Bajaj Finserv, Tata Steel, Larsen & Toubro, UltraTech Cement, Kotak Mahindra Bank and Tata Motors were among the gainers. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,486.41 crore on Tuesday, according to exchange data.
Raut said industrialists should be supported, but not corruption.
Markets regulator Sebi has approved Adani Group's open offer to buy an additional 26 per cent stake in media firm New Delhi Television (NDTV) and the offer will commence on November 22. According to an update on Sebi's website on Monday, the regulator gave its final comments on the proposed Rs 492.81 crore-open offer on November 7. The offer will tentatively open on November 22 and close on December 5. The price fixed is Rs 294 per share, as per a recent regulatory filing by NDTV.
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.
Soros, a Hungarian-American political activist, and his organisations like OSF have been accused by the ruling BJP of acting against India's interests. His utterances during the Adani-Hindenburg controversy also drew criticism from the party.
From the 30 blue-chip stocks, Titan, Asian Paints, Nestle, Tech Mahindra, Reliance Industries, Zomato, Larsen & Toubro and Bajaj Finserv were among the laggards. Adani Ports, Mahindra & Mahindra, Maruti, Sun Pharma, Bharti Airtel and Tata Motors were among the gainers.
The Shri Ram Janmabhoomi Teerth Kshetra Trust has sent invitations to 7,000 people, including 3,000 VVIPs, for the consecration.
Well-known US activist investor Hindenburg Research has alleged that Adani Group was "engaged in a brazen stock manipulation and accounting fraud", a charge the conglomerate described as malicious, unsubstantiated, one-sided, and having done with malafide intention to ruin its share-sale. Hindenburg, a US-based investment research firm that specialises in activist short-selling, said its two-year investigation reveals that "the Rs 17.8 trillion ($218 billion) Indian conglomerate Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades." The report comes ahead of a Rs 20,000 crore follow-on share sale of Adani Group's flagship Adani Enterprises.
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.
Adani Ports and Special Economic Zone Ltd (APSEZ) on Wednesday said it has decided to exit its investment in Myanmar by June next year. APSEZ, the largest port developer in India, is part of the globally diversified Adani Group. "The Board has decided to actively work on a plan on exiting Company's investment in Myanmar including divestment opportunities (expected to be concluded by March - June 2022)," APSEZ said in notes to its second quarter results.
The 24th CPI(M) Party Congress commenced in Madurai, Tamil Nadu, with interim coordinator Prakash Karat emphasizing the need for Left unity to combat "Hindutva neo-fascism." He criticized the BJP-RSS government, accusing it of representing a "Hindutva-corporate nexus" and displaying "neo-fascist characteristics." Other Left leaders, including CPI general secretary D Raja and CPI(ML) Liberation general secretary Dipankar Bhattacharya, echoed calls for unity and condemned the current political climate in India.
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.
Anil Ambani's Reliance Infrastructure Ltd has slashed its standalone debt by 87 per cent to Rs 475 crore after it cleared outstanding dues of Life Insurance Corporation of India, ICICI Bank and other lenders, the firm said on Wednesday. In stock exchange filings and press statements, Reliance Infrastructure said its standalone external debt has reduced from Rs 3,831 crore to Rs 475 crore. "Consequently, the net worth of the company will stand at Rs 9,041 crore."
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.
Battling a hostile takeover bid, NDTV's promoter entity RRPR Holding Ltd has sought clarity from Sebi on whether its earlier order bars the conversion of warrants issued to VCPL, now owned by the Adani group. Passing an order on November 27, 2020, the Securities and Exchange Board of India (Sebi) has restrained NDTV founders Radhika and Prannoy Roy to access the securities market for a period of 2 years. As restrictions are still in force, hence a prior written approval from Sebi was required for Vishvapradhan Commercial Private Limited (VCPL) for the exercise of the conversion option on the warrants, NDTV founders had said.
In a setback to Tata Power, the Supreme Court on Wednesday dismissed the company's challenge to the Maharashtra Electricity Regulatory Commission's (MERC's) decision to award a Rs 7,000-crore transmission project near Mumbai on a nomination basis to Adani Electricity. The court upheld the order by the Appellate Tribunal for Electricity (APTEL) in this case and directed all State Electricity Regulatory Commissions to frame guidelines on tariff determination in accordance with Section 61 of the Electricity Act and the national policy. The verdict has implications for the Mumbai power market, said Ashok Pendse, an energy expert based in the city.
The Adani Group has plans to invest almost Rs 1 lakh crore over the next seven years in Karnataka as it seeks to expand its footprint in multiple sectors, Adani Ports and SEZ Limited CEO Karan Gautam Adani said on Wednesday. He said having already invested over Rs 20,000 crore in Karnataka till now, the business group is active in multiple sectors in the state, ranging from cement, power, city piped gas and edible oil to transport, logistics and digital. Adani was speaking at the inaugural function of the three-day 'Invest Karnataka 2022'-Global Investors Meet.
What some of our politicians were up to on Friday, October 18, 2024.
The Congress on Tuesday accused Home Minister Amit Shah of harboring "hatred" towards B.R. Ambedkar, demanding an apology from him for his remarks in the Rajya Sabha. Congress leaders pointed out that Shah's comments, which criticized the frequent invocation of Ambedkar's name by the opposition, demonstrate a deep-seated animosity towards the architect of India's Constitution. The allegations sparked outrage among Congress members, who accused the BJP and RSS of having a history of disdain for Ambedkar. The incident has fueled political tensions, with the Congress vowing to hold Shah accountable for his remarks.
Richest Indian Gautam Adani's conglomerate has cited an improved net debt to operating profit ratio and more than halving of loans from public sector banks to allay concerns about it being overleveraged. In a 15-page note in response to CreditSights report calling the group overleveraged, it said companies in the group have consistently de-levered, with the net debt to Ebitda ratio declining to 3.2 times from 7.6 times in the last nine years. "The businesses operate on a simple yet robust and repeatable business model focused on development and origination, operations and management and capital management plan," the note, reviewed by PTI, said.
Among Sensex shares, Maruti, Mahindra & Mahindra, Larsen & Toubro, Bajaj Finance, Tata Motors, IndusInd Bank, Asian Paints, Power Grid, HDFC Bank and Axis Bank advanced. Tata Steel, Adani Ports, Zomato, HCL Tech, State Bank of India, Hindustan Unilever and Tech Mahindra were among the laggards.
Proceedings of both Houses of Parliament were disrupted on Monday as the treasury benches accused top Congress leaders of colluding with billionaire investor George Soros to destabilise the country, triggering protests from opposition members.
Days after completing a $6.5 billion acquisition of Ambuja Cements and ACC, billionaire Gautam Adani said his group has planned to double cement manufacturing capacity and become the most profitable manufacturer in the country. He saw a multifold rise in cement demand in India on the back of record-breaking economic growth and the government's infrastructure creation push, which will give significant margin expansion. In a speech made at an event to mark the completion of the acquisition on September 17, the Adani Group founder and chairman said the ports-to-energy conglomerate has in a single stroke become the second largest cement manufacturer in the country.
Shares of most of the Adani group firms ended lower on Monday, with the group companies' combined mcap witnessing a sharp fall of Rs 9.5 lakh crore after US-based short-seller Hindenburg Research's adverse report.
The opposition parties will meet on Monday morning to evolve their strategy in both Houses of Parliament after protests by them on the Hindenburg-Adani issue overshadowed most of the first half of the Budget session.
'Balancing tunnel developments with ecological realities is a major challenge and, when overlooked, can contribute to mishaps.'
Among Sensex shares, Infosys, Tata Consultancy Services, Tech Mahindra, Sun Pharmaceutical, Bajaj Finserv, HCL Technologies, Bajaj Finance, HDFC Bank, IndusInd Bank and Kotak Mahindra Bank were among the gainers. Tata Motors, PowerGrid, Axis Bank, State Bank of India, NTPC, Tata Steel and Adani Ports were the major laggards.
Moody's Investor Service on Tuesday said banks' exposures to Adani are not large enough to affect their credit quality materially. "While we estimate that the exposures are larger for public sector banks than for private sector banks, they are smaller than 1 per cent of total loans for most banks," it said. "Risks for banks can increase if Adani becomes more reliant on bank loans."
Among Sensex shares, Zomato, NTPC, Adani Ports, ICICI Bank, State Bank of India, Reliance Industries, Mahindra & Mahindra, Bajaj Finance, Tech Mahindra and Axis Bank were the major laggards. UltraTech Cement and HCL Technologies were the only gainers.
The Supreme Court on Thursday ordered setting up of a six-member committee headed by former apex court judge Justice A M Sapre to investigate the recent Adani group shares crash triggered by the Hindenburg Research's fraud allegations and other regulatory aspects related to stock markets.
From the 30 blue-chip stocks, Power Grid, State Bank of India, Titan, Tata Steel, IndusInd Bank, UltraTech Cement, Adani Ports and Infosys were among the laggards. In contrast, Tata Motors, ITC, Nestle, Tata Consultancy Services, NTPC and Zomato were among the gainers.
One of the reasons why the TMC decided not to demand a JPC is that the chairperson and most of its members would be from the BJP, he said, adding JPC means putting the issue under the carpet.
Earlier in the day, an IndiGo A320 passenger aircraft landed successfully at 1.32 pm at runway 08/26 of the under-construction Navi Mumbai International Airport, paving the way for the Navi Mumbai International Airport Ltd (NMIAL) to seek an aerodrome licence from the aviation safety regulator Directorate General of Civil Aviation (DGCA) to start commercial flight services.
Adani Power Ltd's Rs 7,017-crore deal to buy thermal power assets of DB Power has fallen after the initial pact expired. "We wish to inform that the long stop date under the memorandum of understanding dated August 18, 2022, has expired," Adani Power said in a regulatory filing on Wednesday. Earlier in August 2022, Adani Power had informed the bourses that it has agreed to acquire DB Power Ltd (DB Power), which owns and operates a running 2x600 MW thermal power plant at district Janjgir Champa in Chhattisgarh.
Industrialist Gautam Adani-led Adani Group has signed a pact with South Korea's Posco to explore business opportunities in sectors like steel, renewable energy among others. Both the entities have signed a memorandum of understanding (MoU) to this effect. In a statement on Thursday, Adani Group said the investment under the MoU is estimated to be up to $5 billion.
Bajaj Finance, Bajaj Finserv, NTPC, State Bank of India, Power Grid, HDFC Bank, Tech Mahindra and Asian Paints were the other gainers. However, Zomato, Adani Ports, Tata Consultancy Services, Mahindra & Mahindra, Maruti and Tata Motors were among the laggards.
Addressing a press conference in Pune, Pawar also responded to a query on Thursday's meeting between industrialist Gautam Adani and NCP chief Sharad Pawar, saying the two know each other and there is nothing wrong if two such persons meet.
From the 30-share blue-chip pack, Tata Motors, Reliance Industries, ICICI Bank, Asian Paints, Nestle India, UltraTech Cement, Larsen & Toubro and Adani Ports were among the biggest gainers. In contrast, Zomato, HCL Tech, Tata Consultancy Services, Tech Mahindra, Kotak Mahindra Bank and Infosys were among the losers.
Life Insurance Corporation (LIC) on Monday said it has an exposure of Rs 36,474.78 crore to Adani group's debt and equity, and the amount is less than one per cent of the national insurer's total investments.
Nationalist Congress Party (NCP) president Sharad Pawar on Tuesday said although his outfit does not agree with the demand of anti-Bharatiya Janata Party outfits for a joint parliamentary committee (JPC) probe into allegations against the Adani group, it will not go against their stand for the sake of Opposition unity.
