The multi-crore Dharavi slum redevelopment project involves no land transfer to the Adani group but to the Maharashtra government's departments, and the Ahmedabad-based conglomerate, as a project developer, will build houses that will be handed over to the same departments for allotment to residents of Asia's biggest slums, sources said. Denying allegations of land grab made by MP Varsha Gaikwad, sources close to the project said land parcels are to be transferred only to Dharavi Redevelopment Project/Slum Rehabilitation Authority (DRP/SRA) of the state government's housing department.
Eternal was the biggest gainer in the Sensex pack, jumping 4.50 per cent, followed by Power Grid, ICICI Bank, Reliance Industries, UltraTech Cement, Adani Ports, Sun Pharma, ITC and Hindustan Unilever were also among the winners. In contrast, IndusInd Bank, Axis Bank, Bajaj Finserv and Bajaj Finance were among the laggards.
Adani group plans to invest about Rs 1.3 lakh crore across its portfolio companies this fiscal as it doubles down on its $100 billion investment guidance over the next 7-10 years to grow businesses, group CFO said on Tuesday. The investment across portfolio companies that range from ports to energy, airports, commodities, cement and media will be 70 per cent met through internal cash generation and the remaining through debt, Group CFO Jugeshinder 'Robbie' Singh told reporters in Ahmedabad.
Aviation regulator DGCA plans to implement measures to control excessive air ticket price increases, following concerns raised during a parliamentary panel meeting. The meeting also addressed air safety issues in light of the Ahmedabad plane crash.
From the Sensex firms, Eternal, Power Grid, ITC, Bajaj Finserv, Nestle, Axis Bank, Kotak Mahindra Bank and Adani Ports were among the biggest gainers. Sun Pharma was the only laggard, declining nearly 2 per cent.
The Adani group, buoyed by a sharp recovery in its share prices over the past year, is set to embark on a series of roadshows this week to raise up to $4 billion (approximately Rs 33,254 crore) through equity and refinancing of older debt, according to banking sources. The roadshows, scheduled to take place in major cities, will inform investors about the group's investment plans across renewable energy, petrochemicals, and infrastructure development.
42 years of World Cup triumph: A Day that made Indian cricket what it is
Gautam Adani-owned Adani Ports and Special Economic Zone (APSEZ) will replace IT major Wipro in the 30-share BSE Sensex from June 24, according to an official announcement on Friday. This marks the first inclusion of any Adani Group firm in Sensex. The group has 10 listed firms with a combined market valuation surpassing Rs 17 lakh crore.
Abu Dhabi's International Holding Company, one of the first high-profile investors in billionaire Gautam Adani's conglomerate, has decided to sell its stake in two Adani companies. In a disclosure, IHC said it has "entered into a definitive agreement with a buyer to dispose of its FDI investment in Adani Green Energy Ltd and Adani Transmission Ltd". It, however, did not name the buyer.
Sensex sinks 573 pts on global tensions and high crude prices
'An HAL-private sector tieup is a possibility.'
The letter comes after a report by the London-based Financial Times, citing documents from George Soros-backed Organized Crime and Corruption Reporting Project (OCCRP), alluded to a "fraud" by the Adani Group by selling low-grade coal as high-value fuel in 2013.
Investors became richer by nearly Rs 8 lakh crore on Wednesday as benchmark BSE Sensex surged by 740 points amid value buying in utilities and power shares and a strong trend in global markets. The 30-share BSE Sensex surged by 740.30 points or 1.01 per cent to close at 73,730.23.
After investing a staggering amount in May, foreign investors turned net sellers with a withdrawal of Rs 8,749 crore from the Indian equity markets in the first week of this month triggered by renewed US-China trade tensions and rising US bond yields. This momentum follows a net investment of Rs 19,860 crore in May and Rs 4,223 crore in April, data with the depositories showed.
Billionaire Gautam Adani-led promoter group has increased its stake in the group's flagship firm as the ports-to-energy conglomerate continues to recover from the effects of a report by US short-seller Hindenburg Research. Promoter group has increased stake in Adani Enterprises Ltd from 67.65 per cent to 69.87 per cent, according to a stock exchange filing. Promoter group firm Kempas Trade and Investment Ltd, which had a minimal stake in the firm, acquired 2.22 per cent in the open market between August 7 and August 18, it said.
A plea has been filed in the Supreme Court seeking review of its January 3 verdict by which it refused to transfer the probe into allegations of stock price manipulation by the Adani Group to a special investigation team or the CBI. In a significant win for the Adani Group, the apex court had declined to order a CBI or SIT probe and said in its judgement that market regulator Sebi was conducting a "comprehensive investigation" into the allegations and its conduct "inspires confidence".
The share of foreign loans in total Adani group debt portfolio dropped to 61 per cent by September 2023 from 63 per cent as of March 2023, as the group repaid part of its foreign loans and refinanced part of older loans. The share of Indian lenders, on the other hand, rose to 39 per cent in the total debt pie in September 2023 from 37 per cent in March after a report by US-based short seller Hindenburg Research in January last year, which led to volatility in the share prices of group companies. The group's total debt remained static at Rs 2.26 trillion in the same period.
'Gautam Adani will not be able to step inside Dharavi.' 'We will ensure Adani will not get what he wants.' 'Adani has no reason to do politics with people of Dharavi but he is still doing it.'
From the Sensex constituents, Tata Steel, Bajaj Finance, Bharti Airtel, Adani Ports, Eternal, Bajaj Finserv, NTPC, HDFC Bank, Reliance Industries and Axis Bank were among the major gainers. In contrast, Trent, State Bank of India, Tech Mahindra, Maruti and Mahindra & Mahindra were among the laggards.
"Our humble contribution to India's growth story will continue. Jai Hind," Billionaire Gautam Adani said.
Billionaire Gautam Adani-led promoter group has increased stake in two of the group's listed companies, as the ports-to-energy conglomerate continues to work on a claw back strategy after being hit by damaging reports. The promoter group has increased stake in flagship Adani Enterprises to 71.93 per cent from 69.87 per cent, according to stock exchange filings. This is the second time in less than a month that the promoters have raised stake in the flagship firm that incubates new businesses.
Stocks of all the ten listed Adani Group firms ended with gains on Wednesday, continuing the positive momentum amid a recovery in the broader equity market. Adani Enterprises stock jumped 14.70 per cent to settle at Rs 1,564.55 on the BSE. In intra-day trade, it rallied 15.83 per cent to Rs 1,580.
IndusInd Bank, Nestle, UltraTech Cement, Mahindra & Mahindra, Power Grid, Asian Paints, Sun Pharma and Tech Mahindra were also among the laggards. Bajaj Finance, Bharti Airtel, ICICI Bank, Adani Ports and HCL Tech were among the gainers.
Among Sensex firms, Eternal, Infosys, Tata Consultancy Services, Tech Mahindra, Reliance Industries, Asian Paints, HCL Tech and Adani Ports were the laggards. Power Grid, Bajaj Finance, NTPC, State Bank of India and IndusInd Bank were among the gainers.
Billionaire Gautam Adani's group is building the world's largest renewable energy park in Gujarat, as it eyes a massive 45 GW capacity to generate electricity largely from solar energy. Speaking at the opening of 'Energy Revolution: The Adani Green Energy Gallery' at the Science Museum in London, Gautam Adani said his group's renewable energy arm, Adani Green Energy, is leading an energy transition that honours the commitment of taking care of the planet not just for this generation and the next but also for generations to come. "As the world's leading solar power developer and India's largest renewable energy company, we are taking very big steps," he said.
The recent notification by the Insolvency and Bankruptcy Board of India (IBBI) allowing part-resolution of stressed assets of companies under the insolvency process has sent many resolution professionals (RPs) and committees of creditors (CoCs) back to the drawing board to reassess their strategies for resolving corporate insolvencies.
Rahul Gandhi's retort to PM Modi came after the latter attacked him at an election rally saying why he has "stopped" naming Adani and Ambani in his attacks and whether he has received money from them in return.
'Ever since elections have been announced, these people (Congress) have stopped abusing Ambani-Adani'
The petition claimed there were "mistakes and errors" in the judgment, and in light of certain new material that had been received by the counsel for the petitioner, there were sufficient reasons for a review of the verdict.
Thackeray wondered whether the state government was trying to favour the Adani Group at the cost of residents of Dharavi, a sprawling slum colony.
Adani Enterprises Ltd, the flagship incubator of billionaire Gautam Adani's conglomerate, on Thursday reported a 37 per cent drop in March quarter net profit, bogged down by one-time past airport dues and commercial mining losses. Its consolidated net profit of Rs 450.58 crore in January-March - the fourth quarter of fiscal year 2023-24 - compares to Rs 722.48 crore net profit in the same period last year and Rs 1,888.45 crore earning in the preceding quarter, according to a stock exchange filing by the company.
Hari Kumar lauded Adani's efforts in aligning their roadmap to the requirements of the Indian Navy and establishing an ecosystem of partners and capabilities to enable Aatmanirbharta in defence and security.
Adani Group on Wednesday said it will invest over Rs 12,400 crore in an array of projects including a data centre, clean energy project, and a cement plant in Telangana. The group signed four memorandums of understanding (MoUs) for the investments at the World Economic Forum in Davos in presence of Telangana Chief Minister Revanth Reddy and Adani Group chairman Gautam Adani. The conglomerate's flagship firm Adani Enterprises will invest Rs 5,000 crore in setting up a 100 MW data centre that will use green energy while its renewable energy unit Adani Green Energy Ltd will spend an equivalent amount in setting up two pump storage projects.
Benchmark stock indices Sensex and Nifty rebounded on Thursday after two days of decline, mirroring a rally in global markets as a US court blocked President Donald Trump's reciprocal tariffs. The 30-share BSE Sensex climbed 320.70 points or 0.39 per cent to settle at 81,633.02.
'If there is a push towards a Marxist oriented government it will be dangerous.' 'We have seen this in Nepal and Myanmar and it will be a concern for India if it is surrounded by countries with such political dispensations.'
State-run Hindustan Aeronautics Limited has won a bid under which it will receive technology from the Indian Space Research Organisation for the end-to-end commercial production of the Small Satellite Launch Vehicle (SSLV), a first for the industry as India seeks to become a global hub for small satellite manufacturing and launches.
'All those who participated in the agitation were branded as anti-nationals.'
Shiv Sena-Uddhav Balasaheb Thackeray chief Uddhav Thackeray on Thursday accused the Bharatiya Janata Party of trying to scuttle the possibility of his party's alliance with the Maharashtra Navnirman Sena led by his estranged cousin Raj Thackeray ahead of civic polls.
Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday announced the acquisition of a 95 per cent stake in Gopalpur Ports in Odisha from Shapoorji Pallonji Group and Orissa Stevedores Ltd at an equity value of Rs 1,349 crore. In Gopalpur Ports, Shapoorji Pallonji Group (SP Group) firm SP Port Maintenance Pvt Ltd has a 56 per cent stake and Orissa Stevedores Ltd (OSL) has a 44 per cent stake. Gopalpur Port is an all-weather deep-water berthing port with a capacity of 20 million tonnes per annum (MTPA) situated in Ganjam district of Odisha.
Adani Green Energy Ltd, the renewable energy arm of billionaire Gautam Adani's conglomerate, plans to raise $409 million through US dollar-denominated bonds to repay a debt obligation falling this year. In a regulatory filing, the company said the bond will have a door-to-door tenor of 18 years. The proceeds will be used to redeem the $500 million 6.25 per cent senior secured notes due 2024, it said adding these notes were issued on June 10, 2019.
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