Mining conglomerate Vedanta on Friday beat Gautam Adani's Group to make a winning bid for the acquisition of debt-ridden Jaiprakash Associates (JAL) for Rs 17,000 crore, according to sources. The bid value translates into Jaiprakash Associates' net present value of Rs 12,505 crore.
The Adani Group is exploring strategies to revive Formula 1 racing at the Buddh International Circuit in Greater Noida, with Karan Adani expressing strong interest in bringing the sport back to India.
Five companies have submitted resolution plans for Jaiprakash Associates Ltd (JAL), the flagship company of the beleaguered Jaypee group, the company has said in a stock exchange filing. The Adani group, Vedanta, Jindal Steel & Power, Dalmia Bharat, and PSP Projects are the final bidders and the offers range from Rs 10,000 crore to Rs 11,000 crore, said a source close to the development.
Mining major Vedanta's consolidated net profit plunged 58.69 per cent year-on-year (Y-o-Y) to Rs 1,798 crore in the second quarter of 2025-26 (Q2FY26), dragged down by exceptional losses booked during the period under review. The company had reported a net exceptional gain of Rs 1,160 crore in Q2FY25.
The Enforcement Directorate has said it seized cash of Rs 1.70 crore and documents related to immovable assets during searches conducted against Jaypee Infratech Ltd (JIL), Jaiprakash Associates Ltd (JAL) and other entities in an alleged homebuyers' fraud case linked money laundering investigation. The raids were carried out at 15 premises in Delhi, Noida, Ghaziabad and Mumbai on May 23 under the Prevention of Money Laundering Act (PMLA).
The recent notification by the Insolvency and Bankruptcy Board of India (IBBI) allowing part-resolution of stressed assets of companies under the insolvency process has sent many resolution professionals (RPs) and committees of creditors (CoCs) back to the drawing board to reassess their strategies for resolving corporate insolvencies.
'About $8.5 billion in free cash, about $3 billion as annual debt refinancing, and $3 billion-4 billion in fresh borrowing. An additional $1.6 billion-1.8 billion will come from development profits in 2025-26.'
As sludge started solidifying inside the Srisailam Left Bank Canal tunnel in Telangana, rescuers are planning to use sniffer dogs to locate those got trapped, District Collector B Santhosh said on Wednesday.
A team of experts involved in rescuing eight people trapped in a partially collapsed tunnel in Telangana have reached the end of the tunnel, but debris is hindering further progress. The rescue operation, described as one of the most complex in the world, continues with experts from the Indian Army, Navy, NDRF, and GSI working tirelessly to find a breakthrough. Despite continuous efforts and oxygen pumping, there has been no contact with the trapped individuals.
South Central Railway has joined the rescue teams that are engaged in locating the eight persons who remain trapped in the partially collapsed SLBC tunnel for the past six days, with necessary equipment, a senior official said on Friday.
Rescue efforts to locate eight people trapped in a collapsed tunnel in Telangana continue, with over 500 rescuers working on a war footing. Despite days of intensive search and rescue operations, no breakthrough has been achieved yet. Authorities have dismissed reports of bodies being found in the debris and are working to clear the debris and access the trapped workers. The tunnel collapse occurred on February 22, trapping eight personnel working on the Srisailam Left Bank Canal (SLBC) tunnel project. Among the trapped are two engineers, two operators, and four laborers.
Telangana Minister Uttam Kumar Reddy on Wednesday said the TBM that is struck inside will be cut into pieces by using gas cutters and removed. After this, the Army, Navy, Rat Miners and NDRF teams will make another serious effort to rescue the eight persons who are missing, without compromising their own safety.
Dalmia Bharat Ltd on Monday announced the acquisition of the cement assets of Jaypee Group's flagship company Jaiprakash Associates Ltd and its associate firms at an enterprise value of Rs 5,666 crore. In a regulatory filing, Dalmia Bharat informed that its wholly-owned subsidiary Dalmia Cement Bharat Limited (DCBL) has entered into a "binding framework agreement for the acquisition of clinker, cement and power plants from Jaiprakash Associates Limited and its associate company." The deal includes a total cement capacity of 9.4 Million tones (MnT) per annum, along with clinker capacity of 6.7 MnT and thermal power plants of 280MW at an enterprise value of Rs 5,666 crore, it added.
Ultratech Cement's acquisition of a 23 per cent stake in Tamil Nadu-based India Cements is another instance of growing consolidation in the cement market in India. The deal will raise Ultratech's share, based on India Cements' revenues in FY24, in the domestic market by 230 basis points if the latter is formally acquired by the former in due course. India Cements' share was up 11.5 per cent on Thursday on market expectations of an open offer.
'Though one cannot paint the entire microcap basket with the same brush, investors need to be careful now as to what they're buying.'
Ambuja Cements' announcement that it would acquire Hyderabad-based Penna Cement Industries could be the Adani Group company's first step for wider inorganic expansion, according to analysts.
Analysts remain selective on cement stocks amid the likely government's capex push ahead of the scheduled general elections in May 2024. While UBS has initiated coverage on the Indian cement sector with an anti-consensus negative view and suggests investors sell select cement stocks on a rally, those at Nomura remain selectively bullish on the sector and prefer companies with large brownfield optionality and multi-region presence. In the near-term, UBS expects strong earnings of cement companies in the next two quarters to be driven by robust demand and margin tailwinds, but suggests any sharp uptick in stock prices could offer a good opportunity for booking profits in the related counters.
Reflecting substantial financial stress, diversified Jaypee Group companies have defaulted on loans and other payments worth Rs 4,460 crore (Rs 44.60 billion).
These together account for 40 per cent of bad loans of around Rs 4 trillion.
Tech Mahindra and United Spirits will replace them in the 50-share index of the National Stock Exchange with effect from March 28.
The biggest losers on the National Stock Exchange's benchmark Nifty 50 index are stocks that have seen the highest turnover over the past 12 months, according a report by Morgan Stanley.
All the sectoral indices, led by oil and gas, metals realty and banking, were trading in the negative zone.
Construction of India's Formula One track would not be affected by the global financial meltdown and it would be ready for its inaugural race in 2011, according to the head of the construction company building it.
Indian corporates have raised around $11.9 billion through overseas borrowing in the first five months of 2007-08, according to the Reserve Bank of India (RBI) data on external commercial borrowings (ECB).
Volatility returned to haunt the Street in the post-lunch session
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.
The project, which is being implemented on build-operate-transfer basis by the concessionaire Jaiprakash Associates Ltd, is expected to be completed by February 2010, before the commencement of the Commonwealth Games. A special purpose vehicle by the name Jaypee Infratech Ltd has been incorporated recently to implement the project by the concessionaire.
The NSE Nifty is at 5,148, up 82 points. The prominent gainers were HDFC Bank, Wipro, HUL, NTPC, Sterlite and Tata Power, up 1-2% each.
The market breadth was fairly positive - out of 2,789 stocks traded, 1,431 advanced, 1292 declined and 66 were unchanged on Tuesday. The NSE Nifty settled with a loss of 53 points at 5,105 points.
Sasan Power Ltd, the special purpose vehicle floated by Power Finance Corporation for the 4,000 MW project, will on Wednesday issue the Letter of Intent to Reliance Power Ltd.
The Sensex opened with a negative gap of 207 points at 9,084.
The NSE Nifty is down 203 points at 3,135. Wipro, TCS and Jaiprakash Associates have crashed around 9% each to Rs 252, Rs 494 and Rs 66, respectively. Tata Motors has tumbled 8.7% to Rs 258. Hindalco, Infosys and Sterlite have plunged around 8% each to Rs 73, Rs 1,225 and Rs 269, respectively.
The S&P BSE Midcap and the S&P BSE Smallcap indices under-performed to lose 0.8% and 1.6%
LCD displays could be produced in India in the near future.
The Sensex opened with a positive gap of 130 points at 16,611. It finally ended with a gain of 258 points at 16,739. The NSE Nifty gained 79 points to close at 5,037. Tata Steel soared 8.6% to Rs 777. Jaiprakash Associates surged 7.3% to Rs 233. Reliance Communications rallied 5.5% to Rs 559. Ranbaxy and Bharti Airtel moved up nearly 4% each to Rs 499 and Rs 854, respectively. HDFC Bank, SBI and ICICI Bank advanced 3.5% each to Rs 1,445, Rs 1,741 and Rs 864, respectively.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
The states will get over Rs l lakh crore.
Combined debt-equity ratio of top companies declines but interest expenses outgrow profits.
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