Latest news with #AdaniPorts&SEZ
Business Standard
3 days ago
- Business
- Business Standard
Benchmarks stumble for third day; Nifty ends below 24,550 mark
Equity benchmarks ended deep in the red today, marking their third consecutive day of losses. The mood on Dalal Street turned sour as global trade tensions escalated following the U.S. decision to hike tariffs on steel and aluminium. The move spooked investors, especially given its implications for Indian exporters. Adding fuel to the fire, weak manufacturing data from both the U.S. and China pointed to cooling global demand. The Nifty started the day on a strong note, opening at 24,786.30 and briefly climbing to 24,845.10. But the early optimism faded fast. Persistent selling dragged the index to a low of 24,502.15 before it closed below the 24,550 mark. Recovery attempts in the second half were shallow and short-lived. Sectorally, private banks, energy, and consumer durables were the biggest laggards. However, realty stocks managed to stay afloat, buoyed by hopes of a potential rate cut from the Reserve Bank of India. The S&P BSE Sensex declined 636.24 points or 0.78% to 80,737.51. The Nifty 50 index dropped 174.10 points or 0.70% to 24,542.50. In the three consecutive sessions, the Sensex and Nifty declined 1.1% and 1.17%, respectively. Adani Ports & SEZ (down 2.42%), Bajaj Finance (down 1.69%) and ICICI Bank (down 0.90%) were major drags today. In the broader market, the S&P BSE Mid-Cap index fell 0.52% and the S&P BSE Small-Cap index shed 0.07%. The market breadth was negative. On the BSE, 1,731 shares rose and 2,266 shares fell. A total of 147 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 3.51% to 16.56. Numbers to Track: The yield on India's 10-year benchmark federal paper declined 0.18% to 6.212 from previous close of 6.223. In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.5925, compared with its close of 85.3950 during the previous trading session. MCX Gold futures for 5 August 2025 settlement shed 0.26% to Rs 97,700. The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.26% to 98.94. The United States 10-year bond yield fell 1.03% to 4.415. In the commodities market, Brent crude for August 2025 settlement shed 2 cents or 0.03% to $64.61 a barrel. Global Markets: US Dow Jones futures were down 160 points, signaling a weak start for Wall Street. Most European markets advanced as inflation in the euro zone eased to 1.9% from 2.2% in May. The drop was largely driven by, a steep monthly drop in services inflation from 4% in April to 3.2% in May, building the case for a widely anticipated interest rate cut from the European Central Bank when it meets on Thursday. Most Asian stocks ended higher on Tuesday, tracking overnight gains across all three major U.S. stock indices, despite ongoing global trade tensions. South Korean markets remained closed due to polling day. China responded to U.S. allegations of violating a temporary trade agreement, stating that the United States had failed to uphold its side of the deal. The exchange highlights increasing strain in trade negotiations between the two countries. Separately, the European Union criticized U.S. President Donald Trump's proposal to raise steel tariffs to 50%, arguing that the move could disrupt ongoing EU-U.S. trade discussions. An EU spokesperson reportedly indicated that the bloc is prepared to implement countermeasures if necessary. China's Caixin/S&P Global manufacturing purchasing managers index (PMI) declined to 48.3 in May from 50.4 in April, marking its first drop below the 50-point threshold, indicating contraction, since September of the previous year. In the U.S., stock indices ended higher on Monday, lifted by strong gains in technology stocks and a rally in the energy sector as oil prices climbed. Domestic steel and aluminum stocks also advanced on optimism around potential tariff hikes. Last week, Trump announced plans to double tariffs on imported steel and aluminium, from 25% to 50%, stoking hopes of increased protection for domestic producers. The S&P 500 rose 0.41%, the Nasdaq Composite gained 0.67%, and the Dow Jones Industrial Average edged up 0.08%. US ISM Manufacturing PMI edged down to 48.5 in May from 48.7, marking the lowest reading since November. This marks the third straight month of contraction, with underlying components still signaling broad-based weakness. New Listing: Shares of Prostarm Info Systems settled at Rs 126.25 on the BSE, representing a premium of 20.24% compared with the issue price of Rs 105. The scrip was listed at Rs 125, exhibiting a premium of 19.05% to the issue price. The stock has hit a high of 130 and a low of 120. On the BSE, over 13.14 lakh shares of the company were traded in the counter. Stocks in Spotlight: Waaree Renewable Technologies rose 0.54% after the company secured a letter of award (LoA) for the engineering, procurement, and construction (EPC) of a large-scale solar power project. The new contract is valued at approximately Rs 346.33 crore. Transrail Lighting rallied 5.97% after the company announced that it has secured fresh domestic and international orders worth Rs 534 crore. United Spirits jumped 1.79% to Rs 1,577 after a leading foreign brokerage upgraded the stock to 'Overweight' from 'Neutral' and raised the target price to Rs 1,760 from Rs 1,415. Go Fashion (India) rose 3.29% to Rs 889 after a domestic brokerage initiated coverage with a 'buy' rating and a target price of Rs 1,127, citing strong brand presence and first-mover advantage as key growth catalysts. Medicamen Biotech soared 4.19% after the company has received its first Abbreviated New Drug Application (ANDA) approval from the U.S. Food and Drug Administration (USFDA) for Bortezomib for injection 3.5 mg. Sika Interplant Systems surged 13.59% after the company signed a license agreement with Collins Aerospace units to offer MRO services for Airbus A320/A321 components. The move boosts Sikas footprint in aviation servicing across India and nearby markets. Deepak Builders and Engineers India rose 2.94% after the company announced that it had emerged as the lowest bidder (L1) for the Rs 142.60 crore Unity Mall EPC project at HSIIDC Industrial Estate, Karnal, Haryana. Grasim Industries added 1.10% after the company announced that its finance committee has approved the issuance of non-convertible debentures (NCDs) aggregating up to Rs 1,000 crore. Maruti Suzuki India declined 1.33%. The companys total production rose 1.38% to 195,882 units in May 2025 as against 193,207 units recorded in May 2024. Larsen & Toubro (L&T) fell 1.03%. The company announced that its water & effluent treatment (WET) vertical has secured significant orders from the Public Health Engineering Department of Rajasthan. The value of the contract ranges from Rs 1,000 crore to Rs 2,500 crore. MIC Electronics slipped 1.22%. The company said that it has received a letter of acceptance (LoA) worth Rs 1.11 crore from the Pandit Deen Dayal Upadhyaya Division of East Central Railway.
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Business Standard
22-05-2025
- Business
- Business Standard
Adani Group FY25 ebitda up 8.2% at Rs 89,806 cr, infra sectors drive growth
The Adani Group reported a consolidated ebitda of Rs 89,806 crore in FY25, driven by growth in core infrastructure sectors and higher operating cash flows across its portfolio. Ebitda was up 8.2 per cent compared to Rs 82,976 crore reported by group listed companies in FY24, said Adani in a media statement. The conglomerate, with interests ranging from energy and logistics to cement and mining, reported a capital expenditure of Rs 1.26 trillion — its highest — and said it plans to invest $100 billion in the next six years. The investments will reflect the group's focus on building long-term infrastructure assets, including renewable energy projects, transmission networks, ports, and a new copper smelter facility, it said. Return on assets in FY25 stood at 16.5 per cent, which Adani said places it among the highest-performing infrastructure businesses globally. The group's gross assets have grown at a compound annual rate of more than 25 percent since FY2019, reaching Rs 6.1 trillion ($71.2 billion). Alongside growth, the group reduced its leverage. Net debt-to-ebitda declined to 2.6x, down from 3.8x in FY19. Liquidity remains strong, with a reported cash balance of Rs 53,843 crore ($6.3 billion), representing approximately 18.5 percent of gross debt. The average cost of borrowing fell below 8 per cent for the first time, a result the company attributed to improved credit ratings and access to lower-cost capital, the statement said. Roughly 90 per cent of the Group's ebitda now originates from assets rated 'AA' or above domestically, according to the company. It also cited improvements in environmental, social, and governance scores and governance-related disclosures as contributing factors to the decline in borrowing costs. Adani's core infrastructure businesses contributed 82 per cent of total ebitda. In the utility segment, Adani Green Energy increased its operational capacity by 30 percent year-on-year, while Adani Power reported a 20 percent rise in electricity generation. (Ebitda is earnings before interest, taxes, depreciation, and amortisation.) Also Read The transport segment, led by Adani Ports & SEZ, delivered a 19 per cent increase in ebitda, aided by a 20 per cent surge in container volumes. Ambuja Cements, a family-owned business, reported a capacity increase to 100 million tonnes per annum, following expansions across multiple plants. 'India's consumption engine remains strong,' said Karan Adani, chief executive officer of Adani Ports & SEZ and Chairman of ACC Ltd. 'As manufacturing grows, trade volumes will surge. For us, any trade — import or export — is good business.' APSEZ plans to build a fully integrated logistics platform spanning factory gates to end consumers, with an eye on becoming the largest player not just in ports but across the supply chain. 'We're already moving over 500 million tonnes annually,' said Karan Adani. Adani Enterprises, the group's incubator for emerging infrastructure businesses, saw a 26.6 per cent year-on-year rise in ebitda. It noted significant progress in its road construction and airport operations, as well as the operationalisation of a large-scale copper smelter in Mundra. The group said its strategy is focused on scale, capital efficiency, and financial management. 'Our asset base and operating leverage continue to support stable returns, even as we invest aggressively in new platforms,' said Jugeshinder 'Robbie' Singh, Adani Group's chief financial officer. The group said it has sufficient liquidity to meet debt obligations for at least the next 12 months and its balance sheet allows coverage for over 21 months.
Time of India
13-05-2025
- Business
- Time of India
NCLT junks Adani Ports plea for delayed Tuticorin coal plan
The Mumbai bench of the National Company Law Tribunal has dismissed an application filed by Adani Ports and Special Economic Zone to submit a delayed resolution plan for the closely held Tuticorin Coal Terminal . Instead, it said it will want more bidders/continue to evaluate the current resolution plan offered by Seapol. The division bench of judicial member KR Saji Kumar and a technical member, Anil Raj Chellan, observed that more than four years have passed since the publication of EoI (Expression of Interest), and lenders have been considering many options for the revival of the company and resolving its insolvency. As the debt-laden borrower, as acknowledged by the Adani group company, has shown signs of a turnaround, a broader set of investors may be interested in bidding for the asset, said the bench. At present, the lenders are evaluating a proposal by Seapol Port , the lone bidder left for the asset. "During the arguments, the counsel for the applicant ( Adani Ports ) brought to our notice that the operations of the corporate debtor (Tuticorin Coal Terminal) have improved drastically during the CIRP period, and the corporate debtor has started generating profits now," observed the tribunal in its recent order. "Hence, we cannot ignore the changes in the economic conditions that would generate further interest by more participants than one." Tuticorin Coal Terminal was admitted under the Corporate Insolvency Resolution Process (CIRP) in February 2020 after the company defaulted on dues of about ₹90 crore to Bank of India . Currently, the company has admitted liabilities of over ₹479 crore. An email query to Adani Ports & SEZ remained unanswered till the time of filing the story. Apart from Adani Ports & SEZ, other bidders such as Seahawk Lines, Seapol Port and Jindal Power had also shown interest in acquiring Tuticorin Coal Terminal through the insolvency resolution process. In the case, appearing for Adani Ports & SEZ, Animesh Bisht, of Cyril Amarchand Mangaldas, argued that the company was part of the provisional and final list of bidders. "Allowing the applicant (Adani Ports & SEZ) to submit a resolution plan for the corporate debtor would aid in value maximisation of the asset," argued Adani Ports & SEZ. "Since no resolution plan has been received from Seahawk despite being allowed by this tribunal, the CoC is presently only considering one resolution plan, which has been submitted by Seapol," argued Adani. Therefore, the grant of reliefs to the applicant will ensure fair competition and would be in furtherance of the objective of the Code i.e., to maximisation of value of the assets of the corporate debtor," argued the company. Shloka Dikshit of Chandhiok & Mahajan appeared for the resolution professional (RP) and argued that the CoC agreed to consider the applicant's resolution plan if the requested reliefs are granted by the tribunal. "The respondent (RP) confirms that the CoC is willing to consider the plan of the applicant (Adani Ports & SEZ), subject to this adjudicating authority ( NCLT ) granting permission to the applicant," added the RP.
Time of India
12-05-2025
- Business
- Time of India
adani ports: NCLT junks Adani Ports plea for delayed Tuticorin coal plan
ADVERTISEMENT ADVERTISEMENT ADVERTISEMENT The Mumbai bench of the National Company Law Tribunal has dismissed an application filed by Adani Ports and Special Economic Zone to submit a delayed resolution plan for the closely held Tuticorin Coal Terminal . Instead, it said it will want more bidders/continue to evaluate the current resolution plan offered by division bench of judicial member KR Saji Kumar and a technical member, Anil Raj Chellan, observed that more than four years have passed since the publication of EoI (Expression of Interest), and lenders have been considering many options for the revival of the company and resolving its the debt-laden borrower, as acknowledged by the Adani group company, has shown signs of a turnaround, a broader set of investors may be interested in bidding for the asset, said the bench. At present, the lenders are evaluating a proposal by Seapol Port , the lone bidder left for the asset."During the arguments, the counsel for the applicant (Adani Ports) brought to our notice that the operations of the corporate debtor (Tuticorin Coal Terminal) have improved drastically during the CIRP period, and the corporate debtor has started generating profits now," observed the tribunal in its recent order. "Hence, we cannot ignore the changes in the economic conditions that would generate further interest by more participants than one."Tuticorin Coal Terminal was admitted under the Corporate Insolvency Resolution Process (CIRP) in February 2020 after the company defaulted on dues of about ₹90 crore to Bank of India . Currently, the company has admitted liabilities of over ₹479 email query to Adani Ports & SEZ remained unanswered till the time of filing the from Adani Ports & SEZ, other bidders such as Seahawk Lines, Seapol Port and Jindal Power had also shown interest in acquiring Tuticorin Coal Terminal through the insolvency resolution the case, appearing for Adani Ports & SEZ, Animesh Bisht, of Cyril Amarchand Mangaldas, argued that the company was part of the provisional and final list of bidders."Allowing the applicant (Adani Ports & SEZ) to submit a resolution plan for the corporate debtor would aid in value maximisation of the asset," argued Adani Ports & SEZ."Since no resolution plan has been received from Seahawk despite being allowed by this tribunal, the CoC is presently only considering one resolution plan, which has been submitted by Seapol," argued Adani. Therefore, the grant of reliefs to the applicant will ensure fair competition and would be in furtherance of the objective of the Code i.e., to maximisation of value of the assets of the corporate debtor," argued the Dikshit of Chandhiok & Mahajan appeared for the resolution professional (RP) and argued that the CoC agreed to consider the applicant's resolution plan if the requested reliefs are granted by the tribunal."The respondent (RP) confirms that the CoC is willing to consider the plan of the applicant (Adani Ports & SEZ), subject to this adjudicating authority ( NCLT ) granting permission to the applicant," added the RP.
Time of India
12-05-2025
- Business
- Time of India
NCLT junks Adani Ports plea for delayed Tuticorin coal plan
The Mumbai bench of the National Company Law Tribunal has dismissed an application filed by Adani Ports and Special Economic Zone to submit a delayed resolution plan for the closely held Tuticorin Coal Terminal . Instead, it said it will want more bidders/continue to evaluate the current resolution plan offered by Seapol. #Operation Sindoor The damage done at Pak bases as India strikes to avenge Pahalgam Why Pakistan pleaded to end hostilities Kashmir's Pahalgam sparks Karachi's nightmare The division bench of judicial member KR Saji Kumar and a technical member, Anil Raj Chellan, observed that more than four years have passed since the publication of EoI (Expression of Interest), and lenders have been considering many options for the revival of the company and resolving its insolvency. As the debt-laden borrower, as acknowledged by the Adani group company, has shown signs of a turnaround, a broader set of investors may be interested in bidding for the asset, said the bench. At present, the lenders are evaluating a proposal by Seapol Port , the lone bidder left for the asset. "During the arguments, the counsel for the applicant (Adani Ports) brought to our notice that the operations of the corporate debtor (Tuticorin Coal Terminal) have improved drastically during the CIRP period, and the corporate debtor has started generating profits now," observed the tribunal in its recent order. "Hence, we cannot ignore the changes in the economic conditions that would generate further interest by more participants than one." Tuticorin Coal Terminal was admitted under the Corporate Insolvency Resolution Process (CIRP) in February 2020 after the company defaulted on dues of about ₹90 crore to Bank of India . Currently, the company has admitted liabilities of over ₹479 crore. An email query to Adani Ports & SEZ remained unanswered till the time of filing the story. Apart from Adani Ports & SEZ, other bidders such as Seahawk Lines, Seapol Port and Jindal Power had also shown interest in acquiring Tuticorin Coal Terminal through the insolvency resolution process. In the case, appearing for Adani Ports & SEZ, Animesh Bisht, of Cyril Amarchand Mangaldas, argued that the company was part of the provisional and final list of bidders. "Allowing the applicant (Adani Ports & SEZ) to submit a resolution plan for the corporate debtor would aid in value maximisation of the asset," argued Adani Ports & SEZ. "Since no resolution plan has been received from Seahawk despite being allowed by this tribunal, the CoC is presently only considering one resolution plan, which has been submitted by Seapol," argued Adani. Therefore, the grant of reliefs to the applicant will ensure fair competition and would be in furtherance of the objective of the Code i.e., to maximisation of value of the assets of the corporate debtor," argued the company. Shloka Dikshit of Chandhiok & Mahajan appeared for the resolution professional (RP) and argued that the CoC agreed to consider the applicant's resolution plan if the requested reliefs are granted by the tribunal. "The respondent (RP) confirms that the CoC is willing to consider the plan of the applicant (Adani Ports & SEZ), subject to this adjudicating authority ( NCLT ) granting permission to the applicant," added the RP.
