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<keyword id="895682" type="General" weightage="20" keywordseo="Adani-Ports" source="Orion">Adani Ports</keyword> and Special Economic Zone on Tuesday reported a net profit of Rs 1,479 crore during Q3FY22, down six per cent year-on-year. In the same quarter last fiscal, the net profit was Rs 1,577 crore. The company's consolidated revenue during the quarter grew one per cent to Rs 3,797 crore, as compared to Rs 3,746 crore in the same period last fiscal. EBITDA fell two per cent during the quarter to Rs 2,431 crore. During Q3FY22, cargo volumes were subdued due to higher commodity prices and disruptions in the supply chain. <keyword id="1033941" type="General" weightage="20" keywordseo="karan-adani" source="Orion">Karan Adani</keyword>, Chief Executive Officer and <keyword id="253911" type="General" weightage="20" keywordseo="whole-time-director" source="Orion">Whole Time Director</keyword> of <keyword id="841459" type="General" weightage="20" keywordseo="apsez" source="Orion">APSEZ</keyword>, said: "Our learnings in 2020 helped us weather the storm and our operational expertise allowed us to continue our expansion. The addition of two ports in 2021 - Krishnapatnam and <keyword id="1073434" type="General" weightage="20" keywordseo="gangavaram" source="Orion">Gangavaram</keyword> in Andhra Pradesh on the east coast of India - to the ones on the west coast continued to tighten our pan-India presence." "Our under-construction port of Vizhinjam in Kerala, along with our new terminal in Colombo, Sri Lanka, will act as a new transshipment hub in southeast Asia." With an extensive focus on the use of renewable energies the company is on the road to achieving carbon neutrality by 2025 and becoming the world's most sustainable ports company, he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/union-budget-2022-all-you-need-to-know-about-the-ev-battery-swapping-policy/slidelist/89274280.cms">Union Budget 2022: All you need to know about the EV battery swapping policy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/diamonds-will-now-be-cheaper-imitation-jewellery-and-umbrellas-costlier-here-are-the-highlights-on-how-budget-2022-will-impact-imports/articleshow/89272589.cms">Diamonds will now be cheaper, imitation jewellery and umbrellas costlier – here are the highlights on how Budget 2022 will impact imports</a>

Adani Ports' net profits decline by 6% in the third quarter of FY22

The <keyword id="895682" type="COMPANY" weightage="20" keywordseo="Adani-Ports">Adani Ports</keyword> and Special Economic Zone (APSEZ) Ltd. is acquiring the 58.1 per cent stake held by D.V.S. Raju and family in the Gangavaram Port Limited (GPL). The acquisition is valued at ₹3,604 crore and subject to regulatory approvals. APSEZ, the transportation arm of <keyword id="6367820" type="COMPANY" weightage="20" keywordseo="adani-group">Adani Group</keyword>, had announced acquisition of Warburg Pincus's 31.5 per cent stake in GPL on March 3 and together with this acquisition, APSEZ would have 89.6 per cent stake in GPL. GPL is located in the northern part of <keyword id="37102" type="LOCATION" weightage="20" keywordseo="Andhra-Pradesh">Andhra Pradesh</keyword> next to Vizag Port. It is the second largest non-major port in Andhra Pradesh with a 64 MMT capacity established under concession from the Government of Andhra Pradesh (GoAP) that extends till 2059. It is an all-weather, deep water, multipurpose port capable of handling fully laden super cape size vessels of up to 200,000 DWT. Currently, GPL operates nine berths and has free hold land of 1,800 acres. With a master plan capacity for 250 MMTPA with 31 berths, GPL also has headroom to support future growth. GPL handles a diverse mix of dry and bulk commodities including Coal, Iron Ore, Fertilizer, Limestone, Bauxite, Sugar, Alumina, and Steel. GPL is the gateway port for a hinterland spread over eight states across eastern, southern and <keyword id="92952" type="ORGANIZATION" weightage="20" keywordseo="Central-India">central India</keyword>. The acquisition will help GPL to benefit from APSEZ's pan-India footprint, logistics integration, customer centric philosophy, operational efficiencies and strong balance sheet to deliver a combination of high growth by enhancing market share and add additional cargo types and improved margins and returns. In FY20, GPL had a cargo volume of 34.5 MMT, revenue of ₹1,082 crore, EBITDA of ₹634 crore (59 per cent margin) and PAT of ₹516 crore GPL is debt free with a cash balance of over ₹500 crore. The company has a paid up share capital of 51.7 crore shares of which 58.1 per cent is owned by DVS Raju and Family (Promoter), 10.4 per cent by the Government of Andhra Pradesh and 31.5 per cent by Warburg Pincus. APSEZ announced acquisition of 31.5 per cent stake of Warburg Pincus on March 3 for ₹120/share and shall acquire the D.V.S. Raju stake of 30 crore shares (58.1 per cent) also at ₹120/share which works out to a consideration of ₹3,604 crore. The transaction implies EV/EBITDA multiple of 8.9x and P/E multiple of 12.0x (based on FY20 figures) and is a value accretive transaction for APSEZ shareholders. Karan <keyword id="76451" type="DOMAIN" weightage="20" keywordseo="Adani">Adani</keyword>, CEO and Whole Time Director of APSEZ said, "The acquisition of GPL is a further augmentation of our vision of capitalising on an expanded logistics network effect that generates greater value as it expands. Every additional node that we are able to add to our network allows us to deliver a greater level of integrated and enhanced solutions to our customers. In this context, GPL is a tremendous addition to our portfolio. "The associated hinterland we will now be able to tap into is one of the fastest growing in the eastern region and with the logistic synergies APSEZ brings to the table, GPL has a potential to become a 250 MMT port. This will undoubtedly help accelerate the industrialisation of AP. The Raju family has built a great port and we will continue to expand the world class asset that has been initiated by them." APSEZ, a part of globally diversified Adani Group has evolved from a port company to Ports and Logistics Platform for India. It is the largest port developer and operator in India with 12 strategically located ports and terminals -- Mundra, Dahej, Tuna and Hazira in Gujarat, Dhamra in <keyword id="6357961" type="LOCATION" weightage="20" keywordseo="odisha">Odisha</keyword>, Mormugao in Goa, Visakhapatnam and Krishnapatnam in Andhra Pradesh, Dighi in <keyword id="13126" type="COMPANY" weightage="20" keywordseo="Maharashtra">Maharashtra</keyword> and Kattupalli and Ennore in Chennai -- represent 24 per cent of the country's total port capacity. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-green-energy-share-price-hit-upper-circuit-after-the-company-adds-two-renewable-energy-projects-to-its-kitty/articleshow/81627604.cms">Adani Green Energy shares hit upper circuit after the company adds two renewable energy projects to its kitty</a> <a href="https://www.businessinsider.in/business/corporates/news/kishore-biyani-vs-amazon-future-retail-gets-a-breather-for-now-as-delhi-high-court-gives-the-company-time-until-the-supreme-court-hearing/articleshow/81627752.cms">Future Retail gets a breather for now as Delhi High Court gives the company time until the Supreme Court hearing – markets celebrate the order</a> <a href="https://www.businessinsider.in/business/auto/news/india-electric-vehicle-startups-charge-up-with-funding-as-ev-sales-go-up/articleshow/81643839.cms">India’s electric vehicle startups charge up with funding as everyone from the government to Mukesh Ambani and Elon Musk have their eyes on the sector</a>

Adani Ports to acquire 58% stake in Andhra Pradesh's Gangavaram port

AdPorts and Special Economic Zone on Thursday reported that its Profit After Tax or net profits during the just-concluded financial year 2023-24 grew by a whopping 50 per cent to Rs 8,104 crore. In 2022-23, they were at Rs 5,391 crore. During the fourth quarter January-March, the net profits grew 77 per cent to Rs 2,015 crore. Coming to the revenue from operations for the entire financial year and the fourth quarter, they grew 28 per cent and 19 per cent to Rs 26,711 crore and Rs 6,897 crore, respectively. 2023-24 has been a year of many new milestones for <keyword id="20038598" type="General" weightage="20" keywordseo="APSEZ" source="keywords" meta.keywordsubtype="org" meta.entityname="APSEZ" meta.hostid="261" meta.entityid="APSEZ">APSEZ</keyword> on both operational and financial metrics. <keyword id="20051210" type="General" weightage="20" keywordseo="Adani-Ports" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Ports" meta.hostid="261" meta.entityid="Adani Ports">Adani Ports</keyword> delivered 3x the India cargo growth rate and a record volume of 420 million tonne. "Clearly, the company's business model of end-to-end service, strategic partnership with key customers, leveraging the network effect through its string of ports, and focus on operational efficiencies is yielding results, said Ashwani Gupta, Whole-Time Director and CEO, APSEZ. With incremental cargo volumes of 100 million tonne achieved in less than two years, Adani Ports is well poised to achieve 500 million tonne of cargo volumes in 2025, aided by the recently acquired Gopalpur Port, and the scheduled commissioning of Vizhinjam Port in the current year and WCT (West Container Terminal) next year, said Gupta. "We continue to invest heavily in the business to drive growth, particularly in the logistics segment. Our newly launched trucking segment enables APSEZ to provide the last-mile connectivity solution to its customers. Our efforts towards sustainable business growth are well recognized in the top decile ESG rating from four global rating agencies," added Gupta. In 2023-24, APSEZ said it handled 27 per cent of the country's total cargo and 44 per cent of container cargo. Ten of its ports from the India portfolio recorded their lifetime high cargo volumes for the year. For 2023-24, the APSEZ Board has recommended a dividend of Rs 6 per share. This implies a payout of around Rs 1,300 crore for the company. A dividend is a reward that companies often provide to their shareholders, though it is not mandatory, from a portion of their earnings. APSEZ is the largest port developer and operator in India with seven strategically located ports and terminals on the west coast (Mundra, Tuna, Dahej, and Hazira in <keyword id="19906863" type="General" weightage="20" keywordseo="Gujarat" source="keywords">Gujarat</keyword>, Mormugao in Goa, Dighi in Maharashtra and Vizhinjam in Kerala) and eight ports and terminals on the East coast of India (Haldia in West Bengal, Dhamra and Gopalpur in Odisha, Gangavaram and Krishnapatnam in Andhra Pradesh, Kattupalli and Ennore in Tamil Nadu and Karaikal in Puducherry). SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/india-t20-world-cup-squad-kulcha-back-on-menu-kl-rahul-dropped/slidelist/109730805.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/india-t20-world-cup-squad-kulcha-back-on-menu-kl-rahul-dropped/slidelist/109730805.cms" target="_blank">India T20 World Cup squad: KulCha back on menu, KL Rahul dropped</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><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>

Adani Ports' net profits jump 50% in 2023-24, registers threefold cargo growth

New Delhi, Adani Ports and Special Economic Zone (APSEZ) on Thursday reported 65.22 per cent rise in consolidated profit to Rs 2,208.21 crore for the third quarter ended December 2023. The country's largest integrated logistics player had clocked a profit of Rs 1,336.51 crore a year ago, according to a regulatory filing. Total income increased to Rs 7,426.95 crore in the quarter from Rs 5,051.17 crore in the year-ago period. Total expenses rose to Rs 4,588.10 crore from Rs 3,507.18 crore a year ago APSEZ CEO <keyword id="20051212" type="General" weightage="20" keywordseo="ashwani-gupta" source="keywords">Ashwani Gupta</keyword> said,"In the year when our first port, <keyword id="20127132" type="General" weightage="20" keywordseo="mundra" source="keywords">Mundra</keyword>, completed 25 years of operation, APSEZ recorded its strongest ever Q3 and 9 months performance with the highest ever revenue, EBITDA, and cargo volumes." The company is on course to overachieve its full-year guidance provided at the start of the year, he added. APSEZ in a statement said domestic cargo growth was over 2.5x India's growth rate, with nine of its domestic ports/terminals recording their highest ever cargo volumes in 9 months. Bond buy-back of USD 325 million concluded during 9 months (April-December) of FY24, which led to improvement in net debt to EBITDA to 2.5x vs 3.1x for FY23, it added. The company said it completed acquisition of Karaikal Port and sale of Myanmar asset, while Colombo terminal received financing commitment of USD 553 million from DFC. APSEZ has 7 ports and terminals on the west coast (Mundra, Tuna, Dahej, and Hazira in Gujarat, Mormugao in Goa, Dighi in Maharashtra and Vizhinjam in Kerala) and 7 ports and terminals on the East coast of India (Haldia in West Bengal, Dhamra in Odisha, Gangavaram and Krishnapatnam in <keyword id="19896313" type="General" weightage="20" keywordseo="andhra-pradesh" source="keywords">Andhra Pradesh</keyword>, Kattupalli and <keyword id="19964244" type="General" weightage="20" keywordseo="ennore" source="keywords">Ennore</keyword> in <keyword id="19896558" type="General" weightage="20" keywordseo="tamil-nadu" source="keywords">Tamil Nadu</keyword> and Karaikal in Puducherry).

Adani Ports & SEZ's Q3 profit rises 65% to ₹2,208 crore

<keyword id="6367820" type="General" weightage="20" keywordseo="Adani-group" source="Orion">Adani group</keyword> will set up two new cement manufacturing plants, 15,000 MW of renewable power projects and a data centre in Andhra Pradesh as it looks to double down on its presence in the state, <keyword id="1033941" type="General" weightage="100" keywordseo="Karan-Adani" source="Orion">Karan Adani</keyword>, founder family's scion, said on Friday. The apples-to-airport group plans to double the capacity of the two seaports it operates at Krishnapatnam and Gangavaram in the state, he said at the <keyword id="16314204" type="General" weightage="100" keywordseo="Andhra-Pradesh-Global-Investors-Summit" source="Orion">Andhra Pradesh Global Investors Summit</keyword> here but did not give investment numbers. The investments will be on top of the Rs 20,000 crore already invested in the state, which created more than 18,000 direct and 54,000 indirect jobs. <keyword id="76451" type="General" weightage="90" keywordseo="adani" source="Orion">Adani</keyword>, who is the CEO of the group's port company <keyword id="11924019" type="DOMAIN" weightage="20" keywordseo="adani-ports" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="adani ports" meta.entityname="Adani Ports &amp; Special Economic Zone Ltd." meta.entityid="20316" meta.seoname="adani-ports-special-economic-zone-ltd">Adani Ports</keyword> and SEZ Ltd and the son of group founder and chairman <keyword id="111343" type="General" weightage="90" keywordseo="Gautam-Adani" source="Orion">Gautam Adani</keyword>, said the group will set up cement plants with a total capacity of 10 million tonnes per annum at Kadappa and Nadikudi in the state as well as a 400 MW data centre in Visakhapatnam. This is the first public appearance from the Adani family in the country since a damning report by a US short-seller caused a USD 140 billion rout in shares of the group's listed companies. Senior Adani was a notable absentee at a similar investor summit organised by the Uttar Pradesh government in Lucknow last month. Gautam Adani had attended the previous UP investor summit. Karan Adani said currently, Adani Group operates the two largest private ports in Andhra Pradesh - Krishnapatnam and Gangavaram, with a total capacity of 100 million tonnes per annum. "In the next 5 years, not only do we aim to double this capacity, but also transform these ports into industrial port cities," he said. "By developing industrial clusters at Krishnapatnam and Gangavaram and attracting industries, we will be able to reduce the logistics costs drastically, thus making these industries far more competitive globally." The group is also developing 15,000 MW of renewable power projects over the next few years across five districts of Anantapur, Kadapa, Kurnool, Visakhapatnam and Vizianagaram. "Our other investments in the state include cement manufacturing units and data centres. Presently we do not have any cement manufacturing capacity in Andhra Pradesh. Hence, as part of our expansion plans, we will be setting up cement plants in Kadapa and Nadikudi with a total capacity of 10 million tonnes per annum," he said. Also, the group is working on developing a 400 MW of data centre in Visakhapatnam. "These projects will bring further employment opportunities and demonstrate our commitment to the sustainable growth of the state of Andhra Pradesh," he said. He praised Andhra Pradesh for its "excellent infrastructure, large manufacturing base, talented youth, and business-friendly environment." With the second longest coastline in India, the state has been recognised by the World Bank as the No.1 implementer of energy efficiency and conservation programmes. Turning to CSR work being done by Adani Foundation, he said "our footprint in the state of Andhra Pradesh is getting bigger as I speak on this occasion." "We are investing in education, healthcare, nutrition, access to potable water, sports and building an ecosystem of skilling and sustainable livelihood in the state. Our teams are executing programs in Nellore, Tirupati, and Visakhapatnam districts. At present, we have invested over Rs 4200 crore and are touching over 180,000 lives and counting, in the state," he added. Its social intervention and outreach programs across 74 villages include education programs that span across schools, 32 evening education centres with scholarship programs and the distribution of education kits. "We will continue to partner with the government to transform lives &amp; livelihoods in the state. We are honoured to be a part of the sustainable development of the state of Andhra Pradesh," he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/people-living-on-footpaths-human-beings-too-cant-just-order-their-removal-bombay-hc/articleshow/98386789.cms">People living on footpaths human beings too, can't just order their removal: Bombay HC</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/tally-health-unveils-innovative-platform-to-enhance-longevity-in-humans/articleshow/98387387.cms">This US-based startup claims to have cracked the process of reverse aging</a>

Adani to set up cement plants, data centre in Andhra Pradesh

<ul><li><keyword id="841459" type="General" weightage="20" keywordseo="APSEZ" source="Orion">APSEZ</keyword> witnessed a 62% YoY growth in rail cargo through the Indian Railways' General Purpose Wagon Investment Scheme. </li><li><keyword id="46519" type="General" weightage="80" keywordseo="mundra-port" source="Orion">Mundra Port</keyword>, operating under APSEZ, has managed over 15,000 container trains in FY23.</li><li>Mundra Port witnessed a 4.3% year-on-year growth in double-stack container trains in FY23.</li></ul><keyword id="1697348" type="General" weightage="20" keywordseo="Adani-Ports-and-Special-Economic-Zone" source="Orion">Adani Ports and Special Economic Zone</keyword> (APSEZ), the flagship company of Adani Group, handled the highest ever rail cargo of 120.51 million metric tonnes (MMT) in FY23. It had handled a volume of 98.61 MMT in FY22. APSEZ witnessed a 62% YoY growth in rail cargo through the Indian Railways' General Purpose Wagon Investment Scheme (GPWIS). Mundra Port managed over 15,000 container trains in FY23. In FY23, APSEZ generated an impressive revenue of approximately ₹14,000 crore from rail cargo operations in collaboration with Indian Railways. Mundra Port witnessed a 4.3% year-on-year growth in double-stack container trains in FY23. The utilization of the double stack loading technique for containers on trains ensures energy efficiency and reliability in transportation, leading to reduced per unit cost and enhanced customer satisfaction, the company said. The company said that Mundra Port’s utilization of rail transport significantly reduces the carbon footprint associated with freight transportation. Moreover, the efficient handling of container trains minimizes the reliance on additional truck transport, leading to further reductions in carbon emissions. APSEZ, a subsidiary of Adani Group, has transformed from a port company into an Integrated Transport Utility, offering end-to-end solutions from its port gate to the customer gate. It holds the distinction of being India's largest port developer and operator, with six strategically positioned <keyword id="6413000" type="General" weightage="80" keywordseo="ports" source="Orion">ports</keyword> and terminals on the west coast (Mundra, Dahej, Tuna, and Hazira in Gujarat, Mormugao in Goa, and Dighi in Maharashtra). It also has five ports and terminals on the east coast of India (Dhamra in Odisha, Gangavaram, and Krishnapatnam in Andhra Pradesh, and Ennore, Karaikal, and Kattupalli in <keyword id="20154" type="General" weightage="50" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword>). These ports and terminals account for 24% of the country's total port volumes, enabling the handling of significant amounts of cargo from coastal regions and the hinterland.

Adani Ports records highest-ever rail cargo of over 120 mmt in FY23

<ul><li><keyword id="895682" type="General" weightage="100" keywordseo="adani-ports" source="Orion">Adani Ports</keyword>, India’s largest private port operator, today reported a 68.6% YoY increase in its Q2 net profit to ₹1,678 crore.</li><li>The company also reported a 14.7% YoY increase in its Q2 cargo volumes to 86.6 MMT, although volumes moderated sequentially from 90.9 MMT in Q1.</li><li>Overall, the company retained its FY23 guidance of 350-360 MMT of cargo volumes and EBITDA of ₹12,200-12,600 crore.</li></ul>India’s largest private port operator, Adani Ports reported a 68.6% year-on-year increase in its Q2 net profit to ₹1,678 crore, while its revenue from operations rose 32.8% to ₹5,211 crore. The company’s revenue from port activities stood at ₹4,609 crore, up 30.5% YoY. The share of ports segment in the company’s total operating revenue stood at 88.4% during the September quarter, down from 89.8% a year ago. Its earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at ₹3,260 crore. Adani Ports also reported a 14.7% YoY increase in its cargo volumes to 86.6 million metric tonnes (MMT), although there was a moderation from Q1 volume of 90.9 MMT. Overall, its H1 FY23 cargo volumes stood at 177.5 MMT, up 11% compared to H1 FY22. Dry cargo led the volume growth in this period with an increase of 18%, followed by container volume which grew 5%. Volume growth at non-Mundra ports stood at 14% YoY in H1 FY23, while the Mundra port volumes increased 7.5%. Overall, non-Mundra ports contributed 54% to the company’s total cargo basket. “The first half of FY23 is a record half-year in APSEZ’s history, with the highest ever cargo volume, revenue and EBITDA. Extending this strong performance into October, APSEZ achieved 200 MMT of cargo through-put within seven months, another new milestone,” said <keyword id="1033941" type="General" weightage="50" keywordseo="karan-adani" source="Orion">Karan Adani</keyword>, CEO and Whole Time Director of Adani Ports and Special Economic Zone. Here’s Adani Ports’ Q2 in numbers: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 FY23 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY23 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 FY22 </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,211 crore </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,058 crore </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,923 crore </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,678 crore </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,158 crore </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹995 crore </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cargo volume </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">86.6 MMT </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">90.9 MMT </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">75.5 MMT </td></tr></tbody></table> Source: Company reports Adani Ports retained its FY23 guidance of 350-360 MMT of cargo volumes and EBITDA of ₹12,200-12,600 crore. The company also highlighted three volume growth catalysts – a 6 lakh twenty-foot equivalent unit (TEU) container terminal facility at the Gangavaram port, liquid storage tanks at the Kattupalli port, and a 5 MMT LNG terminal at the Dhamra port. In its logistics business, the company announced that it has placed orders for 82 trains, which will double its total train count from 81 to 163. Its rail volume rose 24% YoY to 2.23 lakh TEUs. The company has also commenced the construction of seven warehouses and two agriculture container terminals, adding up to 10 million square feet of capacity. With the complete integration of the Gangavaram Port, Adani Ports now has 12 ports across the country in its portfolio. The company also acquired the Haifa Port in partnership with the Gadot Group, allowing it to expand its footprint in Europe. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/5g-rollout-to-give-business-a-fillip-says-airtel-ceo-gopal-vittal/articleshow/95230944.cms">5G rollout to give business a fillip, says Airtel CEO Gopal Vittal</a> <a href="https://www.businessinsider.in/business/news/jewellery-demand-is-now-back-to-pre-pandemic-levels-world-gold-council/articleshow/95229678.cms">Jewellery demand is now back to pre-pandemic levels: World Gold Council</a> <a href="https://www.businessinsider.in/business/corporates/news/nykaa-stock-climbs-over-5-after-it-reports-5-2-crore-profit-in-q2/articleshow/95229929.cms">Nykaa stock climbs over 5% after it reports ₹5.2 crore profit in Q2</a>

Adani Ports Q2 net profit jumps 68.6% YoY to ₹1,678 crore, cargo volume up 15%

<ul><li>Shares of <keyword id="895682" type="General" weightage="20" keywordseo="Adani-Ports" source="Orion">Adani Ports</keyword> &amp; SEZ rose by 6% to ₹773 apiece on Tuesday amid a group-wide rally. </li><li><keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> <keyword id="6413000" type="General" weightage="80" keywordseo="ports" source="Orion">Ports</keyword>’ shares closed at ₹761 apiece on January 24 when the Hindenburg Research report was released. </li><li>The Adani group’s cumulative market capitalisation has increased by ₹1.96 lakh crore this week, so far. </li></ul>Adani group stocks are slowly but steadily recovering from the post-Hindenburg effects. The first amongst the equals is Adani Ports and SEZ which has seen its share price bounce back to pre-Hindenburg levels. Shares of Adani Ports &amp; SEZ rose by 6% to ₹773 apiece on Tuesday, which is higher than the closing price of ₹761 on January 24. That was the day US-based research <a href="https://www.businessinsider.in/stock-market/news/hindenburg-effect-last-9-days-wipe-out-gains-clocked-by-adani-group-in-2022/articleshow/97572328.cms">Hindenburg Research report</a> was first published, sparking off a group-wide selloff. The research firm had then said that it had taken short positions on the group stocks. However, by mid-market trade, the stock lost some of its momentum and is now trading at ₹746 apiece. On <a href="https://www.businessinsider.in/business/corporates/news/adani-companies-sc-appointed-panel-finds-no-evidence-of-regulatory-breach-by-adani/articleshow/100352920.cms">Friday</a>, a Supreme Court-appointed panel which was tasked to look into the public interest litigations filed in the Adani-Hindenburg row gave its report. The panel <a href="https://www.businessinsider.in/business/corporates/news/adani-companies-sc-appointed-panel-finds-no-evidence-of-regulatory-breach-by-adani/articleshow/100352920.cms">said</a> that it could not find any failure on the regulator’s part in the Adani-Hindenburg case. Since then, a <a href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-in-striking-distance-of-entering-the-top-20-richest-club-once-again/articleshow/100437220.cms">group-wide rally that has added ₹1.96 lakh crore</a> to the cumulative market capitalisation of the Adani group this week, so far. Adani Ports stock has been the most resilient in the Adani flock even when the market value of the group was melting. This company’s stock was amongst the slowest to fall and is the first group company to recover all its post-Hindenburg losses. <div type="image" title="Adani Ports share price 24_01_23 to 23_05_23." msid="100441802" hostid="261" sizebytes="18106" caption="&amp;lt;p&amp;gt;Adani Ports share price since January 24, 2023 to May 23, 2023&amp;lt;/p&amp;gt;"></div> While Adani Ports is the first group company to make a full recovery, Adani Power is close, too, with its shares now just 5% below the January 24 level. However, other group companies like Adani Total Gas and Adani Transmission have seen substantial declines of 81% and 69%, respectively, and still have a long way to go. <table style="border-width: initial; border-style: none;"></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:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </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:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total decline since January 24 </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:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Total Gas </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-81% </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:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Transmission </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:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-69% </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:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Green </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-48% </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:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NDTV </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-31% </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:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Enterprises </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-22% </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:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ACC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-21% </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:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Wilmar </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-15% </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:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ambuja Cements </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-13% </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:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Power </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5% </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:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports &amp; SEZ </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td></tr></tbody></table> Source: NSE, as on May 23, 2023 <cmsannotation type="cmsannotation" annotationid="Adani Ports is India’s largest port company" comment="subhead" text="Adani Ports is India’s largest port company">Adani Ports is India’s largest port company</cmsannotation> Adani Ports &amp; SEZ is India’s largest private port operator, handling a quarter of the country’s total port cargo, according to a report by ICICI Direct. “The company has evolved from a single port dealing in a single commodity to an integrated logistics platform,” the brokerage said in a report. In its FY23 business update,<a href="https://www.businessinsider.in/business/news/adani-ports-records-highest-ever-rail-cargo-of-over-120-mmt-in-fy23/articleshow/100297070.cms"> Adani Ports reported</a> a 9% YoY rise in its port cargo volumes in FY23 which stood at 339 million metric tonnes (MMT). “Adani Ports’ flagship port, Mundra, is outpacing all its closest rivals and continues to be the largest port in the nation in terms of volumes handled,” said Karan Adani, chief executive officer, Adani Ports &amp; SEZ. The Mundra port alone handled 155 MMT of cargo volumes during the year, with its roll-on roll-off handlings touching the highest-ever level of 2.09 lakh cars. Adani Ports currently has 12 ports in India, which include Mundra, Dahej, Tuna, and Hazira in Gujarat, Mormugao in Goa, and Dighi in Maharashtra on the west coast, and Dhamra in Odisha, Gangavaram, and Krishnapatnam in Andhra Pradesh, and Ennore, Karaikal, and Kattupalli in Tamil Nadu on the east coast. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-in-striking-distance-of-entering-the-top-20-richest-club-once-again/articleshow/100437220.cms">Gautam Adani in striking distance of entering the top 20 richest club once again</a> <a href="https://www.businessinsider.in/finance/banks/news/sbi-vs-bank-of-baroda-vs-canara-bank-performance-comparison-based-on-q4-2022-23-earning-reports/articleshow/100357639.cms">SBI vs Bank of Baroda vs Canara Bank: How India’s top PSU banks performed in Q4</a> <a href="https://www.businessinsider.in/stock-market/news/fpi-flows-into-indian-equities-hit-a-5-month-high-in-may/articleshow/100357453.cms">FPI flows into Indian equities hit a 5-month high in May, outlook ‘improved significantly’ say analysts</a>

First amongst equals: This Adani group stock completely recovers from the Hindenburg effect

<ul><li>The Indian stock markets could open on a positive note on September 21, after experiencing a bear hug on the previous day. </li><li>Trends on SGX <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword> showed an increase of 47 points, suggesting that Nifty could open in the green amid negative cues in other Asian markets. </li><li>SBI Cards, Adani Ports and HCL Tech could be among the top stocks to watch out for on September 21. </li></ul><cmsannotation type="cmsannotation" annotationid="SBI Card &amp; Payment Services" comment="subhead" text="SBI Card &amp; Payment Services">SBI Card &amp; Payment Services</cmsannotation> US-based private equity firm The Carlyle Group is planning to sell a 3.4 percent stake in the company, valued at ₹3,267 crore, in the price range of ₹1,021 to ₹1,072 per share. <cmsannotation type="cmsannotation" annotationid="Adani Ports &amp; SEZ" comment="subhead" text="Adani Ports &amp; SEZ">Adani Ports &amp; SEZ</cmsannotation> Received approval from the Competition Commission of India to acquire a 10.4 percent stake in the Gangavaram Port project in Andhra Pradesh. <cmsannotation type="cmsannotation" annotationid="HCL Tech" comment="subhead" text="HCL Tech">HCL Tech</cmsannotation> Bagged a digital transformation order from US-based MKS Instruments Inc., for five years. <cmsannotation type="cmsannotation" annotationid="IPO Watch" comment="subhead" text="IPO Watch">IPO Watch</cmsannotation> Paras Defence and Space Technologies IPO worth ₹171 crore to kick off today, with a price band of ₹165-175 per share. <cmsannotation type="cmsannotation" annotationid="Cadila Healthcare" comment="subhead" text="Cadila Healthcare">Cadila Healthcare</cmsannotation> Its subsidiary has entered into an agreement with Integrace to sell two brands, Mifegest and Cytolog. <cmsannotation type="cmsannotation" annotationid="Kitex Garments" comment="subhead" text="Kitex Garments">Kitex Garments</cmsannotation> Entered into a memorandum of understanding with the Telangana government to invest ₹2,406 crore in the state. <cmsannotation type="cmsannotation" annotationid="Yes Bank" comment="subhead" text="Yes Bank">Yes Bank</cmsannotation> Partnered with Visa to offer credit cards to its customers after the ban on MasterCard. <cmsannotation type="cmsannotation" annotationid="Nestle India" comment="subhead" text="Nestle India">Nestle India</cmsannotation> Reports suggest that the company’s chairman has revealed that it may face headwinds in 2022 due to rising coffee prices globally. <cmsannotation type="cmsannotation" annotationid="Action Construction Equipment" comment="subhead" text="Action Construction Equipment">Action Construction Equipment</cmsannotation> Launched its qualified institutional placement on Monday, with the price band fixed at ₹254.55 per equity share. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-for-sansera-engineering-ipo/articleshow/86380353.cms">Sansera Engineering IPO — How to check allotment status, listing date and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-3-foldable-smartphone-review/articleshow/86366351.cms">Samsung Galaxy Z Fold 3 review: Creasing through the folds</a> <a href="https://www.businessinsider.in/tech/news/emmys-2021-netflix-beats-hbo-for-the-first-time-with-the-most-number-of-awards/articleshow/86365603.cms">Emmys 2021: Netflix beats HBO for the first time with the most number of awards</a>

SBI Cards, Adani Ports, HCL Tech and other top stocks to watch out for on September 21

Bhubaneswar, Apr 29 () The East Coast Railway(ECoR) on Wednesday said it has transported more than 10.5million tonnes of coal to industries, mostly power plants,across the country during the nationwide lockdown.The ECoR has run 2,683 trains transporting dry fuel tovarious destinations across the country, a railway officialsaid.The coal was transported mainly from Talcher, Paradip,Visakhapatnam and Dhamara areas, he said.The ECoR transported 6.60 million tonnes of thermalcoal and 3.90 million tonnes of imported coal during thelockdown, a statement said.Most of the thermal coal was loaded in Talcher, whilethe imported coal was loaded in Paradip, Dhamara,Visakhapatnam and Gangavaram ports, it said.The ECoR is working round-the-clock to also ensure thesupply of essential commodities like food grains, petroleumproducts, fruits and vegetables, milk, edible oil, sugar, saltand medicines, the statement added. SKNACD ACD

ECoR transports 10.5 million tonnes of coal during lockdown

Visakhapatnam, Apri 2 (): The Visakhapatnam PortTrust (VPT) has set an all-time high of handlingover 72.72 million metric tonnes of cargo during the fiscal2019-20, VPTchairman K Rama Mohana Rao said on Thursday.In a statement here, he saidthe port handled 72.72million metric tonnes of cargo as against 65.30 millionmetric tonnes handled during 2018-19.Also, the port achieved anincremental growth of 11.5 per cent, that is, 7.42 million metric tonnes. With this growth, Visakhapatnam Port has scaled upto third positionamong the major ports after Kandla andParadip Ports, surpassing JNPT and Mumbai Ports. This is the best-ever cargo handled in the 86-yearhistory of Visakhapatnam Port since 1933. It surpassed comfortably the nine-year-old recordof 68 million tonnes, handled by the port in 2010-11, whenthe privateports like Gangavaram and Krishnapatnam were notactive at that time. The achievement by VPT despite heavy competitionwithprivate ports, the general economic slowdown in thefinancial year and massive impact on EXIM Trade due tooutbreak of COVID-19 is significant, Rao said. CORNVG NVG

Record handling of cargo by Vizag Port

<keyword id="37102" type="General" weightage="100" keywordseo="andhra-pradesh" source="Orion">Andhra Pradesh</keyword>'s coastal districts were on alert on Sunday as cyclonic storm '<keyword id="241227" type="General" weightage="20" keywordseo="Gulab" source="Orion">Gulab</keyword>' in Bay of Bengal is likely to cross north Andhra Pradesh-south Odisha coasts. Authorities in north coastal Andhra districts were alerted to be prepared as the region is likely to experience heavy rains under the impact of the cyclone which is expected to make a landfall between Kalingapatnam and Gopalpur on Sunday evening. The India Meteorological Department (IMD) issued cyclone warning for north Andhra Pradesh and south Odisha coasts. According to the IMD, 'Gulab' lay centred over northwest and adjoining west-central Bay of Bengal about 270 km east-southeast of Gopalpur (Odisha) and 330 km east of Kalingapatnam (Andhra Pradesh). It is likely to move nearly westwards and cross north Andhra Pradesh - south Odisha coasts between Kalingapatnam and Gopalpur around evening of 26th September, the IMD said. Cyclone Warning Centre Visakhapatnam warned that tidal wave of about 0.5 m height above the astronomical tide likely to inundate low lying areas of Srikakulam, Vizianagaram, Ganjam districts during the time of landfall. The cyclonic storm is likely to trigger heavy rains at one or two places over Srikakulam, Vizianagaram and Visakhapatnam districts over the next 24 hours. The IMD has issued red warning for these districts. Heavy to very heavy fall at a few places very likely over East Godavari, West Godavari districts and <keyword id="919832" type="General" weightage="20" keywordseo="yanam" source="Orion">Yanam</keyword>. Heavy rainfall very likely to occur at one or two places over south coastal Andhra Pradesh, the IMD bulletin said. Squally wind speed reaching 45-55 kmph gusting to 65 kmph likely to prevail along and off north Andhra Pradesh coast. It will gradually increase becoming gale wind speed reaching 75-85 kmph gusting to 95 kmph from afternoon of September 26 till midnight along and off north Andhra Pradesh (Srikakulam, Vizianagaram and Visakhapatnam districts). Squally wind speed reaching 40-50 kmph gusting to 65 kmph likely to prevail over remaining districts of coastal Andhra Pradesh. As sea condition will be rough to very rough, fishermen have been advised not to venture into the rough waters till Monday. Tidal wave of about 0.5 m height above the astronomical tide likely to inundate low lying areas of Srikakulam, Vizianagaram, Ganjam districts during the time of landfall. Local cautionary signal- III was hoisted at Visakhapatnam, Gangavaram and Kakinada ports. Distant Warning Signal - II was hoisted at Machilipatnam, Nizampatnam and Krishnapatnam ports. Strong winds and very Heavy/extremely heavy rainfall are likely to damage thatched huts, cause minor damage to power and communication lines due to breaking of branches and uprooting of trees, major damage to Kutcha and minor damage to pucca roads, some damage to paddy crops, banana, papaya trees and orchards, sea water inundation in low lying areas after erosion of Kutcha embankments, localized Flooding of roads, inundation and water logging in low lying areas and closure of underpasses mainly in urban areas of the region. Andhra Pradesh Chief Minister <keyword id="10212072" type="General" weightage="20" keywordseo="y-s-jagan" source="Orion">Y.S. Jagan</keyword> Mohan Reddy held a review meeting on the preparedness in wake of cyclone alert and directed the officials to take all necessary steps. The officials informed the Chief Minister that they have alerted district collectors and suggested to take all necessary steps. They said control rooms were setup village secretariat wise and added that they have readied disaster management staff in Srikakulam and Visakhapatnam districts. The district collectors are taking steps to setup relief camps at required locations, the officials said. The Chief Minister directed the officials to be alert and take necessary steps as there are chances of heavy rains after cyclonic storm crosses the coast. SEE ALSO: <a href="https://www.businessinsider.in/india/news/highlights-of-prime-minister-narendra-modis-speech-at-the-unga-today/articleshow/86510462.cms">Indian Prime Minister Narendra Modi makes his points on China, Afghanistan and Pakistan at the United Nations General Assembly</a> <a href="https://www.businessinsider.in/thelife/personalities/freshworks-ceo-girish-mathrubootham-shares-someone-said-i-will-be-nothing-but-a-rickshaw-puller/articleshow/86507840.cms">WATCH: "Someone said I am good enough to be a rickshaw puller," shares Freshworks CEO Girish Mathrubootham in a candid chat</a>

Coastal Andhra on alert as 'Gulab' set to make landfall

Hyderabad, Apr 10 (): Reliance Industries Limited(RIL) and Reliance Foundation have contributed Rs five croreto the Telangana Chief Minister Relief Fund (CMRF) to supportthe COVID-19 relief efforts cause of the state.K C Reddy, Jio Telangana CEO and Kamal Potlapalli,Corporate Affairs -RIL met Telangana Minister for IT andIndustries K T Rama Rao and handed over the RILs contributionletter,"RIL has been in the forefront of executing acomprehensive strategy of fighting this battle and createdIndias first Covid-19 facility addressing the challenge ofincreasing the national capacity for testing, masks, PPE andother critical equipment.It is also providing over 50 lakh meals meal-equivalentsthrough grocery kits across India," an RIL press release said.In addition to all these, RIL and Reliance Foundation hasalso contributed cumulatively over Rs. 530 crore to the PM-CARES and several Relief Funds, the release added.Meanwhile, Chief Minister K Chandrasekhar Raos officesaid the promoter of My Home Group, Jupally Rameshwar Rao,gave Rs three crore to the CMRF.Similarly, Gangavaram Port Limited donated Rs one croreto the CMRF, the CMO release said. GDK APRRAVINDRANATH APRRAVINDRANATH

COVID-19 relief: RIL,Reliance Foundation donate Rs 5cr to CMRF

New Delhi, Nov 18 () State-owned Indian Oil Corp (IOC) and GAIL India will pay Adani Group 5 per cent more in hiring charges for using the private firm's upcoming LNG import facility at Dhamra in Odisha than their own similar terminal, Oil Minister Dharmendra Pradhan said on Monday.
India's largest oil firm IOC, which recently commissioned a 5 million tonne liquefied natural gas (LNG) import terminal at Ennore in Tamil Nadu, as well as gas utility GAIL have "both technical and financial capability to develop their own LNG terminal," he told the Lok Sabha.
The two firms have, however, hired capacity in Adani's under-construction LNG import terminal at Dhamra.
IOC had in 2015 signed to use up to 60 per cent of the terminal's capacity for importing gas for its refineries at Haldia in West Bengal and Paradip in Odisha. GAIL too had signed up for 1.5 million tonne of the terminal's regasification capacity.
"GAIL and IOC have agreed to pay the tolling charge of Rs 60.18 per million British thermal unit for the regasification facility at Dhamra LNG terminal with annual escalations in line with their respective contractual provisions," he said in a written reply to a question.
 This charge compares to Rs 57.38 per mmBtu regasification charges for Ennore LNG terminal, he said.
 GAIL's own Dhabhol LNG terminal in Maharashtra levies Rs 49.28 per mmBtu regasification charge. In addition, there are other charges such as terminal charges, vessel-related charges and port charges for utilization of the Dabhol LNG terminal.
 "The regasification charges for Ennore and Dhamra terminals are inclusive of terminal charges, vessel-related charges, port charges, and any other port-related charges," Pradhan said.
 Originally, IOC and GAIL had on September 21, 2016, signed a 'non-binding' agreement to buy 50 per cent stake in Adani Group's Rs 5,500-crore Dhamra LNG project in Odisha. But that agreement expired on September 20, 2018, without being translated into a firm pact apparently because of differences over valuation.
 "It has been informed that the regasification charge for Dhamra terminal is Rs 60.18 per mmBtu for the first contract year (year of commissioning) which is likely to be in FY 2021-22," Pradhan said.
 "GAIL has executed a Tolling Agreement in line with its procedures to meet the supply commitments of customers located in the eastern parts of the country along JagdishpurHaldia/Bokaro-Dhamra Pipeline (JHBDPL) project. IOC has also booked capacity at Dhamra Terminal after considering its captive requirement of Paradip, Haldia and Barauni refineries."
 He said the booking of regas capacity is being done after "protracted techno-commercial discussions with the promoters of Dhamra LNG Terminal and after considering the location of the terminal, availability of gas evacuation pipelines, affordability of regasification charges and capturable demand in the catchment area."
 The September 21, 2016 "non-binding MoU" followed GAIL dropping plans in March 2015 to set up a floating LNG import terminal at Paradip. IOC too had in 2012 signed an MoU with Dhamra LNG Port Corp Ltd (DPCL) to develop an LNG terminal at the port.
 Also, Petronet LNG - a firm in which GAIL and IOC are promoters, had shelved plans to set up a 5 million tonne a year LNG import facility at Gangavaram in Andhra Pradesh.
 After shelving their respective plans, IOC and GAIL signed a pact with Dhamra LNG Terminal, a firm owned by Adani Group.
 "GAIL and IOC have both technical and financial capability to develop their own LNG terminal," Pradhan said. "GAIL has an equity stake in Konkan LNG Pvt Ltd and is the owner's engineer as well as the operator of this terminal at Dabhol. IOC has recently commissioned a 5 million tonne LNG terminal through a joint venture at Ennore in March 2019."
 The two firms also have an equity stake in Petronet LNG which operates two LNG regas terminals, one at Dahej in Gujarat and the other at Kochi in Kerala, he added. ANZ ANZ ANU
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