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Hindenburg Research says if Adani Group files a lawsuit, it will demand documents from the company.

image source-Millenium Post   Adani Group has announced that it is considering legal action against Hindenburg Research, a US-based investment research firm, for its recent report on the Indian conglomerate. In response, Hindenburg has stated that it fully stands by its report and believes any legal action taken against them would be without merit. The report, which was released this week, alleged that Adani Group had used undisclosed related-party transactions and earnings manipulation to "maintain the appearance of financial health and solvency" of its listed business units. The firm also stated that they would welcome any legal action taken by Adani Group and would use the discovery process to demand documents.
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Tata Motors posts first profit in two years on demand surge; revenue up 23%


 

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Tata Motors, an automotive manufacturer based in Mumbai, reported its first quarterly profit in two years due to increased demand for passenger cars and commercial vehicles. In the third quarter ending December, the company posted a consolidated net profit of 2,957.71 crore rupees. This is a significant improvement compared to the net loss of 1,516 crore rupees in the same quarter of the previous fiscal year and 944.61 crore rupees in the previous quarter. The company's consolidated revenue from operations also saw a 22.5% increase, reaching 88,488.59 crore rupees.

The parent company of Jaguar Land Rover, Tata Motors, also reported positive financial results for the JLR segment. Revenue for the segment increased by 28% compared to the same quarter in the previous fiscal year, reaching £6.0 billion. The earnings before interest and tax (EBIT) margin also expanded by 230 basis points to 3.7%. However, the EBITDA margin dipped by 10 basis points to 11.9%.

Despite global uncertainties, the company remains cautiously optimistic about demand and plans to focus on profitable growth, improving semiconductor supplies, and stable commodity prices to drive revenue growth, margin improvement, and positive cash flow in the fourth quarter of fiscal year 2023. On Wednesday, Tata Motors' stock closed at 418.60 rupees on the National Stock Exchange, with a 0.84% decrease.


 

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