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Business Standard
a day ago
- Business
- Business Standard
Adani Group comes under US scanner for importing Iranian oil: Report
Adani Group companies are under inquiry by US prosecutors into whether they have been involved in importing Iranian petrochemical products, according to a WSJ report. The US authorities are probing whether Adani's firms brought Iranian liquefied petroleum gas (LPG) into India via the Mundra port, which his company operates. Certain tankers regularly traveling between Mundra and the Persian Gulf displayed behaviors typical of ships aiming to circumvent sanctions, the report stated. Bribery charges Previously, US prosecutors had accused executives from the Adani Group, which has business interests ranging from ports to renewable energy, of involvement in bribery. Authorities claimed that Adani, along with seven other individuals, including his nephew Sagar Adani, agreed to pay approximately $265 million in bribes to Indian officials. This was allegedly done to secure contracts anticipated to generate $2 billion in profits over two decades and to facilitate the construction of India's largest solar power project. The bribery controversy also sparked concerns over Adani Group's market and public disclosure practices. Prosecutors accused the company of issuing misleading statements earlier this year regarding its awareness of the US investigation. Fundraising plans Recently, Adani Energy Solutions Ltd., has given the green light to raise ₹4,300 crore ($502 million) through a stake sale. According to an exchange filing on Saturday, the company's board approved the plan to secure the funds via Qualified Institutional Placement (QIP) in one or more tranches. The Adani Group is gradually regaining investor trust after the founder's US indictment dampened sentiment. In April, the group raised approximately $750 million for an acquisition, with BlackRock Inc. subscribing to nearly a third of the bond offering. Just last week, its ports arm secured $150 million in a bilateral loan from DBS Group Holdings Ltd.
Business Upturn
2 days ago
- Business
- Business Upturn
Top stocks to watch today, June 2: Mahindra & Mahindra, BPCL, TVS Motor, IRCON, Adani Energy, Mazagon Dock and more
By Aman Shukla Published on June 2, 2025, 08:30 IST Indian stock markets closed lower on Friday, dragged by weakness in heavyweights and broader consolidation. The BSE Sensex fell by 182.01 points or 0.22%, ending the day at 81,451.01. The NSE Nifty 50 also declined, slipping by 82.90 points or 0.33% to settle at 24,750.70. Today, several stocks are expected to remain in focus following key developments and financial updates: Stocks to Watch on June 2 Mahindra & Mahindra (M&M): Reported May sales higher than estimates, continuing to outperform industry peers. Coal India: Filed a Draft Red Herring Prospectus (DRHP) with SEBI, NSE, and BSE for its subsidiary Bharat Coking Coal. Bharat Petroleum Corporation Ltd (BPCL): Board approved investment in joint ventures Tikitar and Shell India; also approved changes to a cracking unit project worth ₹14,200 crore. TVS Motor: Recorded sales growth of over 14% across all segments in May. Eicher Motors: May sales led by the up to 350cc segment, with Royal Enfield sales up 26% year-over-year. Apollo Hospitals: Fourth-quarter results aligned with estimates; announced expansion in Bengaluru with a ₹1,144 crore investment. Nykaa: Reported EBITDA growth of 43%, with margins improving to 6.5% from 5.6% year-over-year. Mazagon Dock Shipbuilders: Expecting 8-10% revenue growth in FY26; Q4 margin impacted by provisions. IRB Infrastructure/IRB InvIT: Signed a binding term sheet to sell three assets for an equity value of ₹4,905 crore. Godrej Properties: Acquired approximately 14 acres of land in Kharadi, Pune, with an estimated revenue potential of ₹4,200 crore. Adani Energy: Awarded a ₹1,660 crore transmission project in Maharashtra; board approved a ₹4,300 crore Qualified Institutional Placement (QIP). IRCON: Secured an EPC order worth ₹1,068.3 crore from East Central Railway. Ajmera Realty: Delivered luxury project Ajmera Prive ahead of RERA timelines. IndiGo: Signed a Memorandum of Understanding (MoU) with Airbus for 30 additional widebody Airbus A350-900 aircraft. Chennai Petroleum: Holding company IOC approved a ₹1,620 crore investment proposal. MOIL: Reduced prices of all chemical grades and manganese ore fines by 5-15%, effective immediately. Solar Industries: Received a ₹402 crore order from Coal India for the supply of cartridge explosives. Olectra Greentech: Maharashtra government reinstated the ₹10,000 crore electric bus order under a new delivery schedule. Genus Power: Reported EBITDA of ₹196.3 crore versus ₹51 crore last year; margin improved to 20.95% from 12.16%. AstraZeneca: EBITDA increased by 74.7%, margin expanded to 17.96% from 12.89%. Ashiana Housing: EBITDA rose 4.2%, margin increased to 9.88% from 6.93%. Tata Motors: May sales fell 8.6% year-over-year, below estimates. Delhi High Court: Restrained DRL/Onesource from selling Novo Nordisk's Semaglutide in the domestic market. Hero MotoCorp: May sales below estimates; all segments showed low single-digit growth. Cipla: US FDA issued one observation for the Bommasandra facility. Hindalco, Tata Steel: US to double tariffs on steel and aluminium to 50% from June 4. Sun TV: EBITDA declined 18%, margin reduced to 45.61% from 54.40%. Alembic Pharma: US FDA issued Form 483 with four observations for API-I and II units. Niva Bupa: Sources indicate a potential up to 7.2% stake sale via block deal at an 11% discount to CMP. Vodafone Idea: Losses widened; subscriber base continued to shrink. Inox Wind: FY25 execution below management expectations; order inflows down 35% year-over-year. Puravankara: Net loss expanded; margin contracted to 5.63% from 12.32%. Spandana: Q4 disbursement down 91% year-over-year and 75% quarter-over-quarter; net interest income declined 48%. Titagarh Rail: EBITDA down 14.7%; margin at 10.18% compared to 11.41% last year. NFL: EBITDA down 38%; margin at 5.27% versus 7.18%. Ramkrishna: EBITDA declined 47%; margin reduced to 10.45% from 19.30%. Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Deccan Herald
2 days ago
- Business
- Deccan Herald
Adani Energy Solutions' board approves raising up to Rs 4,300 crore
The board approved raising of funds by issuance of equity shares having face value of Rs 10 each or other securities or any combination for an aggregate amount of up to Rs 4,300 crore through Qualified Institutional Placement or other modes, in one or more tranches.
Bloomberg
3 days ago
- Business
- Bloomberg
Adani Energy Approves Raising $502 Million Via Share Sale
Billionaire Gautam Adani-controlled Adani Energy Solutions Ltd. approved raising 43 billion rupees ($502 million) via a stake sale. The Adani Group unit's board passed an enabling resolution to raise the amount via 'Qualified Institutional Placement' in one or more tranches, according to an exchange filing Saturday.
India.com
5 days ago
- Business
- India.com
Masterstroke by Anil Ambani as he invests Rs 17600000000 in..., Ambani raised these funds from...
Anil Ambani (File) Anil Ambani, the younger brother of Asia's richest man, Mukesh Ambani has witnessed a remarkable turnaround of fortunes of late, especially in the current financial year, with many of his Reliance Group companies now debt-free and making significant profits. Anil Ambani's sons Jai Anmol Ambani and Jai Anshul Ambani have set the Reliance Group on the path of revival, with the group's companies recently acquiring some major contracts, including Japanese firm Nippon making a substantial investment in Reliance Capital. The impact of the Nippon deal was quickly visible as the debts of several Reliance Group companies began to decrease, but the group is still facing a mountain of loans which it needs to settle in order to avoid bankruptcy. How Reliance Infra and Reliance Power became debt-free? Last year, Anil Ambani raised Rs 17,600 crore to further reduce the debt burden of his companies. According to media reports, only two listed companies of Anil Ambani's Reliance Group, Reliance Infra and Reliance Power, have managed to become completely debt-free, while most of group's other firms still owe substantial amounts to creditors. Both Reliance Infra and Reliance Power, along with their subsidiaries, started repaying loans in September last year, and are now debt-free, as per reports. Anil Ambani began investing funds into both these companies in August 2024, and funds were raised through Foreign Convertible Currency Bonds (FCCB) and Preferential Issue. How Anil Ambani raised Rs 17,600 crore? Together, Reliance Infra and Reliance Power issued a preferential equity issue worth Rs 4500 crore, apart from raising Rs 7100 crore from Varde Partners via FCCB. Additionally, the two firms also raised Rs 3000 crore each Qualified Institutional Placement (QIP). Thus, Anil Ambani revived Reliance Infra and Reliance Power by raising Rs 17,600 crore. Meanwhile, the combined market cap of Reliance Power and Reliance Infra reached Rs 33000 crore on Thursday, even as as shares of three Reliance Group companies witnessed a strong uptick last week. Recently, Reliance Group acquired a Rs 2000 crore contract for a setting up a solar project in Bhutan, while Reliance Defence– a subsidiary of Anil Ambani-led Reliance Infrastructure Limited– has signed a deal with German arms maker Rheinmetall AG to manufacture ammunition.
