Corporate earnings for quarter ended March 2023 and full financial year 2022-23 are in full swing with country's top companies declaring their earnings. March quarter earnings' season for Nifty 50 companies began with Tata Consultancy Services (TCS) declaring its earnings on April 13. Infosys, Wipro, Tech Mahindra, Reliance Industries, HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Maruti Suzuki have already declared their March quarter results.
Starting Monday six Adani Group companies are likely to report their March quarter earnings. Adani Green is expected to report its earnings on Monday followed by NDTV. Ambuja Cements will report numbers on May 2. Adani Wilmar will declare its earnings on May 3 and Adani Total Gas and Adani Enterprises will also report numbers later this week.
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Adani Group earnings will be keenly watched out by analysts as it comes after US-based short seller Hindenburg Research levelled serious allegations of fraud, stock price manipulation and improper use of tax havens against the Adani Group in January which led to massive drop in share price of Adani Group companies and also dethroned billionaire Gautam Adani as world’s second richest person.
Adani Group companies witnessed massive fall in its market capitalisation as it fell by a whopping Rs 12 lakh crore before rebounding from lower levels.
The allegations were however denied by Adani Group in a 413 page response calling Hindenburg's allegations nothing but a lie, one that is an attack on not just Adani but also India.
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The 413-pages long response begins by reading ‘a note of caution to our stakeholders.’ While referring to the Hindenburg Research report driven by “an ulterior motive,” Adani’s response goes on to add that the report has been released to “create a false market,” one that would allow the US-based firm to make financial gains.
