Unveiling his infrastructure conglomerate's green vision, billionaire Gautam Adani on Tuesday said his group will invest $20 billion over the next 10 years in renewable energy generation and component manufacturing and will produce the world's cheapest green electron. The port-to-energy conglomerate plans to triple its renewable power generation capacity over the next four years, foray into green hydrogen production, power all data centres with renewable energy, turn its ports into net carbon zero by 2025, and plans to spend over 75 per cent of capital expenditure until 2025 in green technologies, he said. Speaking at JP Morgan India Investor Summit, Adani Group chairman said the USD 20 billion investment will be in renewable energy generation, component manufacturing, transmission and distribution.
Beating forecasts, ArcelorMittal on Wednesday reported a 18.5 per cent rise in its core profits (EBITDA) to $1.713 billion during the third quarter as it fared better almost on all parameters, including rise in steel shipments and iron ore sales.
Successful inroads in new markets could drive Escorts' national share above the current 11 per cent, reports Ajay Modi.
India's second-largest telecom firm Bharti Airtel on Tuesday reported a net profit of Rs 1,134 crore for the September 2021 quarter, and said it is witnessing strong business momentum with growth in 4G customers and increase in mobile ARPU. This is against a loss (attributable to owners of the parent) of 763.2 crore during the year-ago quarter, the company said in a statement. Its consolidated revenues for the second quarter of FY21 stood at Rs 28,326.4 crore, up 18.8 per cent year-on-year (on a comparable basis) and 13 per cent y-o-y on a reported basis, it added.
'We plan to touch Rs 1 trillion of Amul brand's turnover in the next five years.'
According to the report, export-oriented sectors like IT services, pharmaceuticals and textiles will, in aggregate, report EBITDA margin expansion of nearly 100 bps, while margin is likely to decline by about 50 bps for other sectors during this period.
The 3G, 4G data and Airtel Money services are the next growth engines for the company in Africa.
Thus far in FY21, BSE, NSE have rallied 70 per cent and 71 per cent, respectively.
While Mukesh Ambani-led RIL posted a 108 per cent YoY rise in profit after tax for Q4FY21 at Rs 13,227 crore, it fell short of Bloomberg estimate of Rs 13,704 crore.
Sacking Portuguese manager Jose Mourinho cost Manchester United 19.6 million pounds ($25.10 million), the English Premier League soccer club said.
Weeks after confusion over three Mauritius-based funds whipsawing shares of Adani group firms, billionaire Gautam Adani on Monday said that "twisted narrative" seems to imply that companies have regulatory powers over their shareholders and can compel disclosures. Shares of port-to-energy group nosedived last month after reports that accounts of three of the six Mauritius-based funds that have invested most of their money in Adani group firms had been frozen by the national share depository. The three funds owned about $6 billion of shares across the conglomerate.
While HackerEarth has clients and developers globally, the US consists more than a third of the revenue stream, and plans to ramp it up to 60 per cent of the total share.
Anil Agarwal, chairman of the Vedanta group, has not started the New Year on a good note.
ArcelorMittal on Thursday reported a net loss of $728 million for the first quarter ended March 31
Fund managers said investors remained positive on the pharma manufacturing activity in India, which further strengthened during the Covid-19 period, on account of restrictions imposed on pharma imports from China.
More than a year of Covid-19 has pushed most businesses into gloom but Reliance Industries Ltd (RIL) managed to reduce its gross debt 25 per cent, enabling it to turn towards its next phase of capital expenditure that has come in the form of a Rs 75,000-crore plan for green energy and power storage. The company managed to stay afloat during the pandemic because of its large presence in the consumer-centric businesses of retail and telecommunication (see chart: "A new Reliance"). These two businesses constituted 45 per cent of its EBITDA during FY21 from 36 per cent in FY20.
According to the foreign brokerage major, after two quarters of 'near-zero' growth aggregate headline profit for Sensex companies, it is expected to show a weak recovery.
The company is targeting 100 million subscribers in shortest possible time, RIL Chairman Mukesh Ambani said
Unlike the race to buy airwaves by telecom companies, airports by infrastructure companies and city gas networks by energy companies, the race to develop super apps by consumer-facing companies in India has not brushed up against any regulatory issues. Officials at the ministry of electronics and information technology and at other regulators are happy they do not have to meddle in who among the Tata group, Reliance Industries Ltd, Flipkart or Paytm will manage to build an app that sweeps in customers. Unlike separate apps a customer uses on her mobile to order groceries, buy food or airline tickets or just make payments, a super app can perform all these functions.
As the second wave of the Covid-19 pandemic abates, India's automakers are hopeful of a quick recovery in sales volumes, led by better rural sentiment, low interest rates, improved availability of finance and a gradual uptick in business and economic activity. In fact, companies have started to ramp up production already, encouraged by high order books and the growing preference for private transport in both rural and urban areas as a means to avoid infections. In early April, the industry had been bullish as the sales trend for March showed that the effects of the Covid-19 pandemic had been left behind. The total vehicle sales had grown by 77 per cent, albeit on a lower base, and for the past few months, sales had consistently touched 300,000 units per month.
Moody's said together, proceeds from these transactions will result in a $ 16 billion reduction in RIL's net debt.
After the hit of the pandemic, India Inc is now worried about the adverse impact of inflation and higher commodity prices on their revenues and margins. The inflation scare is the strongest among manufacturers of consumer goods such as automobiles, consumer durables, and fast-moving capital goods (FMCG). Companies across sectors fear they will not be able to pass on the hike in input costs to their consumers due to weak demand, which, in turn, would lead to a hit on margins and profitability in the forthcoming quarters.
The duo bought additional shares in pharmaceutical companies Lupin and Jubilant Life Sciences, along with Agro Tech Foods and NCC during Q2FY21
Airtel CEO said, the 5G ecosystem is yet to develop in India and the prices are very high. Telecom companies including Vodafone Idea (VI) and Reliance Jio have also said that the current prices are exorbitant.
Overall, the credit profiles of players will be supported by healthy balance sheets and liquidity. Prudence in capital and development expenditure, efficient working-capital management, and recent equity raising will help sustain credit metrics in FY22.
Analysts expect RIL to report consolidated revenue of Rs 1.40 trillion and 10 analysts expect RIL's net income to be Rs 9,629 crore
Tata Steel delivered one of its best financial performances ever in the third quarter of the current financial year, and surpassed its deleveraging target of $1 billion. In an interview, Koushik Chatterjee, executive director and chief financial officer, Tata Steel, tells Ishita Ayan Dutt that the company will continue to focus on deleveraging but profitable and value-added growth will be equally important.
The company, headed by NRI billionaire Laxmi N Mittal, had clocked $0.345 billion net loss in the January-March quarter of the last year.
Private hospitals, especially smaller standalone ones, are staring at a crisis that they were not prepared for. Analysts say larger corporate chains have to brace up for at least six months for business to return to normal.
The firm earned $11.6 on turning every barrel of crude oil into fuel in the quarter.
Rakesh Jhunjhunwala-backed Nazara Technologies is all set to hit the primary market with its Rs 583-crore IPO on Wednesday. The diversified and online gaming firm's three-day issue will run through March 17-19 and will be entirely an offer for sale (OFS). While 5.29 million equity shares will be offloaded via OFS by some of the shareholders, Rakesh Jhunjhunwala, who owns 3.29 million shares or 11.51 per cent stake in the company as of September 30, 2020, has decided to hold on to his stake. The issue has a price band of Rs 1,100-1,101 and will be available in lots of 13 shares and multiples thereof.
'The competition between the two is definitely going to be of great interest to the Indian market.'
The haircare brand, acquired for Rs 330 crore, fetches HUL around Rs 400 cr of revenue annually.
The companies' combined net profit declined by 10.1 per cent y-o-y during June '19 quarter against 26.2 per cent y-o-y growth a year ago.
Tata Steel's margins may remain under pressure in FY15.
Mukesh Ambani-owned TV18 Broadcast was valued at $824 million.
Lancashire County Cricket Club are aiming to win the hearts of Indian fans as they look to build on a record-breaking financial year despite the impending impact of the coronavirus pandemic. Signing Indian players would be an obvious route to popularity and although the IPL Twenty20 league has restricted Indian players from playing in T20 competitions abroad, players can still play in first-class cricket in England.
All real estate developers may not be able to avail the benefit of Reserve Bank of India's one-time restructuring scheme as they might not meet the required financial ratios and have the necessary credit rating, HDFC vice chairman and CEO Keki Mistry said. He was speaking at a real estate and infrastructure investor summit organised by Naredco. "Restructuring may not necessarily help every developer because not too many will be able to meet the criteria laid down in terms of meeting the various ratios and getting credit ratings," Mistry said.
Dollar debt and higher import cost might impact earnings by up to 30%.
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