LIC net gains from holdings in Adani Group at Rs 27,300 crore

  • IANS
  • Stock Market News
LIC net gains from holdings in Adani Group at Rs 27,300 crore
Credit: © Reuters.

New Delhi, Jan 29 (IANS) Life Insurance Corporation (NS: LIFI ) of India (LIC) has made net gains of Rs 27,300 crore from investments in Adani Group shares.

LIC's total investment in Adani shares has been at Rs 28,400 crore. The value of these shares before the crash of last week was Rs 72,200 crore.

The crash happened because of a research report by short seller, Hindenburg Research.

Still, the value of Adani Group shares held by LIC is at Rs 55,700 crore and LIC's net gain is Rs 27,300 crore.

Adani Group has said in an earlier statement that accounting (or fraud type assertions) "investigation" by Hindenburg are devoid of facts. Of the Adani portfolio's 9 public listed entities, 8 are audited by one of the Big 6.

On leverage or over leverage issue – 100 of our various companies are rated (these account for nearly 100 per cent of our EBITDA), Adani Enterprises (NS: ADEL ) said in a stock exchange filing.

On revenue or balance sheet being artificially inflated or managed - out 9 listed companies in Adani portfolio, 6 are subject to specific sector regulatory review for revenue, costs and capex, Adani Group said.

"In relation to governance, 4 of our large companies are in top 7 per cent of the peer group in Emerging markets or the sector or the world. On the LAS position, do note that overall promoter leverage is less than 4 per cent of promoter holding, the group said.

--IANS

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  • Rakesh Prasad @Rakesh Prasad
    LIC is under political prwssure.
    Like 0
  • Manohar S @Manohar S
    May be this report could be true. Only thing I am wondering is, LIC was holding these investments at crazy P/E valuations. Viz, Adani Total Gas (as of today at 665). Any justifications?
    Like 3
  • Raisul Khan @Raisul Khan
    Wrong data… LIC has bought approx 77000 cr of shares in Adani in this financial only.. who are u trying to save
    Like 2
    • Md mohib khan @Md mohib khan
      how can u prove that ????
      Like 1

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  • Kausik Mondal @Kausik Mondal
    great data, I was thinking 🤔 of this data. thanks for providing.
    Like 2
    • Rahul Bhati @Rahul Bhati
      down ya up
      Like 0
    • Manish Madan @Manish Madan
      @Rahul Bhati Up
      Like 0
    • Manohar S @Manohar S
      Only the Govt & LIC knows.. 😇
      Like 1

      • Comment Guidelines

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