 "Adani, Adani Group")
Adani to raise $3.5 bn from equity share sale in three group companies
Billionaire Gautam Adani's conglomerate is looking to raise about USD 3 billion through an equity share sale to institutional investors in the boldest comeback strategy after the ports-to-energy group was hit by a damning report of a US short seller. While boards of Adani Enterprises Ltd - the group's flagship firm - and electricity transmission company Adani Transmission Ltd have already approved raising up to Rs 21,000 crore (over USD 2.5 billion) through share sales to qualified institutional investors, the board of Adani Green Energy Ltd is likely to do so for raising up to USD 1 billion in the next couple of weeks, sources aware of the matter. Read more...
No plan to let Chinese firms re-enter Indian telecom market: Govt
The government has no plans of providing trusted source certificates to Chinese telecom equipment manufacturers such as Huawei and ZTE yet, thereby keeping them locked out of India’s telecom sector, according to officials in the Department of Telecommunications (DoT). Officials pointed at national security concerns to block Chinese firms in telecom.
In the backdrop of Shein, a Chinese fashion major, making a comeback three years after it was forced to shut its India business, there was expectation that Chinese vendors may be allowed in telecom. Shein is coming through a joint venture with Reliance Industries. Read more...
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Betting big: Global subsidy race puts a spanner in India semicon works
The Indian government is keen to woo major semiconductor players, but a global race to attract them to countries where there is already an ecosystem is making it difficult for India to attract the biggies in the business.
On Wednesday the government decided to throw open the doors to more players to participate in its semiconductor scheme. It is now looking at not only 28 nanometre (nm) chips and below, but higher nodes like 40 nm. It is also open to existing participants in the scheme applying again. Read more...
Centre proposes to sell 3% stake in Coal India via OFS, eyes Rs 4,162 cr
The Centre has proposed to sell up to 3 per cent of its stake in national miner Coal India (CIL) through the offer for sale (OFS) route from June 1. The government is looking to garner around Rs 4,162 crore through the sale process. The stake sale would contribute to the Centre’s disinvestment target for 2023-24, pegged at Rs 51,000 crore. The Centre missed its disinvestment target in the last fiscal year. Read more...
BFSI firms drive earnings of India Inc to a record high in Q4FY23
The earnings of India Inc hit a record high in the 2022-23 (FY23) January–March quarter (fourth quarter, or Q4), compared with their poor showing in the previous two quarters of the financial year. The rise in earnings, however, is exclusively led by banking, financial services, and insurance (BFSI) companies.
A better-than-expected showing by banks and non-bank lenders in Q4FY23 more than compensated for the earnings contraction in the non-BFSI space. The companies in the non-BFSI space continue to struggle with a contraction in profits and a steady slowdown in revenue growth. Read more...
