Adani Enterprises AGM: AGM meeting was organized by Adani Group on Tuesday morning. Addressing the meeting, Adani Group chief Gautam Adani (Gautam Adani) to US-based short-seller Hindenburg Research (Hindenburg Research) The report is very targeted. He said that the purpose of the Hindenburg report was only to earn profits by maligning the group’s image in the global market. The report was made up of misinformation and baseless allegations, most of which date from 2004 to 2015.
The company had suffered a huge loss
Let us tell you that on January 24, a report was issued by Hindenburg Research regarding Gautam Adani Group. In this report, serious allegations ranging from money laundering to share manipulation were made on the company. After this, there was a huge fall in the shares of the group. The shares of Adani Enterprise, the flagship company of the group, fell from around Rs 3,500 to close to Rs 1,000.
Money returned in the interest of investors
Adani Group chief Gautam Adani said that even after this report, the group’s FPO was fully subscribed, but it was decided to return their money to protect the interests of investors. We immediately issued a comprehensive rebuttal, but some with vested interests tried to profit from the short-seller’s claims. They promoted false stories on various news and social media platforms. Its effect was also seen in the market. However, the Adani Group came out of the crisis.
He told that the Supreme Court constituted an expert committee to look into the report of Hindenburg Research. The report of this committee was made public in May 2023. It was clear in the report of the expert committee that no regulatory failure was found in the group. The report not only observed that the mitigation measures taken by the company helped rebuild confidence, but also pointed out that there were credible allegations of targeted volatility of the Indian markets.
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India will become the third largest economy by 2030
Gautam Adani claimed in his ADM that India, which is already the fifth largest economy in the world, will emerge before 2030 as the third largest economy in the world. At the same time, by 2050, India will become the second largest economy. Making a big prediction about the Indian economy, Gautam Adani said that by 2050 India will emerge as the second largest economy in the world. He said that I estimate that in the next decade, India will start adding one trillion dollars to its GDP every 18 months.
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Navi Mumbai airport will start next year
Addressing the AGM, Gautam Adani said that two major projects of the company include Navi Mumbai Airport and Copper Smelter. The work of both will be completed on time by the group. The work of Navi Mumbai airport will be completed by the company by December 2024. After this the airport will become operational. He informed that currently seven airports are being operated in India by the group. These include Ahmedabad, Lucknow, Mangaluru, Mumbai, Guwahati, Jaipur and Thiruvananthapuram airports.
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Adani Group created a new record
Gautam Adani said that Adani Group companies have created new records for the financial year 22-23. Adani Group’s total income increased by 85% to Rs 2,62,499 crore in FY23. Whereas, the total profit increased by 82% to Rs 23,509 crore. He said that the company’s balance sheet, operating cash flow is continuously getting stronger.