Adani Group

In a major relief for Adani Groups, the former Supreme Court judge panel said there is no regulation in market. In the recent development after the Hindenburg report, the SC asked the Security Exchange Board of India (SEBI) to complete the investigation and submit a report. The ex-SC panel also said there was evidence of a build-up in short positions on Adani Group stocks ahead of the US report.

Gautam Adani, founder of Adani Group, on September 16, briefly became the second richest person on the world. Adani’s net worth stood at a staggering $155.7 billion (12.37 lakh crore). With this, the 60-year-old Indian businessman surpassed Amazon founder Jeff Bezos, French tycoon Bernard Arnault and others. Meanwhile, Tesla founder Elon Musk retains the top spot as the richest man in the world, with a net worth of $264 billion.

The world's largest cement maker, Holcim Ltd, is mulling over the sale of Ambuja Cements Ltd and ACC Ltd, according to some people privy to the matter. Holcim had entered India seventeen years ago, and can now possibly leave the market. This is in line with its global strategy to shift focus to other markets. The cement behemoth reportedly held some negotiations with the Adani Group and the JSW too.

Adani Group has decided to launch a ''super app'' to rival companies like PhonePe, Paytm, GooglePay, Tata, and Reliance. Adani Group chairman Gautam Adani said ''It took less than 30 minutes for me to decide that we must become a player in this space'' as he saw the mockup of the app in July 2021. However, the launch date is yet to be announced by the group.

Adani Group's owner Gautam Adani, with a net worth of $67 billion, has surpassed China's Zhong Shanshan ($63.6Bn) to become the second-richest Asian. With the feat, Adani has now bagged the 16th place globally, four behind richest Asian Mukesh Ambani ($76.5Bn). According to Bloomberg's report, Adani's rise began in 2020 since stocks of all his six companies rose, taking the market capitalisation from $20 billion to $115 billion.