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New Delhi, <keyword id="9451768" type="General" weightage="80" keywordseo="billionaire-gautam-adani" source="Orion">Billionaire Gautam Adani</keyword>'s flagship firm on Thursday reported halving of the second quarter net profit as losses in the mining business widened and operating expenses rose. <keyword id="258914" type="General" weightage="50" keywordseo="adani-enterprises-ltd" source="Orion">Adani Enterprises Ltd</keyword>'s July-September quarter consolidated net profit of Rs 222.82 crore was down 50.5 per cent when compared with Rs 460.94 crore net profit in the same period last year, according to a stock exchange filing by the company. While operating expenses rose 8 per cent, the company booked a one-time loss of Rs 88 crore on realisable value of assets held for sale of one of the subsidiaries of the group, Mundra Solar PV Ltd. Losses on commercial mining widened to about Rs 340 crore from Rs 132.22 crore in July-September 2022. AEL's businesses of new energy and airport posted robust growth in revenues and pre-tax profits. New energy business, which includes solar module manufacturing, saw revenues triple to Rs 1,939 crore and EBITDA rose 11x to Rs 628 crore. Airports business saw a 49 per cent jump in revenues to Rs 1946 crore and a 15 per cent increase in EBITDA to Rs 568 crore. The company said it now has 4 GW of operational solar manufacturing capacity while module sales rose 205 per cent to 630 MW. After operationalising the phase-1 of Chennai data centre, the firm's data centres at Noida (near Delhi) and Hyderabad were 63-65 per cent complete. Adani Airports Holdings handled 31 per cent more passengers at 21.4 million at its seven operational airports. <keyword id="130229" type="General" weightage="50" keywordseo="adani-enterprises-limited" source="Orion">Adani Enterprises Limited</keyword> (AEL) is the flagship company of <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword>. After incubating unicorns like Adani Ports &amp; SEZ, Adani Energy Solutions, Adani Power, Adani <keyword id="60895" type="General" weightage="80" keywordseo="green-energy" source="Orion">Green Energy</keyword>, Adani Total Gas and Adani Wilmar, the company is focused on next generation of its strategic business investments around green hydrogen ecosystem, airport management, data center, roads and primary industry like copper and petrochem. Revenue from operations declined to Rs 22,517.33 crore in July-September from Rs 38,175.23 crore a year back. "AEL has made significant progress in its strong incubation pipeline during the first half of the fiscal year 2023-24," a company statement said. Key incubating businesses, including green hydrogen integrated manufacturing ecosystem, airports and roads collectively contributed 48 per cent of the overall EBITDA. "We are fundamentally reshaping the essence of incubation scale and velocity," said <keyword id="111343" type="General" weightage="80" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>, Chairman of the Adani Group. "Adani Enterprises covers sectors that span energy, utility, transport, D2C, and primary industries. With many ventures now market-ready and thriving, our H1 FY23-24 results have been boosted by the core infra-incubating businesses, thereby being a strong testament to our incubating ventures." The company has completed the ingot pilot plant and has produced India's first wafer, the statement added.

Adani Enterprise Q2 net profit halves to ₹222.82 crore

<ul><li>A no-poaching agreement will prevent employees of both groups from joining each other. </li><li>Legal eagles say no law prevents conglomerates from entering into such pacts. </li><li>Pact will prevent a talent war in media and new energy businesses.</li></ul>The <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword>, led by the world’s third richest man <keyword id="111343" type="General" weightage="50" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>, has entered into a no-poaching agreement with Mukesh Ambani-led <keyword id="6355199" type="General" weightage="50" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword>, such that both groups will be restricted from hiring talent from each other. The agreement has come into effect from May this year and will be applicable to all their businesses. Queries sent by Business Insider to both groups remained unanswered. What makes this pact interesting is that it is between two of India’s largest conglomerates and of late both have entered sectors where the other has a big play. Last year, <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Group announced its entry into the petrochemical space with <keyword id="15047441" type="General" weightage="50" keywordseo="adani-petrochemicals-limited" source="Orion">Adani Petrochemicals Limited</keyword>, which is where Reliance has a large presence. The other area where their paths cross is the high-speed data services, for which Adani has bid for 5G spectrum. No poaching agreements have always been around in India as a practice and are increasingly becoming prevalent in India, as the war for talent intensifies and wage costs are soaring. Rising wage costs are a risk to companies, especially where talent is scarce and a potential bidding war can exacerbate this risk. A senior professional with a global executive search firm that works with both conglomerates, said on grounds of anonymity, “These pacts have always existed and they continue to be informal in nature. From here on both groups cannot poach from each other.” No poaching agreements are legal as long as they do not restrict an individual’s right to seek employment. One partner at a corporate law firm said that there is no law that prevents two entities from entering into such agreements, so long as they are not dominant players in that sector. Currently, both these entities do not have a dominant combined market share in any sector. In the past several corporations have built in such clauses into contracts of their employees, which prevent them from joining competition. And in some cases, employees could not join rivals even after the contract had expired. In these cases there is a cooling period before which employees cannot join rivals. The Adani Group has interests in renewable energy, power generation &amp; distribution, ports, airports, solar and natural resources. The Adani Group is also testing waters in petrochemicals and enterprise broadband space for which it has acquired spectrum worth ₹212 crore in the recently concluded auctions. The Adani Group seeks to serve enterprise customers in six licensed service areas through Adani Data Networks. Reliance Jio Infocomm is the world’s third largest mobile network operator with a subscription base of 426 mn and has emerged as the largest bidder for 5G spectrum. Given that Adani Group and Reliance Industries have global ambitions in several businesses, this pact allows them to ring fence their respective talent pools both in India and outside. <div type="Article" hostid="261" msid="94004700" title="The best Amazon Great Indian Festival deals and offers" mstype="2" mssubtype="0"></div> Reliance, on the other hand, also has massive ambitions in the new energy and solar space, where Gautam Adani has a lead. Given that both groups are present in several sectors, where talent is scarce in India, this pact could help prevent a war for talent. Media is another sector where both have a presence and there too employees down the line have been informed that they cannot accept offers from the other group. Senior management personnel who were in talks with either side for possible opportunities have now been informed by the executive search firms about the pact and have had to retract their candidatures. Most of these agreements are informal and may not hold up in the court of law, claim experts. However, with two large conglomerates entering into a no poaching agreement may prove to be restrictive for employees across the board. Business Insider has also learned that after the pact was actioned, letters have also been withdrawn in certain cases for junior employees. Between them, <keyword id="3820" type="General" weightage="50" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> (net worth $88.8bn) and Gautam Adani ($150bn) account for 59% of wealth held by the top 10 billionaires in India. While RIL’s market cap stands at ₹16,94,143 crore, The Adani Group’s listed companies have a combined market cap of ₹21,28,656 crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/sundar-pichai-lost-a-fifth-of-his-wealth-last-year-check-the-net-worth-of-other-indian-origin-ceos/articleshow/94353534.cms">Sundar Pichai lost a fifth of his wealth last year – check the net worth of other Indian-origin CEOs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/the-second-adani-gautam-adanis-elder-brother-is-the-sixth-richest-indian/articleshow/94345471.cms">The second Adani: Gautam Adani’s elder brother is the sixth richest Indian</a>

Adani Group enters into a no-poaching pact with Mukesh Ambani led Reliance Industries

<ul><li><keyword id="6367820" type="General" weightage="20" keywordseo="adani-group" source="Orion">Adani Group</keyword> is now looking to buy a stake in the world’s biggest oil exporter <keyword id="152170" type="General" weightage="20" keywordseo="saudi-aramco" source="Orion">Saudi Aramco</keyword>.</li><li>The Adani Group has a range of businesses covering ports, power, renewable energy, airports, coal trading and data centres.</li><li>Saudi Aramco was looking to get a stake in Reliance Industries, but the talks fell through.</li></ul>A lot of investors were left disappointed after the deal between Mukesh Ambani-led Reliance Industries and oil biggie Saudi Aramco <a href="https://www.businessinsider.in/business/news/reliances-15-billion-deal-with-saudi-aramco-has-been-called-off/articleshow/87811630.cms">fell apart last November</a>. After all, the investors and shareholders had waited nearly two years for Saudi Aramco to invest $15 billion in India’s most valued business. Now, the word has it that the Adani Group has jumped into the bandwagon and is now looking to buy a stake in the world’s biggest oil exporter. According to a Bloomberg<a href="https://www.bloomberg.com/news/articles/2022-03-18/billionaire-adani-is-said-to-explore-partnerships-with-aramco"> report </a>citing sources it did not name, <keyword id="111343" type="General" weightage="20" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword> willing to shell out billions of dollars to buy a stake in Saudi Aramco. Therefore, it may look at a broader tie-up or asset deal to acquire the said stake from Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF), as per the report. Adani’s infrastructure is a value-add The report suggests that the port-to-energy Adani Group may also offer PIF the opportunity to invest in its infrastructure in India. Anshuman Khanna, director at consultancy ValPro, highlighted that the Adani Group has built a unique infrastructure in India that can be leveraged to incubate world class businesses relevant to the “future” such as renewable energy, data centres, petrochemicals, natural gas infrastructure and hydrogen. “A deal with Adani could provide [Saudi] Aramco an opportunity to participate in the India growth story and diversify its portfolio from traditional oil and gas. It would be complementary to the multiple partnerships Adani group has nurtured over years with conglomerates such as Total, Wilmar and Indian Oil. Each partnership sustains on the premise that each partner is bringing a unique value proposition to the partnership and there is trust and transparency between the groups,” Khanna told Business Insider. The Adani Group has a range of businesses covering ports, power, renewable energy, airports, coal trading and data centres. Petrochemical to renewable energy — Adani has got it all Adani's existing businesses in renewable energy and its recent foray into petrochemicals could be worthwhile for Saudi Aramco. Last year, Adani Group had set up a<a href="https://economictimes.indiatimes.com/industry/energy/oil-gas/adani-group-to-enter-petrochemicals-business-through-adani-petrochemicals-ltd/articleshow/84955834.cms"> new subsidiary </a>that will set up refineries, petrochemical complexes and hydrogen plants to directly compete with Reliance Industries, which is the biggest petrochemical business in the country and among the top 10 in the world. The company also plans to set up a ₹14,000 crore petrochemical plant for this. Khanna elaborated that Saudi Aramco would find a client in Adani’s petrochemical business. This is even more crucial since the world is moving towards more sustainable sources like solar energy, which means that the use of oil and gas in vehicles would be limited in the times to come. However, oil and gas usage in the petrochemicals industry will continue as it is. “This will help them a lot in terms of continuing to find a home for oil and gas,” he added. He noted that Saudi Aramco was looking to get a stake in Reliance Industries because of their petrochemical business, but that deal did not go through due to valuation difference. Adani Group is a good enough alternative to that in his opinion. Meanwhile, Suman Jagdev, partner of industrial goods and services at Praxis Global Alliance also pointed that the partnership with Saudi Aramco will help Adani too strengthen their business portfolio and “create a scale play across the oil and gas value chain”. “This would help increase cash flow and fuel growth. It may further open infrastructure investment opportunities in India by Saudi investors and strategics,” he added. Adani Green Energy Limited (AGEL) is currently among the largest renewable energy businesses in India in terms of market capitalisation, which further strengthens its future. According to Bloomberg Billionaires Index, Gautam Adani is <a href="https://www.bloomberg.com/billionaires/">Asia’s second richest person</a> with an estimated net worth of about $90.5 billion. He is the eleventh richest man in the world, after Tesla’s Elon Musk, Amazon’s Jeff Bezos, Microsoft’s Bill Gates, Reliance’s Mukesh Ambani and others. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/adani-group-ioc-bpcl-hpcl-reliance-hdfc-and-other-hot-stocks-on-march-21/slidelist/90344098.cms">Adani group, IOC, BPCL, HPCL, Reliance, HDFC and other hot stocks on March 21</a> <a href="https://www.businessinsider.in/investment/news/india-is-working-on-crypto-classification-under-gst-law/articleshow/90344895.cms" data-type="tilCustomLink">India is working on crypto classification under GST law</a> <a href="https://www.businessinsider.in/investment/news/crypto-tax-in-india-kicks-in-from-april-heres-all-you-need-to-know/articleshow/90344479.cms">India’s cryptocurrency tax kicks in from April – here’s what investors need to know</a>

Even Saudi Aramco has a lot to gain from an investment from Gautam Adani

In what is likely the first action against an Indian company for allegedly dealing in <keyword id="15125023" type="General" weightage="20" keywordseo="Iranian-petroleum-products" source="Orion">Iranian petroleum products</keyword>, the US Treasury Department has imposed sanctions on Mumbai-based <keyword id="15125024" type="General" weightage="20" keywordseo="Tibalaji-Petrochem" source="Orion">Tibalaji Petrochem</keyword> Private Limited. On Thursday, the Department said that the company "purchased millions of dollars worth" petrochemical products, for "onward shipment to China". The company was one of eight that were hit in the latest round of sanctions. The others are located in the United Arab Emirates (UAE), Hong Kong and China. The sanctions came shortly after India's External Affairs Minister S. Jaishankar wrapped up his visit to Washington where he met several top officials, including Secretaries Antony Blinken of State, Lloyd Austin of Defence and Gail Raimondo of Commerce, and National Security Adviser Jake Sullivan. When asked by a reporter at a briefing if the Iran sanctions came in Jaishankar's meeting with Blinken, State Department Deputy Spokesperson Dev Patel said they had nothing beyond what they had said at their news conference. India has abided by the sanctions imposed by the US on Tehran and its companies have refrained from importing <keyword id="15125026" type="General" weightage="20" keywordseo="petroleum-products-from-Iran" source="Orion">petroleum products from Iran</keyword>. The alleged deals made by Tibalaji, which describes itself on its website as a "growing petrochemical trading company", do not appear to be for importing Iranian material to India, but rather for China. Most of the US sanctions were lifted after Iran reached an agreement with the five permanent members of the UN Security Council and Germany in 2015 to curtail its nuclear programme capable of weaponising it. But they were reimposed after former US President Donald Trump withdrew from the deal and Tehran restarted its nuclear weapons-capable programme. "The US is committed to severely restricting <keyword id="15125025" type="General" weightage="20" keywordseo="Irans-illicit-oil-and-petrochemical-sales" source="Orion">Iran's illicit oil and petrochemical sales</keyword>," said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson. Tehran has taken a hardline on resuming deal and he warned that Washington will enforce the sanctions "so long as Iran refuses a mutual return to full implementation" of the deal. The Treasury Department said that under the sanctions, all the properties and interests in the US of the eight companies or those in which they have at least 50 per cent interest "must be blocked" and reported to its Office of Foreign Assets Control (OFAC). This applies also to any Americans who may have control over the assets of those companies and persons involved in certain transactions with them could also face sanctions or enforcement actions, the Department said. It added that Tibalaji bought "petrochemical products, including methanol and base oil, for onward shipment to China" through deals brokered by Triliance Petrochemical Co. Ltd. Network that had been sanctioned earlier. Triliance is based in Hong Kong with branches in Iran, China and the UAE. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-greens-54-rally-tempts-totalenergies-to-book-profits/articleshow/94529227.cms">Adani Green’s 54% rally this year tempts TotalEnergies to book profits</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/e-commerce-sales-will-drive-credit-cards-spends-in-september-says-report/articleshow/94538013.cms">E-commerce sales will drive credit cards spends in September, says report</a>

US imposes sanctions on Indian company over alleged Iran oil deal

Entry based on a QR code messaged on personal mobile phones, colour-coded paper wristbands for access to different zones, and a medical response preparedness reserved for heads of state helped Asia's richest man Mukesh <keyword id="19898589" type="General" weightage="20" keywordseo="ambani" source="keywords">Ambani</keyword> wed his youngest son <keyword id="20472163" type="General" weightage="20" keywordseo="anant" source="keywords">Anant</keyword> to <keyword id="22391270" type="General" weightage="20" keywordseo="pharmaceutical-heiress" source="keywords">pharmaceutical heiress</keyword> <keyword id="20178843" type="General" weightage="20" keywordseo="Radhika-Merchant" source="keywords">Radhika Merchant</keyword> in the year's most extravagant wedding. Global <keyword id="19903563" type="General" weightage="20" keywordseo="celebrities" source="keywords">celebrities</keyword>, business tycoons, cricketers, filmstars and politicians of all hues attended the wedding at Ambani-family-owned Jio World Centre at Mumbai's BKC on Friday and a 'blessing ceremony' for friends and family members titled 'Shubh Ashirwad' on the following day. A wide range of guests - from employees to business associates - were invited for another reception, titled 'Mangal Utsav', on Sunday at the same venue. Prime Minister Narendra Modi visited the venue on Saturday to bless the couple. Three different invitations were sent out for the wedding and the receptions with top-run guests being sent a large red box that contained an intricate chest incorporating a mini silver temple featuring gold idols of various Hindu deities, including Lord Ganesh, Radha-Krishna, and Goddess Durga. The invitation revealed different cards for each wedding function with one crafted from silver and resembling the main gate of an ancient temple. It included several keepsakes, such as an embroidered cloth with the initials 'AR' for Anant and Radhika, a blue shawl and a silver box filled with more gifts. The simplest invitation was in a laptop-sized box with silver statues of three Gods and invitation cards. The guests were asked to confirm their presence through an email or Google Form. Those confirming their presence received a message that read: "We have received your RSVP and we look forward to welcoming you... the QR codes will be shared 6 hours prior to the event." The QR codes messaged to the mobile phones and emailed were scanned to allow entry into the venue where different coloured paper wristbands were tied on the wrist of all the guests that gave them access to different zones depending on the colour. Several film stars and cricketers as well as business tycoons like Korean electronic giant Samsung Electronics Chairman Lee Jae-yong and his wife sported a pink wristband on their wedding day and a red one on Saturday. Employees, security and service staff wore different coloured wristbands. Ushers and a multi-layer security cover secured the sprawling venue, two sources aware of the matter said. Detailed fire and other emergency plans were worked out while an elaborate medical response preparedness resembled one reserved for heads of state. The medical response preparedness included doctors and paramedical staff with all emergency equipment at the venue. Ambulances had clearly demarcated routes to the nearest hospitals which had been primed in advance for dealing with any sort of medical emergency. "The Ambanis did not want to leave anything to chance," a source revealed. Another source said the time between the QR Code being sent and the actual event was cut this time as in the previous <keyword id="20727512" type="General" weightage="100" keywordseo="Ambani-wedding" source="keywords">Ambani wedding</keyword> some had "sold" the access to non-invited people. The dress code for all the events was Indian and international guests too wore designer traditional clothes such as embroidered sherwanis and bandhgalas. John Cena paired a powder-blue sherwani with white pants while Nick Jonas wore a pink sherwani and white pants. Samsung head too came dressed in a sherwani for the event. Most guests wore different clothes for the 'baraat' or wedding procession and the actual wedding on Friday. The Saturday event featured all the guests invited for the wedding as well as some additional important people. The guest list includes former British Prime Ministers Tony Blair and Boris Johnson, Saudi Aramco CEO Amin H. Nasser, reality TV star Kim Kardashian and her sister Khloe, Nigerian rapper Rema, and footballer David Beckham. Business tycoon Gautam Adani came to the wedding holding hands of his little granddaughter with his son Karan and wife Preeti in tow. Kumar Mangalam Birla too came with his family. Almost the entire top rung Bollywood actors -- from Amitabh Bachchan, Shah Rukh Khan and Salman Khan to Ajay Devgn, Ranbir Kapoor, Alia Bhatt, Tiger Shroff and Varun Dhawan -- were present, most with their families, while superstars Rajinikanth, Ram Charan and Mahesh Babu led the entourage from down south. <keyword id="20590484" type="General" weightage="20" keywordseo="Indian-cricketers" source="keywords">Indian cricketers</keyword>, including icons Sachin Tendulkar, Mahendra Singh Dhoni, Jasprit Bumrah, Hardik Pandya and Suryakumar Yadav, too were present. The notable persons missing were T20 World Cup winning captain Rohit Sharma who was watching the Wimbledon semi-final in London and Virat Kohli. Politicians who attended the wedding included Maharashtra Chief Minister Eknath Shinde, his deputies Devendra Fadnavis and Ajit Pawar, RJD chief Lalu Prasad Yadav, West Bengal Chief Minister Mamata Banerjee, Samajwadi Party President Akhilesh Yadav, his wife Dimple and Shiv Sena (UBT) head Uddhav Thackeray. NCP (SP) supremo Sharad Pawar, Congress leaders Kamal Nath and Sachin Pilot and Karnataka deputy chief minister D K Shivakumar were also among the attendees at the event. Shankaracharya of Dwarka Peeth Swami Sadananda Saraswati and Shankaracharya of Jyotirmath Swami Avimukteshwaranand as well as yoga guru Ramdev too attended the event. FIFA President Gianni Infantino, Andhra Pradesh Chief Minister N Chandrababu Naidu and his deputy Pawan Kalyan, too, were in attendance. The groom, Anant, 29, oversees the oil-to-telecom conglomerate <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="153" meta.entityid="Reliance Industries">Reliance Industries</keyword> Ltd's renewable and green energy expansion while the bride, Radhika Merchant, also 29, is the daughter of pharmaceutical tycoon Viren and Shaila Merchant and is the marketing director for his company, Encore Healthcare. The three-day wedding extravaganza is the final stop in a string of lavish parties the family has hosted since March. The couple got engaged in January 2023 and the Ambanis have hosted three lavish pre-wedding parties. First a three-day pre-wedding celebration was held in March in the group's refinery township of Jamnagar in Gujarat that hosted tech billionaires Mark Zuckerberg and Bill Gates, Ivanka Trump and Jared Kushner in the 1,200-strong guest list, and had an exclusive performance by Rihanna. David Blaine did magic tricks and the festivities also involved a trip to Ambani's 'animal rescue centre' housing exotic animals. In May, the Ambanis set off on a four-day Mediterranean cruise starting in the Italian city of Palermo, featuring on-deck concerts from the Backstreet Boys, Pitbull, and David Guetta, and a performance by Katy Perry at a masquerade ball at the Chateau de la Croix des Gardes in France. DJ David Guetta played at a toga party at sea. The cruise ended in Italy's Portofino, where tenor Andrea Bocelli serenaded the party in the town square. Last week, Justin Bieber performed at the 'Sangeet' or musical night. The Ambanis have not revealed how much Anant's wedding is costing. But the gala scale of the celebration included a Rs 5-6 lakh per piece select invitation box and three Falcon-2000 jets being rented to ferry wedding guests to the event. Anant Ambani gifted friends Audemars Piguet Royal Oak Perpetual Calendar limited edition watch. It was rumoured Rihanna had been paid USD 7 million for her performance and Bieber USD 10 million (close to Rs 84 crore). An email sent to <keyword id="19936674" type="General" weightage="20" keywordseo="reliance" source="keywords">Reliance</keyword> remained unanswered. Mukesh and Nita in the past had lavish weddings for their other children too -- Beyonce performed at daughter Isha Ambani's 2018 nuptials that boasted guests like Hillary Clinton and John Kerry, and a year later Coldplay's Chris Martin performed at Aaksh's pre-wedding bash in St Moritz, Switzerland, and Maroon 5 at his wedding in Mumbai. The 2018 wedding of Isha was billed as the most expensive wedding in India to date with some estimates putting the cost up to USD 100 million. Mukesh Ambani, 67, is at present the world's 11th richest man with a net worth of USD 119 billion, according to Bloomberg Billionaire Index. He spent the last two decades in transforming Reliance Industries, founded by his father in 1966 as a stodgy oil and petrochemicals giant, into a global empire spanning telecoms, retail, financial services, cricket and luxury fashion. Anant Ambani is the youngest of his three children, all of whom are on the board of Reliance Industries.

QR Code, colour-coded wristbands, standby medical teams secured the Ambani-Merchant wedding

<ul><li>The 30-share BSE index was trading 0.80% lower; while the Nifty50 fell 97.10 points at 9:50 am. </li><li>These were the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market index Sensex tumbled over 300 points on Tuesday, led by losses in index-heavyweights Reliance Industries and Maruti, amidst negative cues from global markets and foreign fund outflows. The 30-share BSE index was trading 0.80% lower; while the Nifty50 fell 97.10 points at 9:50 am. These were the top losers and gainers in the Nifty pack: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ZEE Entertainment </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GAIL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">- </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">- </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Steel </td></tr></tbody></table>*as of September 22, 10:00 am GMM Pfaudler shares locked in 10% lower circuit GMM Pfaudler shares were locked in a 10% lower circuit after the promoters of the company would sell 25.71 lakh shares via offer for sale. The company has set the floor price at ₹3,500 per share, which is at a discount of 33% as of yesterday’s closing price. HSIL shares trade 5% higher The shares of HSIL Limited were trading 5% higher after the company’s board approved the proposal for buyback of fully paid-up equity shares of up to ₹70 crore worth of shares at ₹105 per share at a meeting held yesterday. SBI shares down 2% SBI shares lost 2% during the early trade hours. The country’s largest lender SBI on Monday raised ₹7,000 crores by issuing<a href="https://economictimes.indiatimes.com/markets/bonds/sbi-raises-rs-7000-cr-via-basel-iii-compliant-bonds/articleshow/78237814.cms"> Basel III compliant bonds</a>. IDBI Bank shares down 4% The shares of IDBI Bank were trading 4% lower after the bank <a href="https://www.business-standard.com/article/finance/idbi-bank-to-raise-rs-11-000-cr-through-qip-six-merchant-bankers-appointed-120092100988_1.html">appointed six investment banks</a> to raise up to ₹11,000 crore, the qualified institutional placement (QIP) in November. Indian Oil Corp shares down 3% Indian Oil Corp shares lost nearly 3% after the company said it would invest ₹17,825 crore in implementing Petrochemical and Lube Integration at its Gujarat Refinery. HDFC Bank shares nearly a percent The shares of HDFC Bank was up nearly a percent in an otherwise volatile market after the bank denied the allegations of misleading claims levelled by a US-based law firm to seek damages in a class-action suit. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/angel-broking-600-crore-ipo-opens-today-heres-what-works-for-it-and-what-doesnt/articleshow/78248335.cms" data-type="tilCustomLink">Angel Broking ₹600 crore IPO opens today: Here’s what works for it and what doesn’t</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-state-bank-of-india-gmm-pfaudler-hsil-route-mobile-muthoot-finance-manappuram-finance-cams-chemcon-and-others/articleshow/78246831.cms" data-type="tilCustomLink">Top stocks to watch— State Bank of India, GMM Pfaudler, HSIL, Route Mobile, Muthoot Finance, Manappuram Finance, CAMS, Chemcon and others</a>

You Searched For "adani petrochemicals limited" and got 6 results

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QR Code, colour-coded wristbands, standby medical teams secured the Ambani-Merchant wedding

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Top stock movers — GMM Pfaudler, SBI, RIL, HDFC Bank, IOC, IDBI and more

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