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."
Cement major Gujarat Ambuja Cements Ltd on Monday said Holderind Investments Ltd (Holcim Mauritius) has 14.8 per cent stake in the company.
The Indian operation of the Swiss food group employs more than 5,000.
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.
Reliance-Anil Dhirubhai Ambani Group is looking for acquisitions to start its cement business much before it completes its 4,000-Mw mega power project at Sasan in eastern Madhya Pradesh, which is to provide the fly ash that is used to make cement.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Making the things worse, those hitting their record low share prices included big names like Reliance Power, Cipla, Ranbaxy, Ambuja Cement, Hindalco, Indian Hotels, Jaiprakash Associates, Jet Airways, Suzlon Energy and Idea Cellular. Realty majors DLF Ltd, Unitech, Parsvnath, Sobha Developers, Omaxe and Puravankara also plunged to their all-time lows.
Swiss cement major, Holcim, promoter of two of India's biggest cement companies, ACC and Ambuja Cements, said there is no escape from increasing the cement prices in the country considering the high energy costs.
Mutual funds predominantly bought engineering, media, pharma, and oil and gas stocks in July
With less than a month to go for the two mega television shows - Kya Aap Paanchvi Pass Se Tez Hai of Star Plus and the BCCI-promoted Indian Premier League on Sony - companies have lined up in right earnest for sponsorship deals with the broadcasters. Star Plus has signed on a string of advertisers for the Shah Rukh Khan-anchored show. These include confectionery brand Halls, Pidilite Industries, Havells India, L'Oreal India, Tata Sky, Parle Products etc
Mungantiwar expressed confidence that the formation of a new government will take place soon.
The 189-million tonne domestic cement industry is gearing up to tackle attrition in the industry.
Thirty stocks from various sectors form the Sensex.
With the acquisition of 14.8 per cent stake in Gujarat Ambuja Cements Ltd, by Swiss cement major Holcim, foreign players, including Lafarge, would be controlling nearly 25 per cent of total production in the country.
Narotam S Sekhsaria on Monday resigned as the managing director of Gujarat Ambuja Cements.
The deal price of Rs 138.65 a share is 32 per cent higher than the Rs 105 a share that Holcim paid in January.
The board of directors of ING Vysya Bank, at its meeting held on May 28 have approved the bank's sale of 14.87 per cent stake in ING Vysya Life Insurance Company to Gujarat Ambuja Cements for Rs 60.9 crore (Rs 609 million).
Gujarat Ambuja Cements Ltd on Friday reported a 104 per cent rise in its consolidated net profit during the third quarter ended March 31, 2004 and announced an interim dividend of 50 per cent for the fiscal ended June 2004.
Gujarat Ambuja Cements has reported a 50 per cent surge in net profit to Rs 89.55 crore (Rs 895.5 million) for the second quarter ended December 31, 2004 as compared to Rs 59.54 crore (Rs 595.4 million) in the corresponding quarter of the last fiscal
Shares of cement companies rallied on Tuesday on hopes of improved quarterly results.
The incidence of shareholder activism in India is more than that in other Asian countries, according to a BNP Paribas Asia Strategy report.
'I clearly recall how you immediately directed your administration to identify and allocate land, water, and other clearances in the shortest time possible.' 'That was the fastest decision-making process I have ever witnessed.'
Move by Swiss cement major Holcim to simplify its Indian structure has not gone down well with institutional investors.
With the increased death rate in the ongoing second wave of Covid-19, domestic cement companies are in no better condition than they were in the April-June quarter of FY21 when the country faced nationwide lockdown. "This wave has had high death rate which has impacted the business. "We are in no better situation than last (year) April. "Deaths of drivers, dealers, contractors and also employees have hit the industry really very hard since April (FY22)," M Ravinder Reddy, director of Bharathi Cements said.
The impasse over government formation continued in Maharashtra on Friday, eight days after the state assembly poll results were announced, even as the Congress targeted the BJP for "cheating" the Sena.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Sebi penalised Shruti Vishal Vora - found guilty of leaking price sensitive information related to financial results of Wipro, Asian Paints and Mindtree, and Parthiv Dalal for similar action in case of Wipro earnings.
In one of the largest FDI deals in realty sector, global private equity Warburg Pincus will invest Rs 1,800 crore (Rs 18 billion) in Piramal Realty, which would use the funds to develop mixed-use projects in the megalopolis.
FIPB has deferred 18 proposals.
Ajit Mishra answers reader queries on the stock market.
