New Delhi, <keyword id="19330175" type="General" weightage="20" keywordseo="koppu-sadashiv-murthy" source="Orion">Koppu Sadashiv Murthy</keyword> on Wednesday assumed the charge as Chairman and Managing Director of Bharat Heavy Electricals Ltd (BHEL). He succeeds <keyword id="7825164" type="General" weightage="50" keywordseo="nalin-shinghal" source="Orion">Nalin Shinghal</keyword>, who was its CMD since July 8, 2019. Before his new role, Murthy was the Executive Director of the Corporate Operations Management Group at BHEL, the company said in a statement. An Electrical Engineering graduate from Bhopal University with an MBA in Finance, Murthy joined BHEL in 1989 at its Jhansi manufacturing unit. During his 34-year experience in BHEL, he has developed a comprehensive set of competencies in strategic, operational, project and commercial management. BHEL's board on Monday approved the induction of Murthy as Chairman and Managing Director (CMD) of the company. On May 23, BHEL said it received a communication from the <keyword id="165278" type="General" weightage="50" keywordseo="ministry-of-heavy-industries" source="Orion">Ministry of Heavy Industries</keyword>, informing that the Appointment Committee of Cabinet (ACC) has approved Murthy's appointment as the CMD.

Koppu Sadashiv Murthy assumes charge as BHEL CMD

Billionaire Mukesh <keyword id="19898589" type="General" weightage="20" keywordseo="ambani" source="keywords">Ambani</keyword>'s <keyword id="6355199" type="General" weightage="20" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> Ltd will commission a new energy <keyword id="20278828" type="General" weightage="20" keywordseo="giga-complex" source="Orion">giga complex</keyword> in <keyword id="6354766" type="General" weightage="20" keywordseo="gujarat" source="Orion">Gujarat</keyword> in the second half of 2024, the company said in an earnings statement and investor call. <keyword id="19936674" type="General" weightage="20" keywordseo="reliance" source="keywords">Reliance</keyword> is building a giga complex spread over 5,000 acres in <keyword id="6361405" type="General" weightage="20" keywordseo="jamnagar" source="Orion">Jamnagar</keyword> in Gujarat. The complex comprises five giga factories for photovoltaic panels, fuel cell system, green hydrogen, energy storage and power electronics. "On track to commence new energy facilities in phases this year," the company said in a post-third-quarter earnings call with investors. Post announcement of third-quarter earnings on Friday, Ambani stated that the "New Energy Giga Complex is all set to be commissioned in the second half of CY24. I am confident that Reliance's New <keyword id="679565" type="General" weightage="20" keywordseo="energy-business" source="Orion">Energy business</keyword> will play a pivotal role in the global movement for adoption of cleaner fuels." The Dhirubhai Ambani Green Energy Giga Complex will be among the largest integrated renewable energy manufacturing facilities in the world. Reliance has signed an MoU with the Gujarat government to set up 100 gigawatt renewable power at Rs 5 lakh crore capex. It has received in-principle approval for 74,750 hectares (ha.) of land parcels in Kutch for green hydrogen. The firm has strategically invested in ten global technology innovators with strong expertise across the new energy value chain. "Reliance is nearing the commissioning of the first tranche of 5GW module manufacturing capacity in mid-CY24," Nuvama said in a January 17 note. It has via REC Solar signed a supply agreement with China-based Suzhou Maxwell Technologies to buy a high efficiency production line for HJT cells (4.8GW capacity). It signed a 5.2GW HJT module automation production agreement with China-based SC Solar in January 2023. It won PLIs under both rounds of solar modules PLI (Round 1: USD 0.3 billion, 4GW; Round 2: USD 0.4 billion, 6GW). Reliance (apart from Greenko) is the only company to win incentives for both green hydrogen and electrolysers concluded recently. It won incentives of USD 0.3 per kg for electrolyser capacity of 300MW and USD 0.23 for green hydrogen capacity of 90,000 tonnes. Besides, it has won PLI under ACC battery storage for 5GW capacity. "These incentives are likely to assist Reliance achieve a green hydrogen cost of USD 1' 1.5 per kg," Nuvama said. Given <keyword id="20002939" type="General" weightage="20" keywordseo="ril" source="keywords">RIL</keyword> is the largest producer and consumer of grey hydrogen, transition to green hydrogen shall enable it to improve margins ahead, it said. The current green hydrogen cost hovers USD 3 per kg, which remains 1.5x compared to grey hydrogen produced using natural gas due to the high cost of generating solar/wind energy as well as high electrolyser cost. Presently, a hybrid of solar and wind remains the cheapest source of generating green hydrogen. The cost for solar remains the highest due to low PLF of electrolysers at 30' 35 per cent versus wind at 65' 70 per cent, and for hybrid 70' 75 per cent.

Reliance to commission new energy giga complex this year

New Delhi, <keyword id="105382" type="General" weightage="100" keywordseo="ambuja-cements" source="Orion">Ambuja Cements</keyword> on Wednesday reported an increase of 31.2 per cent in consolidated net profit at Rs 1,135.46 crore for the quarter ended on June 30, 2023, led by volume growth and reduction in operating cost. The company, now part of the Adani Group, had clocked a net profit of Rs 865.44 crore in the April-June quarter a year-ago, Ambuja Cements said in a regulatory filing. Its consolidated revenue from operations was up 8.46 per cent to Rs 8,712.90 crore during the quarter under review. It was Rs 8.032.88 crore in the corresponding period last fiscal. This was led by "sustained volume growth supported by increase in blended cement as well improvement in efficiency parameters," said an earning statement by Ambuja Cements. The consolidated results of Ambuja Cements include the financial performance of its step-down firm ACC Ltd, in which it owns around 51 per cent stake. Ambuja Cements' total expenses were at Rs 7,469.74 crore, up 2.6 per cent from Rs 7,280.45 crore a year ago. Its total consolidated revenue in the June quarter was up 9.87 per cent to Rs 8,976.14 crore. However, on a standalone basis, Ambuja Cements reported a decline of 38.51 per cent in its net profit to Rs 644.88 crore in the April-June quarter, as against Rs 1,048.78 crore in the year-ago quarter. Its standalone revenue from operations increased 18.29 per cent to Rs 4,729.71 crore, as against Rs 3,998.26 crore earlier. "Cost reduced by Rs 348 PMT mainly driven by cost reduction journey and expected to further reduce given the various initiatives outlined," it said, adding "Operation excellence initiatives are aiding in reduction of operating cost, logistics cost and expansion of EBITDA margin." Sales volume of Ambuja Cements on a standalone basis was up 22.97 per cent to 9.1 million tonnes (MT), from 7.4 MT. On a consolidated basis (including ACC), its sales volume was up 9.21 per cent to 15.4 MT in the April-June quarter. It was 14.1 MT in the corresponding quarter. Ambuja Cements CEO Ajay Kapur said: "Our synergies with the Adani Group companies are lowering input costs, which is boosting EBITDA growth. Furthermore, our blueprint of improvements through Group synergies and CAPEX for efficiency and decarbonization whilst creating opportunities, will redefine the cement industry landscape," he said. Over the outlook, the Adani Group firm said the foundation for long-term economic growth remains strong, supported by several key factors such as the growing middle class driving consumer spending. "India's domestic consumer market is experiencing rapid growth, while the country's industrial sector is also substantial, making it an attractive investment destination for multinational companies across various sectors such as manufacturing, infrastructure and services," it said. Meanwhile, like ACC Ltd, Ambuja Cements also said it will not conduct any independent investigations against the allegations of financial misconduct made by the short-selling firm Hindenburg Research. Adani Group had already undertaken a review by independent law firms, whose opinions confirmed that the company is in compliance with the requirements of applicable laws and regulations, said Ambuja Cement while declaring its quarter results on Thursday. Moreover, the final outcome of SEBI's investigation is still pending. "Based on the foregoing and pending final outcome of the regulatory investigations and related proceedings as mentioned above, the management of the Group has decided to not carry out an additional independent investigation in the matter and unaudited consolidated financial results do not carry any adjustments in this regard," it said. Shares of Ambuja Cements on Wednesday were trading at Rs 452.35 on BSE, down 2.00 per cent from the previous close.

Ambuja Cements Q1 profit up 31.2% to ₹1,135.46 cr; revenue up 8.4%

Market value of investments made by state-owned <keyword id="6368369" type="General" weightage="50" keywordseo="life-insurance-corporation-of-india" source="Orion">Life Insurance Corporation of India</keyword> (<keyword id="6367143" type="General" weightage="80" keywordseo="lic" source="Orion">LIC</keyword>) in seven companies of the <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> group has swelled to ₹44,670 crore as stock prices rose from the lows seen in the aftermath of the Hindenburg report. The country's largest insurer and leading institutional investor in the Adani group has seen the market value of its holdings in Adani stocks increase by around ₹5,500 crore since April, stock exchange data showed. LIC's biggest bet is Adani Ports &amp; SEZ Ltd where it holds 9.12 per cent shares. At Wednesday's closing price of ₹717.95 on the BSE, that holding is worth ₹14,145 crore. Its 4.25 per cent stake the group's flagship Adani Enterprises Ltd is worth ₹12,017 crore at Wednesday's closing price of ₹2,476.90. LIC holds stocks worth about ₹10,500 crore in city gas distribution firm Adani Total Gas Ltd and Ambuja Cement. Other Adani group firms where LIC holds stakes are Adani Transmission Ltd, Adani Green Energy Ltd and ACC. The rout in Adani stocks after Hindenburg in late January alleged fraud, stock manipulation, and money laundering at the apples-to-port group, erased about USD 145 billion in its market value at its lowest point. While Adani Group denied all allegations and likened the US investment firm's report to an attack on India, the stock price fall impacted LIC's investment and there was fear that it could book losses. However, Adani stocks have been on the recovery path since the group helmed by billionaire <keyword id="111343" type="General" weightage="50" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword> put in place a comeback strategy that includes repaying some debt, buying back some bonds, infusion of fresh investment by way of a nearly USD 2 billion stake buy by a private equity investor, and a planned ₹21,000 crore fundraising by two group companies. Stocks have risen after a Supreme Court-appointed expert committee said it has found no evidence of stock price manipulation in Adani group companies while a separate probe by SEBI into alleged violation in money flows from offshore entities has "drawn a blank". On January 30, LIC stated that the total purchase value of equity under all Adani group companies was ₹30,127 crore and the market value for the same on January 27, 2023 was ₹56,142 crore. However, with the continuous slump in Adani group share prices, the value of LIC's investment turned negative and stood at nearly ₹27,000 crore, as of February 23. Adani group stocks recouped most of the losses in the recent rally, helping LIC. As of March 31, 2023, LIC held a 9.12 per cent stake in Adani Ports &amp; SEZ; 4.26 per cent stake in Adani Enterprises; 6.41 per cent in ACC; 6.3 per cent in Ambuja Cements; 6.02 per cent in Adani Total Gas; 3.68 per cent in Adani Transmission and 1.36 per cent stake in Adani Green Energy. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-a14-vs-redmi-note-12-which-phone-should-you-buy-under-15000/slidelist/100472876.cms">Samsung Galaxy A14 vs Redmi Note 12 – which phone should you buy under ₹15,000?</a> <a href="https://www.businessinsider.in/entertainment/news/jiocinemas-first-direct-to-ott-film-bloody-daddy-starring-shahid-kapoor-to-stream-on-june-9/articleshow/100476061.cms">JioCinema’s first direct-to-OTT film Bloody Daddy, starring Shahid Kapoor, to stream on June 9</a> <a href="https://www.businessinsider.in/business/auto/news/simple-one-vs-ather-450x-pro-pack-electric-scooter-comparison-of-price-and-features/slidelist/100470103.cms">Simple One vs Ather 450X Pro Pack – Which electric scooter should you buy?</a>

Market value of LIC investment in Adani stocks hits ₹44,670 cr

<ul><li>A US-agency found Hindenburg Research’s allegations on Adani Group ‘irrelevant’ while conducting due diligence for a loan.</li><li>All the five top gainers on BSE were <keyword id="1125083" type="General" weightage="20" keywordseo="adani-group-stocks" source="Orion">Adani group stocks</keyword> like <keyword id="118623" type="General" weightage="20" keywordseo="adani-enterprises" source="Orion">Adani Enterprises</keyword>, Adani Green, <keyword id="10336110" type="General" weightage="20" keywordseo="adani-total-gas" source="Orion">Adani Total Gas</keyword>, NDTV and Adani Enterprises.</li><li>In Nifty50, its flagship company Adani Enterprises and Adani Ports &amp; SEZ were the two top gainers. </li></ul>Adani group stocks have been on fire for the last couple of trading sessions as back-to-back good news charged up all its ten stocks. A day after the national ruling party BJP secured a thumping victory in three states, a US-agency found Hindenburg Research’s allegations of stock manipulation and accounting fraud by the group ‘irrelevant’, according to a Bloomberg report. The observation was made by International Development Finance Corp (DFC) as it was conducting due diligence before extending a loan to a group company to set-up a container terminal in Sri Lanka. As expected, Adani stocks charged ahead on these twin engines. The group’s market capitalisation crossed ₹13 lakh crore on Tuesday, as it added around ₹1.6 lakh crore in value. Three of its stocks — <keyword id="45417" type="General" weightage="20" keywordseo="adani-power" source="Orion">Adani Power</keyword>, <keyword id="258019" type="General" weightage="20" keywordseo="adani-energy" source="Orion">Adani Energy</keyword> and Adani Total Gas hit upper circuit in Tuesday’s trade, as per Zerodha. In fact, all the five top gainers on BSE were group stocks like Adani Enterprises, Adani Green, Adani Total Gas, NDTV and Adani Enterprises. Even in Nifty50, its flagship company Adani Enterprises and Adani Ports &amp; SEZ were the two top gainers. The combined market cap of group companies crossed ₹13 lakh crore in today’s trade. The broader markets too have been rallying for the last two trading sessions – after BJP securing the mandate in three states. “Markets scaled fresh record highs on the back of impressive gains led by power, oil &amp; gas and banking stocks, as investors continue to bet big on India growth story with fresh election victory for the ruling party in recent state elections further aiding the sentiment.Helping investors' sentiments were hopes that the US Federal Reserve will initiate rate cuts in the coming year,” said Prashanth Tapse, senior VP of research at Mehta Equities. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Market cap </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Enterprises </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17.03% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,37,451 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Energy Solutions </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,20,763 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports &amp; SEZ </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.15% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,18,573 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Power </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.91% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,07,696 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Green </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,13,527 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Total Gas </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">19.9% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹96,585 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Wilmar </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9.9% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹49,478 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ACC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹41,031 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ambuja Cements </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,01,009 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NDTV </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18.4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,718 crore </td></tr></tbody><tbody></tbody></table>Source: BSE Adani Green secures $1.36 billion funding Adani Green Energy also announced on Tuesday that it has received follow-on funding of $1.36 billion from a consortium of renowned international banks. The green loan facility will play a pivotal role in enabling the development of its renewable energy park at Khavda in Gujarat. Its lenders include – BNP Paribas, Coöperatieve Rabobank U.A, DBS Bank Ltd, Intesa Sanpaolo, MUFG Bank , Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.

Adani group stocks zoom ahead on twin-engines

New Delhi, Billionaire <keyword id="111343" type="General" weightage="50" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>'s conglomerate clocked a 42 per cent year-on-year growth in pre-tax profit, as businesses ranging from airports to power and sea ports registered impressive growth, the group said on Wednesday. All-time high EBITDA of Rs 23,532 crore in April-June was almost equal to the full-year FY19 (April 2018 to March 2019 fiscal year) EBITDA of Rs 24,780 crore, <keyword id="6367820" type="General" weightage="50" keywordseo="adani-group" source="Orion">Adani group</keyword> said in a statement. The conglomerate that spans 10 listed companies ranging from flagship incubator <keyword id="118623" type="General" weightage="20" keywordseo="Adani-Enterprises" source="Orion">Adani Enterprises</keyword> Ltd to ports business (<keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Ports &amp; SEZ Ltd), renewable unit (Adani Green Energy Ltd), power utility (<keyword id="45417" type="General" weightage="50" keywordseo="adani-power" source="Orion">Adani Power</keyword> Ltd), electricity transmission firm (Adani Energy Solutions), and city gas business (Adani Total Gas Ltd), had a net debt of Rs 18,689.7 crore after accounting for a cash balance of Rs 42,115 crore. Core infrastructure and utility platform, which generates stable and assured cash flows, generated EBITDA of Rs 20,233 crore, accounting for 86 per cent of the total portfolio EBITDA. "This gives a high level of stability and multi-decadal earnings predictability and visibility. The robust profits have resulted in the portfolio gaining a very strong liquidity position," it said. Adani group has been concentrating on improving operational performance as a comeback strategy after being hit by a damning report of a US short-seller in January this year. The Hindenburg report released on January 24, alleged accounting fraud, stock price manipulation and improper use of tax havens, triggering a stock market rout that had erased close to USD 150 billion in the market value at its lowest point. Adani Group has denied all allegations by Hindenburg and its comeback strategy has included 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 have sold stakes in five of the 10 listed companies to investors such as GQG Partners, helping stocks recover some of the losses. In the statement, the group said incubation under flagship Adani Enterprises continues to be a success story with airports, green hydrogen and other businesses seeing their profits almost double year-on-year. With EBITDA of Rs 1718 crore, these businesses contributed 7 per cent to the portfolio EBITDA. "The robust portfolio performance was primarily driven by the renewable power business under Adani Green, infrastructure businesses under Adani Enterprises, and cement businesses under Adani Cement," the statement said. Adani Green reported EBITDA of Rs 2,200 crore, a 67 per cent rise y-o-y. This was on the back of an increase in operational capacity by 43 per cent to 8,316 MW. The cement business also showed a strong operating performance because of cost optimization and improving synergies. EBITDA per tonne increased to Rs 1253 from Rs 888 in June 2022 quarter and Rs 1079 in March 2023 quarter. As a result, EBITDA of the cement business grew 54 per cent y-o-y to Rs 1,935 crore. However, Adani Enterprises Ltd's existing business saw EBITDA fall by 12 per cent due to a correction in coal prices and volume stabilisation. The FMCG business saw a drop of 64 per cent as a consequence of high-cost inventory, the statement said. Under Adani Enterprises Ltd, the airport business witnessed a 27 per cent growth in passengers to 21.3 million. Road business constructed an additional 79.8 lane km while solar modules volumes increased 87 per cent to 614 MW. A 17 MW data center at Chennai is now fully operational. Adani Energy Solutions, previously known as Adani Transmissions Ltd, increased the electricity transmission network to 19,788 circuit km on the addition of 550 circuit km. Adani Gas added seven CNG stations to take the total to 467. Also, 141 EV charging points were installed and 7 lakh households now received piped cooking gas from the firm. Adani Ports and SEZ recorded the highest-ever quarterly cargo volume of 101.4 million tonnes while Adani Power commissioned 1,600 MW of Godda ultra-supercritical power plant. Adani Wilmar - the group's FMCG firm - crossed 1.49 million tonnes volumes during the quarter, delivering a 25 per cent year-on-year growth. The cement business which comprises recently acquired Ambuja Cement and ACC, saw sales volumes rise 9 per cent to 15.4 million tonnes.

Adani group EBITDA grows 42% in the first quarter of FY24

Equity benchmark <keyword id="15325219" type="TOPIC" weightage="60" keywordseo="sensex" source="TOPIC" sourcekeytype="business-economics" meta.keywordsubtype="null" meta.msid="58713695" meta.aliasname="BSE SENSEX,Sensex India,India sensex,sensex rate,sensex high,sensex low,todays sensex,sensex today,sensex price,market" meta.seopath="business-economics/sensex" meta.entityname="sensex" meta.hostid="83" meta.entityid="sensex">sensex</keyword> declined 123 points on Friday due to selling pressure in metal and energy stocks amid a bearish trend in global equity markets. Rising crude prices and continued selling by foreign investors also weighed on market sentiment, traders said. Snapping its two-day gaining streak, the 30-share <keyword id="53232" type="General" weightage="20" keywordseo="bse-sensex" source="Orion">BSE sensex</keyword> ended 123.52 points or 0.20 per cent lower at 60,682.70. During the session, the index touched a high of 60,774.14 and a low of 60,501.74. The broader NSE Nifty slipped 36.95 points or 0.21 per cent to finish at 17,856.50. HCL Tech was the biggest loser on the sensex chart, shedding 2.79 per cent, followed by Tata Steel, ICICI Bank, Reliance Industries, ITC, Wipro, Infosys and M&amp;M. In contrast, Tata Motors, L&amp;T, Bharti Airtel, HDFC Bank and SBI were among the winners, climbing up to 2.05 per cent. "During this week, the benchmark <keyword id="35140" type="General" weightage="80" keywordseo="bse" source="Orion">BSE</keyword>-30 and Nifty-50 were almost flat. However, the BSE Midcap and BSE Small-cap index saw positive gains during the week. "Sector-wise, BSE Metal and BSE Power index witnessed sharp correction, whereas Healthcare, IT, capital goods and Realty reported gains this week," said Shrikant Chouhan, Head of Equity Research (retail), Kotak Securities Ltd. Among sectoral indices, metal declined by 1.51 per cent on Friday, followed by utilities (1.35 per cent), power (0.84 per cent) and energy (0.69 per cent). Realty, capital goods and industrials were among the gainers. Adani Group's flagship Adani Enterprises fell 4.15 per cent to settle at Rs 1,847.35. Shares of edible oil major Adani Wilmar Ltd slipped 0.95 per cent to end at 436.10 per scrip. Adani Transmission and Adani Total Gas witnessed a fall of 5 per cent each, while Adani Green Energy fell 4.99 per cent. The scrip of Ambuja Cements gained 0.85 per cent to Rs 361.05, NDTV fell 3.65 per cent to Rs 208.65, and ACC dipped 1.85 per cent to Rs 1,881 on the exchange. Meanwhile, Adani Ports and Special Economic Zone gained 0.31 per cent to Rs 583.85. In the broader market, the BSE midcap gauge rose 0.04 per cent, and the smallcap index gained 0.48 per cent. Elsewhere in Asia, markets in Shanghai and Hong Kong ended with losses, while Tokyo and Seoul settled with gains. Equity exchanges in Europe were trading with losses in the afternoon session. The US markets had ended significantly lower in the overnight session. "Domestic indices lost ground following the global rout as investors speculated over the prospects of further policy tightening. Worries about a looming recession escalated as the President of Richmond Fed added to the hawkish comments by the Fed speakers," said Vinod Nair, Head of Research at Geojit Financial Services. The rupee slipped 4 paise to close at 82.55 against the US dollar on Friday. International oil benchmark Brent crude was trading 2.32 per cent higher at $86.46 per barrel. Foreign Institutional Investors (FIIs) were net sellers in capital markets as they offloaded shares worth Rs 144.73 crore on Thursday, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/orphaned-and-abandoned-children-are-same-says-bombay-hc-pulls-up-maha-for-differentiating/articleshow/97798611.cms">Orphaned and abandoned children are same says Bombay HC, pulls up Maha for differentiating</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/shark-tank-india-s2-an-entrepreneur-who-battled-anxiety-develops-app-to-gamify-mental-health/articleshow/97798940.cms">An entrepreneur who battled anxiety develops app to gamify mental health</a>

Sensex snaps 2-day winning run amid weak global cues; metal, energy stocks weigh

<ul><li>The move is a follow-up to the company's decision on Wednesday not to proceed with its Rs 20,000 crore follow-on public <keyword id="6379934" type="General" weightage="80" keywordseo="offer" source="Orion">offer</keyword></li><li>Owing to the extreme volatility in the company's stock price, to protect the interest of the investors it is withdrawing the follow-on public offer.</li><li>The company is withdrawing the RHP on account of the prevailing market conditions. </li></ul> <keyword id="118623" type="General" weightage="100" keywordseo="adani-enterprises" source="Orion">Adani Enterprises</keyword> Ltd - the flagship company of the Adani Group - on Thursday said it is withdrawing the Red Herring Prospectus (RHP) filed with the Registrar of Companies (RoC) Gujarat. The move is a follow-up to the company's decision on Wednesday not to proceed with its Rs 20,000 crore follow-on public offer and withdraw the RHP on account of the prevailing market conditions. The company said owing to the extreme volatility in the company's stock price, and other commercial and strategic considerations, to protect the interest of the investors it is withdrawing the follow-on public offer. The offer agreement dated January 18, 2023, entered into by and amongst the company and the book-running lead managers appointed for the Offer, namely, ICICI <keyword id="4901784" type="General" weightage="80" keywordseo="securities-limited" source="Orion">Securities Limited</keyword>, Jefferies India <keyword id="158904" type="General" weightage="80" keywordseo="private-limited" source="Orion">Private Limited</keyword>, Axis Capital Limited, BOB Capital Markets Limited, Elara Capital (India) Private Limited, IDBI Capital Markets and Securities Limited, JM Financial Limited, Monarch Networth Capital Limited, SBI Capital Markets Limited and IIFL Securities Limited, for the purposes of the Offer has been terminated. According to Adani Enterprises, excluding the cash escrow and sponsor banks agreement dated January 18, 2023, entered into by and amongst the company, and ICICI Securities Limited, Jefferies India Private Limited, Axis Capital Limited, Bob Capital Markets Limited, Elara Capital (India) Private Limited, IDBI Capital Markets &amp; Securities Limited, IIFL Securities Limited, JM Financial Limited, Monarch Networth Capital Limited, SBI Capital Markets Limited, Axis Bank Limited, ICICI Bank Limited, Investec Capital Services India (Private) Limited, SBI Cap Securities Limited, Elara Securities (India) Private Limited, JM Financial Services Limited and Link Intime India Private Limited, the other Offer related agreements entered into with various intermediaries to the Offer, including the Monitoring Agency Agreement dated January 17, 2023, entered into with CARE Ratings Limited, are in the process of being terminated. "Further, we wish to inform you that the company shall forthwith refund to the bidders the entire application bid amounts/ subscription amount received in the Offer in accordance with applicable law. In the event that there is a delay in making refunds beyond such period as prescribed under applicable law, the Company shall pay the requisite interest to the bidders in the offer at such rate as prescribed under applicable law," the company said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adani-says-it-would-not-have-been-morally-correct-to-continue-with-adani-enterprises-fpo/articleshow/97542675.cms">Gautam Adani says it would not have been ‘morally correct’ to continue with Adani Enterprises FPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-group-owned-ambuja-cements-acc-clarify-their-shares-not-pledged-by-promoters/articleshow/97544170.cms">Adani Group-owned Ambuja Cements, ACC clarify their shares not pledged by promoters</a>

Adani Enterprises withdraws RHP, cancels agreements with several parties

Mumbai, Rising for the second straight session, equity benchmark Sensex climbed 142 points on Thursday following buying in IT and finance stocks amid a positive trend in global markets. After a see-saw session, the 30-share BSE Sensex ended 142.43 points or 0.23 per cent higher at 60,806.22. During the day, the index witnessed a high of 60,863.63 and a low of 60,472.81. The broader <keyword id="372424" type="General" weightage="50" keywordseo="nse-nifty" source="Orion">NSE Nifty</keyword> advanced 21.75 points or 0.12 per cent to finish at 17,893.45. <keyword id="85462" type="General" weightage="50" keywordseo="bajaj-finserv" source="Orion">Bajaj Finserv</keyword> topped the Sensex gainers' chart, rising 2.30 per cent, followed by Asian Paints, Infosys, Bajaj Finance, IndusInd Bank, L&amp;T and TCS. In contrast, Bharti Airtel, <keyword id="6355596" type="General" weightage="50" keywordseo="ultratech-cement" source="Orion">UltraTech Cement</keyword>, <keyword id="42747" type="General" weightage="50" keywordseo="tata-motors" source="Orion">Tata Motors</keyword>, <keyword id="44642" type="General" weightage="50" keywordseo="sun-pharma" source="Orion">Sun Pharma</keyword>, HDFC and Axis Bank were among the laggards, shedding up to 1.03 per cent. The market breadth was positive, with 18 advances and 12 declines. "Traders mostly remained on the sidelines in the absence of any fresh positive triggers, as worries of global slowdown and no signs of any pause on global rate hike cycle continued to weigh on the sentiment. "Although markets were range-bound with a positive bias, fluctuation in the market could continue in the near term," said <keyword id="131488" type="General" weightage="50" keywordseo="shrikant-chouhan" source="Orion">Shrikant Chouhan</keyword>, Head of Equity Research (Retail), Kotak Securities Ltd. In the broader market, the BSE midcap gauge slipped 0.01 per cent and the smallcap index dipped 0.15 per cent. Among sectoral indices, IT climbed 0.88 per cent, technology 0.71 per cent, industrials (0.36 per cent) and Capital Goods (0.26 per cent). Power, telecommunications commodities and realty were among the losers. Markets closed higher for the second consecutive session, aided by buying in IT stocks and despite volatility in Adani group stocks following MSCI review of their free float weights in their indices, said <keyword id="161383" type="General" weightage="50" keywordseo="deepak-jasani" source="Orion">Deepak Jasani</keyword>, Head of Retail Research, HDFC Securities. European stocks rose, after touching nine-month highs on Wednesday as investors pinned hopes on peaking inflation and a major recession now looking less likely on the continent, Jasani added. "Any more-than-expected negative outcome of the MSCI review meeting on Adani company weights in their indices could result in a lower opening of Nifty on Friday," Jasani said. Shares of Adani Power fell 5 per cent to close at 172.90 apiece on BSE after the company on Wednesday reported a 96 per cent decline in consolidated net profit at Rs 8.77 crore for the December quarter. Edible oil major Adani Wilmar Ltd jumped 5 per cent to end at 440.30 per scrip. It has reported a 16 per cent increase in consolidated profit to Rs 246.16 crore for the third quarter. Adani Group's flagship Adani Enterprises crashed 10.72 per cent to settle Rs 1,927.30. Adani Ports and Special Economic Zone dropped 2.90 per cent to Rs 582.05. Adani Transmission and Adani Total Gas witnessed a fall of 5 per cent each, while Adani Green Energy fell 4.96 per cent. The scrip of Ambuja Cements slipped 6.86 per cent to Rs 358, NDTV fell 4.92 per cent to Rs 216.55 and ACC dipped 2.91 per cent to Rs 1,915.95 on the exchange. Elsewhere in Asia, markets in Seoul, Shanghai and Hong Kong ended with gains, while Tokyo settled in the red. However, equity exchanges in Europe were trading in the positive territory in the afternoon session. Wall Street had ended lower in the overnight session. The rupee closed flat at 82.54 against the US dollar on Thursday. International oil benchmark Brent crude was trading 0.29 per cent higher at USD 85.34 per barrel. Foreign Institutional Investors (FIIs) were net sellers in capital markets as they offloaded shares worth Rs 736.82 crore on Wednesday, according to exchange data.

Sensex, Nifty clock gains with buying in IT and finance stocks

Benchmark equity indices Sensex and <keyword id="6354813" type="General" weightage="100" keywordseo="nifty" source="Orion">Nifty</keyword> closed lower for a second straight day on Tuesday due to selling in FMCG, metal and auto shares ahead of the <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> monetary policy. The 30-share <keyword id="35140" type="General" weightage="80" keywordseo="bse" source="Orion">BSE</keyword> barometer declined further by 220.86 points or 0.37 per cent to close at 60,286.04, as 22 of its constituents ended in the red. The index opened flat amid mixed global trends. It moved in a range of 60,655.14 to 60,063.49 in the day. The broader Nifty of the National Stock Exchange fell by 43.10 points or 0.24 per cent to settle at 17,721.50, with 31 of its scrips ending in the red. The index touched a high of 17,811.15 and a low of 17,652.55 during the session. Profit-taking in the FMCG and auto majors was weighing on the sentiment while buying in select heavyweights in banking and financials capped the fall, analysts said. "Sentiments in the domestic market were hammered by bears that dominated the US market post the release of strong jobs data. Global markets are currently driven by central bank policies and the surge in bond yields in expectation of more rate actions," said Vinod Nair, Head of Research at Geojit Financial Services. A recovery was seen in the second half of the day as US futures inched higher as investors await US Fed Chief Jerome Powell's speech, Nair added. Among Sensex stocks, Tata Steel fell the most by 5.23 per cent after posting weak financial results for the December quarter. The steel maker slipped into the red in the third quarter due to a drop in revenue and higher cost. ITC, <keyword id="44642" type="General" weightage="50" keywordseo="sun-pharma" source="Orion">Sun Pharma</keyword>, Maruti, M&amp;M, Tata Motors, HCL Tech, Wipro, Infosys, HUL, Bharti Airtel and Reliance were among the major losers. Banking stocks gained ahead of the RBI monetary policy announcement on Wednesday. Kotak Bank rose the most by 1.59 per cent, followed by IndusInd Bank (1.22 per cent), SBI (0.32 per cent) and HDFC Bank (0.10 per cent). Bajaj Finance, Bajaj Finserv, L&amp;T, SBI, TCS and HDFC Bank also closed higher. "Participants are closely eyeing the outcome of the RBI meet for cues. However, indications are pointing toward prevailing choppiness to continue until Nifty decisively breaks the range of 17,550-17,900 levels," Ajit Mishra, VP - Technical Research, Religare Broking Ltd said. Adani group stocks, which have been hammered following the Hindenburg Research report alleging stock manipulation and accounting fraud by the Gautam Adani-led group, ended their decline. Adani group flagship Adani Enterprises rose by 14.63 per cent after hitting the upper circuit during the day. The stock was the lead gainer among Nifty50 stocks. Adani Ports and Special Economic Zones (APSEZ) advanced 1.33 per cent despite a decline in profit for the December quarter. APSEZ CEO and whole-time director Karan Adani said the company is considering a total loan repayment and prepayment of around Rs 5,000 crore, which will significantly improve the net debt to EBITDA ratio. Adani Wilmar gained 4.99 per cent, ACC rose 1.32 per cent and Ambuja Cement increased 1.12 per cent. Adani Green Energy, which posted two-fold growth in Q3 profit, declined by 5 per cent. Adani Transmission, Adani Total Gas and Adani Power also dropped. In the broader market, BSE Midcap edged up 0.02 per cent while Smallcap index declined by 0.16 per cent. Among sectoral indices, the BSE metal index fell the most by 1.89 per cent, followed by telecom (1.31 per cent), Utilities 1.15 per cent, FMCG (1.13 per cent) and Auto (0.92 per cent). BSE Bankex gained 0.29 per cent, Capital goods rose by 0.49 per cent and <keyword id="6384816" type="General" weightage="50" keywordseo="realty" source="Orion">Realty</keyword> by 0.77 per cent. Global stock markets were mixed as investors looked ahead to a speech by the Federal Reserve chief for clues to interest rate plans. In Asia, the Nikkei 225 in Tokyo declined 0.1 per cent, while Shanghai Composite Index rose 0.3 per cent, and the Hang Seng in Hong Kong advanced 0.6 per cent. In Europe, the FTSE 100 in London gained 0.3 per cent, while Frankfurt's DAX fell 0.4 per cent, and the CAC 40 in Paris lost 0.3 per cent. Foreign portfolio investors were net sellers on Monday, offloading shares worth Rs 1,218.14 crore, according to data available with the BSE. The international Brent crude futures rose 0.79 per cent to USD 81.78 per barrel. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/flagship-adani-enterprises-leads-rally-in-adani-group-shares-on-tuesday/articleshow/97682620.cms">Adani Enterprises leads rally as the group adds ₹46,079 crore in marketcap on Tuesday</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-transmission-reports-78-rise-in-q3-net-profit-to-475-crore-on-one-time-income/articleshow/97650165.cms">Adani Transmission reports 78% rise in Q3 net profit to ₹475 crore on one-time income</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-shares-hit-25-upper-circuit-after-govt-agrees-to-convert-16133-cr-dues-into-equity/articleshow/97643006.cms">Vodafone Idea shares hit 25% upper circuit after govt agrees to convert ₹16,133 cr dues into equity</a>

Sensex, Nifty decline for 2nd day on selling in FMCG, steel stocks

<ul><li>France-based <keyword id="11344358" type="General" weightage="100" keywordseo="totalenergies" source="Orion">TotalEnergies</keyword> could be considering booking profits and recouping some of its investment in <keyword id="4343578" type="General" weightage="80" keywordseo="adani-green" source="Orion">Adani Green</keyword>.</li><li>TotalEnergies had acquired a 20% stake in Adani Green last year for $2 billion, which is now worth $10 billion.</li><li>The company’s CEO mentioned in an interview that TotalEnergies remains committed to Adani Green, and that he believes the company’s balance sheet is “safe”, despite concerns of surging debt.</li></ul>Adani Green’s shares have rallied over 54% in 2022 so far, and that has tempted one of its major stakeholders, the France-based TotalEnergies, to book profits. At an analyst call, TotalEnergies’ CEO <keyword id="1408005" type="General" weightage="50" keywordseo="patrick-pouyanne" source="Orion">Patrick Pouyanne</keyword> announced that the rally in Adani Green is a “source of potential cash”, implying that the energy giant could reduce its stake and book profits while the stock is still up. <div type="image" title="Adani Green 01_01_22 to 29_09_22." msid="94529204" hostid="261" caption="&amp;lt;p&amp;gt;Adani Green share price in 2022 so far&amp;lt;/p&amp;gt;"></div> Pouyanne explained that TotalEnergies was committed to Adani Green and had no immediate plan to cut its holding in the company. However, if TotalEnergies decided to book some profits, the sale would be small and only to recoup some of its investments. It is worth noting that TotalEnergies picked up a 20% stake in Adani Green for $2 billion in 2021. That stake is now worth $10 billion – a handsome 5x surge in a little over a year. Adani Green’s shares have seen a strong bull run in 2022, and yet, it is only the sixth best performer out of the seven Adani Group companies (excluding the newly acquired Ambuja Cements and ACC). <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Current price </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YTD performance </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Power </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹370 </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">265.5% </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Wilmar </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹743 </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">176.8% </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Transmission </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,593 </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">107.5% </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Enterprises </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,547 </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">106.6% </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Total Gas </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,557 </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">104% </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Green </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,092 </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">54.7% </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹823 </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.7% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: NSE, as on September 29, 2022 Adani Green’s 54% returns this year are after the stock fell 30% from its peak in April – and<a href="https://www.businessinsider.in/stock-market/news/adani-group-sheds-94000-crore-in-value-after-a-report-says-its-deeply-over-leveraged/articleshow/93728528.cms"> despite the growing concerns about the Adani Group being “over-leveraged”</a>, Pouyanne said the balance sheet of Adani Green is “safe”. Analysts at Ventura echoed similar sentiments, saying that the debt mix of the company has improved. “AGEL has improved its debt mix with the share of short-term debt in FY22 only at 17% v/s 83% earlier. Further, the total interest cost of the company has reduced from 11.1% in FY19 to 8.8% in FY22,” the brokerage firm said in its latest report. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a href="https://www.businessinsider.in/retail/news/jewellery-chains-are-growing-at-the-cost-of-standalone-jewellers-and-its-only-going-to-get-worse-says-world-gold-council-report/articleshow/94510142.cms">Jewellery chains are growing at the cost of standalone jewellers – and it’s only going to get worse, says World Gold Council report</a> <a href="https://www.businessinsider.in/business/telecom/news/amid-concerns-of-jio-airtel-duopoly-analysts-suggest-new-telecom-bill-empowers-govt-to-maintain-competition/articleshow/94502923.cms">Amid concerns of Jio-Airtel duopoly, analysts suggest new telecom bill empowers govt to maintain competition</a> <a href="https://www.businessinsider.in/finance/news/rupee-headed-lower-as-rbi-intervention-unlikely-to-be-aggressive/articleshow/94473133.cms">Rupee headed lower as RBI intervention unlikely to be "aggressive"</a>

Adani Green’s 54% rally this year tempts TotalEnergies to book profits

New Delhi, Mar 12 () As the market rout continued, as many as 1,180 stocks, including Reliance Industries, Tata Consultancy Services and HDFC Bank, touched their 52-week low levels on Thursday. Despite this, shares of 13 companies, including Ruchi Soya Industries and Apollo Finvest (India) Ltd, managed to make gains and hit 52-week high levels on the BSE. After nosediving over 3,204.30 points during the day, the BSE's benchmark Sensex settled 2,919.26 points or 8.18 per cent lower at 32,778.14 as the coronavirus pandemic wreaked havoc on global markets. "Recession fears increased after WHO declared coronavirus a pandemic which forced investors to sell-off risky assets. Fresh travel bans across nations is contributing to the fears that economic impact will be much larger than earlier estimates," said Vinod Nair, Head of Research at Geojit Financial Services. Apart from RIL, TCS and HDFC Bank, shares of Hero MotoCorp, GAIL, ACC, ABB, BEML, Glenmark Pharmaceuticals and Gillette, also featured among those that touched their 52-week low levels on BSE. Besides, Axis Bank, Bajaj Auto, Bank of Baroda, BHEL, HDFC, HCL Technologies and Aurobindo Pharma also hit their 52-week low levels. SP RUJRVK

RIL, TCS, HDFC Bank among 1,180 stocks to hit 52-week low

The <keyword id="6354813" type="COMPANY" weightage="100" keywordseo="nifty">Nifty</keyword> snapped a 2-day losing streak on Wednesday as traders latched on to the relative safety of defensive pharma and software stocks and pressed sales on banking shares. 

	The Nifty added 28 points, or 0.3 percent, close at 8,495 after recovering from an intra-day low of 8,420 points. The Advance-Decline Ratio stood at 27/23 with pharma stocks ruling the roost. Sun Pharma, ACC, Lupin, Wipro and Cipla were the top five gainers on the Index while Hindalco, State Bank of India, Coal India, Bank of Baroda and Punjab National Bank lost ground. Tata Elxsi was the top traded counter on the second day on the NSE with 829 crore rupees worth of shares traded.
 

	Sun Pharma and State Bank of India were also in major demand on the NSE. Non-Index pharma stocks were major gainers as well. Cadila Health, IPCA, Aurobindo Pharma and Natco pharma showed smart gains.
 

	Bulls managed to pull off modest gains in the broader markets. Major indices such as CNX 100, CNX 200, CNX 500, CNX Junior Nifty and CNX Mid Cap Index closed with gains of 0.2-0.3 percent on Wednesday. 
 The <keyword id="151330" type="COMPANY" weightage="100" keywordseo="Bank-Nifty">Bank Nifty</keyword> fell 77 points to 18,703 as traders pressed the Sell button on PSU banking stocks after a strong 3-day rally. Therefore, the CNX PSU Bank Index fell 2.7 percent, snapping a 2-day advance. The trend in other sectorial indices was mixed. The CNX Pharma, CNX Media, CNX Auto, CNX FMCG and CNX IT Indexes posted gains of between 0.2-2.7 percent. On the Bombay Stock Exchange, the <keyword id="6484188" type="CITY" weightage="100" keywordseo="Sensex">Sensex</keyword> added 100 points, or 0.4 percent, to 27,931 points. Lupin, Sun Pharma, Hero Motors, Bajaj Auto and Infosys were the top gainers on the Index, while Coal India, Axis Bank and NTPC lost in trade on the Sensex where the Advance-Decline Ratio stood at 19/11 and Sun Pharma was the top traded counter with 35 crore rupees worth of shares changing hands. 

	The Bulls were marginally ahead of the bears in the wider market. Today 1,488 stocks gained ground versus 1,389 that fell below Tuesday's closing prices.
 But the Bears were on top in the futures and options space even as <keyword id="109714" type="COMPANY" weightage="100" keywordseo="Nifty-futures">Nifty Futures</keyword> adding 27 points at 8,508. JP Associates, JP Power, Divi's Labs were top gainers while Amtek Auto, Kaveri Seed, IB Real Estate lost ground. Among sectors, Auto, Banking, Finance futures fell while Cement, Pharma and Technology sectors rose in trade. The Advance-Decline Ratio was at 72/89 in the futures and Options market. 

	3M, Ahluwalia Contracts, Amara Raja, Dishman and Divi's Labs hit fresh highs on the NSE. Rupa &amp; Co, Atul Ltd., Future Retail, Everonn and Geometric Ltd. made it to the top volume buzzers list.

	 
	 
	(Image credits: Indiatimes)

Know how Nifty snapped a 2-day losing streak today

Major indices came under selling pressure at the start of play on Wednesday as traders refrained from long positions on the back of weak overseas cues. Energy and pharma stocks were in a mild uptrend in initial deals. 
 The <keyword id="6354813" type="COMPANY" weightage="100" keywordseo="nifty">Nifty</keyword> fell 13 points to 8,453 in early deals on the NSE. The Advance-Decline Ratio slipped to 18/32 with Bharti Airtel, Asian Paints, NMDC, Tata Steel and Hindalco taking the top five losers' slots on the Index while Sun Pharma, BPCL, Cipla, HCL Tech and ACC occupying the top gainers list. Tata Elxsi remained the top traded stock on the NSE for the second day with 261 crore rupees worth of shares changing hands. 
 
State Bank of India and Dr. Reddy's remained in demand as well. 
 
Broader indices slipped in trade. The CNX 100, CNX 200 and CNX 500 and CNX Nifty Junior Indexes showed minor downticks. The CNX Small Cap and the CNX Mid Cap Indexes were marginally higher. The Bank Nifty fell 38 points to 18,757 as well as the CNX PSU Bank Index which shed 0.3 percent in trade. CNX IT, CNX Energy and CNX Pharma indices were up on Wednesday. 
 And on the Bombay Stock Exchange, the <keyword id="6484188" type="CITY" weightage="100" keywordseo="Sensex">Sensex</keyword> traded flat at 27,818 in the first 20 minutes of trade. As a consequence, the Advance-Decline Ratio stood at 12/18. M&amp;M, Coal India, HDFC Bank and NTPC shed weight on the Sensex while Sun Pharma, Cipla and Lupin were gainers on the Sensex, where Dr. Reddy's was the top traded counter. 
 
The Futures and Options market had a tepid kick off in Wednesday's trade with an Advance-Decline ratio of 71/90. JP Associates, JP Power and Sun Pharma were the top gainers on the derivatives markets while Amtek Auto, Bharti Airtel and Hind Zinc making it on the losers. list. 
 
The broader market was in fine shape in early deals. The Advance-Decline Ratio stood at 887 shares that gained versus 598 shares that fell. 
 
Geometric Ltd. TCI Finance, Banco Products and Nitin Spinners were on the top volume buzzers list, while Himatsingka Seide,Rajesh Exports and Glenmark Pharma struck fresh record highs on the NSE. 
 
Image credit: Indiatimes

Here's how the Markets opened today

What is <keyword id="2546489" type="UNKNOWN" weightage="100" keywordseo="NiftyMRP">Nifty@MRP</keyword>? As investors, we constantly track <keyword id="6354813" type="COMPANY" weightage="100" keywordseo="nifty">Nifty</keyword> movements. To make investing more profitable and not a game of mere chance, we need a solution, a solution which could help us identify whether the market is grossly depressed or irrationally exuberant. This is exactly what Nifty @ MRP is for! 
 
Considering that the Nifty stocks are the top-traded stocks of the country, we expect them to be traded at their MRPs (fair value) but this may not always be true. Thus, Nifty @ MRP gives an indication whether the Nifty is fairly valued or irrationality is driving the markets. 
 
What is the latest value of Nifty@MRP? A lot of things have changed in the past six months, since we last sent out our Nifty@MRP report. Modi-led BJP won elections with a majority; current account deficit has been brought under control; huge FII funds inflow, the economy expanded by 5.7% in the first financial quarter – signalling bottoming out of economy after two years of falling <keyword id="35050" type="CITY" weightage="60" keywordseo="gdp">GDP</keyword> growth! 
 
With the new government better positioned to bring in the much required reforms for the economic growth, the markets saw a long rally post elections. But markets move faster than the economy. However, the fundamentals are yet to show signs of a turnaround. As a result, our valuations too reflect a cautious optimism. 
 
For June 14, Considering the free float market capitalization at the MRP of individual stocks and the share price data as of 30th September, the Nifty@MRP comes out to be 8003.77. On 30th September, NSE Nifty index closed at 7964.8, which is 0.5% or 39 points below the Nifty@MRP of 8003.77. It indicates that the index is fairly-valued. 
 
On similar lines, the Sensex@MRP comes out to 26341. On 30th September, the Sensex closed at 26630.5, which is about 1% or 290 points above Sensex@MRP of 26341. 
 
So, were we surprised with this valuation? Well, to be honest we were slightly surprised to see the Nifty fairly valued at 8003! But the valuations of the individual Nifty companies were done prior to arriving at a value for Nifty@MRP. Each company has been valued separately with rigour. The Nifty@MRP value is merely an outcome of these individual valuations. 
 
The sectors that have majorly contributed to this spurt in the Nifty@MRP value are Banking, Pharma, IT and Auto. The turnaround in banking sector was expected as in Dec 2013, the economy was still in doldrums and the threat of NPAs loomed large. With economy expected to grow and banks taking decisive steps towards curbing NPAs, our valuations too have started to reflect the growth potential in the sector. Recovery in industrial sector is expected to give a boost to Auto, while the US recovery will support growth in the IT sector. Our close analysis of data in the Pharma sector suggests huge growth potential in a few companies, which has been thereby reflected in our valuation. 
 
Analysis of the June 14 Quarter financial performance of the Nifty 50 companies 
 
Quarterly Performance 
While on a yearly basis, the companies seemed to have performed well, we can still see a degrowth on a Q-o-Q basis. In fact, net profits continue to decline for a third consecutive quarter. Sectors like FMCG, Pharma, IT, Banks and Auto have shown good performance in this quarter. While sectors like Cement, Metals, Energy and Capital Goods have not yet shown signs of improvement. 
 
With respect to financial performance leaders include Dr. Reddys Laboratories, HCL Technologies, Asian Paints, ITC, HUL, Bank of Baroda, Lupin, PNB, Tata motors Ltd. While the list of laggards includes companies like ACC, BHEL, Cairn India Ltd., DLF, GAIL, NTPC, Sesa Sterlite, Tata Steel. The quarterly results of all Nifty companies except ONGC, BPCL and Tata Motors were in line with our expectations. 
 
Overall, Q1FY14 results show the continued weakness in the economy, with deceleration in net sales, weak pricing power and high interest costs reflecting in the profit degrowth. With RBI seemingly on a path to continue high interest rates may further lead to deterioration in companies with stressed balance sheet. However, with China slowing down and US crude output increasing, we expect India to be a key beneficiary of falling global commodity prices. We believe this would aid the recovery in the Indian economy even though it would be a slow and gradual process as India kick starts its asset-creation program. 
 
Over all, out of 50 Nifty companies, around 18 companies are trading below their MRP (under-valued), 8 Companies are trading close to their MRP i.e. are fairly valued while 24 companies are trading above their MRP (over-valued). 
 
Future Outlook 
Slowdown in global demand, sluggish domestic economic activity, high inflation and interest rates have led to a sub 5% GDP growth in the last two years. This is expected to change as the new government, has initiated reforms process to attract investment and remove infrastructure bottlenecks that will boost growth. Unclogging of policy logjam will lead to rise in the domestic investment and consumption, which will further give a boost to growth. Sectors like auto, consumer durables will gain from this revival. Also, services sector which contributes 60% to real GDP, is expected to grow on the back of acceleration in trade, transport, and banking. 
 
However, this growth comes with a caveat, with both the government and central bank required to play their roles well. The growth forecasts assume that reforms are undertaken to ease supply-side constraints (particularly in energy and infrastructure) and to improve labour productivity, fiscal policy tightening continues, and a credible monetary policy stance is maintained. 
 Also, on a global economic front, things remain sketchy. The U.S. fed has signalled towards high interest rates and we think this may happen earlier than the markets expect. In fact, foreign markets have already started factoring in an interest rate of 3% as soon as Q1 FY16. Eurozone too continues to send warning signals. The Eurozone manufacturing <keyword id="104215" type="ORGANIZATION" weightage="60" keywordseo="PMI">PMI</keyword> fell to a 14-month low of 50.5 in September 14. In fact manufacturing PMI of Germany, one of the best performing economies of the Eurozone, has decined to 49.9 in Sept 14 signalling contraction. China too continues on its troubled path. Though the Chinese GDP has grown energy consumption has remained stagnant which forces us to remain circumspect about the Chinese data numbers. 
 
On the valuation front, markets seem to have factored in all the domestic positives after the long run witnessed post elections. Though our recent experience suggests, that attractive investment opportunities can be found in unconventional places. We would therefore urge investors to look hard at finding value buys in this market. The correction seen in the past 2-3 days if continued will only open up more doors for the value investor. Remember, to buy fundamentally strong companies at a sufficient margin of safety! 
This article is submitted by <a href="http://www.moneyworks4me.com/">www.moneyworks4me.com</a>

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