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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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Vedanta announces fourth interim dividend and plans for 941 MW RE power

 

Vedanta Ltd reported a 42% decline in consolidated net profit to ₹3,092 crore for the December 2022 quarter, as compared to a net profit of ₹5,354 crore in the same period the previous year. The company's consolidated revenue also decreased by 0.017% to ₹33,69 crore in the quarter under review from ₹33,697 crore a year ago. Despite this, the company's net profit grew 15% on a quarter-on-quarter basis to ₹3,092 crore from ₹2,690 crore. The Board of Directors of Vedanta has approved a fourth interim dividend of ₹12.50 per equity share, with a record date set for February 4, 2023. The company also announced plans for another 941 MW of RE power under its group captive RE power development program.



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