Adani Group-led by billionaire Gautam Adani on Thursday pledged to invest Rs 20,000 crore in Madhya Pradesh during the next five years in various projects.
Adani will go ahead with its $15 bn mine, rail and port project.
With the Adanis submitting an earnest money deposit (EMD) of just Rs 100 crore on Monday for the upcoming 5G spectrum auction, the apprehension among the rivals that the group is nursing ambitions of being an all-India mobile player has been allayed at least for now. Based on its EMD, analysts say it can buy spectrum worth just Rs 900 crore, whose use will be limited to enterprises and captive networks -- that too is likely only in a few circles where it has its infrastructure like ports, airports, and power stations. While getting all-India millimetre band spectrum of 400 MHz (which costs Rs 2,800 crore) is ruled out, it might choose circles like Gujarat and Mumbai to start with.
Parliament in the Australian state of Queensland agreed on Tuesday that India's Adani Enterprises Ltd should be granted "all state government approvals" to build one of the world's biggest coal mines.
OSCO E&C said Adani had asked it to halt its design work as of July 16, with tentative plans to resume work in early October.
Adani Ports, BHEL, Tata Motors, ONGC, Mahindra & Mahindra and Tata Steel were the top losers.
Here's a look at how the new corporate governance norms will affect India Inc boardrooms.
Adani's Carmichael project has been stuck in the approvals process for the past five years.
Adani Group had sought 10,000 acres in the first phase and 40,000 acres in the second phase.
Strong gains in Vedanta Ltd, Adani Ports, Bharti Airtel and Maruti Suzuki helped the index touch record levels.
Australia's federal and Queensland governments are eager to see the mine built following the loss of more than 4,000 coal jobs over the past two years, but analysts and project finance experts believe Adani may have underestimated the challenge of raising funds for the project.
Reports said that Adani took legal action to override the W&J people.
The IPO boom in 2023 added four new promoters to the billionaires' list.
The words 'industry', 'industrial development', 'jobs', and 'employment' have been ringing with higher frequency since Mamata Banerjee stepped into her third term with landslide victory after a high-octane election last year. "Our government's next target is industrial development," the chief minister (CM) had been heard stating at different public meetings in the past few months - perhaps setting the tone for the sixth edition of the Bengal Global Business Summit (BGBS) slated for later this month. Investor summits by any state are about intent, big numbers, and tall claims. Yet in competitive federalism, its importance as a marketing tool is undeniable.
The federal court in August had revoked the original approval.
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Approval for Adani's Carmichael coal mine was set aside last week.
The project includes a 300 kms rail line connecting Adani's planned Carmichael Coal Mine, Northwest of clermont, to the Abbot Point Coal port, near the Great Barrier Reef.
The approval was announced by Environment Minister Greg Hunt, who said "after undertaking a thorough assessment and consideration under national environment law, I have approved the Carmichael Coal Mine and Rail Infrastructure project, subject to 36 strict conditions".
Investors booked profits in recent gainers dragging the indices into losses
With the listing of Mundra Port and SEZ (MPSEZL) on the bourses, the worth of Adani Group chairman Gautam Adani and his brother is Rs 39,051 crore (Rs 390.51 billion).
Gandhi said farmers asked him during his Bharat Jodo and Bharat Jodo Nyay yatras about why they were not getting the benefit of loan waivers like billionaire industrialists or MSP (minimum support price) for farm produce.
The development of the coal mine located at Queensland in Australia and required infrastructure including railways would cost $7.6 billion.
Was our economy very big when we were fighting the Britishers? asked Gandhi.
Adani has argued that the Carmichael mine, together with its other projects in Queensland.
An Australian environmental group has launched a legal challenge against Adani Enterprises' $7 billion Carmichael coal mine project in the Galilee Basin.
Moitra said she has been found guilty of breaching a code of ethics that does not exist and that there was no evidence of cash or gift given to her.
Progress on the mine was blocked in August after a claim Adani failed to take into account the welfare of the yakka skink lizard and ornamental snake.
Adani's plan to build one of the world's biggest coal mines has been hampered time and again.
Operating margins have been the primary driver of corporate earnings in India in recent quarters, despite revenue growth suffering from weak consumer demand. Companies across sectors have reported a sharp improvement in earnings before interest, tax, depreciation, and amortisation (Ebitda) margins over the past two years, benefiting from lower commodity and energy prices. Higher margins more than compensated for slower revenue growth, resulting in double-digit growth in net profit for five consecutive quarters.
Congress leader Rahul Gandhi on Monday said his party would conduct a "caste census" if elected to power as only such an exercise would ensure the "participation of OBCs, Dalits, tribals and women".
Top gainers include Yes Bank, HUL, Vedanta, NTPC, Bharti Airtel, Adani Ports, PowerGrid and Tata Motors, rising up to 5 per cent.
Adani Ports, HUL and L&T gained the most, while ICICI Bank, ONGC, GAIL and Tata Steel lost the most
Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
Aided by the $57.8-billion merger of HDFC Bank and HDFC, India Inc reported its highest ever mergers and acquisitions in calendar 2022 at $171 billion as against deals worth $145 billion announced last year. The acquisition by the Adani group across cement, media and ports dominated the headlines with the conglomerate making its foray into the cement sector by buying Swiss materials firm Holcim's stake in Ambuja Cements for $6.5 billion. The Adani family's additional $4-billion open offer for Ambuja did not get a response because shareholders preferred to stay invested with the new owner.
Was Adani able to clinch this loan merely as a result of his proximity to Prime Minister Narendra Modi?
HDFC Bank was the top loser in the Sensex pack, falling 2.99 per cent, followed by Adani Ports at 2.87 per cent.
The mine got the sign-off from Environment Minister Greg Hunt in October after the company cleared concerns about two rare outback species
Mining magnate Anil Agarwal's conglomerate on Friday announced a major business shake-up, with flagship Vedanta Ltd approving a spin-off of its metals, power, aluminium and oil and gas businesses into separate listed entities and an overhaul of lucrative zinc unit planned as part of value creation and reducing debt load. Vedanta will issue one share of the five demerged businesses for every share held in the company, the firm said in a statement. The entire exercise, which would require shareholder and lender approval as well as a nod from the stock exchanges and courts, is expected to be completed in 12-15 months, its president for finance Ajay Agarwal said.
The conglomerate, which has received environmental clearance for the project, plans to invest around Rs 1,500 crore in it.
An appreciating rupee, unabated buying by domestic institutional investors (DIIs) and encouraging earnings by blue-chips contributed to the uptrend
