Top Headlines: Adani acquires Ambuja Cements, Sebi panel on FPIs, and more

From Gautam Adani winning the race for Ambuja Cement to Sebi forming expert panel on FPIs, here are the top headlines on Monday

Billionaire Gautam Adani on Sunday won the race to acquire Swiss cement major Holcim's stake in Ambuja Cements and its subsidiary ACC for $10.5 bn (around Rs 81,361 crore). Sebi is soon expected set up an expert committee on foreign portfolio investors (FPIs) to directly deal with concerns faced by them and facilitate capital flows into the country. Read more on these in our top headlines of the day:

Adani group wins race to buy Ambuja Cements, ACC for $10.5 bn

Gautam Adani on Sunday won the race to acquire Swiss cement major Holcim's stake in Ambuja Cements and its subsidiary ACC for $10.5 bn (around Rs 81,361 crore), including the open offers. The Adani family announced that it had entered into definitive agreements for the acquisition of Holcim Ltd’s entire stake in two of India’s leading cement companies -- Ambuja Cements and ACC -- the Adani group said in a statement. Read more
 

Sebi to set up FPI expert panel soon; single window to address concerns

The Securities and Exchange Board of India (Sebi) will soon set up an expert committee on foreign portfolio investors (FPIs) to directly deal with concerns faced by them and facilitate capital flows into the country. Sources said the markets regulator also planned to set up an advisory committee on fundraising through hybrid instruments — real estate and infrastructure investment trust (REITs and InvITs) — to give a fillip to the infrastructure financing in the country. Read more
 

Wheat procurement deadline extended after export ban; quality norms eased

Days after the government banned exports, it has extended the deadline for procurement of wheat from farmers till May 31, 2022 in those states where it is expiring early. According to an official order, till May 14, around 18 million tonnes of wheat have been purchased for the Central pool which is almost 51 per cent less than the same period last year. Read more
 

India may buy Rafales to give its aircraft carriers more strike options

The Indian Naval Ship (INS) Vikrant, the Navy’s first indigenous aircraft carrier (IAC-1), is undergoing lengthy sea trials, after which it will enter operational service late this year. With the 45 Russian MiG-29K/KUB fighters notorious for their unreliability, the Navy plans to urgently procure 26 multi-role carrier-borne fighters (MRCBF) from an international vendor, so that INS Vikrant has more strike options besides the unreliable MiG-29s. Read more
 

Engineering R&D segment to outperform IT services players in FY23

A mixed January-March quarter (fourth quarter, or Q4) results of companies in engineering, research and development (ER&D) segment notwithstanding - at the heels of macro risks - the Street expects major players in the segment to maintain their growth outperformance, in comparison to their information technology (IT) peers in 2022-23 (FY23). Read more