After a $110 billion rout in market value, embattled Adani group got some reprieve on Tuesday after shares of most of its listed firms rebounded on bourses and international rating agencies said there was no credit risk for lenders with exposure to the group. The group, which is in the midst of a political storm after US-based short-seller Hindenburg Research's adverse report dated January 24 triggered a meltdown in group stocks wiping out billions of dollars in market value, also had a mixed day with the quarterly results of four of its entities, particularly Adani Ports and Special Economic Zone reporting a 12.94 per cent decline in consolidated net profit to Rs 1,336.51 crore for the December quarter 2022. Shares of flagship firm Adani Enterprises settled nearly 15 per cent higher at Rs 1,802.50 apiece while shares of Adani Wilmar jumped 5 per cent to end at Rs 399.40 on BSE.
Former oil secretary Tarun Kapoor, present and former chairmen of ONGC and a former director of IOC, are among over a dozen people who have applied for the top job at the oil and gas regulator, PNGRB, sources said. Kapoor, who superannuated as Secretary to the Ministry of Petroleum and Natural Gas last month, is the most prominent name in the list of 13 persons who have applied to become the chairman of Petroleum and Natural Gas Regulatory Board (PNGRB). Oil and Natural Gas Corporation (ONGC) chairman and managing director Subhash Kumar and his predecessor Shashi Shanker are also in the race and so is G K Satish, who superannuated as Director for Planning and Business Development from Indian Oil Corporation (IOC) a couple of months back.
Associated Cement Companies Ltd has posted a net profit of Rs 202.10 million for the quarter ended December 31, 2002 as compared to Rs 169.30 million in the quarter ended December 31, 2001.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
Gautam Adani on Tuesday said his ports-to-energy conglomerate never slowed or stopped investing in the country as the group's success is based on its alignment with the India growth story. Speaking at the annual shareholder meeting of the group companies, he said the previously announced $70 billion investment in new energy business will help turn India from being a net importer of oil and gas to an exporter of clean energy. "Never have we walked away from investing in India, never have we slowed our investments," he said. "We believe our scale, our diversified business, and our track record of performance positions us very strongly to continue to perform well in a variety of market conditions."
Ajit Mishra, vice president, research, Religare Broking, answers your stockmarket queries.
Largest deal in thermal power space; Lanco to use proceeds to lower debt.
The security concerns triggered by political unrest in Bangladesh notwithstanding, the country will remain the host of the Asia Cup next month, the Asian Cricket Council (ACC) announced on Saturday.
The Supreme Court has dismissed the appeal of ACC Cement, ruling that if a product is manufactured by one firm and sold by another with the latter's brand name, that sale would attract sales tax, not the first transaction.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Government headhunters Public Enterprise Selection Board selected Srinivasan after interviewing 11 candidates at its office in New Delhi on Tuesday.
Sources said government headhunters Public Enterprise Selection Board had on September 29 last year, named Butola as its most preferred choice to head the nation's largest oil firm.
The Appointments Committee of the Cabinet approved appointment of Sarraf, who at present is Managing Director of ONGC's overseas arm, ONGC Videsh Ltd.
Bangladesh's Anti-Corruption Commission has formally pressed charges against detained former premier Khaleda Zia for allegedly contracting out several gas fields to a Canadian oil company in exchange for kickbacks.
After getting Indian Oil Corporation, the nation's largest oil firm, to drop four independent directors and Engineers India Ltd to boot out two, it is now seeking to sack former Power Secretary P Uma Shankar, chartered accountant S Ravi and former BPCL Chairman R K Singh from the board of ONGC.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Sebi had to post the show cause notices on its website as the accused entities did not receive the notices sent to them earlier. The regulator has accused the entities of creating artificial volumes and manipulating the price of shares of Home Trade Ltd with a view to defrauding the banks and investors.
A quaint Indian idea called face value is putting high-performing companies out of the reach of retail investors, observes Debashis Basu.
Public sector telecom firms are gearing up to focus on customer care to match their private sector rivals with the Mahanagar Telecom Nigam Ltd inviting tenders for running helpdesk for its internet and broadband services in Delhi and Mumbai.
D K Sarraf replaces Vasudeva, who turned 60 on Tuesday and is due to superannuate on Friday.
UBI says banking sector to perform well
Ajit Mishra, vice president, Research, Religare Broking, answers your queries:
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers readers' queries on stocks they own or want to buy. Here are his replies to some of the 'buy, sell, hold, avoid or exit?' e-mails that we have received.
Radhakishan Damani is the only billionaire to see his wealth grow by around 20% during the lockdown.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Anti-Corruption Commission rules out graft.
The market sentiment was also impacted by mixed global cues as setbacks for a healthcare overhaul in the US raised doubts over prospects for a range of reforms backed by President Donald Trump.
Surprisingly, RIL scrip also fell by 2.73 per cent to 1,029.15, becoming the second biggest loser in the index
In five years, royalty payments have grown 31.1% yearly, much faster than rise in revenue and profit.
The states will get over Rs l lakh crore.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Star India Pvt. Ltd. was awarded the team sponsorship rights of the Indian team on Monday for a period of three years after Sahara's bid was declared ineligible by the BCCI in Chennai.
Compared to their Indian peers, MNCs have higher return ratios.
Hike in planned public-sector capital expenditure will be credit-positive for infra cos
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