World News

Tag: Adani Enterprises

  • Adani Enterprises Rs 4,200 Crore QIP: Quant Mutual Fund Picks Nearly Half Of Shares

    Adani Enterprises Rs 4,200 Crore QIP: Quant Mutual Fund Picks Nearly Half Of Shares


    New Delhi: Adani Enterprises Ltd., the flagship company of the Adani Group, has successfully raised Rs 4,200 crore through its Qualified Institutional Placement (QIP), which concluded on Tuesday, October 15. About 47 per cent of the total shares issued through the QIP went to Quant Mutual Fund, specifically through its various schemes. Within this allocation, the largest portion (17.4 per cent) has been assigned to the Quant Smallcap Fund.

    The company allocated 1.41 crore equity shares, with a face value of Rs 1 each, to eligible institutional buyers.

    The issue price for the QIP was set at Rs 2,962 per share, reflecting a 5 per cent discount from the floor price of Rs 3,117.47 per share, according to the company’s exchange filing.

    The discount remained consistent when compared to Tuesday’s closing price of Rs 3,103 per share.

    Post-allotment, Adani Enterprises’ paid-up equity share capital increased from Rs 114 crore to Rs 115.42 crore, with the number of equity shares rising to 115 crore.

    Quant Mutual Fund has repeatedly taken bold bets on Adani Group stocks, including in 2022. 

    In 2022, Quant Mutual Fund’s investment schemes capitalized on the surge in Adani Group’s stock prices, making it the only fund house to take bold bets on the conglomerate.

    Meanwhile, until recently, SEBI was investigating Quant Mutual Fund for suspected front-running, insider trading, and misuse of power.

    On June 21, officials from the market regulator searched the fund house’s headquarters in Mumbai and related locations in Hyderabad.

    (DISCLAIMER: The story originally appeared in zeebiz.com)



    Source link

  • Adani Enterprises Q3 net profit jumps 130% at Rs 1,888.4 crore | India Business News – Times of India

    Adani Enterprises Q3 net profit jumps 130% at Rs 1,888.4 crore | India Business News – Times of India



    AHMEDABAD: Adani Enterprises Limited, the flagship company of ports-to-power conglomerate Adani Group, on Thursday posted a 130% rise in its consolidated net profit during the third quarter of FY 2024. The company’s net profit stood at Rs 1,888.4 crore during the quarter as compared to Rs 820 crore in the year-ago period.
    Adani Enterprises’ shares traded at Rs 3,152.25 a piece on BSE as the markets closed on Thursday.
    AEL posted a 6.5% rise in its revenue from operations during the quarter, which settled at Rs 28,336.4 crore against Rs 26,612.2 crore in the corresponding quarter of FY 2023.
    Adani Enterprises’ incubating businesses, comprising green hydrogen ecosystem, airports and roads contribute 45% to overall EBITDA, the company said.
    “We are pleased with the pace of our advance in establishing a fully integrated manufacturing chain for green hydrogen production,” Gautam Adani, chairman, Adani Group. “This fully integrated approach will provide us a tremendous advantage in end-to-end planning, granting us superior control over the final product and its cost.”





    Source link

  • Adani Green Energy Rally 18% On Securing $1.36 billion In Follow-On Funding – News18

    Adani Green Energy Rally 18% On Securing $1.36 billion In Follow-On Funding – News18


    Last Updated: December 05, 2023, 11:22 IST

    Adani Green Energy shares jump over 18% today. Here’s why

    Adani Green Energy shares jump over 18% today. Here’s why

    Shares of Adani Green Energy Limited (AEGL) surged 18.48 per cent at Rs 1,330.90 apiece. With this, the market capitalisation of the company rose to Rs 2.10 lakh crore. This comes after the company announced that it secured an additional $1.36 billion funding via senior debt facility.

    “The financing will be a key enabler for developing the world’s largest renewable energy park at Khavda in Gujarat”, the company said in an exchange filing on December 5.

    In the last month, Adani Green Energy stock has gained nearly 27 per cent.

    The company highlighted that eight international banks were part of the financing, which will be a “key enabler for developing the world’s largest renewable energy park at Khavda in Gujarat”.

    The consortium of lenders includes BNP Paribas, Co¶peratieve Rabobank U.A., DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.

    Amit Singh, CEO, Adani Green Energy Ltd, said, “We believe, Construction Financing Framework is an essential element of our development agenda and supports our unwavering commitment to build a sustainable future. The funding not only validates our expertise as a developer and operator of strategically vital renewable energy projects but also demonstrates the trust by our financiers in our strategic vision.”

    “We are committed to deliver the low-cost green electrons by leveraging technology, accelerating digital transformation, and continued focus on development and operational excellence. We are committed to expand our renewable power capacity to 45 GW by 2030 underscoring our dedication to mitigate climate change risks,” he added.

    In other news, shares of Adani Group stocks rallied sharply higher on Tuesday after the Bloomberg reported US agency concluded accusations against the Guatam Adani-led conglomerate weren’t relevant. The news by the news agency citing US officials pushed the Adani stocks upwards.

    According to the report by Bloomberg, a senior US official stated that the US government deemed Hindenburg Research’s accusations of corporate fraud against Indian billionaire Gautam Adani irrelevant. This decision was made before approving an extension of up to $553 million for his conglomerate’s container terminal project in Sri Lanka.

    The focus of the International Development Finance Corp (DFC) during its due diligence investigation of the Adani Group was on the damning accusations outlined in a critical report by US-based Hindenburg Research.

    Following the update, shares of Adani Enterprises Ltd surged more than 6 per cent to Rs 2681.75 on Tuesday. The flagship firm of Adani Group’s total market capitalization topped Rs 3 lakh crore mark once again. The stock has surged about 160 per cent from its 52-week lows.

    Adani Ports and Special Economic Zone Ltd surged more than 5 per cent to hit new 52-week highs at Rs 924.80 on Monday. The Nifty50 constituent commanded a total market capitalization of more than Rs 2 lakh crore early in the session. The stock has gained 135 per cent from its 52-week lows.

    Adani Energy Solutions Ltd and Adani Power Ltd gained 4 per cent each to Rs 938.10 and Rs 484.05 with a total market valuation close to Rs 1.05 lakh crore and Rs 1.85 lakh crore, respectively. Adani Wilmar rose more than 3 per cent to Rs 357 in the early session on Tuesday, with a total mcap of Rs 47,500 crore.

    Among the acquired entities, Ambuja Cements was up by more than 5 per cent to Rs 499.95, while another cement player from the Adani pack was up 3 per cent to Rs 2088.50 early in the day. The combined mcap of these companies stood at Rs 1.4 lakh crore.

    aparna 2023 11 979f2907c6165cf4d4e3836c347fb133
    Aparna Deb

    Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious abo…Read More



    Source link

  • Adani Green, Adani Enterprises, Adani Power: Adani Group Stocks Rise Up To 15%; Know Why – News18

    Adani Green, Adani Enterprises, Adani Power: Adani Group Stocks Rise Up To 15%; Know Why – News18


    Last Updated: December 04, 2023, 13:18 IST

    Adani Green, Adani Enterprises, Adani Power Rally up to 15%

    Adani Group company shares rallied up to 15 per cent on the BSE in Monday’s intraday trade amid a firm market momentum

    Adani Group company shares rallied up to 15 per cent on the BSE in Monday’s intraday trade amid a firm market momentum after a clean sweep by the Bharatiya Janata Party (BJP) in three Assembly elections.

    However, except Adani Power and Adani Port, the rest of the Adani Group stocks have underperformed the market in calendar year 2023 as an unsubstantiated report by the US-based short seller Hindenburg Research resulted in the group’s stock crashing in January.

    Following the assembly elections results in Chhattisgarh, Madhya Pradesh, and Rajasthan, the Adani group flagship Adani Enterprises hit a 10 per cent upper circuit, while Adani Energy Solutions rose 14 per cent. Adani Power and Adani Green Energy surged over 12 per cent. Adani Total Gas, Adani Ports, and Adani Wilmar advanced 5-8 per cent.

    “These results, branded as a semi-final to the forthcoming May’24 Loksabha elections, will provide comfort to the markets as far as political stability is concerned. The incumbent BJP’s performance in avoiding anti-incumbency and retaining a big state like MP (5th consecutive term) while managing to regain Rajasthan and Chhattisgarh should provide them with a good tailwind for the 2024 general elections,” said Motilal Oswal.

    “While state elections have shown no correlation with Loksabha elections in the past (BJP had lost these three states in Dec’18 but won the 2019 Loksabha elections with a better majority than 2014), it nonetheless removes a key overhang of political uncertainty for the markets for the next five months,” it said.

    Stocks have been rising since last week following the Supreme Court’s conclusion of hearings in a lawsuit where market regulator SEBI is investigating extensive allegations of corporate wrongdoing against the conglomerate, analysts added.

    Gautam Adani now ranks 20th on the Bloomberg Billionaires Index with a $65.8 billion fortune. A stock rally in firms owned by Gautam Adani added $5.6 billion to his net worth last week, according to Bloomberg.

    Adani Group saw a wealth surge of over Rs 1.76 lakh crore in last one week.

    The Supreme Court last week reserved judgment on PILs seeking a court-monitored probe into allegations by Hindenburg Research against the Adani group for stock market violations. The Court questioned SEBI on safeguarding investors from market fluctuations. Allegations of inflated share prices caused a significant drop in Adani companies’ value, prompting petitions. The Court’s intervention stemmed from the stock market’s extreme volatility during the hearings.

    Despite the pending court verdict and ongoing regulatory probe posing uncertainty for the conglomerate, investors remain optimistic about the Adani Group’s future after the recent earnings.

    Listed Adani group companies saw a substantial year-on-year (Y-o-Y) increase in net profit during the first half of 2023-24 (H1FY24), more than doubling to Rs 24,494 crore despite a decline in revenue. These ten firms reported a 92 per cent surge in net profit, while their net sales dropped by 14.4 per cent to Rs 1.50 trillion in H1FY24 as per ACE Equities data. Additionally, the total debt by September 2023 marginally decreased by 1.2 per cent to Rs 2.18 lakh crore compared to FY23’s Rs 2.21 lakh crore.

    Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

    aparna 2023 11 979f2907c6165cf4d4e3836c347fb133
    Aparna Deb

    Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious abo…Read More



    Source link

  • Adani Power, Adani Enterprises, Adani Ports: Adani Group Stocks Rise Up To 20%; Know Why – News18

    Adani Power, Adani Enterprises, Adani Ports: Adani Group Stocks Rise Up To 20%; Know Why – News18


    Last Updated: November 28, 2023, 13:35 IST

    Adani group stocks surged during morning deals following the Indian Supreme Court’s observation that it had no reason to “discredit” market regulator Securities and Exchange Board of India’s (Sebi) probe against the group. The apex court reserved its order on a batch of petitions concerning the Adani-Hindenburg row after the conclusion of the hearing on Friday.

    The top gainer in the pack was Adani Total Gas which was up nearly 20 per cent in the early trade and was followed by Adani Energy Solutions which had shot up 13 per cent. Nifty stocks Adani Enterprises and Adani Ports and Special Economic Zones were also up 4 per cent and 3 per cent, respectively around this time.

    The verdict in the Adani-Hindenburg case have been reserved by a bench led by Chief Justice of India DY Chandrachud. The apex court observed that capital market regulator SEBI must complete probe in all 24 case.

    The market regulator on August 25, had submitted a crucial status report on its investigations into the allegations of stock price manipulation by the Adani Group to the Supreme Court. The report said that SEBI has completed its investigation in 22 out of the 24 cases.

    What the Supreme Court Bench said –

    • SEBI must complete the probe in all 24 cases.
    • We don’t have to treat the Hindenburg report as being a statement of truth. There is no means of testing the varacity of the Hindenburg report and hence asked SEBI to probe.
    • There has to be some responsibility in making allegations. This was in regards to petitioners telling the court that Somsekhar Sundaresan, recently elevated as additional judge of the Bombay High Court, was counsel for the Adani Group. The court further said that by this logic, no lawyer can become a judge
    • We didn’t appoint judges but industry veterans to bring expertise in addressing the issue.
    • Can SEBI be asked to disclose findings even before it can initiate proceedings under the law? How can we pre-judge SEBI findings?
    • Can’t ask SEBI to take a story in the newspaper, even if in Financial Times, as the gospel truth.
    Aparna Deb

    Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious abo…Read More



    Source link

  • Adani Enterprises’ Pre-Tax Earnings Rise By 43% To Rs 5,874 Crore

    Adani Enterprises’ Pre-Tax Earnings Rise By 43% To Rs 5,874 Crore


    Adani Enterprises’ latest results showcased the emergence of key incubating businesses.

    New Delhi:

    Adani Group’s flagship firm Adani Enterprises on Thursday reported its earnings before interest, taxes, depreciation, and amortization (EBIDTA) increased by 43 per cent to Rs 5,874 crores during the April-September quarter of 2023-24.

    The company’s cash accruals increased by 48 per cent to Rs 2,733 crore during the first half of the current fiscal.

    The company has made significant progress in its strong incubation pipeline during the first half of the fiscal year 2023-24.

    “We are fundamentally reshaping the essence of incubation scale and velocity,” said Gautam Adani, chairman of the Adani Group.

    The company’s latest results showcased the emergence of key incubating businesses, including green hydrogen integrated manufacturing ecosystems, airports and roads, which collectively contributed 48 per cent of the overall EBITDA.

    “Adani Enterprises covers sectors that span energy, utility, transport, D2C, and primary industries. With many ventures now market-ready and thriving, our H1 FY23-24 results have been boosted by the core infra incubating businesses, thereby being a strong testament to our incubating ventures,” Mr Adani said.

    (Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)



    Source link

  • Adani Ports, Adani Enterprises’ Promoters Raise Stake

    Adani Ports, Adani Enterprises’ Promoters Raise Stake


    New Delhi:

    The promoters of Adani Ports & SEZ have acquired an additional 2.17 per cent stake in the company, according to exchange filings.

    With this, the promoters have raised their stake to 65.23 per cent from 63.06 per cent.

    The promoters of Adani Enterprises acquired an additional 2.06 per cent stake in the company. With this, the promoters’ stake has been raised to 71.93 per cent from 69.87 per cent.

    (Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)



    Source link

  • Adani Enterprises Q1 Profit After Tax Grows 44% To Rs 677 Crore

    Adani Enterprises Q1 Profit After Tax Grows 44% To Rs 677 Crore


    Adani Enterprises Limited (AEL) is the flagship company of Adani Group.

    New Delhi:

    Adani Enterprises today posted 44.41 per cent jump in consolidated profit after tax (PAT) at Rs 676.93 crore for June quarter 2023-24 on account of reduced expenses.

    It had reported Rs 468.74 crore PAT for the same period a year ago, the company said in a BSE filing.

    Total income however fell to Rs 25,809.94 crore from Rs 41,066.43 crore in the year-ago quarter.

    Expenses also reduced to Rs 24,731.42 crore from Rs 40,433.96 crore a year ago.

    “These results are a validation of our group’s robust operational and financial achievements. These outcomes, led by our incubating business of Adani Airports, Adani New Industries, Data Center and Adani Roads, not only underscore our history of creating and nurturing new and vital infrastructure businesses but also emphasise the future value and growth potential of the diverse Adani portfolio,” Gautam Adani, Chairman of Adani Group, said in a separate statement.

    The group’s expertise in executing large-scale projects, like Kutch Copper, Navi Mumbai Airport, the certification of India’s first 5 MW onshore wind turbine, coupled with world-class O&M (operation and maintenance) capabilities are fundamental drivers that continue to accelerate the group’s infrastructure journey, he said.

    Adani Enterprises Limited (AEL) is the flagship company of Adani Group.

    Sharing business updates, AEL said AdaniConnex Pvt Ltd (ACX – Data Center) has completed 74 per cent work of the Chennai Phase-II data centre project, 51 per cent work of the data centre in Noida and 46 per cent work of the data centre in Hyderabad.

    During the quarter, Adani Airports handled 21.3 million passengers , up 27 per cent over April-June FY23.

    Module sales by Adani New Industries Ecosystem increased by 87 per cent to 614 megawatt (MW). The company’s operational capacity was 4 GW (gigawatt).

    The company also made its Nacelle wind turbine facility operational and the blade manufacturing facility ready for commercial production. It also secured financial closure of Rs 900 crore for ingot and wafer manufacturing.
     

    (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

    (Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

    Featured Video Of The Day

    Sensex Breaks 3-Day Losing Streak



    Source link

  • Reliance To Invest $122 Mln In Brookfield JV For Data Center Projects In India

    Reliance To Invest $122 Mln In Brookfield JV For Data Center Projects In India



    The JV is currently building data centres in Chennai and Mumbai. The Mukesh Ambani-owned company has committed to invest the remaining 6.22 billion rupees in equity and debt securities of the JV’s units, when needed.



    Source link

  • Flipkart: Adani buys 30% in Trainman for Rs 3.5cr – Times of India

    Flipkart: Adani buys 30% in Trainman for Rs 3.5cr – Times of India



    NEW DELHI: Adani Enterprises, the flagship firm of billionaire Gautam Adani’s group, has bought a close to 30 per cent stake in Start Enterprises Pvt Ltd, which owns the online train ticket booking platform Trainman.
    Adani Enterprises last month announced that it has signed a pact to acquire 100 per cent of SEPL.
    In a stock exchange filing on Saturday, Adani Enterprises said Adani Digital Labs Pvt Ltd, a wholly-owned subsidiary of the company, has bought a 29.81 per cent stake in SEPL for Rs 3.56 crore.
    SEPL had a turnover of Rs 4.51 crore in 2022-23 (April 2022 to March 2023) fiscal year.
    While last month, Adani Enterprises had described SEPL as “an online train booking and information platform,” on Saturday it described the firm as one into “e-commerce and website development.”
    The announcement last month had led to a mini-controversy with Congress general secretary Jairam Ramesh seeking to suggest that Adani’s takeover of Trainman may eventually result in the takeover of IRCTC – the Indian Railways’ ticketing and other services arm.
    IRCTC had issued a statement to deny the allegation. Explaining the e-ticketing business segment, IRCTC had said that around 14.5 lakh reserved tickets are booked on a daily basis in Indian Railways. Out of these almost 81 per cent are e-tickets and booked through IRCTC itself. Hence, there is no competition between IRCTC and its agents, including Trainman.
    Trainman, being a B2C partner of IRCTC contributes 0.13 per cent of total reserved ticketing, it had said adding since these firms are integrated with IRCTC, overall, they help the customers in a smooth ticketing process.
    Founded in 2011 by Vineet Chirania and Karan Kumar, Trainman is an Indian travel booking app that enables passengers to check the PNR (Passenger Name Record) status, predicts the possibility of getting a confirmed seat in case of a wait-list, and also provides real-time updates on seat availability, running status, time table, coach position, fare calculator, etc.
    Trainman is Adani group’s second investment in the travel booking and information segment. In October 2021, Adani Enterprises bought a minority stake in Flipkart‘s Cleartrip Pvt Ltd, an online travel aggregator.





    Source link