DBS says not concerned about exposure to Adani group

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DBS Group has a tightly managed publicity to India’s troubled Adani group of corporations, Piyush Gupta, the chief govt officer (CEO) of Southeast Asia’s largest financial institution mentioned on Monday. He added that the corporate doesn’t see any materials improve in refinancing prices for Indian enterprise teams regardless of assaults on Adani Group. 

“They’re stable, money producing corporations, so we’re not involved concerning the publicity,” he instructed reporters at a media briefing, as quoted by Reuters, including that the publicity to India’s Adani Group is to working corporations, money circulate is ring fenced. 

Indian industrialist and billionaire Gautam Adani-led Adani Group has been in focus for the reason that January 24 report by the US-based short-seller Hindenburg Analysis’s report that accused the Indian conglomerate of inventory manipulation and improper use of offshore tax havens. The group has repeatedly rejected the allegations and denied any wrongdoing. 

Adani had known as off the 20,000 crore follow-on public supply (FPO) of its flagship firm as shares rout sparked by Hindenburg’s report intensified, regardless of the FPO being absolutely subscribed. The listed group corporations have misplaced greater than $100 billion in market worth for the reason that report.

DBS Group Holdings Ltd.’s fourth-quarter revenue topped estimates, helped by lending beneficial properties as a powerful capital base allowed the financial institution to ship a particular dividend. Web revenue elevated 69% to S$2.34 billion ($1.76 billion) within the three months ended December 31, beating a mean estimate of S$2.17 billion from 4 analysts surveyed by Bloomberg. A particular dividend of fifty Singapore cents a share for the interval will take the yr’s whole payout to S$2 a share.

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