adani – The News Desk

Adani to invest Rs 2.3 lakh crore in renewable energy, manufacturing capacity

7Apr

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Business

Adani to invest Rs 2.3 lakh crore in renewable energy, manufacturing capacity

AHMEDABAD: Adani Group will invest about Rs 2.3 lakh crore through 2030 in India's most ambitious renewable energy expansion and solar and wind manufacturing capacity addition ever as it shrugs off a short-seller attack to pursue its trademark rapid growth plans. Adani Green Energy Ltd, India's largest renewable energy company, will invest about Rs 1.5 lakh crore in expanding capacity to generate electricity from solar energy and wind power at Khavda in Gujarat's Kutch to 30 gigawatts from 2 GW currently and another Rs 50,000 crore in 6-7 GW of similar projects elsewhere in the country, a top company official said. Adani New Industries Ltd (ANIL), a unit in the group's flagship Adani Enterprises Ltd, will invest close to Rs 30,000 crore in expanding solar cell and wind turbine manufacturi...

Apple debut, Adani’s resilience, X’s evolution

24Dec

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Business

Apple debut, Adani’s resilience, X’s evolution

In 2023, India witnessed significant milestones in its business landscape. The year marked the arrival of the country's first Apple Store, a symbol of the growing tech appetite among Indian consumers. Meanwhile, Adani Group faced and overcame the turbulence caused by the Hindenburg research report. Additionally, Twitter underwent a major transformation, redefining social media dynamics in the country. Amidst these developments, artificial intelligence (AI) emerged as a pivotal force, influencing various sectors and driving innovation. Below is a glimpse of these defining moments in India's business journey in 2023: The coveted fruit: Over two decades after Apple opened its first store, India got a double serving of the tech giant’s physical outlet — one each in Mumbai (pictured...

Lic Shares: LIC shares rally on Adani portfolio

8Dec

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Business

Lic Shares: LIC shares rally on Adani portfolio

MUMBAI: Shares of LIC hit a 52-week high in the NSE on Thursday before retreating to close at Rs 785. Analysts attributed the increase to the rally in the value of Adani group companies’ stocks, in which the corporation has a substantial shareholding.Shares of LIC have been rallying for the last fortnight, gaining nearly 30% from Rs 608 on November 22.LIC holds stakes in sevenAdani Group companies, including 9% in Adani Ports & Special Economic Zone and 4.2% in Adani Enterprises, which has gained 16% from its lows.The Adani Group companies have witnessed a significant rally in the last four months.!(function(f, b, e, v, n, t, s) { function loadFBEvents(isFBCampaignActive) { if (!isFBCampaignActive) { return; } (function(f, b, e, v, n, t, s) { if (...

Adani, Wilmar may sell part of their stake in AWL to private equity firms

6Dec

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Business

Adani, Wilmar may sell part of their stake in AWL to private equity firms

The Adani group and Singapore’s Wilmar International are learnt to have approached several private equity (PE) firms to sell part of their stake in their consumer-staple joint venture, Adani Wilmar. Top executives of some of these PE firms told Business Standard that the two partners, which own 44 per cent each in Adani Wilmar, have offered them a majority stake. The Adani group and Wilmar International declined to comment on the matter. The proposed sale will be one of the largest transactions in the FMCG industry, with the market valuation of Adani Wilmar standing at Rs 51,513 crore as of Wednesday. At its peak in January this year, the company’s valuation was Rs 81,268 crore. However, the share price of the company, along with that of ot...

Gift Nifty at 19,800; L&T, SBI Card, Ashok Ley in focus

20Nov

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Business

Gift Nifty at 19,800; L&T, SBI Card, Ashok Ley in focus

Stock market updates LIVE on November 20, 2023: India's key benchmark equity indices are likely to start Monday's trade on a positive note tracking supportive cues from Asian peers. Notable slowdown in FII outflows will be tracked, as foreign investors have net sold stocks to the tune of Rs 6,500 crore so far in November as against selling in excess of Rs 26,000 crore in the preceding two months. At 08:15 AM, Gift Nifty futures quoted at 19,818, suggesting a marginally positive start for the NSE benchmark Nifty50. This morning in Asia, Japan's Nikkei was up 0.2 per cent. Kospi gained 0.5 per cent, while Taiwan was flat. Among individual stocks, a comptempt plea over Sebi probe delay in the Adani-Hindenburg case, upcoming Tata Technologies IPO and RBI clamp...

Coal Imports: Government seeks to revive probe into Adani coal imports

17Nov

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Business

Coal Imports: Government seeks to revive probe into Adani coal imports

The government is seeking to restart a probe into Adani Group coal imports from Indonesia, a potential setback for the sprawling conglomerate that’s still recovering from a brutal shortseller report earlier this year. The nation’s Directorate of Revenue Intelligence, or DRI, which is part of the finance ministry, has again reiterated its request to India’s Supreme Court to revive an investigation that began in 2015 into an Adani Singapore entity and the alleged over-invoicing of imported coal by billionaire Gautam Adani’s companies, according to an Oct.9 court filing seen by Bloomberg News.The probe hit a roadblock several years ago after there were legal objections pertaining to obtaining documents from the Singapore unit.Adani Group imports Indonesian coal into India via Singapore. Adan...

Adani’s new mega port can lure world’s biggest ships to India

15Oct

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Business

Adani’s new mega port can lure world’s biggest ships to India

When Zhen Hua 15 — a heavy load cargo carrier sailing from the East China sea — unloads at Vizhinjam port this Sunday, it’ll do more than just set down the site’s first gigantic cranes. It’ll also put India on the map for world’s biggest container ships.Located near the southernmost tip of the country, the Vizhinjam transshipment container port — the first of its kind in India that will be inaugurated on October 15 — will allow India to grab a bigger slice of the international maritime trade currently dominated by China. It will also bolster its aspirations to be an alternative manufacturing hub by reducing logistics costs for cargo coming to and from the country.The new terminal will be another feather in the cap of Gautam Adani’s conglomerate, which faced a scathing short seller attack ...

Mukesh Ambani reclaims top position on India’s 100 Richest list by Forbes ; Adani at second place

12Oct

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Business

Mukesh Ambani reclaims top position on India’s 100 Richest list by Forbes ; Adani at second place

NEW DELHI: Mukesh Ambani has reclaimed the top position on the 2023 Forbes list of India's 100 Richest with a net worth of $92 billion.The fortune of infrastructure magnate Gautam Adani, who rose meteorically to overtake Ambani as India's richest person for the first time last year, has slipped to the second position.Adani's net worth, which includes that of his family, fell by a whopping $82 billion to $68 billion, after a report by US short-seller Hindenburg Research in January sent his group's shares tumbling."Shortly after spinning off and listing Jio Financial Services, which has an asset management joint venture with BlackRock, Ambani cemented his succession plan by appointing his three children to Reliance's board as non-executive directors in August," Forbes said.Meanwhile, the co...

Adani’s $3.5 bn Ambuja loan moves ahead after some banks get approval

10Oct

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Business

Adani’s $3.5 bn Ambuja loan moves ahead after some banks get approval

Ambuja cements (Photo: Bloomberg) By Saikat Das A group of banks that have been in talks to lend about $250 million each toward a syndicated loan of about $3.5 billion to refinance debt which the Adani Group took out to fund its purchase of Ambuja Cements Ltd. have received internal approval for the deal, according to people familiar with the matter. The three banks are Barclays Plc, Deutsche Bank AG and Standard Chartered Plc, said the people, asking not to be identified when discussing a private matter. They’re part of a larger consortium in talks for the syndicated loan to billionaire Gautam Adani’s conglomerate. Some institutions were in discussions to lend $400 million each, in what could become one of the biggest loan deals in Asia this year, Bloo...

Adani: Adani group shares fall after OCCRP allegations on offshore owners

31Aug

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Business

Adani: Adani group shares fall after OCCRP allegations on offshore owners

MUMBAI: Adani Group shares and bonds declined after potentially controversial owners of its stock were identified in a new investigation, dealing the Indian conglomerate a fresh blow after short-seller Hindenburg Research in January alleged the group engaged in corporate fraud and stock price manipulation. All 10 listed Adani stocks retreated in Thursday trading and most of the group’s dollar bonds also fell. Shares of flagship Adani Enterprises Ltd dropped as much as 5.2% before paring losses. Documents obtained by staff at the Organized Crime and Corruption Reporting Project show that Nasser Ali Shaban Ahli from the United Arab Emirates and Chang Chung-Ling from Taiwan spent years trading hundreds of millions of dollars’ worth of Adani Group stock, the global network of investigative jo...