From the 30-share blue-chip pack, Zomato cracked nearly 7 per cent. Power Grid, Adani Ports, Tata Steel, NTPC, Tata Motors, Tech Mahindra, Mahindra & Mahindra, Asian Paints, Sun Pharma and UltraTech Cement were the other major laggards. In contrast, Axis Bank, Hindustan Unilever, Tata Consultancy Services and IndusInd Bank were the gainers.
Foreign banks and private credit funds are queuing up to fund acquisitions by Indian companies who are buying out their local rivals. The Adani Group, Torrent Group, and the Hindujas have approached several foreign banks and private equity (PE) firms to fund their acquisitions. Global investors have about $2 trillion of funds to invest, and about $100 to $150 billion is set aside for India, according to an estimate by JP Morgan.
Five state-run general insurance companies have a total exposure of Rs 347.64 crore, or 0.14 per cent of their total assets under management (AUM), in Adani group of companies, the finance ministry said on Monday. In a written reply to a question by Congress' Manish Tewari, Minister of State for Finance Bhagwat Karad said Life Insurance Corp (LIC) held Rs 35,917.31 crore in debt and equity of Adani group of companies as on December 31, 2022. This is 0.97 per cent of its total assets under management (AUM) of Rs 41.66 trillion.
Adani Enterprises, which is launching India Inc's second-largest follow-on public offer worth Rs 20,000 crore next week, on Thursday said it is planning to enter the water segment as this is a key element of its core business of infrastructure. The group is into the entire gamut of infrastructure -- being its ports, airports, roads, expressways power generation & distribution, among others. In ports and airports, the group is the largest player in the private sector. Addressing media from Milan, group chief financial officer Jugeshinder Singh said the company has fixed the price band for the Rs 20,000-crore issue in the range of Rs 3,112-3,276 per share.
With Sebi telling the Supreme Court that it was not investigating the Adani group since 2016, the Congress on Monday cited a Union minister's reply in the Lok Sabha to challenge the claim and asked whether Parliament was misled or the market regulator was "fast asleep" as investors were "duped".
Congress leader Priyanka Gandhi Vadra launched a scathing attack on the BJP in her maiden Lok Sabha speech, accusing the government of trying to weaken the Constitution and prioritizing the interests of one individual over the people. She criticized the BJP's alleged attempts to change the Constitution, the growing monopoly of the Adani Group, atrocities on women, and the demand for a nationwide caste census. She also challenged the BJP to hold elections using ballot paper, saying it would expose the reality.
Gautam Adani was the world's third and Asia's richest man a month back but a damning report by a US firm triggered a massive sell-off in shares of his apples-to-airport group, plunging his own wealth by $80 billion and the tycoon slipping to No.30 on the world billionaire index. Adani's sprawling conglomerate, which spans from sea ports to airports, edible oil and commodities, energy, cement and data centres, is under attack by US short-seller Hindenburg Research, which successfully deflated electric-vehicle maker Nikola Motors in 2020. Hindenburg, which held short positions in unidentified shares of Adani Group firms through its US-traded debt and offshore derivatives, on January 24 accused the conglomerate of "brazen stock manipulation and accounting fraud" and using a number of offshore shell companies to inflate stock prices.
The index could be vulnerable to a bigger fall given the present market dynamics.
The Parliament session is set to start today, with various issues slated to be discussed, including the Waqf Act (Amendment) Bill.
Adani group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. The group has maintained it complies with all laws and disclosure requirements.
The Congress on Wednesday asserted that the only way to comprehensively investigate the Adani issue is through a Joint Parliamentary Committee (JPC) and claimed that the Supreme Court-appointed expert committee would be a 'clean chit' panel for the government.
The Maha Kumbh, billed as the world's largest gathering, concluded on Wednesday after 45 days, with lakhs of devotees taking a dip in the Sangam, the confluence of the Ganga, Yamuna, and mythical Saraswati rivers. Despite a stampede that killed at least 30 people, millions continued to visit the Kumbh, seeking salvation through the ritual bath. The event saw a mix of faith, tradition, and technology, drawing pilgrims and tourists from across the globe.
From the 30-share Sensex pack, Mahindra & Mahindra, Infosys, HCL Technologies, Adani Ports, Bajaj Finance, Tech Mahindra, Titan, Tata Consultancy Services, Reliance Industries and Power Grid were among the laggards. On the other hand, State Bank of India was the only gainer.
From 30 Sensex firms, Adani Ports, NTPC, Power Grid, State Bank of India, Nestle, Mahindra & Mahindra, Reliance Industries and Tata Consultancy Services were the biggest laggards. Axis Bank, Infosys, JSW Steel, Tata Motors, HDFC Bank and Kotak Mahindra Bank were among the gainers from the blue-chip pack.
Billionaire Gautam Adani on Tuesday did an hour-long session of yoga exercises in the open air as he led corporate India to join the International Day of Yoga celebrations. Several public and private sector companies held yoga sessions at their offices to promote the adoption of exercise in daily routines to stay fit and healthy. Adani, chairman of logistics-to-energy conglomerate Adani Group, and his wife Priti, who heads the Adani Foundation, "participated with more than 1,000 members of the Adani Parivaar team to celebrate health, mindfulness and meditation," the group said in a statement. The session was held at a football ground at Adani Shantigram in Ahmedabad. Several other business leaders tweeted pictures of their yoga sessions.
Shares of most of the Adani group firms ended lower on Monday, a day after it released a 413-page response to allegations of wrongdoing brought by a US-based short seller Hindenburg Research.
The number of Indian billionaires has grown by 123 per cent in the 10-year period, reaching 185 in 2024. Their wealth has grown by 263 per cent to $905.6 billion.
Dominic Xavier offers his take on Adani group's takeover bid of of NDTV, arguably the rare English and Hindi news television network that is not part of what has come to be known as the godi media.
NDTV founders Prannoy Roy and his wife Radhika Roy on Friday said they will sell all but 5 per cent of their remaining shareholding in the news broadcaster to Adani Group for up to Rs 647.6 crore. Roys, who founded New Delhi Television Ltd (NDTV) as India's first and largest private producer of news current affairs and entertainment television, lost their status of being the company's largest shareholder in recent weeks. This follows Adani Group becoming the majority shareholding of NDTV after first buying out a company backed by the founders and then acquiring more shares from the open market.
Against an offer of 4.55 crore shares of Adani Enterprises Ltd, only 4.7 lakh were subscribed, according to information available from the BSE. Adani Enterprises fell almost 20 per cent to below the offer price of its secondary sale as all the seven listed companies of the conglomerate took a beating in the aftermath of Hindenberg Reserach alleged that the group was "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades".
From the 30-share blue-chip pack, Zomato surged over 7 per cent. Maruti, ITC Hotels, ITC, Mahindra & Mahindra, Asian Paints, Titan and IndusInd Bank were among the biggest gainers. Power Grid, Larsen & Toubro, NTPC, UltraTech Cement, HCL Tech, Tech Mahindra, Infosys and Adani Ports were among the laggards.
Among the new entries, the largest by market capitalisation are LIC, Avenue Supermarts (DMart), Adani Green Energy, Zomato and Jio Financial Services.
The crucial hearing on the PILs by a bench headed by Chief Justice D Y Chandrachud assumes significance in the wake of recent developments in which the Centre agreed to the apex court's proposal to set up a committee, likely to be headed by a former Supreme Court judge, to look into the regulatory regimes.
'When compared to many of America's treaty allies in Asia, Modi 3.0 is on a much stronger footing.'
The 100-stock largecap basket of Mutual funds (MFs) has seen a major reshuffle in the latest semi-annual reclassification with seven midcap stocks and four new listings earning the largecap tag. According to a report from Nuvama Alternative & Quantitative Research, the midcap stocks that have been upgraded include CG Power, Rail Vikas Nigam, ICICI Prudential Life Insurance, Polycab India, Indus Towers, Cummins India, and Info Edge.
Net flows from domestic institutional investors crossed Rs 5 trillion for the first time during a calendar year.
Billionaire Gautam Adani on Tuesday reiterated that the Hindenburg report was a combination of misinformation and discredited allegations. Speaking at the AGM of his group companies, he said that on the eve of Republic Day this year, US-based short-seller Hindenburg Research published a report to short group stocks just as it was planning to launch the largest Follow-on Public Offering in India's history.
From CEOs to RBI governors, cricket's rich imagery and strategy resonate deeply with leadership, uncertainty, and decision-making across industries and global diplomacy, points out Suveen Sinha.
Roughly 40% of this projected outlay is expected to go towards emerging industries, including green hydrogen, clean energy, semiconductors, and electric vehicles.
'I am not interested in anything but the truth. I only speak the truth, it is my work and I will keep doing it even if I get disqualified or get arrested'
Raut said industrialists should be supported, but not corruption.
Investors lost Rs 24.69 lakh crore in market valuation in the last four days of severe drubbing in the equity market. Spike in global crude prices, unabated foreign fund outflows, a strong US jobs data diminishing early rate cut expectations, and the rupee logging its steepest single-day fall in nearly two years dampened investors' sentiment.
With over 10 deals announced in 2024, the cement sector logged the highest number of pacts, including acquisitions and fresh financial investments, in a single calendar year since 2014, with the combined value of investments over $3.5 billion. During the year so far, 11 deals have been announced, according to Bloomberg data.
The Supreme Court is scheduled to pronounce on Thursday its order on a batch of PILs on the recent Adani group shares crash triggered by the Hindenburg Research's fraud allegations.
From the 30 blue-chip pack, Mahindra & Mahindra, IndusInd Bank, Bajaj Finance, Tata Motors, Bajaj Finserv, Nestle and ICICI Bank were the biggest gainers. State Bank of India, Tata Steel, Adani Ports, Zomato, UltraTech Cement and HCL Tech were among the laggards.
Finance, ICICI Bank, Mahindra &h Mahindra, Kotak Mahindra Bank and Titan were among the gainers. Bharti Airtel, Adani Ports, Tech Mahindra, Reliance Industries, Axis Bank, Larsen & Toubro were the laggards.
The Supreme Court on Wednesday granted the Securities and Exchange Board of India time till August 14 to complete its probe into the allegations of stock price manipulation by the Adani group. A bench headed by Chief Justice D Y Chandrachud directed the SEBI to file an updated status report of the investigation.
Ambani's wealth jumped $3.59 billion in the past 24 hours, while Adani added $2.96 billion to his net worth.
Bangladesh has sought revision of a 2017 power purchase agreement with Adani Power Ltd as the price for the coal-generated electricity appeared too expensive, officials said in Dhaka on Thursday. "We have communicated with the Indian company seeking revision of the agreement," an official of the state-run Bangladesh Power Development Board (BPDC) told PTI on the condition of anonymity and without elaborating on the matter. Media reports suggested that the "high coal price" to be purchased for the Adani plant at India's Jharkhand emerged as the key factor for the dispute.
Uttam Ghosh offers his take on Gautam Adani's hostile takeover attempt of Radhika and Prannoy Roy's NDTV.
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