Global asset value increased by $550 million in one day
India’s richest man Gautam Adani is finally seeing the light at the end of the tunnel. Share price of Adani group rose on Wednesday on two news. Out of this, the share price of Adani Enterprises increased by 10 percent and the share price of Adani Wilmar and Adani Transmission increased by 5 percent.
Adani Group’s listed shares’ combined market capitalization has seen a slight decline in the past few days due to rising rates. As of last Monday, the combined market capitalization of Adani Group’s listed companies fell by $117 billion or $11,700 billion. At the end of the day on Wednesday, the market capitalization decreased to 110 billion or 11 billion dollars.
A statement by US investment bank JP Morgan has worked like magic to boost Adani Group’s share price. Adani will be able to trade in the bond index even if share prices fall, they said. Investors who had lost faith in Adani were somewhat reassured by this. Earlier on Tuesday coincidentally another report was published by the Wall Street Journal. It is said that Adani is planning to repay the debt of 1100 million dollars.
But in the warning message Hindenburg gave about Adani, it was said that Adani had a huge debt burden. It is impossible for Adani to repay the loan. But a Wall Street Journal report refuted Hindenburg’s claim. Adani Industrial Group paid off its $1.1 billion bank loan on Tuesday after Wall Street reports.
According to the Economic Times, Adani has a debt of Rs 160,000 crore. Therefore, it was feared that Adani may flee the country with the burden of a huge amount of debt. For this, the opposition parties in the Parliament of India also raised the demand to confiscate Adani’s passport. So that he cannot escape from the country. However, Adani surprised everyone by paying off a huge amount of debt in one day.
Apart from this, on Tuesday evening, the Adani Group disclosed the profit data of listed companies Adani Enterprises, Adani Port, Adani Wilmer, ACC and Ambuja Cement. There, in the report of last year’s October to December quarter, it is said that the profit of the companies has increased. Even the financial reports indicate that some companies have done good business. As a result, the price of various shares of Adani group increased in the stock market today on Wednesday.
According to the data of the US magazine Forbes, Gautam Adani’s personal wealth value increased by 5.5 billion dollars or 5.55 billion dollars in one day on Wednesday as a result of the increase in share prices. In that, he has risen to number 17 in Forbes’ list of the world’s richest people.
After the release of the Hindenburg Research report on January 24, the market value of Adani Group’s shares fell by more than $100 billion in 12 days. Adani’s private equity value also fell by half. He faced a terrible disaster. India’s richest man Gautam Adani recently got control of Israel’s Haifa port despite this dire threat. The agreement to buy this port for 120 million dollars was signed last year. This time it was officially handed over. Israeli Prime Minister Benjamin Netanyahu was also present at the event.
At the event, Gautam Adani addressed foreign investors and partners, “I promise, we will change the skyline of India in the coming days.” But a report in the current issue of the world’s influential media The Economist says that before reassuring international investors, Adani needs to get its house in order. Because there are many gaps in his house, he needs to repair them first. Then confidence in the market will return.
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