The Adani group has exited the financial services business by selling its entire 90 per cent stake in Adani Capital and Adani Housing to private equity (PE) firm Bain Capital for Rs 1,440 crore. The total valuation of the Adani financial services business stands at Rs 1,600 crore. Gaurav Gupta, managing director (MD) and chief executive officer (CEO) of the Adani firms will hold the rest of the stake.
The rally in the broader markets, a spate of new listings, and the influx of retail investors have resulted in a boom for research and this has spurred a surge in the number of entities providing such services. From 467 entities that provided research services as of March 2018, the number jumped 57 per cent to 733 as of March 2021. And, another 46 entities have been added to the list in the six months since, to take the total number of registered research analysts to 779 as on September 13. However, the total number of analysts could be a multiple of this number.
The legal battle between Byju's and lenders in the US on the edtech firm's $1.2-billion term loan B (TLB), along with the company skipping an interest payment of $40 million on the loan, has made the other investor Davidson Kempner Capital Management, "extremely concerned", according to the people familiar with the matter. They said Byju's has closed a Rs 2,000-crore ($250 million) round from the US-based investment firm and it may stop or consider slowing down the flow of various tranches of that capital to the company. It may also decide not to provide any new funding or participate in any such round in the future, the sources said.
E-sports experts say the burgeoning sector will not be affected by the Goods and Services Tax (GST) Council's recent decision to levy a blanket 28 per cent tax on online gaming, which is being viewed by the industry as a death blow to gaming companies.
Beauty and Personal Care (BPC) e-retailer Honasa Consumer's initial public offering (IPO) has failed to find backing from analysts due to the company's weak financial track record and expensive valuation. T Manish, research analyst at Samco Securities suggests avoiding the IPO as the company's financial performance does not inspire confidence. "The profit has been inconsistent and advertising and marketing expenses are incredibly high at around 40 per cent of the revenues.
Business conglomerate Adani Group's chairman Gautam Adani is now the world's second-richest person after overtaking Louis Vuitton's Bernard Arnault, according to Forbes' Real-Time Billionaires List. At the time of writing this report, Gautam Adani's net worth was $153.9 billion, compared to Arnault's net worth of $153.7 billion. Adani is now just behind business magnate Elon Musk, according to Forbes' data.
In a significant move, markets watchdog Sebi on Tuesday decided to implement the requirement to separate the positions of chairperson and managing director at listed companies on a voluntary basis and not make it mandatory for now. The development also comes against the backdrop of Finance Minister Nirmala Sitharaman recently saying the regulator should hear if Indian companies have a view on the matter even as she made it clear that she was not "giving a diktat". The top-500 listed entities were required to split the roles of chairperson and managing director/chief executive officer before the April 2022 deadline.
Lyudmila Ocheretnaya, the former First Lady of the Russian Federation, is on the list of sanctions for benefiting from preferential business relationships with state-owned entities since her divorce from Putin in 2014.
The NSE and BSE made Rs 965.5 crore (Rs 9.65 billion) and Rs 135.2 crore (Rs 1.35 billion), respectively, in profits for FY14.
To understand Modi, listen to what he does not say -- vide NRC, suggests Prem Panicker.
A bill to allow the private sector to mine six atomic minerals, including lithium, and deep-seated minerals like gold and silver was approved by the Lok Sabha on Friday.
Start-ups don't care that mad-money funding comes to a hard stop after an IPO, observes Debashis Basu. As a listed entity, corporate actions have to take the interests of all shareholders, especially minority shareholders, into account. So far, we are not seeing any sign of it, observes Debashis Basu.
The sons learned that they had been completely disinherited and that Surinder Kanwar's new wife would inherit everything.
After the success of the National Highways Authority of India's (NHAI's) first infrastructure investment trust (InvIT) with foreign institutional investors, the Centre is working on a proposal to launch a fresh InvIT for national highways, where domestic retail investors can hold units of the trust
He said the situation was made difficult for the terrorist organisations as a result Jaish chief Maulana Masood Azhar sent his nephews to carry out terror activities.
Analysts feel Fortis Healthcare share holders are at a disadvantage and deal valuations had been short of expectations
Ravi Shastri said that it was a touching moment for him to get bestowed with the Col CK Nayudu Lifetime Achievement Award.
In a boost to the embattled Adani Group, Mauritian Financial Services Minister Mahen Kumar Seeruttun has told the nation's Parliament that Hindenburg Research's allegations of the presence of 'shell' companies in the Island nation are 'false and baseless' and that Mauritius was in compliance with OECD-mandated tax rules. US short seller Hindenburg on January 24 alleged that billionaire Gautam Adani used shell companies based in Mauritius to manipulate stock prices of his Indian-listed companies.
An expert committee, set up by the Supreme Court to probe allegations against the Adani group following a bombshell report from a US short seller, has members with potential conflict of interest, a fresh petition filed in the apex court on Monday said.
The development comes after Sebi received representations from listed entities, chartered accountant firms, and industry bodies, seeking further extension of time for filing of financial results for the quarter/half year/financial year ended March 31, 2020.
'We would love to have more players entering the market because that is how the business will grow.'
Sebi had asked all listed cos to mandatorily appoint at least one woman director.
In a significant win for the Adani group, the Supreme Court on Wednesday refused to transfer the probe into allegations of stock price manipulation by the Indian corporate giant to a special investigation team or the CBI, saying market regulator SEBI was conducting a "comprehensive investigation" and its conduct "inspires confidence".
The US Commission for International Religious Freedom (USCIRF) also recommended to the Congress to raise the issue of religious freedom during US-India bilateral meetings, and hold hearings on it.
Among the Sensex firms, Tata Motors jumped over 3 per cent. Tech Mahindra, Infosys, HCL Technologies, Axis Bank, Mahindra & Mahindra, ICICI Bank, UltraTech Cement and Kotak Mahindra Bank were the other major gainers. NTPC, Asian Paints, Titan and Power Grid were among the laggards.
Two listed firms belonging to the Baba Kalyani Group (BNK Group) have contested their inclusion as parties in a suit pertaining to family dispute over ownership of chemical firm Hikal. The co-promoters of the company - Kalyani and Hiremath families - are mired in a legal dispute, with the latter seeking transfer of ownership of shares held by the BNK Group, citing nearly three-decade old family arrangement. An affidavit filed in reply to Hiremath's suit petition in the Bombay high court, BF Investment (BFIL) and Kalyani Investment Company (KICL) have stated that they are separate and distinct legal entities and were not even incorporated and party to the 'family arrangement'.
Foreign portfolio investors (FPIs) are likely to get a reprieve from the Securities and Exchange Board of India (Sebi) in case of a passive or unintended breach of the thresholds that trigger additional disclosure norms. According to sources, FPIs whose single group exposure exceeds 50 per cent of their corpus will get 10 trading days to bring down their exposure below the prescribed level, without triggering the stricter disclosure norms. If total equity exposure of an overseas fund exceeds Rs 25,000 crore and it doesn't wish to provide additional disclosures, it will have three months to pare its exposure.
The Supreme Court on Monday agreed to list a plea seeking review of its order upholding the Enforcement Directorate's powers related to arrest, attachment of property involved in money laundering, search and seizure under the Prevention of Money Laundering Act.
This is the fourth supplementary and overall fifth charge sheet or prosecution complaint filed in the case by the ED before a designated special Prevention of Money Laundering Act court in Delhi.
The National Stock Exchange (NSE) and the BSE has announced that three Adani group companies -- Adani Enterprises, Adani Power and Adani Wilmar -- will move out of the short-term additional surveillance measure (ASM). The stocks will be excluded from the short-term ASM framework with effect from March 17, according to separate circulars available on the exchanges. The NSE and the BSE had put the three Adani group firms, including the flagship firm Adani Enterprises, under the ASM framework on March 8.
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, declined by 11 per cent in 2022 to 3.42 billion Swiss francs (nearly Rs 30,000 crore), annual data from Switzerland's central bank showed on Thursday.
Notwithstanding record revenues in certain media sectors like film exhibition in the July-September quarter (second quarter, or Q2), the operational performance of the broadcasting business remained subdued. Zee Entertainment Enterprises and Sun TV are expected to experience a year-on-year (Y-o-Y) decline in advertising (ad) revenues during this period. Conversely, box office (BO) collections are anticipated to exceed Rs 3,000 crore in the quarter, propelled by a series of successful movie releases.
In a significant development, India is believed to have placed a funding request of around $55 million in its first call with the Pandemic Fund of the World Bank, sources said. The fund has been set up to finance critical investments in a bid to strengthen pandemic prevention, preparedness, and response capacities at national, regional, and global levels, with a focus on low- and middle-income countries. It was created in the aftermath of the Covid-19 global pandemic.
Mr Adani has a fight on his hands. It is not a fight to the death, asserts T N Ninan.
Without naming Adani group specifically, the capital markets watchdog said in a statement that unusual price movement in the stocks of a business conglomerate has been observed in the past week.
Lenders and shareholders of Reliance Industries Ltd (RIL) will meet on May 2 to demerge the firm's financial services business. This is expected to create a big player in segments including the NBFC (non-banking financial company) space with net worth of Rs 25,851 crore as of March 2022. According to the plan, RIL shareholders will get a share in the demerged entity for each one held in the company.
The leaked list contains the name of Union minister Jayant Sinha, who responded by saying that the transactions were not done for any 'personal purpose'.
'Today, I am taking new actions to restrict Iran's nuclear, ballistic missile, and conventional weapons pursuits. My Administration will never allow Iran to have a nuclear weapon, nor will we allow Iran to endanger the rest of the world with a fresh supply of ballistic missiles and conventional arms,' Trump said in a statement.
The SIT found and reported that there was no amount shown in almost 289 HSBC Geneva entries, while 122 of them were repeated twice in the same list.
Wayanad will continue to support Rahul but not to the same extent as in 2019, when his margin of victory had been enormous. Articulate, to the point and speaking in fluent Malayalam, CPI's Annie Raja, had the people who gathered to see her, listening in rapt attention, notes Shyam G Menon.
