade sanctions, prompting further scrutiny into Adani's business dealings. Adani Group said it was not aware of any investigations conducted by the US, calling the report '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,' the company said. In May, US President Donald Trump announced that all purchases of Iranian oil and petrochemical products must cease, warning that any country or individual found to be buying these products would be immediately subject to secondary sanctions. The new US probe into one of India's largest conglomerates comes amid intense pressure which Adani has faced over the last two years. It began in 2023, when US investment firm Hindenburg Research released a report alleging that the Adani Group was involved in stock market manipulation. Later that year, similar allegations were raised by the Organized Crime and Corruption Reporting Project, an international platform known for its work on the Panama Papers and Pandora Papers. Hindenburg's report led to a $150 billion loss in Adani's market value and sparked a political storm in India, with opposition parties calling for an investigation into Adani's alleged ties to Indian Prime Minister Narendra Modi. Last year, Hindenburg extended its criticism of the Adani Group to Indian officials, alleging that the head of the country's stock exchange regulator was involved in trading the group's shares, thereby preventing a proper investigation into supposed financial irregularities. Madhabi Puri Buch, chairperson of the Securities and Exchange Board of India, has denied the claims. In November 2024, US prosecutors indicted Gautam Adani and several top managers of his group for allegedly paying $250 million in bribes to Indian government officials to secure 'lucrative' solar power contracts. Adani Group has denied the allegations, calling them 'baseless.' The issue of US pressure on Adani was expected to feature in talks between Modi and Trump when the Indian leader visited Washington in February this year. Modi, however, denied that these discussions took place.
Time of India
01-06-2025
- Business
- Time of India
'We never backed down': Gautam Adani says 'Adani Group has become more unbreakable & resilient' amid challenges, scrutiny
This is an AI generated image (left) and Gautam Adani (Right) NEW DELHI: Gautam Adani , Asia's second-richest person, said the Adani Group stayed strong and adapted its strategy despite facing a series of acquisitions and intense scrutiny, becoming stronger and more resilient. "In the face of fierce headwinds and relentless scrutiny - we have never retreated. Instead - we have recalibrated. We have reimagined. And we have become - more formidable, more unbreakable, more stronger and more resilient!" Adani said in the recent annual report of Adani Enterprises. He also announced that the conglomerate plans to invest $15–20 billion over the next five years across its businesses, backed by a strong balance sheet and steady growth. Adani noted that people often ask him "How does Adani Group keep doing it? How do we rise, time and again?" "My answer remains the same: Our conviction is anchored in clarity. Our objectives are aligned with India's ambitions. And our strength comes from the belief that you - our shareholders - place in us," he said. In January 2023, a report by US short-seller Hindenburg Research accused the Adani group of being "the largest con in corporate history," causing stock prices to crash and wiping out over $150 billion in market value. The group's largest public offering was also called off. Adani Group reduced debt, cut back on pledged promoter shares, attracted new investments, and refocused on its core businesses. Just as it began to recover, the group faced fresh allegations from US authorities, accusing it of bribery to win Indian power contracts and misleading investors, during fund raises. Adani Group denied all wrongdoing and said the group had faced challenges before and would face them again. Despite the setbacks, most Adani stocks have rebounded, and the group has reported record earnings. Regarding the US Department of Justice and SEC allegations concerning Adani Green Energy, he asserted that this wasn't their first challenge. "Nor will it be the last," he continued. "Every challenge sharpens our resolve. Every setback becomes a stepping stone," he stated, emphasising that no member of Adani Group faces charges of violating Foreign Corrupt Practices Act (FCPA) or conspiring to obstruct justice. "We live in a world where negativity often echoes louder than truth. But as we cooperate with legal processes, let me also restate - emphatically - our governance is of global standards, and our compliance frameworks are robust and non-negotiable," Adani further added. The conglomerate's diverse portfolio spanning ports, airports, renewable energy, data centres, defence manufacturing, and city gas distribution has demonstrated substantial expansion in recent years. "History should remember us not for the size of our balance sheet, but for the strength of our backbone. Not just for the markets we entered, but for the storms we handled and emerged stronger. For it is easy to lead in sunshine, but true leadership is forged in the face of crisis," he said. Adani also highlighted record profits across the group's ports-to-energy businesses for the financial year 2024–25. He further said that the Adani Airports handled a record 94 million passengers, and the Navi Mumbai Airport is set to open later this year with an initial capacity of 20 million passengers, eventually expanding to 90 million. Adani Defence is developing ammunition and missile systems in Kanpur, and its surveillance and Kamikaze drones played a role in the recent Operation Sindoor, he added. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
&w=3840&q=100)
Business Standard
01-06-2025
- Business
- Business Standard
Adani Group stood firm amid scrutiny, now more formidable: Gautam Adani
Despite facing consecutive acquisitions and intense scrutiny, Adani Group never backed down and instead adapted its strategy, emerging more resilient, formidable and unbreakable, its chairman Gautam Adani said. The conglomerate will invest $15-20 billion over the next five years across businesses, he said touting its strong balance sheet and robust business growth. In January 2023, US short seller Hindenburg Research published a scathing report describing Adani Group as "the largest con in corporate history". The fallout was swift: stock prices plummeted, wiping out over $150 billion in market value at the lowest point, and the group's biggest public offering was abruptly scrapped. Just as the group scripted a comeback through a mix of trimming of debt, cutting back on the founder's pledged shares, bringing in both promoter and marquee investor equity, and refocusing attention on the group's core businesses, it was hit by US authorities charging Adani and his close associates of allegedly paying bribes to secure Indian power supply contracts and misleading US investors during fund raises. Adani Group denied all allegations of wrongdoing and went about refocusing its efforts, resulting in most of its stocks recovering and the group posting record earnings. "In the face of fierce headwinds and relentless scrutiny - we have never retreated. Instead - we have recalibrated. We have reimagined. And we have become - more formidable, more unbreakable, more stronger and more resilient!" Adani said in the latest annual report of the group's flagship Adani Enterprises. Adani, Asia's second-richest, said people often ask him "How does Adani Group keep doing it? How do we rise, time and again?" "My answer remains the same: Our conviction is anchored in clarity. Our objectives are aligned with India's ambitions. And our strength comes from the belief that you - our shareholders - place in us." On the allegations by the US Department of Justice and the US SEC relating to Adani Green Energy, he said this was not the first time the conglomerate was tested. "Nor will it be the last". "Every challenge sharpens our resolve. Every setback becomes a stepping stone," he said adding despite all the noise, fact is that none from Adani Group has been charged with violating Foreign Corrupt Practices Act (FCPA) or conspiring to obstruct justice. "We live in a world where negativity often echoes louder than truth. But as we cooperate with legal processes, let me also restate - emphatically - our governance is of global standards, and our compliance frameworks are robust and non-negotiable." Group's businesses - from ports to airports, from renewable energy generation to data centres, defence manufacturing and city gas - have grown over the past couple of years. "History should remember us not for the size of our balance sheet, but for the strength of our backbone. Not just for the markets we entered, but for the storms we handled and emerged stronger. For it is easy to lead in sunshine, but true leadership is forged in the face of crisis," he said. Strength is not just power - it is purpose, clarity and the will to rise. And resilience is not endurance alone - it is reinvention in the face of adversity. "When combined, it helps us do our part for building an India that refuses to bend, refuses to break and never stops believing in its own future," he said. Adani went on to tout record profits of his ports-to-energy companies posted in fiscal year 2024-25. "And while the numbers tell their own compelling story - in a year of record-breaking revenue, unprecedented growth and historic profitability - the deeper truth is that these milestones are reflections of our relentless strength and tenacity. They are proof of a Group that dares to dream beyond constraints, powered by a nation that breathes possibility into every tomorrow ahead of us," he said. Adani Power crossed 100 billion units of power generation, added 2.3 gigawatt (GW) of conventional capacity, funded Rs 12,000 crore in capex mainly through internal accruals, and secured a 1,500 megawatt power supply deal in Maharashtra. It is now well on track to reach 31 GW capacity by 2030. Adani Green reached an operational renewable energy (RE) capacity of over 14 GW and is on target to build the world's largest RE plant of 30 GW at Khavda in Gujarat and a total of 50 GW of renewables capacity by 2030. Also, with over 5,000 MW of pumped hydro storage targeted to be installed by 2030 and a 40-year 1,250 MW energy storage deal with Uttar Pradesh, it is setting global benchmarks in the space of energy transition, he said. Adani Energy Solutions had a huge year, securing Rs 43,990 crore in transmission orders and executing Rs 13,600 crore worth of smart metering projects. It retained its No.1 electricity distribution company rank in India and became the only private player with three national HVDC grid links in its portfolio. Clean energy vertical Adani New Industries has an order book for construction of a 300 MW electrolyser plant and is on track to expanding its solar module manufacturing lines to 10 GW integrated by next financial year. Adani Ports handled an all-time high cargo volume of 450 million tonne and cornered 27 per cent market share in India. The group is building data centres, rapidly expanding city gas and EV charging network and rebuilding Mumbai's Dharavi - Asia's largest slum. "Over 1 million people will move from narrow lanes to sunlit, modern homes," he said on Dharavi redevelopment. "Inspired by Singapore's housing model and co-designed with global experts, the township will feature spacious layouts, dual toilets, open spaces, schools, hospitals, transit hubs and parks." Adani Natural Resources produced a record 47 MT coal and iron ore and is on track to achieve over 30 per cent growth by FY26, he said. Group's copper plant in Kutch, Gujarat has started while the cement business has crossed 100 MTPA capacity and is on track to hit 140 MT by 2027-28, he said. Adani Airports handled a record 94 million passengers across airports it manages, he said adding Navi Mumbai Airport will open later this year with an initial passenger capacity of 20 million of what will eventually become a 90 million passenger airport. Adani Defence is making ammunition and missile capabilities in Kanpur while its surveillance drones and Kamikaze drones aided the recent Operation Sindoor, he said.
