US investment firm Hindenburg Research tena Adani Group chu thil dik lo tia an puh hnuah an market value hun rei lo te chhungin a tlahniam nasa hle a. Adani group te hian growth plans an neih te an damkhawchhuahpui thei ang em tih chu zawhna a ni.
Market chingchivet dan?
Kar hnih kalta kha chuan ports-to-energy conglomerate te hian pulicly traded company pasarih an thunun a chungte hlutna belhkhawm chu $ 220 billion a tling. Mahse, 24 January, 2023 atang khan short seller Hindenburg Research te chuan Adani te chu stock manipulation leh accounting fraud kalpuia an puh hnuah Adani Group te hlutna chu a tlahniam duai duai a. Group founder Gautam Adani mimal hausakna chu a billion telin a tlahniam nghal a, hun rei lo te chhungin khawvel mihausa pathumna atangin top 20-ah pawh a lang pha lo zui nghal.
Adani Group te chuan puhna an tawn mek chu ‘chhiatna duha thiltih’ tia sawiin leh ‘behchhan nei lo’ an ti bawk a, engmah inthlak danglam tumna an neih loh thu an sawi bawk a. Mahse, chu chuan investor te hlauthawngin a siam thung.
Thawhtanni khan Adani Group te chuan thuchhuah siamin an loan lak $ 1.1 billion hu vel chu an share te dahkham (collateral) a hmangin rul turin loan an lak tur thu an sawi a, chutiang thutlukna an siamna chhan chu ‘market mumal loh zui zel vang’ ti bawkin investor te an ngheh theih nan group promoter te chuan shared behchhana financing tin te an prepay vek dawn an ti bawk.
Share price tlahniam nghawng?
Share price a tlakhniam chuan investor ten company ah rinna an nghat lo tihna a ni. Analysts te chuan stck price tlahniamin company operation a nghawng dan, sum lut leh intihlen zel an tumna a nghawng dan an thlir reng thung a.
“Adani te chuan an project liantham ber ber te chu titein emaw hun bituk siam thain hma an lak a ngai dawn a, a chhan chu tun dinhmun angah chuan fund neih belh thei turin theihna an nei lo” tiin Tiom Buckley, director, Climate Energy Finance chuan a sawi.
Project kalpui tur emaw lei turin emaw sum a puk a ngai a, chu chu infrastructure company te kal dan phung pangngai a ni a, hei tak hi Adani Group te rang taka an len phahna chhan pawh a ni.
Mahse, Adani group te leiba hi an revenue hmuh aiin a tam ta zawk tlat a, chu chuan an leibate rul thei lo dinhmunah a hlankai hlauhna a lian em em a, chu tak chu Hindenburg report leh analysts thenkhat tena an sawi chhuah chiah chu a ni ta chiah bawk a ni.
Adani firm ten sum an puk belh thei em?
Adani Group te leiba tlingkhawm hi two trillion rupees ($ 24bn) dawn a ni tawh a, tun hnai kum thum chhungin Adani-an 5G leh green hydrogen lam huangtau zawka a bawh avangin an leiba a pung nasa hle a ni.
Adani leiba hmun thuma thena hmun hnih vel hi ram dang bond emaw foreign bank atanga an lak niin global brokerage Jeffreies chuan an sawi a.
Adani te hian funds an mamawh te chu an infrastructural assets leh share te collateral atana hmangin sum an hui lut ber a. Mahse, stock price a tlahniam a, collateral hlutna pawh a tlahniam bawk. Bank lian pahnih Credit Suisse leh Citigroup te chuan Adani bond te chu collateral-ah an pawm tawh lo zui bawk niin Bloomberg chuan a sawi a.
Indian bank lian tam tak ten Adani group te hnenah hian dollar billion tel loan an pe tawh bawk a, hei bakah hian sorkar ta Life Insurance Corporation of India pawhin sum tam tak Adani-ah hian a invest bawk.
Market observer te chuan Hindenburg report hian lender te fimkhurin a siam dawn a, loan an lak pawh a to phah dawn an ti a. “Company rintlaknaah zawhna a awm tlat tawh a, hei vang hian loan thar lak an harsat dawn a, a bik takin overseas market lamah an harsat phah ang,” tiin Indian corporate banker chuan a sawi.
Hei bakah hian Adani te hian an project kalpui te an chawlhsan a ngai rih ang an ti bawk a, mahse, Adani te chuan engmah an project kalpui mekah buaina a awm lo an ti ve thung.
Adani project dinhmun derthawng thei te?
Adani te bihchianna chu theihtawpa kalpui mek niin investor leh credit rating agencies te chuan sum an hmuh theihna leh loan an pek theihna tur te chu uluk takin an thlithlai mek a.
S&P Global Ratings te chuan Adani company pahnih te hma lam hun chu ‘negative’ a tihsak der tawh a.
Adani thung chuan video statement a tihchhuahah an balance sheet chu a hrisel that thu sawi thungin an group chuan leiba an rul thei lo ngai lo tiin a sawi.
Credit rating agency ICRA te chuan Adani te leiba tam bawk si, leiba a capital spending programme a kalpui te chinfel chu pawimawh ber a ti a. Capital an hman nasatna ber ber green energy, airports leh roads te chu Adani Enterprise Ltd (AEL) hnuaia kalpui niin heng te hi funds an hmuha innghat tlat a ni. AEL te hian fund chu an ngah tawk a, mahse, an leiba interest emaw subsidiary te nen veka a pek a ngaih chuan a talbuai dawn lo thei lova ngaih a ni bawk.
Adani Ports leh Adani Power te hi an firm zingah pawh sum tamna ber ber niin sorkar long-term contract hmanga thuam a ni bawk a. Heng company te loan lak tam ber te hi revenue leh profit-accruing assets vek a ni bawk. Mahse, Adani group sumdawnna thar ber ber te chu chutianga thuam chu an ni lo thung.
Adani Gas leh renewable energy arm Adani Green te chuan leiba an ngah hle a, hei vang hian harsatna an nei zui dawn lo thei lova ngaih a ni bawk a.
Adani te tih theih?
Project thar hnawl rih leh an asset thenkhatte hralha leiba rulha him chu an tih theih hmasaka ngaih a ni. ICRA te chuan Adani tena capital spending an neih tur thenkhatte chu tihkhawtlai theih a ni an ti.
“Adani te hian assets pawimawh developing ram India te ang tana hlu tak an nei a, investor tam takin an ngaihven ang,” tiin corporate adviser pakhat chuan a sawi.
Adani te buaina hian politics boruak pawh chiah tawhin Adani te hi Prime Minister Narendra Modi nena inhnimhnai tak an nih vang a ni a. Tunah erawh Adani group tena sorkar contract liantham awlsam taka an hmuh thin chu a harsa talh thei tawh dawn tia sawi a ni bawk.
Adani te hian leiba an ngah em avangin lohtheih loh an asset pawimawh te chu an hralh ngei ngei a ngai dawna ngaih a ni bawk.