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Hours after listing on both the <keyword id="20004725" type="General" weightage="20" keywordseo="NSE" source="keywords" meta.keywordsubtype="org" meta.entityname="NSE" meta.hostid="261" meta.entityid="NSE">NSE</keyword> and <keyword id="19895774" type="General" weightage="20" keywordseo="BSE" source="keywords" meta.keywordsubtype="org" meta.entityname="BSE" meta.hostid="261" meta.entityid="BSE">BSE</keyword> at a handsome premium of around 70%, stocks of <keyword id="20668069" type="General" weightage="100" keywordseo="Waaree-Energies" source="keywords" meta.keywordsubtype="org" meta.entityname="Waaree Energies" meta.hostid="261" meta.entityid="Waaree Energies">Waaree Energies</keyword> tumbled by over 5%. As of 2:45 pm today, <keyword id="19895974" type="General" weightage="20" keywordseo="waaree" source="keywords">Waaree</keyword>'s stock was trading at Rs 2,356.20, down by 5.75% on NSE, while on BSE, the stock was trading at Rs 2,358.20, down by as much as 7.76%. Notably, the stock was listed at Rs 2,550 on the BSE today and Rs 2,500 on the NSE. After hitting an intra-day high of Rs 2,624 during the day, Waaree's stocks also slumped to a low of Rs 2,300 on the NSE, where its total <keyword id="19932516" type="General" weightage="20" keywordseo="market-cap" source="keywords">market cap</keyword> stood at Rs 68,660.68 crore. Waaree's offer worth Rs 4,321.44 crore saw a thumping reception from investors across all categories and, overall, was subscribed to around 79.44 times. Retail investors oversubscribed 11.27x times to the issue, bidding for 11,16,95,301 shares, as opposed to 99,11,869 shares reserved for them. The price band for the <keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword> was set between Rs 1,427 and Rs 1,503, with investors required to subscribe to a minimum of 9 shares. However, <keyword id="21713453" type="General" weightage="20" keywordseo="QIBs" source="keywords">QIBs</keyword> (qualified institutional buyers) were the most enthusiastic takers of this offer, oversubscribing 215.03x to the issue. As against 55,38,663 shares earmarked for them, QIBs bid for a staggering 1,21,79,37,402 shares. Data suggests that on BSE, as of 2:30 pm, about 70,893 shares of Waaree had been bought, while a massive 7,26,330 shares had been sold during the day. On NSE, a total of 6,84,826 shares had been bought by investors, while 15,42,515 shares had been sold. Clearly, the stock saw heavy profit booking today, with investors looking to make an exit with substantial listing gains. On the financial front, Waaree has also been posting steady numbers over the past few years. Its PAT (<keyword id="20298212" type="General" weightage="20" keywordseo="profit-after-tax" source="keywords">profit after tax</keyword>) jumped from Rs 79.65 crore in FY22 to Rs 500.28 crore in FY23 and Rs 1,274.38 crore in FY24. The company also boasts a healthy PAT margin of 11.47%. The company exports to almost 68 countries, and as of June 30, 2024, had a capacity of 12 GW for manufacturing solar PV modules. Notably, Waaree is India's largest producer of solar PV (photovoltaic) modules. Shivani Nyati, Head of Wealth, Swastika Investmart Ltd., notes that the company made a strong debut on the bourses, reflecting investor confidence in the company's growth potential and financial stability. "Investors may consider booking part profits here, and those who want to hold it for the long term may keep a stoploss of 2,000", she noted. In a media interaction today, Amit Paithankar, CEO of Waaree Energies, noted that currently, demand is extremely robust, with the policy framework helping the same. "We have been growing our margins, which now stand at 15%. Of course, in the next two years, we see them evolve at a higher level. All of that taken together, we are looking at robust margins going forward of about 200 basis points," he added.

Waaree's stock tumbles over 5%, hours after listing at a premium of 66.33% on the bourses

<keyword id="19895436" type="General" weightage="20" keywordseo="Adani-Green-Energy-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Green Energy Ltd" meta.hostid="261" meta.entityid="Adani Green Energy Ltd">Adani Green Energy Ltd</keyword> (AGEL) on Friday posted a 38.85 per cent decline in consolidated net profit to Rs 310 crore for the March quarter, mainly on account of increased expenses. Its net profit was Rs 507 crore in the January-March period of the preceding 2022-23, the company said in an exchange filing. During the fourth quarter of FY24, the company's total income fell to Rs 2,806 crore from Rs 2,977 crore a year ago. The company's expenses surged to Rs 2,379 crore during the period under review, as against Rs 2,053 crore in the year-ago period. In a separate statement, the company said its operational capacity grew at 35 per cent year-on-year to 10,934 MW with greenfield addition of 2,848 MW renewable capacity, including 2,418 MW solar and 430 MW wind projects. With this, AGEL became the first company in India to cross the 10,000 MW <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> capacity. AGEL's 10,934 MW operational portfolio will power more than 5.8 million homes and avoid about 21 million tonnes of CO2 emissions annually. The sale of energy increased 47 per cent year-on-year to 21,806 million units in FY24, primarily backed by strong capacity addition, consistent solar CUF (capacity utilisation factor) and improved wind and hybrid CUF. The revenue from power supply rose 23 per cent to Rs 1,575 crore from Rs 1,941 crore earlier. <keyword id="19919864" type="General" weightage="20" keywordseo="Adani-Green-Energy" source="keywords">Adani Green Energy</keyword> Ltd Chief Executive Officer Amit Singh said, "We have deployed the first 2 GW of the 30 GW of renewable capacity under construction at Khavda in just 12 months of breaking ground. "Our highest capacity addition of 2.8 GW in FY24 demonstrates our strong execution capabilities, and we are confident of continuing the momentum." The company aims to commission at least 5 GW of hydro-pumped storage projects by 2030, and set a higher target of 50 GW RE capacity by 2030, which will contribute towards India's non-fossil fuel capacity target of 500 GW, he said. AGEL further said it has commenced construction work on its first hydro pumped storage project (PSP) of 500 MW on the Chitravathi river. The project is located at Peddakotla in Sri Sathya Sai district of Andhra Pradesh. The existing reservoir will act as the lower reservoir and the upper reservoir is to be developed. The generation capacity will be 500 MW with estimated 6.2 generation hours in a day. All necessary approvals, including the final DPR approval are in place and financial closure has been achieved for the project. Part of Adani Group, AGEL is India's largest and one of the leading renewable energy companies in the world enabling clean energy transition. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-crater-in-april-2024-as-prices-increase-amid-reduced-subsidies/articleshow/109806054.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-crater-in-april-2024-as-prices-increase-amid-reduced-subsidies/articleshow/109806054.cms" target="_blank">Electric two-wheeler sales crater in April 2024 as prices increase amid reduced subsidies</a><a href="https://www.businessinsider.in/sports/webstories/t20-world-cup-here-are-the-squads-announced-by-major-participating-countries-so-far/slidelist/109787165.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/t20-world-cup-here-are-the-squads-announced-by-major-participating-countries-so-far/slidelist/109787165.cms" target="_blank">T20 World Cup: Here are the squads announced by major participating countries so far</a><a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a>

Adani Green Energy Q4 net profit declines 39 pc to Rs 310 cr due to rising expenses

<keyword id="19938772" type="General" weightage="20" keywordseo="Reliance-Industries-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries Ltd" meta.hostid="261" meta.entityid="Reliance Industries Ltd">Reliance Industries Ltd</keyword> (<keyword id="20002939" type="General" weightage="20" keywordseo="RIL" source="keywords">RIL</keyword>) is set to hold its much-anticipated 47th Annual General Meeting (AGM) today, August 29, 2024. The AGM, which will be held virtually, is expected to feature some key announcements that could be of great interest to investors as well as shareholders. The meeting will start at 2:00 p.m. IST and will be live-streamed across various digital platforms. Read on to know all about <keyword id="22949345" type="General" weightage="100" keywordseo="Reliance-AGM" source="keywords">Reliance AGM</keyword> and what can be expected from it this year. <h2>What is Reliance AGM?</h2> The Reliance Annual General Meeting (AGM) is an important event where Reliance Industries Ltd (RIL) presents its financial performance, future strategies, and key developments to shareholders and the public. Held annually, this meeting is led by RIL Chairman <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword> and serves as a platform for major announcements, including potential IPOs, business expansions, and technological advancements. The AGM attracts widespread attention from investors, analysts, and industry watchers, as it provides insights into the company’s direction and its impact on various sectors. <h2>Where to watch livestream</h2> The AGM will begin at 2:00 p.m. IST and will be conducted virtually, allowing millions of shareholders and investors to join from anywhere. The event will be live-streamed across various digital platforms, including RIL's social media pages on YouTube, X (formerly Twitter), and Facebook. Shareholders can join the live broadcast using the following link: <a href="https://jiomeet.jio.com/rilagm" target="_new">https://jiomeet.jio.com/rilagm</a>. <h2>What to expect from Reliance AGM 2024</h2> IPO announcements: One of the most closely watched aspects of the AGM is the potential announcement of IPO timelines for Reliance <keyword id="19906886" type="General" weightage="20" keywordseo="Jio" source="keywords">Jio</keyword> and Reliance Retail. The possibility of these two giants going public has been a topic of discussion since 2019, and with the five-year mark approaching, investors are keen to hear concrete plans. Energy projects: Reliance’s foray into the green energy sector has been a key focus in recent years. The AGM is expected to provide updates on the progress of the company’s ambitious new energy projects, particularly the development of a large green energy complex in Jamnagar. This complex, featuring giga factories for solar PV, energy storage, and other technologies, is part of Reliance’s broader strategy to transition from traditional energy sources to more sustainable options. Investors will be looking for detailed timelines and potential earnings projections from these ventures. 5G Rollout: Reliance Jio’s 5G rollout is another critical area of interest. The company has already made significant strides in expanding its 5G network across India, and the AGM is expected to shed light on how RIL plans to monetize this infrastructure. This could include potential partnerships, new service offerings like the JioPhone 5G, and strategies to increase subscriber growth. The success of Jio’s 5G rollout will be crucial in maintaining its competitive edge in the rapidly evolving telecom market. AI focus: In addition to its core business areas, Reliance is also expected to make announcements related to artificial intelligence (AI). With global tech giants increasingly focusing on AI, RIL is likely to reveal new AI initiatives tailored to the Indian market. This could include expansions to Hanuman AI, a generative AI tool developed with leading Indian institutions, which supports multiple Indian languages. Succession planning: Another topic of interest is Reliance’s succession plan. With Mukesh Ambani having previously outlined a blueprint for leadership transitions within the company, shareholders will be looking for updates on how these plans are being implemented. The AGM may provide further clarity on the roles of Ambani’s children—Akash, Isha, and Anant—who have been earmarked to lead the telecom, retail, and energy segments, respectively.

Reliance AGM 2024 at 2 pm today: What it is, where to watch, and what to expect

A unit of <keyword id="6437412" type="General" weightage="20" keywordseo="Qatar-Investment-Authority" source="Orion">Qatar Investment Authority</keyword>, <keyword id="119583" type="General" weightage="20" keywordseo="SBI-Mutual-Fund" source="Orion">SBI Mutual Fund</keyword>, and foreign investment funds <keyword id="6354527" type="General" weightage="20" keywordseo="Nomura" source="Orion">Nomura</keyword> and <keyword id="44473" type="General" weightage="20" keywordseo="Citigroup" source="Orion">Citigroup</keyword> were the biggest buyers of shares in <keyword id="19955648" type="General" weightage="100" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="267" meta.entityid="Adani Group">Adani group</keyword>'s <keyword id="22661797" type="General" weightage="20" keywordseo="power-transmission-unit" source="Orion">power transmission unit</keyword>'s USD <keyword id="22661798" type="General" weightage="20" keywordseo="1-billion-QIP" source="Orion">1 billion QIP</keyword>, according to a stock exchange filing by the company. The Rs 8,373.10 crore (USD 1 billion) qualified institutional placement (QIP) of <keyword id="19964750" type="General" weightage="20" keywordseo="Adani-Energy-Solutions" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Energy Solutions" meta.hostid="267" meta.entityid="Adani Energy Solutions">Adani Energy Solutions</keyword> Ltd (AESL), which closed last week, saw over 120 investors seek shares in the firm that is into power transmission, distribution and smart metering business. Billionaire <keyword id="22623487" type="General" weightage="20" keywordseo="Stanley-Druckenmiller" source="keywords">Stanley Druckenmiller</keyword>'s family office-led investment firms were among the companies that sought shares of AESL in the QIP. AESL in the filing said its board has approved allocation of over 8.57 crore shares to eligible qualified institutional buyers at the issue price of Rs 976 per share, reflecting a discount of Rs 51.11 (4.98 per cent) to the floor price of Rs 1,027. Giving details of allottees who got more than 5 per cent of shares, it said INQ Holdings LLC, a wholly-owned subsidiary of QIA, cornered 15 per cent of the shares sold. Two Mauritius funds of Citigroup bought 8.88 per cent of the shares sold while four SBI funds - SBI Infrastructure Fund, SBI Large &amp; Midcap Fund, SBI Long term Advantage Fund Series IV and SBI Magnum Children's Benefit Fund - together took home 7.93 per cent of the shares. Nomura Singapore Ltd ODI cornered 7.5 per cent of the shares, the filing showed. INQ had in August last year acquired nearly 2.7 per cent in Adani Green Energy Ltd - the renewable energy firm of the conglomerate run by billionaire Gautam Adani. In 2020, it had acquired a stake in Adani Electricity Mumbai Ltd, a subsidiary of AESL. The AESL QIP last week was oversubscribed six times and fetched demand of over Rs 50,000 crore against an issue size of USD 1 billion. <keyword id="22636516" type="General" weightage="20" keywordseo="Duquesne-Family-Office" source="keywords" meta.keywordsubtype="org" meta.entityname="Duquesne Family Office" meta.hostid="267" meta.entityid="Duquesne Family Office">Duquesne Family Office</keyword> and two other US-based long-only funds - Driehaus Capital Management and Jennison Associates - bought shares but AESL did not disclose the exact number of shares they bought since these were less than 5 per cent of the issue size, sources said. The QIP issue marked the debut of highly prestigious long-only investors Duquesne Family Office, Driehaus Capital Management and Jennison Associates which are known for their strong performance. These investors are known for investing only in companies with high governance and are known for staying invested for decades. The QIP was the first public equity raise by the conglomerate since a damning Hindenburg report last year wiped away billions in shareholder value. The demand generated made the AESL QIP the largest in the energy space. Duquesne was founded by billionaire Stanley Druckenmiller, who along with George Soros in 1992 broke the Bank of England by shorting the British pound, leading to its crash and earnings over a billion dollars. Adani Group has a history of introducing several long-only investors in the market. In the past years, it has brought large investors including GQG Partners and International Holding Company (IHC) besides QIA. Other major global names that participated in the QIP include Blackrock, Jupiter Asset Management, and Eastspring. Domestic mutual funds that have participated included HDFC Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, LIC, WhiteOak, 360One among others. Insurance companies including SBI Insurance, SBI Pension and ASK Asset Management have also participated, according to sources. QIP is an instrument used by listed companies to raise funds from large institutions. The fundraise is the first after Adani group's flagship firm scrapped a Rs 20,000 crore issue in February last year, following the Hindenburg report alleging accounting fraud and stock manipulation. Though the group vehemently and repeatedly denied all allegations, listed companies of the conglomerate at one point saw over USD 150 billion of their market value being wiped out. While the group has largely recovered, a successful QIP is being seen as a powerful vote of investor confidence in the tycoon. Separately, Adani Enterprises Ltd, the flagship firm of the group, is looking to revive its first-ever public sale of bonds. It plans to raise as much as Rs 600 crore. The company has hired Trust Investment Advisors, AK Capital Services and Nuvama Wealth Management as lead managers for the issuances. The group had tapped the dollar bond market in March this year - the first time since the Hindenburg report - when its solar energy unit Adani Green Energy Ltd and associated firms got bids of about USD 2.9 billion.

Qatar Investment Authority unit, SBI funds, Citigroup biggest buyers in Adani Energy's USD 1 billion QIP

Capital markets regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="261" meta.entityid="Sebi">SEBI</keyword> has put on hold the proposed Rs 4,000-crore initial <keyword id="21443197" type="General" weightage="20" keywordseo="public-offering" source="keywords">public offering</keyword> (<keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>) of <keyword id="21741786" type="General" weightage="20" keywordseo="JSW-Cement" source="keywords" meta.keywordsubtype="org" meta.entityname="JSW Cement" meta.hostid="261" meta.entityid="JSW Cement">JSW Cement</keyword>. Without specifying reasons, SEBI stated that the "issuance of observations (has been) kept in abeyance," according to an update on its website on Monday. JSW Cement, part of the diversified <keyword id="20099967" type="General" weightage="20" keywordseo="jsw-group" source="keywords">JSW Group</keyword>, filed the preliminary IPO papers with SEBI on August 16. The proposed issue involves a new issue of <keyword id="20035340" type="General" weightage="20" keywordseo="equity-shares" source="keywords">equity shares</keyword> worth Rs 2,000 crore and an offer-for-sale (OFS) of Rs 2,000 crore by <keyword id="23013062" type="General" weightage="20" keywordseo="investor-shareholders" source="keywords">investor shareholders</keyword>, according to the draft red herring prospectus (DRHP) filed with the regulator. Under the OFS, AP Asia Opportunistic Holdings Pte. Ltd and Synergy Metals Investments Holding Ltd will offload shares worth Rs 937.5 crore each and <keyword id="19934368" type="General" weightage="20" keywordseo="State-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="State Bank of India" meta.hostid="261" meta.entityid="State Bank of India">State Bank of India</keyword> (SBI) will divest shares valued at Rs 125 crore. Proceeds from the fresh issue to the tune of Rs 800 crore will be used for partially financing the establishment of a new integrated <keyword id="23013063" type="General" weightage="20" keywordseo="cement-unit" source="keywords">cement unit</keyword> in Nagaur, Rajasthan, while Rs 720 crore will be allocated for payment of debt and the remaining funds will be allocated for general corporate purposes. JSW Cement, which has a manufacturing capacity of 19 MT annually, aims to achieve the capacity of 60 MTPA. It currently has manufacturing units at Vijayanagar in Karnataka, Nandyal in Andhra Pradesh, Salboni in West Bengal, Jajpur in Odisha and Dolvi in Maharashtra. Besides, JSW Cement through its subsidiary Shiva Cement operates a clinker unit in Odisha. JSW Group has business interests in sectors such as steel, energy, maritime infrastructure, defence, B2B e-commerce, realty, paints, sports and venture capital. JM Financial Ltd, Axis Capital Ltd, Citigroup Global Markets India Private Ltd, DAM Capital Advisors Ltd, Goldman Sachs (India) Securities Private Ltd, Jefferies India Private Ltd, Kotak Mahindra Capital Company Ltd and SBI Capital Markets Ltd are responsible for managing the company's IPO process.

SEBI places JSW Cement's Rs 4,000-cr IPO on hold for now

Both indices, <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword>, opened the day in red. As of 9:30 am, Nifty was down by 0.27%, trading at 24,546.35 points, while Sensex was down by 0.30%, trading at 80,475.63 points. All broad market indices opened the day in red except for India VIX which climbed up by 2.61%. Only Nifty IT opened the day in green with marginal gains of 0.29%, while media slipped by over 2% in early morning trade. In early morning trade, LTI Mindtree, Axis Bank, <keyword id="6354512" type="General" weightage="20" keywordseo="Infosys" source="Orion">Infosys</keyword>, Wipro and Tech Mahindra gained significant ground, while Bajaj Auto, Asian Paints, Eicher Motors, Hero Moto Corp and Cipla were amidst the leading laggards. Asian Paints declared its Q1FY25 results yesterday, which saw its quarterly net profit take a hit of about 25% to stand at Rs 1,170 crore. Infosys, Persistent Systems and <keyword id="20130840" type="General" weightage="20" keywordseo="polycab-india" source="keywords">Polycab India</keyword> will be declaring their Q1 FY25 results during the day. Sameet Chavan, Head Research, Technical and Derivatives at Angel One, notes that there have been no significant developments in the benchmark index, indicating a lack of substantial price movement. Specifically, the price structure has remained stagnant within a narrow range. The Nifty's trading range has notably shrunk to 80 points, making it more challenging for traders to navigate. However, despite this, the broader markets have continued to see active participation, which has contributed to maintaining a positive undertone for market participants. The support zone for Nifty is at 24,500–24,400, which is expected to see buyers stepping in when there are dips. However, it's not entirely clear if the trend will continue at higher levels, he added. "Currently, market participants are closely monitoring sectoral rotation and <keyword id="22454094" type="General" weightage="20" keywordseo="thematic-movers" source="keywords">thematic movers</keyword>, which are playing a pivotal role in driving market trends. It is advisable to continue observing and analyzing these movements until the key indices show a resurgence in momentum. Furthermore, it is essential to maintain a keen watch on global developments following the mid-week holiday, as these factors could significantly influence and establish the initial market sentiment," Chavan noted. Mr. Aditya Gaggar, Director of Progressive Shares, notes that after oscillating in a tight range, the index settled on July 16th, trading marginally higher at 24,613. Back-to-back DOJI candles at record levels indicate rejection at the higher levels; however, with each passing day, the support level is shifted higher, and now the immediate support is placed at 24,500. "An early indication from GIFT Nifty suggests a muted opening of the Indian equities, and we believe that the rangebound activity will continue. The same view holds for BankNifty. By registering a new high daily, the FMCG segment is performing as per our expectations, and we continue to maintain a positive stance. In the energy space, gas stocks are likely to extend their positive momentum (IGL and Petronet). After a day of correction, the IT sector resumed its uptrend. We are overweight in the sector (Tech Mahindra). Bearish divergence in the pharmaceutical sector indicates a temporary pause in its uptrend", he said.

Stock market today: Sensex, Nifty open in red, media slips by 2% as IT manages marginal lead

<keyword id="20113876" type="General" weightage="20" keywordseo="Adani-Enterprises-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Enterprises Ltd" meta.hostid="267" meta.entityid="Adani Enterprises Ltd">Adani Enterprises Ltd</keyword>, the flagship incubator of billionaire <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword>'s conglomerate, on Thursday reported a 37 per cent drop in March quarter <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword>, bogged down by one-time past airport dues and commercial mining losses. Its consolidated net profit of Rs 450.58 crore in January-March - the fourth quarter of fiscal year 2023-24 - compares to Rs 722.48 crore net profit in the same period last year and Rs 1,888.45 crore earning in the preceding quarter, according to a stock exchange filing by the company. The firm, which incubates business from airports to data centres, reported an 8 per cent decline in EBITDA (earnings before interest, taxes, depreciation, and amortization) at Rs 3,646 crore in <keyword id="20028449" type="General" weightage="20" keywordseo="Q4" source="keywords">Q4</keyword>. While incubating businesses like new energy and airports showed strong momentum, the firm suffered a loss of Rs 201.83 crore in commercial mining, while the pre-tax earnings from the road business plummeted 84 per cent to Rs 222.03 crore. Also, its unit Mumbai International Airport Ltd (MIAL) recognised a one-time exceptional expense of Rs 627 crore to make up for past payments. Adani New Industries Limited (ANIL), a unit of the company that holds the new energy business -- including solar module and wind turbine manufacturing, saw a 6.2x growth in EBITDA to Rs 641 crore, while the same at airports business more than doubled to Rs 662 crore. The number of passengers at company-run airports rose 19 per cent to 88.6 million. Its revenue from operations was up at Rs 29,180.02 crore in the three months to March 31 from Rs 28,943.84 crore a year ago. For the full fiscal 2023-24 (FY24), net profit soared 31 per cent to Rs 3,240.78 crore. This is despite revenue from operations falling to Rs 96,420.98 crore from Rs 1,27,539.50 crore in 2022-23. Its consolidated EBITDA for FY24 increased by 32 per cent to Rs 13,237 crore that of incubating businesses grew by 47 per cent year-on-year. "<keyword id="20113873" type="General" weightage="20" keywordseo="Adani-Enterprises" source="keywords">Adani Enterprises</keyword> has once again validated its position not only as the premier business incubator in India but also as a global leader in infrastructure development," said Gautam Adani, Chairman of the Adani Group. "AEL's resilient growth model of incubation confirms the operational and organisational excellence. This is supported by high ratings and fully funded growth. Our commitment to excellence in project management and operations continues to set global benchmarks, ensuring sustainable long-term value creation for our stakeholders. We remain dedicated to corporate governance, meticulous compliance, robust performance and effective capital flow management." Giving an operational update, the firm said ingot and wafer units, which are used to manufacture solar modules that trap sunlight to produce electricity, are operational, while it has got orders for the manufacture of 254 sets of wind turbines. Its joint venture with EdgeConneX has one operational data centre in Chennai and construction in Noida and Hyderabad facilities is 81-88 per cent complete. It plans to build nine data centres with a total capacity of 1 gigawatt by 2030 to provide infrastructure for the booming digital services demand. Also, Adani started a copper unit in Mundra in March to foray into the metals business. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a><a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30e-with-5500mah-battery-launched-in-india-starting-at-27999/articleshow/109781103.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30e-with-5500mah-battery-launched-in-india-starting-at-27999/articleshow/109781103.cms" target="_blank">Vivo V30e with 5,500mAh battery launched in India starting at ₹27,999</a>

Adani Enterprises Q4 net falls 37%; incubating businesses show strong momentum

<ul><li>Maharashtra Seamless is the manufacturer of pipes and tubes and has more than doubled its investor’s investment in the last one year.</li><li>One aspect of rising interest in the company’s stocks is because of increasing promoter, FII and DII holdings.</li><li>The company is the market leader in the domestic seamless pipes segment with 55% market share.</li></ul>Pipe and tube manufacturer Maharashtra Seamless has doubled investors' money in the last one year because of increasing promoter interest and crude oil prices and Russia Ukraine war. Based in Thane, Maharashtra, Maharashtra Seamless is in the business of manufacturing pipes and tubes and also diversified into renewable power generation through solar and wind power across Maharashtra and Rajasthan. But it isn’t the renewables but high crude oil prices that improved its prospects. It exports seamless pipes for crude transportation and the March and June quarters were particularly good for the company, as crude oil prices soared to over $100 a barrel. “Increase in crude oil prices typically accelerates exploration and production activities in the USA, Canada, Middle East. The Russia-Ukraine crisis provides opportunities for domestic pipe manufacturers, especially for supplies to Europe. The management expects strong demand from the export segment will continue as it has received higher enquiries in the recent period,” said analysts at HDFC Securities as they initiated coverage. The company, which is a part of DP Jindal Group, caters primarily to the oil &amp; gas sector but also supplies power plants, boilers, fertilizers, chemical, pharmaceutical and automobile engineering. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" 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;">Particulars </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;">Q1 FY23 </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;">Q1 FY22 </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></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;">Total revenue </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;">₹1,352 crore </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;">₹721 crore </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;">87% </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;">Net profit </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;">₹153 crore </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 crore </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;">59% </td></tr></tbody><tbody></tbody><tbody></tbody></table> Disruption means new Analysts believe that the Russia-Ukraine war has disrupted the global supply chain. As Europe is trying to cut out gas imports from Russia and find new sources — it would culminate into new sources of gas and crude – which means more business for the company – as new infrastructure is built. “It has new products like subsea pipes and premium connection pipes domestically and engages stockists in freight-friendly markets overseas to capture a larger share of the export market. The outlook is bright considering its potential to tap the export market and the growing demand for its product,” says Manoj Dalmia, founder and director at Proficient Equities. It also has large domestic clients like Indian Oil Corporation, BHEL, Reliance Industries, ISGEC, NTPC, Larsen &amp; Toubro, Adani, DLF, Indrapastha Gas and Unitech. And this business is growing too. “Company business model looks great in both the domestic as well as overseas market. In the domestic market, the government has focused on LPG supply via gas pipelines,” Ravi Singhal, CEO at GCL Securities, told Business Insider India. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" 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;">Particulars </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;">FY20 </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;">FY21 </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;">FY22 </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;">FY22 estimate </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;">FY23 estimate </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;">Revenue </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;">₹2,644 crore </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;">₹2,308 crore </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;">₹4,200 crore </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;">₹4,588 crore </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;">₹5,120 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;">Net profit </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;">₹392 crore </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;">₹324 crore </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;">₹433 crore </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;">₹514 crore </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;">₹594 crore </td></tr></tbody><tbody></tbody><tbody></tbody></table> Analysts expect strong orders for the pipe manufacturer in the coming times for oil, water and gas pipelines from countries like the Middle East and Europe. “MSL products have a strong export demand given its capabilities to make API certified pipes. Going forward, around 30-40% volumes would cater to export demand. Higher export revenue share coupled with a relatively better margin profile would help in improving its EBITDA margins,” said HDFC Securities. The brokerages also expect crude prices to remain at elevated levels in the medium term which would translate into healthy volumes for seamless pipes manufacturers. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/mukesh-ambani-is-all-set-to-do-a-jio-with-green-energy/articleshow/93432238.cms">Mukesh Ambani is all set to do a ‘Jio’ with green energy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/commonwealth-games-2022-here-are-indias-gold-medal-winners/slidelist/93430537.cms">PV Sindhu wins India’s 19th gold at the Commonwealth Games 2022 - Here are the other gold medal winners</a>

How Russia-Ukraine war helped this Thane-based company become a multibagger

<keyword id="6377011" type="General" weightage="80" keywordseo="essar-oil" source="Orion">Essar Oil</keyword> (<keyword id="6354868" type="General" weightage="20" keywordseo="uk" source="Orion">UK</keyword>) Ltd said on Wednesday that it closed the first quarter ended June 30 with higher sales - both in value and volume - and ceased <keyword id="35091" type="General" weightage="20" keywordseo="imports" source="Orion">imports</keyword> from <keyword id="6358826" type="General" weightage="50" keywordseo="russia" source="Orion">Russia</keyword> from April onwards. The company also said that it has successfully replaced any shortfall from not importing from Russia by maximising indigenous <keyword id="6356109" type="General" weightage="20" keywordseo="diesel" source="Orion">diesel</keyword> production as well as sourcing non-Russian diesel. According to <keyword id="6368035" type="General" weightage="100" keywordseo="essar" source="Orion">Essar</keyword> Oil (UK), during the first quarter of the current fiscal, its sales volume increased by 10 per cent to 1.72 million tonne as compared to 1.57 million tonne the previous year. The company's consolidated revenue during the quarter under review (on an IFRS basis) was $3.72 billion as against $2.03 billion during the comparable period of the previous year. <keyword id="1598500" type="General" weightage="50" keywordseo="deepak-maheshwari" source="Orion">Deepak Maheshwari</keyword>, Chief Executive Officer, Essar Oil (UK) Ltd, said the sales volumes are now largely at pre-Covid levels, adding that the company has strengthened its balance sheet and operating performance. "We accelerated our support of the UK's transition away from relying on Russian products and have ceased all <keyword id="14387753" type="General" weightage="20" keywordseo="Russian-Imports" source="Orion">Russian imports</keyword>, while ramping up production of UK-made diesel," Maheshwari said. The UK has historically been reliant on Russia to meet its diesel needs, and a key industry-wide challenge is to source these barrels from alternative domestic or non-Russian sources. In support of the UK government's announced ban on Russian imports to be implemented by the end of this calendar year, Essar Oil (UK) ceased importing all Russian products (including diesel) from mid-April, the company said. All crude processed at <keyword id="505019" type="General" weightage="50" keywordseo="stanlow" source="Orion">Stanlow</keyword> comes from the US, West African and North Sea sources, the company statement added. On transitioning to a low-carbon future, the company said it has formed <keyword id="13037257" type="General" weightage="50" keywordseo="vertex-hydrogen" source="Orion">Vertex Hydrogen</keyword> to build the UK's largest hydrogen hub at Stanlow. "Vertex Hydrogen is a critical investment for Essar in helping us achieve our vision of becoming the UK's first low-carbon refinery while supplying UK markets with the sustainable fuels of the future," the statement said. The 1 billion pound investment, which will sit at the heart of the HyNet low-carbon cluster, will produce a total of 1GW per year of hydrogen from 2026, equivalent to the domestic heating energy used by a major British city region. In February, Essar had announced plans to install the UK's first 45 million pound hydrogen-powered furnace to become the country's first low-carbon refinery. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/facebook-insta-and-google-took-down-over-21-million-posts-in-may-while-whatsapp-and-twitter-banned-over-19-lakh-bad-accounts/articleshow/92698950.cms">Facebook, Insta and Google took down over 21 million posts in May while WhatsApp and Twitter banned over 19 lakh ‘bad’ accounts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/small-size-company-will-hire-more-than-mid-sized-company-this-quarter/articleshow/92702773.cms">Size doesn’t matter – small cos will hire more than midsized cos this quarter</a>

Stopped Russian imports in April says Essar Oil

<keyword id="4543956" type="PERSON" weightage="20" keywordseo="adani-green-energy-limited">Adani Green Energy Limited</keyword> (AGEL) on Saturday announced that it has signed a share purchase agreement for acquisition of 100 per cent stake in an SPV holding 50 MW operating solar project of the Toronto-headquartered SkyPower Global. The project is located in Telangana and was commissioned in October 2017 and has a long-term <keyword id="511035" type="COMPANY" weightage="20" keywordseo="power-purchase-agreement">Power Purchase Agreement</keyword> (PPA) with the Southern Power Distribution Company in the state. With this acquisition, AGEL shall increase its operating renewable capacity of 3,395 MW with a total renewable portfolio of 14,865 MW. The closing of the transaction is subject to customary approvals and conditions. Vneet S. Jaain, MD &amp; CEO, <keyword id="3828442" type="COMPANY" weightage="20" keywordseo="Adani-Green-Energy-Ltd">Adani Green Energy Ltd</keyword>, said: "Strengthening our portfolio through organic and inorganic growth opportunities is in integral part of the our vision to build a capacity of 25 GW by 2025 and become the largest renewables company in the world. We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project." <keyword id="76451" type="DOMAIN" weightage="20" keywordseo="Adani">Adani</keyword> Green Energy Limited (AGEL) is part of <keyword id="6367820" type="COMPANY" weightage="20" keywordseo="adani-group">Adani Group</keyword>, and has one of the largest global renewable portfolios with 14.9 GW of operating, under-construction and awarded projects catering to investment-grade counterparties. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/easemytrip-ipo-listing-price-at-13-5-premium/articleshow/81581828.cms">EaseMyTrip lists at 13.5% premium – but gives up some of the listing gains soon after</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-9-pro-specs-oneplus-9e-specs-and-price-leak-and-oneplus-9-series-launch-date/articleshow/81168227.cms">OnePlus 9 series specifications and features leaked – here's everything we know about the upcoming OnePlus smartphones</a> <a href="https://www.businessinsider.in/tech/mobile/news/checkout-review-of-moto-g10-power-mobile-phone-review-and-features-information/articleshow/81583548.cms">Moto G10 Power mobile review – big battery on a shoestring budget</a> <a href="https://www.businessinsider.in/stock-market/news/future-retail-shares-take-a-massive-hit-as-it-loses-the-case-against-amazon-in-delhi-high-court/articleshow/81583165.cms">Future Retail shares take a massive hit as it loses the case against Amazon in Delhi High Court</a>

Adani Green Energy to acquire 50 MW Solar Asset from SkyPower Global

Essar Oil is selling 49% stake to Russia’s top oil producer <keyword id="174417" type="COMPANY" weightage="100" keywordseo="Rosneft">Rosneft</keyword> for around $3.2 billion. 
 
After this move, Rosneft will get a hold in India's second biggest oil refinery and 1,600 petrol pumps. 
 
Reportedly, Rosneft will also supply 10 million tonnes a year of crude to Essar Oil's 20 million tonnes per annum Vadinar refinery in Gujarat for 10 years. 
 Essar Oil, in a statement, said that Rosneft and Essar Oil &amp; Gas Ltd / <keyword id="280431" type="COMPANY" weightage="100" keywordseo="Essar-Energy-Holdings-Ltd">Essar Energy Holdings Ltd</keyword>, companies incorporated and managed under the laws of Mauritius, have signed a non-binding Term Sheet with regard to Rosneft's participation in the equity capital of <keyword id="64884" type="COMPANY" weightage="100" keywordseo="Essar-Oil-Ltd">Essar Oil Ltd</keyword> with a share of up to 49%. 
 
However, news agency PTI reported that the deal does not include Essar Oil's upstream portfolio comprising of five CBM blocks, holding up to 10 trillion cubic feet of gas resource as well as Ratna and R-Series oil and gas fields in the western offshore. 
 
Promoter Ruia family hold 90.5% of Essar Oil. Out of this, 65.6% is in the form of overseas depository shares. 
 
As per reports, Essar may cut imports from Iran to accommodate Russian barrels. 
 
Rosneft is majority owned by the Russian government with BP Plc holding under a 20% stake and public shareholding at around 10%. 
 
Meanwhile, Rosneft in a statement said the crude supply agreement enables it to expand market outlet and amplifies the volume of supplies to the region, where growing points of the world's economy are concentrated. 
 
The deal, Rosneft said, also includes marketing business whereby Essar operate a retail chain of 1,600 stations located in India.

Essar Oil to sell 49% stake to Rosneft for $3.2 billion

New Delhi, Feb 26 () Moody's Investors Service has downgraded the corporate family rating of HPCL-Mittal Energy Ltd to Ba2 from Ba1, and changed its outlook on the rating to stable from negative. The rating was downgraded due to weak refining margins arising from a slump in fuel demand, it said in a statement. "The downgrade to Ba2 reflects the deterioration in HMEL's credit metrics, driven by the weak refining environment in Asia as well as the company's expansion into petrochemicals, which has kept HMEL's borrowings at elevated levels," said Sweta Patodia, a Moody's analyst. The weak industry conditions are reflected in the Singapore benchmark refining margins, which declined to around USD 3.7 per barrel for 2019 compared to its historical average of USD 6-7 a barrel. "This decline in the benchmark was due to the extremely weak fuel oil spreads, which in turn were driven by International Maritime Organization's new regulation restricting the use of heavy fuel oil in marine transportation," it said. Also, the credit metrics of HPCL-Mittal Energy Ltd (HMEL) was impacted by its ongoing expansion into petrochemicals which has led to an increase in its borrowings. The company, which operates an 11.3 million tonnes a year oil refinery at Bhatinda in Punjab, is in the process of setting up a dual-feed petrochemical capacity of 1.2 million metrics tons per annum (mtpa). The project, which commenced in October 2017, was originally planned to be completed by March 2022. However, the company now intends to complete it by April 2021, accelerating its capital spending and keeping its borrowings at elevated levels. Moody's said there have been no material cost overruns so far and the total project cost continues to largely remain within management's initial estimates. Tightening regulations on the use of heavy fuel oil in the shipping industry, which kicked off in January 2020, could lead to higher demand for middle distillates and thus provide some support to refining margins, particularly for complex refiners like HMEL, it said. "The industry environment continues to remain uncertain and sustained weakness in regional refining margins could delay improvement in HMEL's credit metrics," the rating agency said. Moreover, the impact of the coronavirus outbreak on the regional demand growth for petroleum products remains uncertain. Furthermore, HMEL's refinery will undergo 35 days of a planned shutdown during September-October 2020, which will constrain its earnings and cash flow during the fiscal year ending March 31, 2021 (fiscal 2021). "The stable outlook reflects Moody's view that the company will maintain high utilisation of its refinery resulting in strong operating cash flow such that its credit metrics will continue to support its standalone credit profile," the statement said. HMEL's Ba2 rating is supported by the company's high complexity refinery that generates strong refining margins and by its 15-year offtake agreement with Hindustan Petroleum Corporation Ltd (HPCL) that provides high visibility on sales volumes. "The rating, however, is constrained by the moderate scale of the company's operations, with a single refinery and crude distillation unit, and by its exposure to the cyclical nature of the refining industry," it added. HMEL is privately owned with HPCL and Mittal Energy Investments holding a 49 per cent stake each. HPCL is in turn 51.1 per cent owned by Oil and Natural Gas Corporation (ONGC), which is 67.7 per cent owned by the Government of India. Mittal Energy Investments is a 100 per cent subsidiary of Mittal Investments SARL. As of December 3, 2019, HMEL had cash and cash equivalents of Rs 790 crore which along with expected cash flow from operations of around Rs 2,600-2,700 crore will be sufficient to cover routine capital expenditures of around Rs 1,060 crore and Rs 930 crore of debt maturities over the next 12 months. "Moody's is unlikely to upgrade the ratings until HMEL completes its ongoing expansion and successfully ramps-up its petrochemical plant," it added. ANZ DRR

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