Billionaire Gautam Adani's group is planning to build 10 GW of integrated solar manufacturing capacity by 2027, as it looks to capture energy transition business, sources close to the company said. Adani Group currently has a solar manufacturing capacity of 4 GW. Adani Solar has a confirmed order book of over 3,000 MW in exports that are to be serviced over the next 15 months, they said, adding Adani, recently, raised $394 million for solar manufacturing from Barclays PLC and Deutsche Banks AG through a trade finance facility.
'Now that we are a pure-play India business, many investors are open to investing.'
Startup founders need to sit up and think about how not to take stardom for granted and how not to disappoint their fans who have stood in long queues for those precious selfies with popular entrepreneurs, notes Nivedita Mookerji.
A day after Adani Group's shares took a beating as Hindenburg Research made damaging allegations against it, the group on Thursday said it is examining legal options to take "punitive action" against the US activist investor for its "reckless" attempt to sabotage a share-sale at the conglomerate's flagship firm. "The maliciously mischievous, unresearched report published by Hindenburg Research on January 24, 2023 has adversely affected the Adani Group, our shareholders and investors. "The volatility in Indian stock markets created by the report is of great concern and has led to unwanted anguish for Indian citizens," the group's lead head Jatin Jalundhwala said in a statement.
The scrutiny is expected to be over this month itself.
In its chargesheet filed before a special court in New Delhi, the CBI has named Raghuvanshi and Pathak as accused in the alleged violation of the Official Secrets Act and related offences, they said.
The promoter entities of JSW Group are in talks with several electric-car manufacturers in China to launch an electric car for the Indian market at Rs 15-20 lakh, a source close to the development said.
HDFC Bank on Monday reported a consolidated net profit of Rs 16,811 crore for the September quarter, its maiden quarterly earnings announcement after merging parent HDFC with itself. On a standalone basis, the largest private sector lender reported a net profit of Rs 15,976 crore. In the year-ago period, the net profit of the merged entity would have been Rs 11,162 crore on a consolidated level while the same on a standalone basis would have been Rs 10,606 crore.
Mutual funds (MFs) lapped up shares of new-age businesses in April at a time when most of these stocks have recovered sharply from their 52-week lows. Nykaa and Zomato featured in the list of top 10 most bought shares by MFs last month, with fund houses' holdings in these two stocks rising by over Rs 1,100 crore, shows a report by Nuvama Alternative & Quantitative Research. Shares of Zomato had staged some recovery in April after remaining subdued for an extended period.
Vodafone Group Plc Chief Executive Vittorio Colao today said the company could list its Indian arm and was open to acquisitions when opportunities are available in the country. The head of the world's largest mobile company in terms of revenues suggested changes in the regulatory regime for mergers and acquisitions.
Plans over $1 bn equity sale to fund group buyouts.
It is one leadership position the state-run energy giant ONGC could have done without, but nevertheless finds itself topping the list of corporates against whom investor complaints are pending for more than two months.
Dismissing the petitions, a bench headed by Chief Justice Satish Chandra Sharma said Google Pay is "mere third-party app provider" which requires no authorisation from RBI under the Payments and Settlement Systems Act.
Oxley is also the co-author of Sarbanes-Oxley Act which outlines regulation of financial practice and corporate governance for publicly-listed firms in the US. Meanwhile, Nasdaq Managing Director (Asia Pacific) Ghanshyam Dass said Indian companies across all sectors are looking for possible listing. While Infosys and Sify were listed on Nasdaq in 1999, Rediff got into the exchange in 2000.
The 15 Indian entities listed on the New York Stock Exchange and Nasdaq saw their cumulative market value plummet.
The merger of ZEE Entertainment and Sony has reached an advanced stage of completion, and the issues faced by promoters with Sebi should not become a problem for the company, debarred ZEEL MD Punit Goenka has said in a letter to employees, according to sources. Goenka, who along with his father Subhas Chandra, was denied any interim relief against a Sebi order that barred them from holding the position of director or key managerial post in any listed company, in the letter ZEE Entertainment Enterprises Ltd (ZEEL) staff asserted that the merger of Culver Max (earlier known as Sony Pictures Networks India) is at a very important juncture. With the Securities Appellate Tribunal (SAT) restricting him from holding a directorial or key managerial position in a listed company, Goenka told the employees that the ZEEL board has constituted an interim committee of senior executives to ensure smooth operations and day-to-day functioning.
Glaxo Group 'neglected the duty of making timely disclosures' to the stock exchanges the BSE and the NSE, on various occasions, the Securities and Exchange Board of India said in its order.
Earlier, the listing agreement was a bilateral one.
Laxmi Mittal-promoted Arcellor Mittal is raising $3-billion, of which $2.5-billion would be through equity and $0.5-billion through convertible bonds offering, which it is doing on two of its platforms, he said.
2,138 firms deposited unaccounted Rs 5,000 cr in zero-balance accounts during the note ban
Asked if PSUs like NHPC and Oil India would get extension if they are unable to come out with the public issue within the stipulated time, he said Sebi's nod has one-year validity and the same rules would apply to them. As per the clearances given by Sebi for the draft shareholding prospectus, the two PSUs have time till September to launch their public issues and in case it is delayed beyond this point, they will have to start the process afresh.
As the market buzzes with news of Cipla promoters exiting the business through a stake sale and Ahmedabad-based Mehta family-led Torrent Pharmaceuticals racing to acquire its rival, Cipla, an analysis reveals that if the deal were to go through, both companies might need to divest as many as 15 brands to comply with Competition Commission of India (CCI) norms. A recent analysis by Bernstein shows that Cipla and Torrent share a presence in 332 products (based on product and molecule data from market research firm IQVIA). Bernstein analysts Nithya Balasubramanian and Parth Shah noted that, while this may appear as a high number, a significant portion of these products lack significance.
The study, conducted by global financial services major Credit Suisse, found that 67 per cent of all listed companies in India were family-controlled entities.
The CAA, enacted by the BJP-led government at the Centre in 2019, aims at granting Indian citizenship to persecuted non-Muslim migrants, including Hindus, Sikhs, Jains, Buddhists, Parsis and Christians, from Bangladesh, Pakistan, and Afghanistan who entered India before December 31, 2014.
The United States has set in motion regulatory changes to lift the ban on India's frontline technology establishments Indian Space Research Organisation and Defence Research and Development Organisation and their removal from the entities list could come soon, top American officials have indicated. A formal notification of the US Department of Commerce for this is in the advanced stage, they said.
Richest Indian Gautam Adani's ports-to-power-to-cement conglomerate is "deeply overleveraged" with the group predominantly using debt to invest aggressively across existing as well as new businesses, CreditSights, a Fitch Group unit, said on Tuesday. In a report titled 'Adani Group: Deeply Overleveraged', CreditSights said, "In the worst-case scenario, overly ambitious debt-funded growth plans could eventually spiral into a massive debt trap, and possibly culminate into a distressed situation or default of one or more group companies." Starting out as a commodities trader in the late 1980s, the Adani group has diversified from mines, ports and power plants into airports, data centers and defence.
'The India which was all about glamour and razzmatazz through which he could earn the trust of people of the other India, which was Bharat.'
To understand Modi, listen to what he does not say -- vide NRC, suggests Prem Panicker.
The government said on Monday it is open to the dual listing of MTN, which is in an exclusive talks with Bharti for a merged entity of 23 billion dollars, on the stock exchanges of India and South Africa as there is a provision to this effect.
Days ahead of a scheduled hearing of a batch of pleas related to the abrogation of Article 370 before a five-judge Constitution bench of the Supreme Court, Indian Administrative Service officer Shah Faesal on Tuesday said the constitutional provision is a thing of the past and there is no going back.
Among the Sensex firms, Tech Mahindra, Wipro, Infosys, Tata Consultancy Services, HCL Technologies, Larsen & Toubro, ITC, Sun Pharma, NTPC and Titan were the major gainers. Nestle, Axis Bank, Tata Motors, ICICI Bank, HDFC Bank and Bharti Airtel were the laggards.
A plea has been filed in the Supreme Court for initiation of contempt proceedings against the Securities and Exchange Board of India (SEBI), alleging it has violated the timeline for completing the investigation and submitting its report on the allegations of stock price manipulation by the Adani group. An application has been filed by PIL petitioner Vishal Tiwari saying that despite the deadline given to the SEBI it has failed to comply with the direction of the court and has not submitted the final conclusion/report as was directed by the court. It said by the order dated May 17, 2023, the apex court directed SEBI to submit its report till August 14, 2023.
In its first ever list of World's Top 50 Microfinance Institutions, the US business magazine has named Bangalore-based Bandhan at the second position.
Longer-tenure FDs generally give higher returns. Nonetheless, going for a tenure higher than two to three years is not advisable.
The Telecommunications Bill, 2023, which was passed by a voice vote after a short debate, also allows the Centre to take possession of a telecom network in case of any public emergency or in the interest of public safety.
The Enforcement Directorate on Monday seized three offices in a prime location in Mumbai, valued more than Rs 41 crore, as part of a foreign exchange violation probe against a businessman whose name figured in the Panama Papers.
Market regulator Sebi suppressed important facts from the Supreme Court and "slept over" Directorate of Revenue Intelligence's letter on alleged stock manipulation by the Adani firms, one of the PIL petitioners in the Adani-Hindenburg row has alleged in the top court in an affidavit. The apex court is seized of four PILs on the Adani-Hindenburg controversy including those by lawyers M L Sharma and Vishal Tiwari, Congress leader Jaya Thakur and law student Anamika Jaiswal. On August 25, SEBI had informed the apex court it has completed the probe in all but two allegations against the Adani group, and is still awaiting information from five tax havens on the actual owners behind the foreign entities that have invested in the conglomerate.
The PSU had earlier this week filed the draft papers for its initial public offering, billed to be India's biggest issue, through which the government expects to raise up to Rs 15,000 crore (Rs 150 billion).
Prime Minister Manmohan Singh has conveyed to the US India's concern over misuse of its military and other kind of aid by Pakistan.
Currently placed on the FATF'S 'grey list', Pakistan has been scrambling in recent months to avoid being added to a list of countries deemed non-compliant with anti-money laundering and terrorist financing regulations by the FATF.
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