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Crude oil prices fall on US debt uncertainty.

Brent crude futures slipped 5 cents, or 0.1%, to $78.31 a barrel by 0042 GMT. U.S. West Texas Intermediate crude (WTI) fell 16 cents, or 0.2%, to $74.18.

Oil prices fell in early Asian trading on Thursday after uncertainty that the United States will avoid a debt default weighed against the prospect of further OPEC+ production cuts. Brent crude futures slipped 5 cents, or 0.1%, to $78.31 a barrel by 0042 GMT. U.S. West Texas Intermediate crude (WTI) fell 16 cents, or 0.2%, to $74.18.

Some progress had been made but several issues remained unresolved in U.S. debt ceiling negotiations, House Speaker Kevin McCarthy said Thursday, as the deadline ticked closer to raise the federal government’s $31.4 trillion borrowing limit or risk default. Negotiators for Democratic President Joe Biden and top congressional Republican Kevin McCarthy reconvened Wednesday at the White House to try to close a deal.

Oil prices were also pressured by news that Britain’s stubbornly high inflation rate fell by less than expected last month, according to official data that raised the chances of more interest rate hikes.In the previous session, oil prices were supported by a warning from Saudi Arabia’s energy minister that short-sellers betting oil prices will fall should “watch out” for pain.

Some investors took that as a signal that the Organization of Petroleum Exporting Countries and allies including Russia, together called OPEC+, could consider further output cuts at a meeting on June 4. Oil was also supported by an unexpected, massive fall in U.S. crude oil inventories in the week to May 19, reported by the Energy Information Administration on Wednesday.

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Gautam Adani jumps back into top 20 on billionaire list; adds $4.38 bn to personal wealth in one day

Gautam Adani reclaimed his spot among the top 20 richest people across the globe as his wealth grew by $4.38 billion in one day.

The embattled Adani group Founder and Chairman Gautam Adani reclaimed his position in the top 20 on the Bloomberg Billionaires list. On Tuesday, as Adani group companies’ share prices jumped in trade, the billionaire’s net worth surged by an $4.38 billion to $64.2 billion, propelling Gautam Adani to the 18th spot among the world’s wealthiest individuals, surpassing figures such as Zhong Shanshan and Jacqueline Badger Mars.

Gautam Adani slipped out of the top 20 list on 3 February as his net worth fell sharply following Hindenburg Research’s report on the Adani group and its founder. Once the second richest person in the world with a net worth of $154 billion in September 2022, Adani has lost $56.4 billion since the start of this year.

GQG Partners
On Tuesday, Rajiv Jain’s GQG Partners raised their stake in Adani Enterprises by 10% and expressed commitment to take a part in the future of the ports-to-power conglomerate’s fundraising efforts in the future. The share price of the holding company soared 19% on Tuesday. The positive momentum extended to other companies within the Adani group, as their stock prices witnessed substantial gains. Notably, Adani Ports became the first Adani group firm to recoup all its losses following the dissemination of the report.

Supreme Court panel
Additionally, a supreme court panel, formed to investigate discrepancies in the Adani group highlighted by the short-seller’s report, stated that it was not possible to conclude if there was regulatory failure. This statement triggered a rally in the group’s shares. Bloomberg claimed on Tuesday that as a result of the surge in the companies’ rally Friday onwards, “the combined market value of 10 Adani stocks has surged about $22 billion since Thursday’s close. The value wipeout since Hindenburg’s report now stands at around $105 billion, down from as much as $153 billion at its worst.” Adani Enterprises’ share price lost around 0.8% in trade on Wednesday to Rs 2,612.

Hindenburg Research report
On January 24, Hindenburg Research published a report named “Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History.” It accused Gautam Adani and his brothers of stock manipulation and running various shell companies abroad, taking a short position in Adani Group Companies through US-traded bonds and non-Indian-traded derivative instruments. The report further added that its 7 key listed companies have 85% downside purely on a fundamental basis owing to sky-high valuations. However, the conglomerate has denied all allegations.

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Adani Ports stock recovers all losses since Hindenburg attack; Adani Enterprises share price jumps 19% today

All 10 Adani group stocks surged in early trading on Tuesday with Adani Ports jumping as much as 7.7% and Adani Enterprises skyrocketing nearly 19%.

Adani Group’s port unit became the first of its 10 entities to recoup all losses triggered by Hindenburg Research’s bombshell report in late January, as a recent rally in the conglomerate’s stocks gathered steam on Tuesday. All 10 Adani stocks climbed in early Mumbai trading, with shares of Adani Ports and Special Economic Zone Ltd. surging as much as 7.7%. Flagship Adani Enterprises Ltd. soared almost 19% following a similar jump on Monday. The trigger for the rally since last Friday has been an Indian court panel’s report that found no conclusive evidence of stock-price manipulation as alleged by US short-seller Hindenburg.

The combined market value of 10 Adani stocks has surged about $22 billion since Thursday’s close. The value wipeout since Hindenburg’s report now stands at around $105 billion, down from as much as $153 billion at its worst. The ports business houses some of billionaire Gautam Adani’s most lucrative assets and is touted by market watchers as the group’s crown jewel. It is also the most widely tracked Adani stock among sell-side analysts. At present, all 20 analysts covering the stock have a buy rating, data compiled by Bloomberg show.

“Fundamentals of Adani Ports’ business have remained solid,” said Deven Choksey, managing director of KRChoksey Shares & Securities Pvt. in Mumbai. “Its strong cash-generating ability means that it will get the first priority among investors,” he said, adding that the stock remains under-owned by domestic institutional investors who generally prefer high cash-generating companies.

Two US-currency bonds of Adani Ports maturing in 2027 rose by about 0.2 cents on the dollar on Tuesday. They are still trading 6% below the level before the Hindenburg report. In a 173-page report released last week, the court panel said that based on the data from the markets regulator Securities and Exchange Board of India, or SEBI, it saw “no evident pattern of manipulation” in the steep stock-price rise in Adani’s companies that can be attributed to “any single entity or group of connected entities.”

This referred to a central allegation of Hindenburg, which claimed that offshore shell companies tied to the Adani family were bidding up the empire’s shares. Still, the investigations are ongoing, and the regulator has been given time till August 14 by the court to close its probe.

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