We had pronounced last week itself that US short seller Hindenburg’s socalled ‘research’ report was not just a motivated attack on a business group in India; it was an audacious attempt to smear the perception about India’s economy and its booming stock market.
Later developments have established it further, and that’s the crux of our Cover Story package. Not only the targeted group’s stocks have made a grand comeback by rallying over 90 points in the last few trading sessions, there has been an accretion of $8 billion to India’s foreign exchange reserves since the controversy broke out. Our report quotes the FM’s statement in Parliament to bring home the point that the perception of both India and its inherent strengths remains intact. The dramatic turn of events, says our report, has tested Indian markets, institutions and regulators like never before, and they have all come out triumphant.
The other front page report, while briefly profiling Hindenburg, explains how the research firm is pushing ethical boundaries in its operations and trying to pull down companies where it intends to short sell. The fact that a firm with only six employees on board could churn out 79 reports involving 59 companies, in a span of just five years, speaks volumes about the shallowness of its research, infers our report. An extension of the report on this page cites examples of other global companies which suffered market crash as a result of the reports released by the short seller with declared vested interest.
It also takes note of the social media buzz about Hindenburg facing criminal charges in the US, its bank accounts getting seized for long and the firm being banned from publishing any report about NYSE-listed companies; while making it clear that none of this is verifiable.
Taking a break from the sordid tales of a market manipulator, we present a visual treat of the cultural extravaganza at Surajkund Mela, on the Centrespread. Occupying a place of pride on the international tourist calendar, the annual crafts fair showcases the richness and diversity of handicrafts, handlooms and cultural fabric of India, says our explanatory note on this pictorial page. It also stresses how the fair has grown in scale and popularity over the years with more and more countries vying with each other to be its ‘Partner Nation’.
On G20 Podium, we launch a new segment that will profile one member country each week with focus on its ties with India and its priorities for the premium grouping. The country chosen this week is Mexico, which is India’s first partner in Latin America and the largest investor from that region. We also cover deliberations of the Education, Employment and Sustainable Finance working group meetings, besides carrying select tweets and picture gallery.
The big news on the home front was the India Energy Week 2023, at the inaugural ceremony of which Prime Minister Narendra Modi invited global investors to explore every possibility related to India’s energy sector and get involved with it. We cover it in detail on the Rising India page. Read all this, and much more.
Over to you!
