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<keyword id="21282723" type="General" weightage="100" keywordseo="satellite-communications" source="keywords">Satellite communications</keyword> is a "magic bullet" to cover dark unconnected areas, <keyword id="22764352" type="General" weightage="20" keywordseo="Bharti-Chairman" source="keywords">Bharti Chairman</keyword> <keyword id="20104229" type="General" weightage="20" keywordseo="Sunil-Mittal" source="keywords">Sunil Mittal</keyword> said on Monday, adding that players now have a great new opportunity to leverage satellite connectivity to cover <keyword id="20534956" type="General" weightage="20" keywordseo="remote-areas" source="keywords">remote areas</keyword> that have so far been left out. Speaking at the <keyword id="23624328" type="General" weightage="20" keywordseo="NDTV-World-Summit" source="keywords">NDTV World Summit</keyword>, Mittal said that nearly two billion people in the world are still not connected to the internet, and in the Indian context too there are areas -- large swathes of desert, forests, coastlines -- where neither mobile networks, not fibre is feasible. "For those areas you need satellite communications, and that, to my mind, offers now a great source of new opportunities for us, mobile operators, or <keyword id="20055601" type="General" weightage="20" keywordseo="telecom-operators" source="keywords">telecom operators</keyword>, to put that in a mix and start to cover areas which are still left behind," Mittal said. About five per cent of India's population sans <keyword id="19936241" type="General" weightage="20" keywordseo="internet-connectivity" source="keywords">internet connectivity</keyword> lives in 25 per cent of the area, he said, emphasising that satellite is the only solution for them. "India provides a very high quality signal to 95 per cent of its population, but there are still five per cent of people who do not get internet in the country, and they live in 25 per cent of the area of the country. So it's a very large area with a very small population, the only way to cover that is satellite," Mittal said. Mittal said that two ground stations in Mehsana (Gujarat) and in Pondicherry are in a state of preparedness and ready to start services. "The day government gives us the permission, there will not be a single square inch of this country which will not have a radio coverage. So you just need to raise your hand and be connected," he said. Mittal said he is of the view that satellite is truly a "magic bullet" to cover the dark areas, and noted that about 2 billion people in the world are still not connected to internet, including in advanced countries like the US. The telecom stalwart's comments assume significance as billionaire Elon Musk and Indian tycoons Mukesh Ambani and Mittal are locked in a standoff over satellite spectrum, and nuances of its allocation in India. While Ambani's <keyword id="19896911" type="General" weightage="20" keywordseo="Reliance-Jio" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Jio" meta.hostid="268" meta.entityid="Reliance Jio">Reliance Jio</keyword> has been vocal about the need to allocate such spectrum through an auction to give a level-playing field to legacy operators who buy airwaves and set up infrastructure like telecom towers, Mittal during India Mobile Congress held last week articulated the need for satellite companies harbouring any urban ambitions to buy spectrum as telecom companies do. Musk-led <keyword id="20034452" type="General" weightage="20" keywordseo="Starlink" source="keywords" meta.keywordsubtype="org" meta.entityname="Starlink" meta.hostid="268" meta.entityid="Starlink">Starlink</keyword> is demanding administrative allotment of licences in line with the global trend as it looks to tap into the world's fastest-growing mobile telephony and internet market. This has found some backing in Telecom Minister Jyotiraditya Scindia, who said recently that such airwaves will be given out through administrative allocation at a cost, but not auctioned.

Satellite 'magic bullet' to connect the unconnected; offers opportunity to cover areas left out: Sunil Mittal

<ul><li>The combined market cap of Adani Group companies eroded by over ₹2.45 lakh crore.</li><li>This comes amid a US probe into Gautam Adani into an alleged bribe charge.</li><li>Adani has been charged over his role in an alleged scheme to pay a $250 million bribe to Indian officials.</li></ul><keyword id="20046345" type="General" weightage="20" keywordseo="Adani-Group-stocks" source="keywords">Adani group stocks</keyword> faced heavy drubbing during the morning trade on Thursday, with the combined market valuation of all the listed firms getting eroded by ₹2.45 lakh crore, as billionaire Gautam Adani has been charged by US prosecutors. Adani has been charged over his role in an alleged years-long scheme to pay a $250 million bribe to Indian officials in exchange for favourable terms for solar power contracts. The stock of the group's flagship firm Adani Enterprises plunged 22.99%, Adani Ports dived 20%, Adani Energy Solutions tanked 20%, Adani Green Energy plummeted 19.53% and Adani Total Gas tumbled 18.14% on the BSE. Shares of Adani Power slumped 17.79%, Ambuja Cements cracked 17.59%, ACC fell 14.54%, NDTV dropped 14.37% and Adani Wilmar declined 10%. Some of the group firms also hit their lowest trading permissible limit or lower circuit for the day. The combined market capitalisation (mcap) of all the ten listed group firms eroded by ₹2,45,016.51 crore during the morning deals. In the equity market, the BSE benchmark Sensex traded 536.89 points lower at 77,041.49 and the NSE Nifty quoted 186.75 points down at 23,331.75. US prosecutors charged Adani, 62, his nephew Sagar and other defendants for paying over $250 million in bribes between 2020 and 2024 to Indian government officials to win solar energy contracts on terms that could potentially bring in more than $2 billion in profit. This, they alleged, was concealed from the US banks and investors from whom the Adani group raised billions of dollars for the project. The complaint charges them with violating the antifraud provisions of the federal securities laws and seeks permanent injunctions, civil penalties, and officer and director bars. US law allows pursuing foreign corruption allegations if they involve certain links to American investors or markets. The Adani group did not immediately respond to requests for comments. "The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars," Breon Peace, US Attorney for the Eastern District of New York, which brought the case, said in a statement. Adani, chairman of the ports-to-energy Adani Group, his nephew Sagar R Adani, who is an executive director at the conglomerate's renewable energy arm Adani Green Energy Ltd, and its former CEO Vneet Jaain were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy. The Department of Justice alleged that on several occasions, Adani personally met with an Indian government official to advance the bribery scheme, and the defendants held in-person meetings with each other to discuss aspects of its execution. With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/redmi-a4-5g-with-120hz-display-launched-starting-at-8499/articleshow/115479469.cms">Redmi A4 5G with 120Hz display launched starting at ₹8,499</a> <a href="https://www.businessinsider.in/tech/mobile/news/android-16-developer-preview-announced-new-features-timeline-and-everything-you-need-to-know/articleshow/115476441.cms">Android 16 Developer Preview announced – new features, timeline and everything you need to know</a> <a href="https://www.businessinsider.in/tech/news/indian-wearables-market-declines-20-7-in-q3-2024-smartwatch-and-earwear-categories-struggle/articleshow/115447720.cms">Indian wearables market declines 20.7% in Q3 2024, smartwatch and earwear categories struggle</a>

Adani group stocks' combined market cap erodes by ₹2.45 lakh crore, Adani Enterprises tanks 23%

A couple of days back, EY employee Anna Sebastian Perayil’s death had left the entire nation shocked. The 26-year-old’s mother had blamed <keyword id="21541838" type="General" weightage="20" keywordseo="work-stress" source="keywords">work stress</keyword> for her death. The incident reignited debates about the importance of <keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">work-life balance</keyword> and people took to social media to react to the incident. Now, yet another tragic incident has unfolded in Jhansi. <h2>42-year-old <keyword id="19955371" type="General" weightage="100" keywordseo="Bajaj-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Bajaj Finance" meta.hostid="261" meta.entityid="Bajaj Finance">Bajaj Finance</keyword> employee dies by suicide </h2> A 42-year-old area manager, employed by Bajaj Finance, was found dead in his home on Sunday morning. According to a PTI report, the employee, named <keyword id="23381707" type="General" weightage="20" keywordseo="Tarun-Saxena" source="keywords">Tarun Saxena</keyword>, ended his life by hanging, leaving behind a suicide note in which he alleged severe work pressure and <keyword id="20186119" type="General" weightage="20" keywordseo="mental-harassment" source="keywords">mental harassment</keyword> by his superiors. Tarun Saxena’s body was discovered by his housekeeper, who immediately alerted his family. The local police, as per a ET report, confirmed the recovery of a suicide note, which contains accusations against his senior colleagues. <h2>What was in the suicide note? </h2> In the letter, Saxena revealed he was facing immense pressure to meet recovery targets, stating that his seniors had threatened him with salary deductions and the possibility of losing his job if he failed to achieve the required quotas. According to Saxena’s note, the pressure to meet unrealistic targets had left him mentally and physically drained. “I have not slept for 45 days. I have hardly eaten. I am under a lot of stress. Senior managers are pressuring me to meet targets at any cost or quit,” Saxena wrote in his final letter. He also mentioned that employees were forced to cover missed loan payments from their own pockets, adding to the financial burden. I am very tense about the future. I have lost my ability to think. I am going”, the suicide note added as per NDTV. Saxena reportedly also named his superiors in the note and urged his family to file a police complaint against them, holding them responsible for his death. His family, still grappling with the loss, has yet to lodge an official complaint with the authorities. However, the local police have assured that an investigation will be conducted if a formal complaint is registered. Superintendent of Police Gyanendra Kumar Singh confirmed that a post-mortem has been ordered, and the police are prepared to take action pending further developments. Tarun Saxena’s death sheds light on the growing issue of <keyword id="22447710" type="General" weightage="20" keywordseo="workplace-stress" source="keywords">workplace stress</keyword> and its tragic consequences. Bajaj Finance, at the centre of the allegations, is yet to issue a formal statement regarding the incident. <h2>“He was mentally tortured,” says cousin</h2> The 42-year-old’s cousin, <keyword id="20130532" type="General" weightage="20" keywordseo="gaurav" source="keywords">Gaurav</keyword> Saxena, corroborated his late brother’s claims. He said that a virtual conference that was held on Sunday morning, involving senior managers, further pushed his cousin to the breaking point. Gaurav also alleged that during the call, abusive language was used, and his cousin was humiliated over his inability to meet the stringent recovery demands. "In the morning, he was mentally tortured by his regional manager Prabhakar Mishra and national manager Vaibhav Saxena. Abuses were also hurled at him during a conference, which was held virtually. He was quite frustrated since that (Saturday) night, following which he took the extreme step (on Sunday),” Gaurav said as per a report in PTI. He added, ”He was told that in case of non-fulfilment of the target, he would have to pay from his own pocket. He was assigned areas like Moth and Talbehat for collection, which are rural areas.” (With PTI inputs)

‘Being pressurised to meet targets at any cost, I am leaving’: Bajaj Finance employee dies by suicide, leaves note blaming work stress

As many as seven <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-group" source="keywords">Adani group</keyword> stocks ended lower on Friday as the Swiss authorities froze USD 311 million (Rs 2,610 crore) held by a Taiwanese resident in multiple Swiss bank accounts as part of a money laundering probe, suspecting he may be a frontman from the group -- a charge the conglomerate vehemently denied. Shares of <keyword id="19934911" type="General" weightage="20" keywordseo="Adani-Power" source="keywords">Adani Power</keyword> dropped 2.73 per cent, Adani Energy Solutions declined 2.42 per cent, Adani Ports slipped 1.37 per cent, Adani Green Energy went lower by 1.17 per cent, Adani Enterprises dipped 0.76 per cent, Adani Total Gas (0.55 per cent) and Adani Wilmar (0.37 per cent) on the BSE. However, three group firms managed to settle in the green. The stock of <keyword id="19963163" type="General" weightage="20" keywordseo="ACC" source="keywords" meta.keywordsubtype="org" meta.entityname="ACC" meta.hostid="261" meta.entityid="ACC">ACC</keyword> jumped 1.94 per cent, NDTV climbed 1.01 per cent and <keyword id="20057393" type="General" weightage="20" keywordseo="Ambuja-Cements" source="keywords" meta.keywordsubtype="org" meta.entityname="Ambuja Cements" meta.hostid="261" meta.entityid="Ambuja Cements">Ambuja Cements</keyword> (0.01 per cent). During the day, shares of Adani Power tumbled 3.20 per cent, Adani Energy dived 2.75 per cent, Adani Green declined 1.53 per cent, Adani Ports went down by 1.51 per cent, Adani Enterprises fell 1.18 per cent, Adani Wilmar (1.07 per cent), Adani Total (0.89 per cent), NDTV (0.57 per cent), Ambuja Cements (0.54 per cent) and ACC (0.46 per cent). Swiss authorities have frozen USD 311 million (Rs 2,610 crore) held by a Taiwanese resident in multiple Swiss bank accounts as part of money laundering probe, suspecting he may be a frontman from the Adani group -- a charge the conglomerate vehemently denied saying it was neither involved in any Swiss court proceedings nor any of its accounts are subject to sequestration. US-based short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="261" meta.entityid="Hindenburg Research">Hindenburg Research</keyword>, which had last year targeted the Adani group in a damning report that led to wiping away of USD 150 billion in market value of listed firms of the conglomerate in the following weeks, in a post on X cited "newly released Swiss criminal records reported by Swiss media outlet" to state that "Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021." "Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius &amp; Bermuda funds that almost exclusively owned <keyword id="20372802" type="General" weightage="20" keywordseo="Adani-stocks" source="keywords">Adani stocks</keyword>," it said citing the report. Adani group rejected the allegations as baseless, saying it had no involvement in any Swiss court proceedings. "We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority," it said. The Swiss media outlet Gotham City in its report stated that a ruling by the Federal Criminal Court (FCC) reveals that the Geneva Public Prosecutor's Office was investigating alleged wrongdoing and more than USD 310 million belonging to an alleged frontman for billionaire <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> have been sequestered in five Swiss banks over the last three years. The Swiss investigators suspect that the associate, Chang Chung-Ling, is not the ultimate beneficial owner (UBO) of the company under investigation, but a mere front. The Adani Group, however, said that the court order was not linked to them and they have not been mentioned in it. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/western-carriers-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113312196.cms">Western Carriers IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/stock-market/news/pn-gadgil-jewellers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113302533.cms">PN Gadgil Jewellers IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-is-already-cheaper-than-the-iphone-15-pro-in-india-but-you-can-get-it-for-up-to-30000-cheaper/articleshow/113220789.cms">iPhone 16 Pro is already cheaper than the iPhone 15 Pro in India, but you can get it for up to ₹30,000 cheaper</a>

Majority of Adani group stocks settle lower; Adani Power drops nearly 3%

Leading bourses NSE and BSE have said that <keyword id="3179546" type="General" weightage="80" keywordseo="adani-green-energy" source="Orion">Adani Green Energy</keyword> will be put under the second stage of the long-term additional surveillance measure (ASM) framework from Tuesday. In two separate circulars, the bourses said <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Green Energy shall continue in the ASM framework but will be moved to the respective higher stage from March 28. The move also comes close on the heels of the two exchanges moving two group firms Adani Total Gas and Adani Transmission from the second stage of the long-term ASM framework to Stage-I on Friday. On March 17, both exchanges put Adani Green Energy and <keyword id="6420486" type="General" weightage="50" keywordseo="ndtv" source="Orion">NDTV</keyword> under the first stage of the long-term ASM framework. Meanwhile, all the 10 listed firms of the Adani group on Monday ended the day in the negative territory, with <keyword id="45417" type="General" weightage="50" keywordseo="adani-power" source="Orion">Adani Power</keyword>, Adani Transmission, Adani Wilmar and Adani Total Gas each falling nearly 5 per cent. Many of the group firms hit their lower circuit limits during the day. The Adani group stocks have taken a beating on the exchanges since a report by US-based short-seller <keyword id="9916845" type="General" weightage="50" keywordseo="hindenburg-research" source="Orion">Hindenburg Research</keyword> was published in January this year. The report had made a litany of allegations, including fraudulent transactions and share-price manipulation, against it. The Adani group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

NSE, BSE put Adani Green Energy under second stage of longterm ASM framework from Mar 28

Markets regulator <keyword id="35210" type="General" weightage="80" keywordseo="sebi" source="Orion">Sebi</keyword> has approved <keyword id="6367820" type="General" weightage="20" keywordseo="Adani-Group" source="Orion">Adani Group</keyword>'s open offer to buy an additional 26 per cent stake in media firm New Delhi Television (<keyword id="6420486" type="General" weightage="20" keywordseo="NDTV" source="Orion">NDTV</keyword>) and the offer will commence on November 22. According to an update on Sebi's website on Monday, the regulator gave its final comments on the proposed Rs 492.81 crore-open offer on November 7. The offer will tentatively open on November 22 and close on December 5. The price fixed is Rs 294 per share, as per a recent regulatory filing by NDTV. The conglomerate, run by India's richest man <keyword id="111343" type="General" weightage="50" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>, in August acquired a little-known company that lent over Rs 400 crore to NDTV's founders more than a decade ago in exchange for warrants that allowed the company to acquire a stake of 29.18 per cent in the newsgroup at any time. Post that, Vishvapradhan Commercial Pvt Ltd (VCPL) - the firm that <keyword id="76451" type="General" weightage="80" keywordseo="adani" source="Orion">Adani</keyword> group bought out - announced that it would launch an open offer on October 17 to buy an additional 26 per cent stake from minority shareholders of NDTV. However, the offer was delayed since Sebi had not given its approval to the open offer. VCPL along with AMG Media Networks and Adani Enterprises Ltd had proposed to acquire an additional 26 per cent or 1.67 crore equity shares at an offer price of Rs 294 per share. If fully subscribed, the open offer will amount to Rs 492.81 crore at a price of Rs 294 per share. "The decision to acquire NDTV was arrived at in furtherance of the Adani Group's objective to set up a credible next-generation media platform with an emphasis on digital and broadcast segments, and that NDTV is a suitable broadcast and digital platform to deliver on this vision," Adani Enterprises said in a regulatory filing in October. On Monday, shares of NDTV closed 1.99 per cent higher at Rs 365.85 on BSE and Rs 364.50 on NSE. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/article/tatas-mega-aviation-merger-is-poised-for-flight-but-the-skies-are-not-clear-yet/articleshow/95526116.cms">Tata's mega aviation merger is poised for flight, but the skies are not clear yet</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sai-silks-gets-sebi-nod-to-float-ipo-eyes-to-raise-up-to-rs-1200-crore/articleshow/95526795.cms">Sai Silks gets Sebi nod to float IPO; eyes to raise up to Rs 1,200 crore</a>

Sebi approves Adani Group's open offer for 26% stake in NDTV

The shares of television channel company New Delhi Television Ltd (<keyword id="6420486" type="General" weightage="100" keywordseo="ndtv" source="Orion">NDTV</keyword>) on Wednesday hit the upper circuit at the bourses with the change of guard at the promoter's holding company <keyword id="7773953" type="General" weightage="80" keywordseo="rrpr-holding" source="Orion">RRPR Holding</keyword> Private Ltd. At the <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword>, the NDTV scrip opened at Rs 447.70 (upper limit) after closing at Rs 426.40 on Tuesday. With the Adani group acquiring a 99.5 per cent stake in RRPR Holding, the latter's original promoters <keyword id="360054" type="General" weightage="50" keywordseo="prannoy-roy" source="Orion">Prannoy Roy</keyword> and <keyword id="213943" type="General" weightage="80" keywordseo="radhika-roy" source="Orion">Radhika Roy</keyword> resigned as Directors, the NDTV said on Tuesday. The company also said it was informed by the promoter group vehicle RRPR Holding that the latter's board approved the appointment of Sudipta Bhattacharya, Sanjay Pugalia and Senthil Sinniah Chengalvarayan as Directors with immediate effect. The RRPR Holding owns a 29.18 per cent stake in NDTV, which has three national television channels. The Adani group has also made an open offer to acquire an additional 26 per cent stake in NDTV at a price Rs 294 per share. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/all-global-biggies-that-cashed-out-of-indian-companies-in-2022/slidelist/95877427.cms">All global biggies that cashed out of Indian companies in 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/burma-burma-a-burmese-restaurant-chain-raises-over-2-million-in-seed-funding/articleshow/95878243.cms">Burma Burma, a Burmese restaurant chain, raises over $2 million in seed funding</a>

NDTV scrip hits upper circuit after Prannoy and Radhika Roy resign

<ul><li><keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Enterprises on Friday said it will raise Rs 20,000 crore in equity to fund the massive expansion of the business empire that now spans from ports to energy to cement. </li><li>Shares of Adani Enterprises Ltd (<keyword id="236769" type="General" weightage="80" keywordseo="ael" source="Orion">AEL</keyword>) have more than doubled in the last year, giving it a market value of Rs 4.46 lakh crore.</li><li>The group has a significant presence in ports, airports, roads, power, renewable energy, electricity transmission, gas distribution, real estate, FMCG, cement and financial services. </li></ul> Billionaire <keyword id="111343" type="General" weightage="50" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>'s conglomerate on Friday said it will raise Rs 20,000 crore in equity to fund the massive expansion of his sprawling business empire that now spans from ports to energy to cement. Adani Enterprises Ltd, the flagship firm of <keyword id="21718" type="General" weightage="50" keywordseo="asia" source="Orion">Asia</keyword>'s richest person, will raise funds through the issue of fresh equity shares, it said in a stock exchange filing. The public offering will help Adani Enterprises Ltd (AEL), which is the business incubator for the group and currently houses businesses from civil aviation to data centres, diversify the shareholder base and build its credibility and acceptance among investors. Promoters currently hold 72.63 per cent shares of AEL. Of the remaining 27.37 per cent, almost 20 per cent is held by insurance companies and foreign portfolio investors. Shares of AEL have more than doubled in the last year, giving it a market value of Rs 4.46 lakh crore. Benchmark S&amp;P BSE Sensex index has risen just 5.4 per cent over the same period. In the stock exchange filing, AEL said its board of directors met on Friday and approved the "raising of funds by way of a further public offering through a fresh issue of equity shares by the company aggregating up to Rs 20,000 crore." The company will seek shareholder approval for the offering through a postal ballot. The Adani group has previously stated that it is working on plans to increase the free float. Adani started AEL in 1988 with the commodity trading business and used it as an incubator of new businesses before spinning them off into separately listed firms. The group now has a significant presence in ports, airports, roads, power, renewable energy, electricity transmission, gas distribution, real estate, FMCG, cement and financial services. Recently, the group also entered the media business. Ports, power, transmission, green energy, gas and edible oil businesses are separately listed companies. The group has made forays into a diverse array of businesses with dealmaking in recent months. It recently acquired Holcim Ltd's India cement units for USD 10.5 billion, India's second-biggest deal of the year. It is also making a bid to take over New Delhi Television Ltd (<keyword id="6420486" type="General" weightage="50" keywordseo="ndtv" source="Orion">NDTV</keyword>). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/uks-asian-rich-list-hinduja-family-retain-top-spot-uk-pm-sunak-his-wife-make-debut/articleshow/95761539.cms">UK's Asian Rich list: Hinduja family retain top spot, UK PM Sunak, his wife make debut</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/construction-cost-of-greenfield-infra-projects-increased-by-5-7-q32022-cbre/articleshow/95762330.cms">Construction cost of greenfield infra projects increased by 5-7% Q32022: CBRE</a>

Adani Enterprises to raise ₹20,000 crore via a follow-on public offer

<keyword id="6420486" type="General" weightage="100" keywordseo="ndtv" source="Orion">NDTV</keyword>'s share price rose 5 per cent, hitting the upper circuit in opening trade on Wednesday, a day after the <keyword id="76451" type="General" weightage="80" keywordseo="adani" source="Orion">Adani</keyword> group launched a hostile bid to take over the media house. The stock climbed 5 per cent to Rs 384.50 -- its upper circuit limit as well as 52-week high -- on the <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword> after beginning the trade on a positive note. The company's market capitalisation climbed Rs 117.99 crore to Rs 2,478.92 crore on the BSE. On the NSE, it jumped 4.99 per cent to Rs 388.20 -- its upper circuit limit as also the one-year peak. After declining in opening trade, the 30-share benchmark <keyword id="6484188" type="General" weightage="50" keywordseo="sensex" source="Orion">Sensex</keyword> was trading 87 points higher at 59,118.24 points in late morning trade. In a move that has significant ramifications for the media landscape, billionaire <keyword id="111343" type="General" weightage="50" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword> on Tuesday launched a hostile bid to take over NDTV, first with an indirect acquisition of 29.18 per cent stake in the broadcaster followed by an offer to buy out a further 26 per cent controlling stake. On Tuesday, the owners of <keyword id="201523" type="General" weightage="50" keywordseo="new-delhi-television-ltd" source="Orion">New Delhi Television Ltd</keyword> (NDTV), a popular news channel, said they were completely unaware of the takeover until Tuesday, and that it was done without their consent or any discussion. Three Adani group firms - Vishvapradhan Commercial Pvt Ltd (VCPL) along with AMG Media Networks and Adani Enterprises Ltd - have come out with a public announcement for the offer under the Sebi norms. The open offer to acquire an additional 26 per cent or 1.67 crore equity shares in NDTV is worth nearly Rs 493 crore. The offer price is Rs 294 per share, 19.71 per cent lower than the closing price on Tuesday. NDTV's share price, which has risen more than 300 per cent so far this year, closed at Rs 366.20 apiece on BSE on Tuesday. If the open offer is successful, the Adani group will have more than 55 per cent stake in NDTV. As the Adani group looks to boost media investments as part of an ambitious expansion plan, a group firm first acquired a company that in the past was linked to rival billionaire <keyword id="3820" type="General" weightage="50" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword>. The particular company had loaned Rs 250 crore to NDTV in 2008-09 and the Adani group firm now exercised the option to convert that debt into 29.18 per cent stake in the news channel company. Subsequently, it has launched an open offer for another 26 per cent stake, the group said in a statement on Tuesday. "AMVL's wholly-owned subsidiary VCPL holds warrants of RRPR Holding Pvt Ltd (RRPR) entitling it to convert them into a 99.9 per cent stake in RRPR. VCPL has exercised warrants to acquire 99.5 per cent in RRPR," it said. Such acquisition will result in VCPL acquiring control of RRPR. "RRPR is a promoter group company of NDTV and holds a 29.18 per cent stake in NDTV," the statement said. On Tuesday, NDTV said the exercise of the right by VCPL was executed without any input of the company or its founders. In an internal communication to its employees on Tuesday, NDTV said, "the developments of today are entirely unexpected for NDTV, and for Radhika and Prannoy". "We are in the process of evaluating the next steps, many of which involve regulatory and legal processes," it added. The bid for NDTV will be the Adani group's most high-profile bet in the media sector where Ambani already has a sizeable presence through Network18, which runs a bouquet of channels, including news channel CNN-News18 and business channel CNBC-TV18. Last year, Adani Media Ventures Ltd (AMVL), the media arm under the group's flagship Adani Enterprises Ltd, had acquired the digital business news platform Quintillion Business Media Pvt Ltd (QBM). NDTV had a revenue of Rs 421 crore with an EBITDA of Rs 123 crore and a net profit of Rs 85 crore in FY22, with negligible debt. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/top-five-gmail-features-to-get-more-productive/slidelist/93746021.cms">Top five Gmail features to get more productive</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/economy/news/this-financial-metric-explains-how-the-indian-economy-will-take-some-time-before-it-is-back-on-track/articleshow/93746079.cms">This financial metric explains how the Indian economy will take some time before it is back on track</a>

NDTV stock hits upper circuit on Adani group takeover bid

<ul><li><keyword id="76451" type="General" weightage="80" keywordseo="adani" source="Orion">Adani</keyword> group announced an open offer for up to 26 percent stake in <keyword id="6420486" type="General" weightage="100" keywordseo="ndtv" source="Orion">NDTV</keyword> at a price of ₹294 per share.</li></ul><ul><li>The statutory announcement for an open offer has also been filed with the stock exchanges. </li><li>The share price of NDTV closed at ₹366.20 on <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword> on Tuesday. </li></ul><keyword id="258914" type="General" weightage="50" keywordseo="adani-enterprises-ltd" source="Orion">Adani Enterprises Ltd</keyword> has intimated the stock exchanges on tge exercise by VCPL, its wholly-owned subsidiary, of warrants of <keyword id="14520737" type="General" weightage="80" keywordseo="rrpr" source="Orion">RRPR</keyword> to acquire 99.5 percent of RRPR and consequent indirect acquisition of 29.18 per cent NDTV shares held by RRPR. It has also announced an open offer for up to 26 per cent stake in NDTV at a price of ₹294 per share. The share price of NDTV closed at ₹ 366.20 on BSE on Tuesday. The warrant exercise has been hand delivered to the RRPR team and acknowledgement obtained on the original and the warrant exercise money has been remitted to RRPR's bank account before the press release was sent to the stock exchanges. The statutory announcement for an open offer for acquiring 26 per cent of NDTV shares has also been filed with the stock exchanges. SEEL ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" 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">Adani group sheds ₹94,000 crore in value after a report says it’s ‘deeply over-leveraged’</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adanis-overly-ambitious-growth-plans-can-spiral-into-a-massive-debt-trap-fitch/articleshow/93725014.cms">Gautam Adani’s overly ambitious growth plans can spiral into a massive debt trap: Fitch</a>

Adani group subsidiary to indirectly acquire 29.18% stake in NDTV, makes open offer

The <keyword id="6355302" type="General" weightage="100" keywordseo="rupee" source="Orion">rupee</keyword> has come substantially off its all-time low. Currently, it is trading around 81.64-81.70 against the US dollar as against its record low of 83 it breached in mid-October, primarily due to the strength in the US Dollar Index. Where is the Rupee headed now? ICICI Direct, which is part of ICICI Securities, expects the Rupee to appreciate towards 80 levels by the end of this fiscal year 2022-23 ending March. "We won't be surprised even if it breaks the major support level of 80 and appreciates further till 79.00 as well. We believe, the rupee may face a strong resistance near 83.50," Raj Deepak Singh, Analyst - F&amp;O, Currency and Commodity at ICICI Direct told in response to an email questionnaire. Further, on being asked whether the worst is over for the rupee, Singh said it looks like the circumstances were getting milder and may "turn the tables" soon for the Indian currency. "Softening of crude oil prices may be supportive for the domestic currency as it will reduce the import bills. Oil prices may remain in the range of USD 65-USD 90 per barrel even if OPEC+ continues with its production cut as demand concerns have taken the front seat," Singh said, adding that he believes India is in a much better place compared to its peers in terms of Inflation dynamics. Recent consumer price index data showed that inflation eased to 6.77 per cent from the five-month high of 7.41 per cent in September. Taking cues from declining inflation print, the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>, Singh said, may consider moderating the pace of its monetary policy tightening. "In addition to this pressure on other major central banks to keep raising interest rates took off after US Fed signalled a slowdown in the pace of rate hikes. Moderation in the pace of monetary tightening is the need of the hour," Singh added. The <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> had already hiked the key policy rate by 190 basis points in four tranches since May to 5.9 per cent to cool off domestic retail inflation that has stayed above the RBI's upper tolerance limit of 6 per cent. Also, the return of foreign portfolio investors into Indian stock markets has been quite positive for the Rupee. Foreign portfolio investors infused funds worth around Rs 35,000 crore in Indian stock markets in the month of November and became net buyers again, data from National Securities Depository showed. The latest inflow of funds supported Indian stock indices -- <keyword id="6484188" type="General" weightage="50" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="6354813" type="General" weightage="50" keywordseo="nifty" source="Orion">Nifty</keyword> - too, which are trading at their lifetime highs. Further, on the argument that the rupee is not depreciating but it is the US dollar, which is strengthening, he said: " If we see the current scenario, then the dollar has started losing its steam." "(US Fed) Meeting minutes also revealed that some of the officials were more anxious about the possibility of overdoing the increases. Dollar Index will face a strong resistance near 113 levels and may slip further till 102/100 levels in the coming months," Singh said. Currently, the US Dollar Index is hovering at around 106-107. The US Dollar Index is an index of the value of the dollar relative to a basket of other foreign currencies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-markets-open-tad-higher-ahead-of-gdp-data-zomato-sbi-ndtv-britannia-industries-among-stocks-to-watch/articleshow/95872706.cms">Indian markets open tad higher ahead of GDP data -- Zomato, SBI, NDTV, Britannia Industries among stocks to watch</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-gains-17-paise-to-81-55-against-us-dollar/articleshow/95874184.cms">Rupee gains 17 paise to 81.55 against US dollar</a>

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