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  • Adani Bonds, Shares In Red On News Of US Govt Widening Probe – News18

    Adani Bonds, Shares In Red On News Of US Govt Widening Probe – News18


    Last Updated: March 18, 2024, 13:45 IST

    Adani Green was trading with deep cuts in morning trade

    Adani Shares Today: Earlier in the morning, the stocks had dropped up to 8% before paring some of those losses.

    Shares of all 10 Adani group companies traded lower on March 18 after Bloomberg reported that the US government had widened its investigation of the conglomerate over suspicions of bribery.

    A note from unit Adani Ports & Special Economic Zone Ltd. due in 2041 slid 2.4 cents, the most since August, to 79.1 cents. Another bond from subsidiary Adani Renewable Energy RJ Ltd. due 2039 fell 2.3 cents to 83 cents, the worst drop since February 2023. That pares gains in recent months that sent the securities to their highest levels since 2022, Bloomberg said.

    On Dalal Street, shares of Adani Total Gas were the biggest loser as it was trading 4% lower at noon. Stocks of Adani Transmission, Adani Ports, Ambuja Cements, ACC, Adani Green and Adani Enterprises were trading 2-3% lower.

    Earlier in the morning, the stocks had dropped up to 8% before paring some of those losses.

    On March 15, Bloomberg had reported that the US government was looking into the conduct of founder and Chairman Gautam Adani, and whether Adani entities or affiliates of the company were involved in bribing Indian officials for preferential treatment on energy projects.

    The US Attorney’s office for the Eastern District of New York and the Department of Justice’s fraud unit were handling the investigation. Adani said it was not aware of any investigation against the firm or its founder.

    The Bloomberg report comes in a year after short-seller Hindenburg Research accused Adani of fraud and market manipulation. The conglomerate had denied the allegations and was also cleared by the Securities and Exchange Board of India.

    Last year, Adani Group stocks crashed after short-seller Hindenburg Research accused the conglomerate of manipulating its stock price and accounting fraud. The group vigorously denied the allegations and its shares have since recovered.

    Even as more than a year has passed since the release of the Hindenburg report, most shares of the conglomerate are yet to recover from the shadow of the short-seller’s agenda.

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    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



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  • 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.

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    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



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  • ‘Total in talks to invest in Adani Green’s projects’ – Times of India

    ‘Total in talks to invest in Adani Green’s projects’ – Times of India



    TotalEnergies SE is in talks to invest in renewable energy projects developed by Adani Green Energy Ltd, people familiar with the matter said, potentially marking the first public deal between the French oil giant and Gautam Adani since a short-seller leveled fraud allegations against the Indian billionaire’s business empire.
    Total is looking to buy stakes in some of Adani Green’s projects as part of its drive to expand its portfolio of clean energy projects, said the people, who asked not to be identified as the discussions are private. The French group could invest about $700 million in total into the projects, one of the people said.
    Shares of Adani Green rose as much as 2.9% in Mumbai on Friday, touching the highest level in more than a week.
    Deliberations are ongoing and there’s no certainty for a transaction, the people said. Representatives for Adani and Total declined to comment.
    The deal would increase Total’s presence in the fast-growing Indian energy market, while giving Adani Green more means to develop new renewable energy projects. It would also see Total deepen its ties with Adani Green, which it’s already the second largest shareholder of with a 19.75% stake, according to data compiled by Bloomberg.
    Close partnership
    Total has frequently partnered with Adani as the French giant looks to boost its clean-energy output, in an effort to mollify shareholders demanding greater efforts to fight climate change. That aspiration dovetails with India’s ambitions to become a net-zero carbon nation by 2070 and curb its reliance on oil and coal.
    In 2019, Total spent $600 million to buy a 37.4% stake in Adani Gas Ltd, now called Adani Total Gas. In 2021, it bought a 20% stake in Adani Green as well as a 50% interest in some of Adani Green’s solar farms in operation in a $2.5 billion deal that was among the largest foreign investments in India.
    The bet on Adani Green worked well for Total as its value soared to $10 billion in 2022 when Chief Executive Officer Patrick Pouyanne described the stake as “a source of potential cash.” The duo were looking to partner up and fund billions of dollars worth of green hydrogen development in India.
    However, when Hindenburg Research accused the Adani Group of “brazen” market manipulation and accounting fraud earlier this year, Total put a plan to develop about $5 billion of green hydrogen projects with Adani Enterprises Ltd. on hold. The Adani Group strongly denied the allegations by the short-seller.
    Adani’s stocks and bonds have recouped some losses since the short-seller report, particularly after the group received investment from GQG Partners, and an interim report from an Indian Supreme Court-appointed panel in May said it found no evidence of stock-price manipulation. Adani Enterprises, which incubates the tycoon’s businesses, in the quarter through March reported that its profit doubled to 7.22 billion rupees ($87 million).
    Adani Green said in July that it plans to raise 123 billion rupees to bankroll expansion through selling shares to institutional investors.





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  • Stocks to Watch: IndiGo, ITC, Infosys, HCL Tech, Adani Green, ONGC, Zee, and Others – News18

    Stocks to Watch: IndiGo, ITC, Infosys, HCL Tech, Adani Green, ONGC, Zee, and Others – News18


    Stocks to watch on August 16: Nifty futures traded 94 points, or 0.48 per cent, lower at 19,380, signaling that Dalal Street was headed for a negative start on Wednesday. Here’s a slew of stocks that will be in focus today for various reasons.

    SBFC Finance: The grey market premium indicates a likely bullish debut for the stock, with gains up to 50 per cent over the issue price of Rs 57 per share. The Rs 1,025 crore IPO had received a strong response, and was subscribed more than 74 times during the offer period.

    IndiGo: Co-founder’s Rakesh Gangwal and wife Shobha Gangwal are likely to sell up to 4 per cent stake in the company worth Rs 3,730 crore in block deals on Wednesday. As per the term sheet, the offer floor price is set at Rs 2,400 per share.

    ITC: The company reported a 16.29 per cent YoY rise in Q1 consolidated net profit for the quarter ended June 2023 at Rs 5,104. 93 crore when compared with Rs 4,389.76 crore in the corresponding quarter a year ago. Consolidated revenue from operations, however, declined 6 per cent to Rs 18,639.48 crore.

    Infosys: The IT major has signed a multi-year deal with Liberty Global, a London-based converged video, broadband and communications firm. As part of the expanded collaboration agreement, Infosys will provide services to Liberty Global estimated at $1.64 billion over the initial 5-year term and at $2.5 billion if the contract is extended to eight years.

    HCL Technologies: The company said it won a new deal to improve and support Cricket Australia’s digital platform with automation and artificial intelligence (AI). The firm will implement automation, analytics, and develop tools to ensure that the Cricket Australia Live and PlayCricket apps maintain their popularity among fans. Financial details of the deal were not disclosed.

    Adani Green Energy: Gautam Adani’s renewable energy company is targeting to set up 45 gigawatts (GW) of renewable energy capacity by 2030, as it looks to cut emissions and help India meet its carbon neutrality target. The company has 8.3 GW of operational renewable energy capacity and another 12.12 GW either nearing construction or under execution, sources said.

    Mahindra & Mahindra (M&M): The company’s tractor division, Mahindra Tractors on Tuesday launched the Mahindra OJA tractor range. This new tractors were priced at Rs 5.64 lakh for OJA 2127 and Rs 7.35 lakh for OJA 3140 in Pune.

    Vodafone Idea (VIL): The telecom company’s Q1 net loss widened to Rs 7,837 crore for the June quarter as against a net loss of Rs 7293.3 crore. Total income, however, was up 1.9 per cent YoY at Rs 10,610.4 crore.

    ONGC, Oil India: The government hiked special additional excise duty on crude petroleum to Rs 7,100 per tonne with effect from August 15.

    Zee Entertainment: Sebi said it will complete the investigation in the alleged fund diversion matter within eight months. And till such time, it has barred promoters Subhash Chandra and Punit Goenka from holding a directorship or key managerial positions in any of the merged or demerged company as well.

    SpiceJet: Akasa Air widened its gap with SpiceJet in July in terms of domestic passengers flown per month. The new airline carried 618,000 domestic passengers in June and 624,000 in July. In contrast, SpiceJet transported 555,000 and 504,000 passengers in June and July, respectively.

    Ashok Leyland: The Hinduja Group company’s board approved the complete acquisition of Ohm Global Mobility Private (OHM) from OHM International Mobility for a nominal consideration of Rs 1 lakh. Ashok Leyland said it will invest up to Rs 300 crore as equity in OHM for operationalising the company.

    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 Deb

    Aparna Deb is a Subeditor and writes for the business vertical of News18.com. Among other things, financial market, economy and policies interest her …Read More



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  • Stocks to Watch: Adani Green, Coal India, HDFC Bank, PB Fintech, Adani Ports, and Others – News18

    Stocks to Watch: Adani Green, Coal India, HDFC Bank, PB Fintech, Adani Ports, and Others – News18


    Stocks to watch out for on August 8

    Stocks to watch: Shares of firms like Adani Green, Coal India, HDFC Bank, PB Fintech, Adani Ports, and others will be in focus on Tuesday’s trade.

    Stocks to Watch on August 08: Nifty futures traded 17 points, or 0.09 per cent, lower at 19,664.50, signaling that Dalal Street was headed for a flat start on Tuesday. Here’s a slew of stocks that will be in focus today for various reasons.

    Earnings Watch: Adani Ports, Chambal Fertilisers, Coal India, Dhampur Sugar, Dish Tv, EIH, GSFC, Gujarat Alkalies, Happiest Minds, Hester Biosciences, Hikal, Hindalco, IdeaForge Technology, IRCON, ITDC, Jet Airways, Jain Irrigation, Midhani, National Fertilizers, Oil India, Phoenix Mills, Religare Enterprises, Star Cement, Subex, Suven Life, Talbros Automotive, Tilaknagar Industries and Utkarsh SFB are some of the prominent companies scheduled to announce June quarter earnings today.

    PSU Banks: Shares of state-run banks are likely to be in focus after the aggregate net profit more than doubled to Rs 34,418 crore in Q1 owing to treasury gains and healthy growth in net interest income (NII), backed by strong credit offtake.

    Max Healthcare: The company’s Q1FY24 net profit jumped 27 per cent to Rs 291 crore as against Rs 229 crore in Q1FY23. Total income increased by 17 per cent year-on-year (YoY) to Rs 1,629 crore.

    Bharti Airtel: The company has launched Airtel Xstream AirFiber, India’s first 5G wireless Wi-Fi service designed to provide internet to areas without fibre-based internet connections. The initial roll-out is in New Delhi and Mumbai.

    Adani Green: The West Asian-based sovereign investment fund, Qatar Investment Authority, acquired a 2.7 per cent stake in Adani Green Energy for Rs 3,920 crore via block deals on Monday. Banking sources state that the proceeds will be used by the group to reduce its debt.

    This investment comes hot on the heels of reports that the same fund is considering the acquisition of a 1 per cent stake in Reliance Retail Venture.

    Reliance Industries (RIL): According to its annual report, the company has reset its battery pack production timeline, shifting it from 2023 earlier to 2024.

    Tata Chemicals: The company’s Q1FY24 net profit dipped 8 per cent to Rs 587 crore as against Rs 637 crore in Q1FY23. Total income, however, was up 6 per cent YoY at Rs 4,218 crore.

    Godrej Consumer Products: The company’s Q1FY24 net profit declined 8 per cent to Rs 318.82 crore as against Rs 345.12 crore in Q1FY23. Total income grew by 10 per cent YoY to Rs 3,448.90 crore.

    BEML: The company has secured a contract worth Rs 3,177 crore from Bangalore Metro Rail Corporation for supply of rolling stock 5RS-DM.

    RailTel Corporation of India: The company has won work order for monetization of network infrastructure services on revenue sharing model for a period of 10 years amount to Rs 700 crore from Pimpri Chinchwad Smart City.

    Disclaimer:Network18 and TV18 – the companies that operate news18.com – are controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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    Aparna Deb

    Aparna Deb is a Subeditor and writes for the business vertical of News18.com. Among other things, financial market, economy and policies interest her …Read More



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  • Adani Green Crashes 12% After Nearly 3% Equity Change Hands Via Block Deal; Details – News18

    Adani Green Crashes 12% After Nearly 3% Equity Change Hands Via Block Deal; Details – News18


    Last Updated: August 07, 2023, 14:42 IST

    Adani Green Share Price: Shares of Adani Green Energy (AGEL) tanked 12 per cent to Rs 886.25 on the BSE in Monday’s intra-day trade after over 40 million equity shares of the power generation company changed hands via a block deal.

    Meanwhile, the stock was trading lower for the fifth straight day, falling 19 per cent in one week. In comparison, the S&P BSE Sensex was down 1.2 per cent during the period.

    At today’s low price, the scrip traded 101.72 per cent higher from its 52-week low of Rs 439.35, hit on February 28, 2023. Although, it has lost 65.57 per cent from its one-year high price of Rs 2,574.05, a level seen on August 23 last year.

    At 09:15 am; around 44.24 million shares representing 2.8 per cent of total equity of AGEL changed hands on the BSE, the exchange data shows. The names of the buyers and sellers were not ascertained immediately.

    AGEL, a part of India-based Adani Group, has one of the largest global renewable portfolios with overall locked-in portfolio of 20.4 GW including operating, under construction and awarded projects catering to investment-grade counterparties.

    The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. Key customers of AGEL include Solar Energy Corporation of India (SECI), National Thermal Power Corporation (NTPC) and various State Discoms.

    The company last week declared its first quarter results for the financial year 2023-24 (Q1 FY24). The Adani Group firm reported a 50.93 per cent year-on-year (YoY) jump in net profit at Rs 323 crore for the June quarter compared with Rs 214 crore in the corresponding quarter last year. Adani Green Energy said its revenue from operations jumped 55.04 per cent YoY to Rs 2,059 crore for the quarter against Rs 1,328 crore in the year-ago quarter.

    Adani Green Energy said it continues to have the largest operating renewable energy portfolio in the country, with an operational capacity of 8,316 mw. The sale of energy, Adani Green Energy said, increased 70 per cent YoY to 6,023 million units in the June quarter, primarily backed by strong capacity addition.

    The scrip has an average target price of Rs 402, Trendlyne data showed, suggesting a potential downside of just 57 per cent. It has a one-year beta of 1.16, indicating high volatility.

    All Adani stocks have witnessed major fluctuations after the Hindenburg setback. In January 2023, US-based Hindenburg Research released a report alleging stock manipulation and accounting fraud by the Gautam Adani-led conglomerate. Adani, however, denied all the claims.

    Indian market regulator Sebi in May had “drawn a blank” in investigations into suspected violations in overseas investments in the Adani Group. In addition, a Supreme Court-appointed panel said its ongoing pursuit of the case could be a “journey without a destination”.

    Aparna Deb

    Aparna Deb is a Subeditor and writes for the business vertical of News18.com. Among other things, financial market, economy and policies interest her …Read More



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  • Adani: Adani raises $1.4 billion from stake sale in 3 companies; $9 billion raised in 4 years – Times of India

    Adani: Adani raises $1.4 billion from stake sale in 3 companies; $9 billion raised in 4 years – Times of India



    NEW DELHI: Billionaire Gautam Adani has raised $1.38 billion (Rs 11,330 crore) through stake sale in three group companies, taking the total capital raised over four years to $9 billion as the conglomerate draws interest from a cross-section of investors.
    In a statement, the ports-to-energy conglomerate said it “is committed to raising capital to fulfill its 10-year roadmap of the transformative capital management program, which was formulated in 2016 to execute the plans for various portfolio companies.”
    “In the most recent instance, Adani family has raised $1.38 billion (Rs 11,330 crore) through stake sale in the three portfolio companies – Adani Enterprises Ltd, Adani Green Energy Ltd and Adani Transmission Ltd,” it said.
    “This ensures higher capital availability at the group level, for growth as well as near-term commitments of both debt and equity for the portfolio companies over the next 12-18 months.”
    In addition, the three portfolio companies have also received board approval for primary issuances through a share sale to investors as the group continues to build on a comeback strategy to emerge from allegations of fraud levelled by a US short-seller.
    Adani Enterprises Ltd, the group’s flagship firm, plans to raise Rs 12,500 crore through share sale to investors while electricity transmission company Adani Transmission another Rs 8,500 crore. Its renewable energy firm plans to raise Rs 12,300 crore.
    This comes five months after Adani Enterprises was forced to abort a Rs 20,000 crore follow-on public offering (FPO) in the wake of the Hindenburg report.
    The offer was fully subscribed but the company returned the money to subscribers.
    US short-seller Hindenburg Research in January released a damning report alleging accounting fraud and stock price manipulation at Adani Group, triggering a stock market rout that had erased about $145 billion in the conglomerate’s market value at its lowest point.
    Adani Group has denied all allegations by Hindenburg and is plotting a comeback strategy that includes recasting its ambitions, scrapping acquisitions, pre-paying debt to address concerns about its cash flows and borrowings, and scaling back its pace of spending on new projects.
    Promoters in two tranches have sold shares since May to leading US-based global equity investment boutique GQG Partners. The latest was earlier this month where $1.38 billion was raised.
    “A similar stake-sale by the family in March 2023 aggregating to $1.87 billion (Rs 15,446 crore), resulted in full prepayment of margin-linked, share-backed financing and created flexibility in a rising rate environment to equitize debt capital as and when due,” the statement said.
    The group has been trying to win back market confidence with a series of investor roadshows, early debt repayments, and plans to scale back its pace of spending on new projects.
    “Adani Group, which started the capital transformation journey for its core infrastructure portfolio in 2019, has raised over USD 9 billion in a short span of four years,” it said.
    “The programme paved the way for long-only global investors to participate in the world’s largest and fastest-growing infrastructure development where Adani portfolio offers a one-stop play through its portfolio companies spread across the infrastructure spectrum from energy and utility to transport and logistics.”
    It has attracted investments across various listed entities – Adani Ports and Special Economic Zone Limited (APSEZ), Adani Green Energy Limited (AGEL), Adani Transmission Limited (ATL), Adani Total Gas Limited (ATGL) and Adani Enterprises Limited (AEL).
    “In line with the group’s capital management philosophy of enabling participation of strategic long term investors, Adani has attracted large-scale investments from the likes of Qatar Investment Authority (QIA), TotalEnergies (TTE) , International Holding Company (IHC), as well as GQG Partners (GQG) along with its co-investors Australia Super, Goldman Sachs, University of Texas, Delaware Public Employees Retirement System, Master Trust Bank of Japan, Missouri Education Pension Trust, Abu Dhabi Investment Authority, Universal Investment Luxembourg, New York State Common Retirement Fund and Employees Retirement System of Texas,” it said.
    QIA invested $452 million in ATL in February 2020 while TTE invested $3.3 billion in a joint venture with APSEZ, ATGL and AGEL in April 2019. IHC invested $2 billion AEL, ATL and AGEL in May last year and GQG invested $3.19 billion in AEL, ATL, AGEL and APSEZ this year.
    “The faith and confidence shown by these large global investors are proof of the underlying strength of the group’s businesses and the Adani Group’s commitment to the highest level of governance. Moreover, the success of the investment program also demonstrates the group’s ability to raise funds across companies at each stage and achieve the stated goals,” the statement said.
    AEL is among the world’s largest business incubators, with focus on building infrastructure businesses. Its strategic priorities include the airport and green hydrogen business. Green Hydrogen will enable decarbonization of industrial and mobility sectors, and support India’s push towards self-sufficiency in primary energy.
    AGEL is the largest and the fastest-growing renewable power company in India with an operational portfolio of 8.1 GW. It envisions commissioning 45 GW of renewable energy capacity by 2030, while being the lowest cost generator of renewable power.
    ATL is the largest private energy solutions player in India with presence in power transmission and distribution and an increasing focus on smart metering. Smart meters will enable electricity distribution companies to efficiently integrate and plan renewable energy into power grids and are essential tools for the decarbonization of the energy sector.





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  • Stocks to Watch: L&T, Dr Reddy’s, Adani Ent, HDFC Bank, Vodafone Idea, and Others

    Stocks to Watch: L&T, Dr Reddy’s, Adani Ent, HDFC Bank, Vodafone Idea, and Others


    The Nifty futures contract traded on the Singapore Exchange indicates a positive start to domestic equities. The contract was trading at 18,405, up 46.5 points or 0.25% from the previous close.

    L&T: Engineering behemoth Larsen & Toubro reported a 10% year-on-year (YoY) growth in consolidated net profit for the March quarter to Rs 3,987 crore. Consolidated revenue from operations rose 10.4% YoY to Rs 58,335.15 crore.

    Adani Enterprises/Adani Green: Adani Enterprises announced that the company’s board will hold a meeting on May 13 to approve the proposal of raising funds. This comes months after the company withdrew its ₹20,000-crore follow-on public offer (FPO) in February amid the Hindenburg row which wiped out more than $140 billion of the port-to-power conglomerate’s market value. The group’s renewable-energy arm Adani Green Energy also announced that it will look to raise funds after approval of the proposal in its board meeting to be held on May 13, Saturday.

    Dr Reddy’s Laboratories: Pharma giant, Dr Reddy’s Lab posted a consolidated net profit of ₹959 crore for the fourth quarter of FY23, rising by multi-fold on a year-on-year basis. Revenue also picked up traction YoY. However, the Q4FY23 performance was feeble on a quarter-on-quarter basis across key parameters. The company has declared a hefty dividend of 800% for shareholders. The drug maker saw strong growth in Q4FY23 PAT by 10 folds or 996% from a profit of ₹87.5 crore in Q4FY22, while revenue jumped by 16% to ₹6,296.8 crore as compared to ₹5,436.8 crore in the corresponding period of last fiscal.

    HDFC Bank: HDFC Bank on Wednesday said markets regulator Securities and Exchange Board of India (Sebi) has granted its final approval for the proposed change in control of HDFC AMC. Market regulator Sebi through its letter dated May 10, 2023, to HDFC Asset Management Company Limited, a subsidiary of HDFC Ltd and the investment manager of HDFC AMC AIF II, has granted its final approval for the proposed change in control of HDFC AMC, the private sector lender said in a stock exchange filing.

    Godrej Consumer Products: FMCG major Godrej Consumer Products Ltd (GCPL) on Wednesday said the company has decided to raise Rs 5,000 crore through the issuance of non-convertible debentures (NCDs). The company plans to raise the funds through the issuance of unsecured non-convertible debentures (NCDs) will be on a private placement basis in one or more tranches. Last month, GCPL announced the acquisition of the FMCG business of Singhania-controlled Raymond along with brands Park Avenue, Kamasutra, and Premium for Rs 2,825 crore.

    Hindalco: Hindalco-backed Novelis posted a net income attributable to common shareholders of $156 million down by 27% YoY in the fourth quarter of FY23. Also, adjusted EBITDA and net sales declined by 6% and 9% YoY. Overall, the company’s performance is in line with estimates. Following Novelis earnings, Hindalco continues to be a preferred pick in the metal space. In Q4FY23, Novelis’ net income decreased 27% versus the prior year to $156 million in the fourth quarter of fiscal year 2023.

    Escorts Kubota: Escorts Kubota Ltd reported a 13.4% on-year rise in its consolidated net profit for the quarter ended March 2023. The Q4FY23 consolidated net profit stood at Rs 216.5 crore as compared to Rs 190.0 crore in Q4FY22. Consolidated revenue from operations of the company for Q4FY23 was Rs 2,214.5 crores, up 17.4% from Rs 1,886.6 crore in the same quarter last year. EBIDTA was Rs 233.2 crore for the quarter that ended in March 2023 as compared to Rs 248.2 crore for the same quarter the year before.

    Vodafone Idea: Vodafone Idea Ltd is expected to unveil a revival plan within a month following the government’s acquisition of equity in the struggling telecom company, telecom secretary K. Rajaraman said in an interview. The return of Aditya Birla group chairman Kumar Mangalam Birla to the board of the telco is a positive step, and Vodafone Idea is in talks with financial institutions to raise the capital needed for the company’s 5G rollout plans, Rajaraman said.

    Uno Minda: Uno Minda Ltd has initiated arbitration against its joint venture partner, Westport Fuel Systems, alleging violations of their exclusivity agreement over the past three years. At the Singapore International Arbitration Centre, Westport is being sued by the Indian company for damages worth ₹250 crore. Uno Minda has claimed that Westport breached the agreement by supplying CNG components directly to other clients and bypassing the joint venture, which resulted in lost business opportunities, according to a regulatory filing.

    Gujarat Gas: Leading city gas distributor (CGD) Gujarat Gas announced its Q4FY23 results on May 10, reporting a fall in net profit by 16 per cent to Rs 369 crore, compared to Rs 444 crore in the corresponding period last year. The company’s board has declared a dividend of Rs 6.65 per equity share of Rs 2 each to the shareholders for fiscal 2022-23. Revenue from operations for the January-March quarter came in at Rs 4,073.82 crore, registering a decline of 14 per cent, compared to Rs 4,773.37 crore in the year-ago period.

    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.



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  • Ambuja Cements Shares Fall Even As Adani Group Prepays $500 Million Loan

    Ambuja Cements Shares Fall Even As Adani Group Prepays $500 Million Loan


    Last Updated: March 13, 2023, 14:48 IST

    Why are Ambuja Cement Shares Falling today?

    However, Shares of Adani Enterprises surged nearly 3 per cent to Rs 1,985 apiece on the BSE in Monday’s opening deals; Know Why

    Ambuja Cements shares were trading in the red in a weak market on March 13 despite the Adani Group pre-paying a $500-million loan for the Ambuja deal. However, Shares of Adani Enterprises surged nearly 3 per cent to Rs 1,985 apiece on the BSE in Monday’s opening deals after the Group said it has fully prepaid share-backed financing worth $2,15 billion. Adani Power, Adani Green Energy, Adani Total Gas and Adani Transmission continued to surge to hit the upper circuit level of 5 per cent.

    The group said it has completed the entire prepayment of margin-linked share-backed financing, amounting to $2.15 billion, ahead of the committed timeline of March 31, 2023. Since the Hindenburg Research report came out on January 24, the Adani group has been focused on cutting debt in a bid to ease investor concerns.

    Adani group also said prepaid the $500 million facility taken for Ambuja acquisition financing, in line with commitment to increase equity contribution. As a result, the promoters have infused $2.6 billion out of the total acquisition value of $6.6 billion for Ambuja and ACC.

    Adani added that the entire prepayment programme was completed within six weeks, which “testifies the strong liquidity management and access to capital at sponsor level, supplementing the solid capital prudency adopted at all portfolio companies”.

    In a $10.5-billion deal, Adani Group picked up Holcim Group’s entire stake in two Indian firms — Ambuja Cements and ACC. It was the largest-ever acquisition by Adani, and India’s largest-ever M&A transaction in the infrastructure and materials space.

    Holcim sold its 63.19 per cent stake in Ambuja Cements Ltd and 54.53 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements) to Adani Group.

    Earlier, Moody’s Investors Service said that India would see strong demand for cement in FY23 and FY24. Cement production in India is estimated to grow by around 6-8 percent over fiscal years 2023 and 2024, following a 21 percent jump for the fiscal year ended March 2022, according to a report by Moody.

    The ratings agency believes that India’s infrastructure-led investments, mass residential projects and broad-based economic growth will keep cement demand solid.

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    Aparna Deb

    Aparna Deb is a Subeditor and writes for the business vertical of News18.com. Among other things, financial market, economy and policies interest her …Read More



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