Business
Adani Group hits back with detailed responses to Hindenburg’s unsubstantiated accusations
On Sunday, Adani Group responded to unsubstantiated allegations and misleading narrative peddled by Hindenburg Research at length in an over 400-page response backed by relevant documents.
Adani Group’s response also raises the questions against the ulterior motives and modus operandi of Hindenburg that has conveniently ignored the Indian judiciary and regulatory framework.
The detailed response from Adani Group covered its governance standards, credentials, creditworthiness, best practices, transparent conduct, financial and operational performance and excellence.
The Hindenburg report has been made with a clear intent to profiteer at the cost of our shareholders and public investors. Its report is neither “independent” nor “objective”. It is a manipulative document that is rife with conflict of interest and intended only for creating a false market in securities to book wrongful gain, which clearly constitutes securities fraud under Indian law.
Of the 88 questions posed by Hindenburg, it is pertinent to note that 68 refers to the matters that have already been duly disclosed by Adani Group companies in their respective annual reports, offering memorandums, financial statements and stock exchange disclosures from time to time. Sixteen out of 20 questions are pertaining to public shareholders and their sources of funds, while the balance four are simply baseless allegations.
Needless to say that Hindenburg has created these questions to divert the attention of its target audience while managing its short trades to benefit at the cost of investors. The report claims to have undertaken a “2-year investigation” and “uncover evidence”, but comprises nothing other than selective and incomplete extracts of disclosed information which has been in the public domain for years.
“We take serious objection to Hindenburg that chose to mislead the investors, watchdogs and policy makers at a time when Adani Group has launched country’s largest FPO. Adani Group is deeply committed to its stakeholders, and it is thankful to them for standing with us over the past 30 years. Shockingly, Hindenburg Research’s attack on the trust of Adani Group’s stakeholders undermines its commitment for the ‘Growth with Goodness’,” Adani Group said.
Hindenburg Research has come up with a document covering selective and twisted extracts of already disclosed information to raise questions in the minds of Indian and global investors to mislead them about Indian growth story. It is an attack on the trust of Adani Group’s stakeholders undermines its commitment for the ‘Growth with Goodness’.
Adani Portfolio companies have successfully and repeatedly executed an industry beating expansion plan over the past decade. While doing so, the companies have consistently de-levered with portfolio net debt to EBITDA ratio coming down from 7.6x to 3.2x, EBITDA has grown 22 per cent CAGR in the last 9 years and debt has only grown by 11 per cent CAGR during the same period.
Equity Injection in the Adani Portfolio Adani Portfolio has raised $16 billion equity under a systematic capital management plan for all the Portfolio companies over the last 3 years as a combination of primary, secondary and committed equity from marquee investors like TotalEnergies, IHC, QIA, Warburg Pincus etc.
The portfolio has developed deep bank relationships with institutions such as JP Morgan, Bank of America Merrill Lynch, Citi, CreditSuisse, UBS, BNP Paribas, Deutsche Bank, Barclays, Standard Chartered, MUFG, DBS and Emirates NBD among others. This has strengthened access to diverse funding sources and structures.
Adani Portfolio companies have demonstrated successful syndication of the banking transactions, resulting in de-risking of the banks in volatile markets. Case in point being Holcim’s Indian cement business acquisition with international banks, and Navi Mumbai Airport and Kutch Copper refinery with domestic banks Adani Group companies also have a very strong audit process in order to prevent any deviations from the regulatory obligations and highest legal standards.
The Audit Committee of each of the listed verticals is composed of 100 per cent of Independent Directors and chaired by Independent Director.
The Statutory Auditors are appointed only upon recommendation by the Audit Committee to the Board of Directors. Adani Portfolio company’s follow a stated policy of having global big 6 or regional leaders as Statutory Auditors.
Hindenburg has deliberately and repeatedly trivialised the change of CFOs to twist this into a narrative.
The fact is that many of the CFOs are still part of the organisation in other capacities to take on larger responsibilities as part of our growth stories.
Others have left post retirement or to pursue their own entrepreneurial endeavours and continue to work in our association.
None of the resignations have ever been made pursuant to any alleged concerns and Hindenburg’s baseless narrative.
Business
Sensex, Nifty end lower over monthly Futures and Options expiry

Mumbai, Nov 25: Indian stock markets ended in the red on Tuesday as traders reacted to the monthly expiry of Nifty futures and options contracts for the November series.
The Sensex closed 313.7 points lower at 84,587.01, a decline of 0.37 per cent. The Nifty also slipped, ending 74.7 points or 0.29 per cent down at 25,884.8.
“On the Nifty options front for the upcoming weekly expiry on December 2, significant call buildup was recorded at the 26,000 and 26,200 strike levels, while on the put side, notable additions were seen at the 26,000 and 25,500,” experts said.
Among key stocks on the Sensex, Trent, Tata Motors PV, HCLTech, Infosys and Power Grid were the top losers.
On the other hand, Bharat Electronics Ltd (BEL), State Bank of India (SBI), Tata Steel and Eternal were among the major gainers.
Sector performance was mixed. The Nifty Realty index gained 1.62 per cent, making it the best-performing sector of the day, while Nifty PSU Bank rose 1.44 per cent.
However, Nifty IT fell 0.57 per cent and Nifty Media dropped 0.80 per cent.
Broader markets were more resilient than the frontline indices. The Nifty Midcap 100 index gained 0.36 per cent, while the Nifty Smallcap 100 added 0.19 per cent — showing continued buying interest in mid- and small-cap stocks.
Market experts said the expiry-related volatility and profit booking weighed on benchmarks, while select sectors continued to see fresh inflows ahead of December trading sessions.
“Caution prevailed as investors awaited clarity on a possible rate cut in the upcoming FOMC meeting and progress on the Indo-US trade deal, despite some improving signals,” analysts said.
They added that selling pressure is visible near the 26,000 level, though downside appears limited given strong domestic fundamentals, including a solid earnings outlook for H2.
“PSU banks and real estate stocks outperformed, supported by a strong revival in home loan demand and rising market share for PSU banks,” analysts mentioned.
Business
India’s infrastructure market expected to hit Rs 25 lakh crore by 2030: Report

New Delhi, Nov 25: India is entering a multi-year infra super-cycle, with the Nifty Infrastructure index delivering 2 times returns of the Nifty 50 over the past three years, a report said on Tuesday.
India’s infrastructure equities have evolved from defensive to high‑beta, high‑alpha and could nearly double in market size by 2030 to around Rs 25 lakh crore, the report from Smallcase said.
Analysts said that the growth is driven government spending and private capex revival — helped by PLI schemes, global supply-chain shifts, and manufacturing incentives.
Smallcase estimated that Rs 1 of infrastructure capex delivers roughly Rs 2.5 — Rs 3 of GDP impact.
Markets are likely to maintain a high beta to infrastructure execution; earnings visibility across engineering, construction, industrials, cement, power equipment and logistics remain robust, the report noted.
InvITs growth will be underpinned by predictable, contract-based revenue streams offering pre‑tax yields of about 10–12 per cent and post‑tax returns near 7–9 per cent generally higher than many conventional fixed-income instruments.
The Nifty Infrastructure Index returned 14.5 per cent, 82.8 per cent and 181.2 per cent over the past 1, 3 and 5 years, outperforming the Nifty 50’s 10.5 per cent, 41.5 per cent and 100.3 per cent, the report said.
“Though Infrastructure investment in India Although these assets can experience temporary fluctuations during periods of market uncertainty, their historical volatility of about 10.2 per cent is well below the equity market’s 15.4 per cent, resulting in comparatively steadier performance,” said Abhishek Banerjee, Investment manager on smallcase, and founder of LotusDew.
With a correlation of only 0.42 to equities, infrastructure platforms tend to behave similarly to utilities, producing consistent, inflation-linked income that is largely unaffected by economic swings, he added.
Business
New initiative aims to strengthen India’s homegrown cyber resilience

New Delhi, Nov 25: The government has launched a landmark Cyber Security Innovation Challenge (CSIC) 1.0 for students and researchers to work upon real-world cyber challenges, positioning the field as a viable career path and strengthens India’s homegrown cyber resilience.
The initiative, launched under the Information Security Education and Awareness (ISEA) project of MeitY, aims to building not only skilled professionals and positioning cyber security as a viable career path, but also catalysing homegrown, product-oriented solutions.
S. Krishnan, IT Secretary, emphasised the need for a two-pronged national cyber security strategy — expanding awareness of emerging threats while strengthening technological capabilities. He highlighted that CSIC 1.0 addresses both imperatives.
Krishnan said that cyber security demands a ‘whole-of-nation’ approach, echoing Prime Minister Narendra Modi’s vision of a ‘whole-of-government’ strategy.
Acknowledging the collaborative presence of MeitY, CERT-In, NSCS, AICTE, C-DAC, DSCI, and leaders from academia and industry, he stressed the importance of nurturing winning ideas beyond the Minimum Viable Product (MVP) stage, creating pathways for them to evolve into scalable solutions through collaboration with startups and industry partners.
Vinayak Godse, CEO, Data Security Council of India, provided an engaging walkthrough of CSIC 1.0’s five-stage structure and extensive problem statements, developed through months of intense deliberation between DSCI, C-DAC, and the ISEA team.
He highlighted that this first-of-its-kind initiative enables students and researchers to innovate and develop entrepreneurial mindsets from the early stages.
Professor V Kamakoti, Director IIT Madras, mentioned that the innovation challenge under ISEA Project highlights our enhanced understanding of core challenges and positions us to craft transformative solutions.
The 10 domain specific problem statements highlight areas which are aligned to the cyber security needs of the nation and require fresh, innovative thinking.
Dr Sanjay Bahl, Director General, CERT-In, highlighted ISEA’s critical role in fostering innovation that shifts the paradigm from reactive defense to proactive security.
He noted that the Innovation Challenge creates a vital platform uniting R&D, academia, and industry, with solutions from academic institutions envisioned to reach the market as deployable products.
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