Adani group stocks tumble amid reports of SEBI probe: Group market capitalisation falls by ₹22,000 crore

Adani Group stocks witness high volatility amidst war of words between the company and Hindenburg Research

<ul><li>India’s benchmark indices <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> tumbled in morning trade on Wednesday amidst negative cues in global markets. </li><li>Amongst the top losers on Wednesday morning were HDFC twins, State Bank of India and ONGC. </li><li>While the 30-stock Sensex was down 0.7% to 62,516 points, the 50-stock Nifty50 was down 0.6% to 18,516 points.</li></ul>India’s benchmark indices Sensex and Nifty50 tumbled in morning trade on Wednesday amidst negative cues in global markets. Amongst the top losers on Wednesday morning were HDFC twins, State Bank of India and ONGC. While the 30-stock Sensex was down 0.7% to 62,516 points, the 50-stock Nifty50 was down 0.6% to 18,516 points. Top gainers and losers on Nifty50 <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Enterprises </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.85% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.05% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Paints </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.77% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.81% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apollo Hospitals </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.59% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NTPC </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.64% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharat Petroleum </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.35% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.60% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Life </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.33% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.59% </td></tr></tbody></table> Source: NSE, as on May 31, 2023 Earlier on Tuesday, markets closed the day 0.2% in the green, led by gains in FMCG, media and financial services stocks. Gold prices edged up to ₹60,000 per 10 grams while silver was hovering at ₹71,100 per kilogram. Crude oil prices cooled down, with Brent crude hovering at $73 per barrel. <cmsannotation type="cmsannotation" annotationid="Asian markets tumble amidst disappointing China data" comment="subhead" text="Asian markets tumble amidst disappointing China data">Asian markets tumble amidst disappointing China data</cmsannotation> Markets around the world, and particularly those in Asia tumbled on weak economic data from China. While Dow Jones closed 0.15% lower on Tuesday, S&amp;P 500 closed flat. The tech-heavy Nasdaq gained 0.32%. On the other hand, trends were decisively negative in Asia, with Hang Seng falling 2.19%, followed by Nikkei 225 which was down 1.14%. Shanghai Composite was down 0.56%, followed by Taiwan Weighted which fell 0.5%. KOSPI was down 0.13%. <cmsannotation type="cmsannotation" annotationid="Stocks to watch" comment="subhead" text="Stocks to watch"><keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">Stocks to watch</keyword></cmsannotation> <keyword id="895682" type="General" weightage="20" keywordseo="adani-ports" source="Orion">Adani Ports</keyword> &amp; SEZ: The Adani group company reported a 5% YoY rise in net profit to ₹1,159 crore in Q4, missing analyst estimates. Its revenue rose 40% to ₹5,797 crore. The company reported an impairment of ₹1,273 crore on account of the sale of its Myanmar assets. It announced a dividend of ₹5 per share. <keyword id="45383" type="General" weightage="20" keywordseo="coal-india" source="Orion">Coal India</keyword>: It has announced an increase in prices of high-grade coal by 8%. The company said this will boost revenue by ₹2,703 crore during FY24. <keyword id="486436" type="General" weightage="20" keywordseo="mazagon-dock" source="Orion">Mazagon Dock</keyword>: The state-owned ship maker reported a 105% YoY rise in net profit to ₹326 crore, while its revenue rose 49% to ₹2,079 crore. The company announced a dividend of ₹6.86 per share for FY23. HDFC Life: Media reports suggest that Abrdn (Mauritius Holdings) 2006 is expected to sell its 1.66% stake in the company. Axis Bank: The lender’s board has appointed former RBI deputy governor NS Vishwanathan as an additional director for a period of four years. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/these-midcaps-smallcaps-and-financial-stocks-are-likely-to-outperform-in-june-as-per-analysts/articleshow/100619640.cms">Nifty headed for lifetime high in June, analysts recommend capitalising on dips</a> <a href="https://www.businessinsider.in/stock-market/news/nifty-sensex-now-at-reasonable-valuations-but-midcaps-small-caps-and-financials-still-have-some-juice-left/articleshow/100611412.cms">Nifty, Sensex now at 'reasonable valuations' but midcaps, small caps and financials still have some juice left</a> <a href="https://www.businessinsider.in/business/auto/news/mm-q4-standalone-net-profit-rises-22-yoy-to-1549-crore-misses-estimates/articleshow/100528645.cms">M&amp;M Q4 standalone net profit rises 22% YoY to ₹1,549 crore, misses estimates</a>

Sensex, Nifty50 tumble in morning trade: HDFC twins, SBI, ONGC amongst top losers

<ul><li>Indias largest lender <keyword id="6354731" type="General" weightage="50" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> said on Friday that its exposure to the <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword> was well below the Reserve Bank of India's Large Exposure Framework.</li><li>The statement comes at a critical juncture with markets tanking on the basis of a short selling report from <keyword id="191733" type="General" weightage="80" keywordseo="hindenburg" source="Orion">Hindenburg</keyword> Research with the <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Group caught in a maelstrom.</li><li>The conglomerate has called the report "maliciously mischievous, unresearched".</li></ul> Indias largest lender State Bank of India (SBI) said on Friday that its exposure to the Adani Group was well below the Reserve Bank of Indias (RBIs) Large Exposure Framework and was secured by cash generating assets. The statement comes at a critical juncture with <a href="https://www.businessinsider.in/stock-market/news/adani-group-companies-lose-3-22-lakh-crore-in-market-value-amidst-tussle-with-hindenburg-research/articleshow/97374612.cms" data-type="tilCustomLink">markets tanking</a> on the basis of a short selling report from Hindenburg Research with the Adani Group caught in a maelstrom losing Rs 4.18 trillion in market cap in two trading sessions. The report by US-based investment research firm Hindenburg Research alleged that the group was engaged in "a brazen stock manipulation and accounting fraud scheme". The conglomerate has called the report "maliciously mischievous, unresearched". It has said that it is "evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg Research". Indian banks have an exposure of around Rs 80,000 crore to the Adani Group, which is 38 per cent of the group's total debt. "While as a matter of policy, we don't comment on individual clients, in the interest of setting the context right, we wish to clarify that SBI's exposure to Adani Group is well below the Large Exposure Framework. All exposure to the group from SBI is secured by cash generating assets with adequate TRA/Escrow mechanism in place, hence debt service will not be a challenge," said Swaminathan J., MD of corporate banking and subsidiaries at SBI, in a statement. The SBI, however, did not comment on the amount of its exposure to the group. With Indian equity markets roiled by a research report emerging from the US, everyone is curious as to what short selling actually means? A 32,000-word report by American short-seller Hindenburg Research has left a Rs 4 lakh crore gash on the portfolios of bulge bracket Adani bulls which have been enjoying the gravity defying valuations since the Adani Wilmar public issue more or less a year ago. Every word shaving off Rs 12.5 crore from the valuation. So, what is short selling? Simply put, someone takes position by selling stock or other securities or commodities which one does not own at the time, in the hope of buying at a lower price before the delivery time. Investopedia describes it in the following manner - selling is an investment or trading strategy that speculates on the decline in a share or other security's price. It is an advanced strategy that should only be undertaken by experienced traders and investors. Traders may use short selling as speculation and investors or portfolio managers may use it as a hedge against the downside risk of a long position in the same security or a related one. Speculation carries the possibility of substantial risk and is an advanced trading method. Hedging is a more common transaction involving placing an offsetting position to reduce risk exposure. In short selling, a position is opened by borrowing shares of a stock or other assets that the investor believes will decrease in value. The investor then sells these borrowed shares to buyers willing to pay the market price. Before the borrowed shares must be returned, the trader is betting that the price will continue to decline and they can purchase the shares at a lower cost. The risk of loss on a short sale is theoretically unlimited since the price of any asset can climb to infinity. Taking a contrarian position, top of the line broking and research firm CLSA said it doesn't see a major downside risk to Indian banks from Adani group's debt, in which the overall exposure for domestic public and private sector lenders remains well within the mangeable limits with adequate ring fencing. InGovern Research Services issued a note on Friday - On Short Selling and Shareholder Activism - providing a perspective on the whole issue: Hindenburg, as a short seller, should be considered as just another market participant which has a motivated view to release a negative report with aim to bring down the stock price. 1. Short selling is not new in Indian markets. 2. Short selling is a market mechanism and NOT wrong. 3. Short selling is healthy for Indian capital markets. 4. Short selling is a view on a stock price, it may NOT work. 5. Shareholder activism should be welcomed in Indian markets. 6. Indian companies should learn to take such reports in their stride. 7. There is a need for more investor activism in India. 8. As Indian market matures, it should get used to these kinds of activist investors taking interest in domestic companies. 9. However, short selling is not shareholder activism. 10. Short sellers are opportunist and very short-term focused. Such activism could be disruptive for management and companies. 11. Short sellers are not held in high regard in global capital markets and even in the US, many short sellers, including Hindenburg, are under investigation by the SEC and DoJ, as the short sellers are thought to achieve their objectives at all costs and detrimental to the interests of other investors. 12. Positive shareholder activism, like ValueAct Capital does, is when investors engage positively with the management and work towards bringing about change. On Data in Hindenburg Report There are no new facts in the Hindenburg report, and, at best, it is a compilation of all past allegations levelled against the Adani group. 1. Hindenburg has 3 types of data: a) Easily verifiable data on Marcap, P/E multiples, debt, shareholding patterns etc. available to all investors. b) Data points that cannot be easily verified: Mauritius entities, etc. c) Aspersions based on past (some over 20+ years), some of which were fully disclosed as part of various offering documents by the Adani group. 2. Some of the allegations in the Hindenburg report have been the subject of regulatory scrutiny in the past. 3. There are no specific complaints made to SEBI for investigation by Hindenburg. SEBI, the Indian securities market regulator, or the MCA, largely acts on specific complaints of fraud or market manipulation. Timing of Release of Hindenburg Report The strategically-timed release of the Hindenburg report on the eve of the follow-on public offering (FPO) by Adani Enterprises Ltd seems to indicate that there was some objective to scare investors. 1. However, the Hindenburg report itself may not impact the FPO share sale. 2. The anchor book has already been oversubscribed on January 25, 2023, given that the objective of many of the long-term investors would be to hold the stock for many years. 3. There could be some sentimental hit among retail investors when the FPO opens on January 27 On Valuations and Leverage Though the Hindenburg report talks of high valuations and over leverage by the Adani group, the nature of the industries in which Adani group companies operate and data on debt holding in Adani group companies indicate otherwise. 1. Valuations is in the eyes of those who have a position and are willing to bet on it. 2. These days, there are many new age companies with no revenue model and with no earnings, Adani stocks may appear to be inexpensive. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/adani-group-companies-lose-3-22-lakh-crore-in-market-value-amidst-tussle-with-hindenburg-research/articleshow/97374612.cms">Adani Group companies lose ₹3.22 lakh crore in market value amidst tussle with Hindenburg Research</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-enterprises-20000-crore-fpo-now-open-analysts-maintain-cautious-optimism/articleshow/97369358.cms">Adani Enterprises’ ₹20,000 crore FPO now open, analysts maintain cautious optimism</a> <a href="https://www.businessinsider.in/business/corporates/news/tata-motors-in-top-gear-reports-net-profit-of-2958-crore-in-q3-its-first-after-seven-quarters/articleshow/97319081.cms">Tata Motors In Top Gear: Reports net profit of ₹2,958 crore in Q3, its first after seven quarters</a>

State Bank of India defends exposure to the Adani Group as short-selling report roils markets

New Delhi, Mar 5 () Mauritius-based Dome Trade and Investment has said it will acquire 2.75 per cent equity of Adani Enterprises from Universal Trade and Investments Ltd (Universal). Universal, also a Mauritius-based company and a part of the promotor group of Adani Enterprises, holds 3.02 crore equity shares of Adani Enterprises. Dome in a regulatory filing to the bourses said the indirect acquisition of 3.02 crore shares of Adani Enterprises or 2.75 per cent stake will be done through Acropolis Trade and Investments Ltd (Acropolis) which holds 100 per cent shares of Universal. "Acquirer shall indirectly acquire 3,02,49,700 equity shares held by Universal in target company," the regulatory filing said. Dome is a wholly-owned subsidiary of Acropolis, the filing said adding, Dome in turn has a wholly owned subsidiary in Mauritius viz. Fervent Trade and Investment Ltd (Fervent). The statement said that under the regulations, Dome has been regarded as acquirer and Acropolis has been treated as transferor. NAM MRMR

Mauritius-based Dome to acquire 2.75pc equity share of Adani Enterprises

Mumbai, <keyword id="6367820" type="COMPANY" weightage="20" keywordseo="adani-group">Adani Group</keyword>'s flagship holding <keyword id="10722889" type="UNKNOWN" weightage="20" keywordseo="company-adani-airport-holdings-ltd">company Adani Airport Holdings Ltd</keyword> (AAHL) has acquired 23.5 per cent stake in the <keyword id="6592232" type="COMPANY" weightage="20" keywordseo="mumbai-international-airport-ltd">Mumbai International Airport Ltd</keyword> (MIAL) from ACSA Global Ltd (ACSA) and Bid Services Division (Mauritius) Ltd (Bidvest) for ₹1,685.25 crore. In a <keyword id="525282" type="PERSON" weightage="20" keywordseo="regulatory-filing">regulatory filing</keyword>, <keyword id="118623" type="DOMAIN" weightage="20" keywordseo="Adani-Enterprises">Adani Enterprises</keyword> said that AAHL has acquired 28.20 crore equity shares of MIAL. AAHL is also a wholly owned subsidiary of Adani Enterprises. "Adani Airport Holdings Ltd has acquired 23.5 per cent equity stake i.e. 28,20,00,000 equity shares of ₹10 of Mumbai International Airport Ltd from ACSA Global Ltd and Bid Services Division (Mauritius) Ltd," the filing said. Incorporated on March 2, 2006, MIAL is engaged in the business of development, construction and operation of the Chhatrapati Shivaji Maharaj International Airport. In August last year, the AAHL entered into an agreement to acquire the debt of GVK Airport <keyword id="311614" type="DOMAIN" weightage="20" keywordseo="Developers-Ltd">Developers Ltd</keyword> (GVKADL) which in turn would help the Adani Group acquire controlling interest in MIAL. GVKADL is the holding company through which <keyword id="6608657" type="COMPANY" weightage="20" keywordseo="GVK-Group">GVK Group</keyword> holds 50.50 per cent equity stake in the Mumbai International Airport Ltd (MIAL), which in turn holds 74 per cent equity stake in the Navi Mumbai International Airport Ltd. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/heres-why-you-arent-being-able-to-apply-for-brookfield-reit-ipo-through-zerodha-groww-angel-broking-and-other-stockbroking-apps/articleshow/80686457.cms">Here's why you aren't being able to apply for Brookfield REIT IPO through Zerodha, Groww and other stockbroking apps</a> <a href="https://www.businessinsider.in/stock-market/news/analysts-explain-why-indigo-paints-shares-fell-with-a-thud-just-like-burger-king-and-mrs-bectors-and-what-to-do-with-it-now/articleshow/80704864.cms">Indigo Paints joins the league of Burger King and Bector's — frenzied IPOs that fizzled out</a> <a href="https://www.businessinsider.in/tech/news/the-india-stack-that-bill-gates-and-sundar-pichai-so-love-is-set-to-get-much-bigger-thanks-to-the-indian-governments-new-blockchain-strategy/articleshow/80718403.cms">The India stack that Bill Gates and Sundar Pichai so love is set to get much bigger – thanks to the Indian government’s new blockchain strategy</a>

Adani Group acquires 23.5% stake in Mumbai International Airport for ₹1,685 crore

<keyword id="865962" type="COMPANY" weightage="20" keywordseo="Fair-trade">Fair trade</keyword> regulator CCI on Thursday approved <keyword id="76451" type="DOMAIN" weightage="20" keywordseo="Adani">Adani</keyword> Properties' acquisition of 23.5 per cent stake in the country's second busiest aerodrome Mumbai International Airport. Adani Properties has acquired the shares from Mauritius based Bid Services Division and ACSA Global Ltd. As per the combination notice filed with CCI, the transaction involves acquisition of shares through two separate share purchase agreements. While Adani is buying 13.5 per cent stake in Mumbai International Airport from Bid Services Division, the rest 10 per cent has been acquired from ACSA, as per the notice said. In a separate tweet, Competition Commission of India (CCI) said it "approves merger of the BNP Paribas Mutual Fund and the Baroda Mutual Fund". Bank of Baroda and BNP Paribas Asset Management in a joint statement in October had said they entered into binding agreements. The strategic alliance would allow both companies to leverage each other's strengths to offer products specially designed for retail and institutional clients in India, they had said. Baroda Asset Management is a wholly-owned subsidiary of Bank of Baroda, while BNP Paribas Asset Management India is an entity of BNP Paribas Asset Management Asia. The regulator has also given nod to "secondary acquisition of additional 3.28 per cent of the issued and paid up share capital of Delhivery Private Limited by SVF Doorbell (Cayman) Ltd". In February 2019, CCI had approved SVFD's subscription to compulsorily convertible preference shares amounting to 22.44 per cent of the total shareholding of DPL (Delhivery Pvt Ltd) on a fully diluted basis. "Accordingly, subsequent to the investment, SVFD will hold up to approximately 25.72 per cent the issued and paid up share capital of DPL on a fully diluted basis," CCI said. Further, in another tweet, the regulator approved "subscription to securities of Ecom Express Private Limited by CDC Group plc". CDC is a development finance institution, wholly owned by the UK government, which provides scarce and patient capital to private sector entrepreneurs in developing countries, the combination notice said. Besides, Ecom Express is engaged in third party logistics services including delivery services and e-KYC facilitation for the customers of banks, NBFCs and other companies that require such services among others, it added. SRS BAL

Adani can buy stake in Mumbai airport after CCI approval

New Delhi, Nov 14 () Fair trade regulator CCI on Thursday approved Adani Properties' acquisition of 23.5 per cent stake in the country's second busiest aerodrome Mumbai International Airport.
Adani Properties has acquired the shares from Mauritius based Bid Services Division and ACSA Global Ltd.
As per the combination notice filed with CCI, the transaction involves acquisition of shares through two separate share purchase agreements.
While Adani is buying 13.5 per cent stake in Mumbai International Airport from Bid Services Division, the rest 10 per cent has been acquired from ACSA, as per the notice said.
In a separate tweet, Competition Commission of India (CCI) said it "approves merger of the BNP Paribas Mutual Fund and the Baroda Mutual Fund".
Bank of Baroda and BNP Paribas Asset Management in a joint statement in October had said they entered into binding agreements.
The strategic alliance would allow both companies to leverage each other's strengths to offer products specially designed for retail and institutional clients in India, they had said.
Baroda Asset Management is a wholly-owned subsidiary of Bank of Baroda, while BNP Paribas Asset Management India is an entity of BNP Paribas Asset Management Asia.
The regulator has also given nod to "secondary acquisition of additional 3.28 per cent of the issued and paid up share capital of Delhivery Private Limited by SVF Doorbell (Cayman) Ltd".
In February 2019, CCI had approved SVFD's subscription to compulsorily convertible preference shares amounting to 22.44 per cent of the total shareholding of DPL (Delhivery Pvt Ltd) on a fully diluted basis.
"Accordingly, subsequent to the investment, SVFD will hold up to approximately 25.72 per cent the issued and paid up share capital of DPL on a fully diluted basis," CCI said.
Further, in another tweet, the regulator approved "subscription to securities of Ecom Express Private Limited by CDC Group plc".
CDC is a development finance institution, wholly owned by the UK government, which provides scarce and patient capital to private sector entrepreneurs in developing countries, the combination notice said.
Besides, Ecom Express is engaged in third party logistics services including delivery services and e-KYC facilitation for the customers of banks, NBFCs and other companies that require such services among others, it added. SRS
BAL

CCI approves Adani's 23.5 pc stake-buy in Mumbai International Airport

<ul><li>India’s benchmark indices <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> shed the morning jitters on Thursday to trade in the green amidst an increase in volatility. </li><li><keyword id="45383" type="General" weightage="80" keywordseo="coal-india" source="Orion">Coal India</keyword>, Bharti Airtel and Maruti Suzuki are amongst the top losers in morning trade. </li><li>Both the benchmark indices are up 0.1%, with Sensex hovering at 62,692 points and Nifty50 at 18,554 points.</li></ul>India’s benchmark indices Sensex and Nifty50 shed the morning jitters on Thursday to trade in the green amidst an increase in volatility. Coal India, Bharti Airtel and Maruti Suzuki are amongst the top losers in morning trade. Both the benchmark indices are up 0.1%, with Sensex hovering at 62,692 points and Nifty50 at 18,554 points. Top gainers and losers on Nifty50 <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apollo Hospitals </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.96% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coal India </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4.39% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divi's Laboratories </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.89% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.79% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HUL </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.77% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharti Airtel </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.34% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Paints </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.66% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.52% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.62% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Britannia </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.86% </td></tr></tbody></table> Source: NSE, as on June 1, 2023 Earlier on Wednesday, markets closed the day 0.4% in the red due to weak global cues. Gold prices edged up to ₹61,200 per 10 grams while silver was hovering at ₹72,100 per kilogram. Crude oil prices remained stable, with Brent crude hovering at $73 per barrel. <cmsannotation type="cmsannotation" annotationid="Global markets mixed" comment="subhead" text="Global markets mixed">Global markets mixed</cmsannotation> Global markets were mixed ahead of a vote on the US debt ceiling proposal. Dow Jones fell 0.41% while S&amp;P 500 declined 0.61%. The tech-heavy Nasdaq fell 0.63% even as NVIDIA shares continued to rise. Asian markets remained mixed on Thursday, with KOSPI falling 0.26% while Taiwan Weighted was down 0.4%. Hang Seng rose 0.93%, while Nikkei 225 was trading 0.29% higher. Shanghai Composite was also up 0.5%. <cmsannotation type="cmsannotation" annotationid="Stocks to watch" comment="subhead" text="Stocks to watch"><keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">Stocks to watch</keyword></cmsannotation> Coal India: The government will offload a 1.5% stake in the coal mining giant on June 1 and 2, with an option to sell another 1.5% stake. The floor price has been set at ₹225 per share, which is at a discount of nearly 7% to Wednesday’s closing price of ₹241. <keyword id="42747" type="General" weightage="100" keywordseo="tata-motors" source="Orion">Tata Motors</keyword>: The car maker is looking to buy back external commercial bonds worth $250 million. <keyword id="472962" type="General" weightage="80" keywordseo="hdfc-life" source="Orion">HDFC Life</keyword>: Promoter Abrdn (Mauritius Holdings) 2006 Limited has offloaded its 1.66% stake at an average price of ₹570.6 per share, totaling to ₹2,036.7 crore. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-hindenburg-effect-sebi-wants-high-risk-fpis-with-concentrated-holdings-to-make-additional-disclosures/articleshow/100640987.cms">Adani-Hindenburg effect: SEBI wants ‘high risk’ FPIs with concentrated holdings to make additional disclosures</a> <a href="https://www.businessinsider.in/stock-market/news/these-midcaps-smallcaps-and-financial-stocks-are-likely-to-outperform-in-june-as-per-analysts/articleshow/100619640.cms">Nifty headed for lifetime high in June, analysts recommend capitalising on dips</a> <a href="https://www.businessinsider.in/stock-market/news/nifty-sensex-now-at-reasonable-valuations-but-midcaps-small-caps-and-financials-still-have-some-juice-left/articleshow/100611412.cms">Nifty, Sensex now at 'reasonable valuations' but midcaps, small caps and financials still have some juice left</a>

Sensex, Nifty50 trade in the green amidst volatility: Coal India, Airtel, Maruti Suzuki amongst top losers

<ul><li>Shares of Abans Holdings listed at ₹273 against the issue price of ₹270 per share.</li><li>The stock has listed exactly at ₹3 premium as indicated by grey market trends.</li><li>The market capitalisation of the company stood at ₹1,353 crore after listing.</li></ul>Shares of the Mumbai-based financial services company <a href="https://www.businessinsider.in/stock-market/news/abans-holdings-to-open-ipo-next-week-from-dec-12-15-gmp-at-20-per-share/articleshow/96084679.cms">Abans Holdings</a> made a flat listing on the stock exchanges today at ₹273 against the issue price of ₹270. However, weak market sentiments dragged the scrip down, with its share price tumbling 15%. At 10:20 a.m., shares of the company declined 15% at ₹228. The grey market trends had also hinted the stock to get listed at ₹3 premium on exchanges, which has fallen from ₹20 premium in the last week. <a href="https://www.businessinsider.in/stock-market/news/grey-market-premium-what-is-it-and-where-is-it-coming-from/articleshow/95454371.cms">GMP is the premium at which IPO shares are traded</a> in the unofficial market before they are listed on the stock exchanges. The market capitalisation of Abans Holdings currently stands at ₹1,353 crore, according to BSE data. Negative sentiment in the market also weighed on the listing considering benchmark indices Sensex and Nifty50 were down 0.8% in the first hour of trade today – while Sensex fell 458 points, Nifty declined 143 points. <a href="https://www.businessinsider.in/stock-market/news/three-ipos-set-to-raise-over-1800-crore-this-week/articleshow/96160133.cms">Abans Holdings IPO </a>received tepid demand from investors as the issue was subscribed 1.10 times. The qualified institutional buyer portion was subscribed the most at 4.10 times. The portion reserved for non-institutional investors witnessed a subscription of 1.48 times while retail was subscribed 0.40 times. This year, 36 IPOs made their stock market debut on the BSE mainboard. Most of them gave positive listing gains, except seven issues. Here are the top five best performing IPOs in 2022. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Name </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Adani Wilmar </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">136% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Venus Pipes &amp; Tubes </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">124% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Hariom Pipe Industries </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">108% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Veranda Learning Solutions </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">81% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Vedant Fashions </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">48% </td></tr></tbody></table>(Source: BSE) Established in 2009, Abans Holdings is engaged in financial services, gold refining, jewellery, commodities trading, agricultural trading and warehousing, software development and real estate. It is the financial services arm of the Abans Group. Also, it provides asset management, investment advisory and wealth management services to corporates, institutional and high net worth clients. It operates from multiple locations including India, UK, Dubai, Shanghai, Hongkong, Mauritius and Singapore. Abans Holdings is a holding company and all its business operations are conducted through three subsidiaries and 14 step subsidiaries. The company competes with non-banking financial companies, brokerage firms, AMCs and financial advisory firms. Abans Holdings revenues have depleted significantly while its profits have improved consistently in the last three years along with reduction in debt. “As can be seen, our revenues have declined mainly due to reduction in physical commodities trading due to Covid-19 related changes and our gradual movement towards exchange traded commodity instruments instead of physical commodities,” the company said in its red herring prospectus. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue from operations </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Debt (borrowings) </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹638 crore </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹61 crore </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹85 crore </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,325 crore </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹45 crore </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹267 crore </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,765 crore </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹39 crore </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:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹318 crore </td></tr></tbody></table>Source: DRHP SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/landmark-cars-lists-at-nearly-7-discount-on-bourses-amid-weak-market-sentiment/articleshow/96443852.cms">Landmark Cars lists at nearly 7% discount on bourses amid weak market sentiment</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/most-anticipated-sequels-of-web-series-movies-and-shows-releasing-in-2023/slidelist/96429356.cms#slideid=96430674">From Shark Tank S2 to Indian 2, a look at the most anticipated sequels releasing in 2023</a>

Abans Holdings shares tumble 14% after a flat listing on the bourses

After the Income tax department recently raided a proptech startup based in Pune and Thane and found alleged tax evasion to the tune of Rs 224 crore, reports suggest it is <keyword id="8032183" type="General" weightage="20" keywordseo="infra-market" source="Orion">Infra.Market</keyword>, one of India's fastest growing unicorns. According to multiple reports, the details point to B2B e-commerce marketplace Infra.Market, backed by Tiger Global, Accel and Nexus and valued at $2.5 billion. According to CBDT, the startup allegedly obtained huge foreign funding via the Mauritius route, issuing shares at an "exorbitantly" high premium. The CBDT said a hawala network of some Mumbai and Thane-based shell companies has also been discovered that was involved with the case. The startup, founded by Souvik Sengupta and Aaditya Sharda, said it is cooperating with the authorities and is providing all necessary information. The Income-Tax department said on Sunday in a statement that it has found evidence that a startup based in Pune and Thane has not disclosed Rs 224 crore, without naming it. The CBDT said unaccounted cash worth Rs 1 crore and jewellery worth Rs 22 lakh have been seized during the raids. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/adani-group-ioc-bpcl-hpcl-reliance-hdfc-and-other-hot-stocks-on-march-21/slidelist/90344098.cms">Adani group, IOC, BPCL, HPCL, Reliance, HDFC and other hot stocks on March 21</a> <a href="https://www.businessinsider.in/investment/news/india-is-working-on-crypto-classification-under-gst-law/articleshow/90344895.cms" data-type="tilCustomLink">India is working on crypto classification under GST law</a> <a href="https://www.businessinsider.in/investment/news/crypto-tax-in-india-kicks-in-from-april-heres-all-you-need-to-know/articleshow/90344479.cms">India’s cryptocurrency tax kicks in from April – here’s what investors need to know</a>

Infra.Market is reportedly under income tax lens for an alleged evasion of ₹224 crore

<ul><li>The SGX Nifty was trading 0.23% higher at 7:55 am, indicating a higher start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst positive cues from the global markets, the Indian equities are likely to open higher on Monday. The SGX Nifty was trading 0.23% higher at 7:55 am, indicating a positive opening for Nifty50. These are the stocks to watch out for during the trading session on October 26: Future Retail and RIL The Singapore arbitration court ruled in favour of American e-commerce giant Amazon with regard to the Future-RIL deal. The court has directed Kishore Biyani’s led Future Group to not proceed with Mukesh Ambani’s Reliance Retail deal until the outcome of the arbitration process. The shares of Future Retail and RIL ended 4% and 0.24% higher, respectively, on Friday. DHFL According to PTI reports, the committee of creditors (CoC) of debt-ridden DHFL is scheduled to meet today to take a call on four bids received as part of the resolution process for the beleaguered firm. The four bidders include Adani Group, Piramal Enterprises, US-based Oaktree and Hong Kong-based SC Lowy. The shares of DHFL ended 5% lower on Friday. IndusInd Bank and Kotak Mahindra Bank The Mauritius-based, IndusInd Bank promoter, IndusInd International Holdings Ltd (IIHL) refuted <a href="https://www.cnbctv18.com/finance/indusind-bank-says-report-on-merger-with-kotak-mahindra-bank-is-untrue-and-malicious-7297331.htm">media reports claiming that</a> Kotak Mahindra Bank may take over the bank. The shares of IndusInd Bank and Kotak Mahindra Bank ended 0.3% and 0.5% lower, respectively, on Friday. ICICI Bank The Indian multinational Bank, ICICI Bank has shut its operations in Sri Lanka after getting approval from the Sri Lankan monetary authority. The shares of ICICI Bank ended 0.84% higher on Friday. Vedanta Vedanta on Saturday said its board has approved the first interim dividend of ₹9.50 per share amounting to ₹35 billion. The shares of Vedanta ended flat on Friday. Tata Motors Tata Motors on Friday told investors that it has bagged an order for 6,413 vehicles from Andhra Pradesh State Civil Supplies Corporation. The company said it emerged as the top bidder under the terms and conditions set by the government. The shares of Tata Motors ended 3% higher on Friday. Tech Mahindra Tech Mahindra<a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-q2-maring-expansion-and-acquisitions/articleshow/78827612.cms"> reported a 5% year-on-year drop in its profit to ₹1,065 cror</a>e for the quarter ended September 30. Although the profit was up 9.5% compared to the sequential quarter. The company generated revenue of ₹9,372 crore, up 3.3% year-on-year. The shares of Tech Mahindra ended 1% higher on Friday. Yes Bank The private sector lender, Yes Bank is back in the black after reporting a net profit of ₹129 crore for the second quarter ended September 30. The bank had posted a net loss of ₹600 crore in the corresponding quarter last year. However, the bad loans in Yes Bank’s portfolio remained elevated. The shares of Yes Bank ended 5% higher on Friday. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/the-first-satellite-with-ai-onboard-is-now-in-orbit-and-its-tech-could-completely-change-how-we-respond-to-wildfires/articleshow/78858333.cms" data-type="tilCustomLink">The first satellite with AI onboard is now in orbit, and its tech could completely change how we respond to wildfires</a> <a href="https://www.businessinsider.in/stock-market/news/the-stock-market-has-historically-performed-better-when-the-incumbent-president-wins-reelection-according-to-one-analysis/articleshow/78858968.cms" data-type="tilCustomLink">The stock market has historically performed better when the incumbent president wins reelection, according to one analysis</a>

Top stocks to watch — Future Retail, RIL, IndusInd Bank, Kotak Mahindra Bank, ICICI Bank, Tata Motors, Tech Mahindra, Yes Bank and others

<ul><li>Singer Babul Supriyo, the BJP MP from Asansol in West Bengal swears into Modi’s cabinet. Sadhvi Niranjan Jyoti from Fatehpur in Uttar Pradesh was also sworn in as a Minister of State.</li><li>Former Power and Railways Minister Dr Arvind Sawant from Mumbai South who defeated Milind Deora of Congress too has taken oath. </li><li>Among those who have taken oath include Thawar Chand Gehlot, S Jaishankar (former Foreign Secretary), Ramesh Pokhriyal, Arjun Munda, Dr Harsh Vardhan (former Science Ministry), Prakash Javadekar (former HRD minister), and Piyush Goel (former coal minister).</li><li>Narendra Modi has taken charge as the Prime Minister of the country for the second time in a swearing in ceremony that just concluded.</li></ul> Update at 09:05 pm Debut MP Debasree Chaudhuri of Raiganj in West Bengal takes oath as Minister of State in Modi’s cabinet. Sanjeev Balyan, Dhotre Sanjay Shamrao, Anurag Singh Thakur from Hamirpur, Suresh Angadi, Nityanand Rai, Rattan Lal Kataria, V Muraleedharan, Renuka Singh Saruta, Som Prakash, Rameshwar Teli, Pratap Sarangi, Kailash Chaudhari, Debasree Chaudhuri were also sworn in as Ministers of State. Update at 08:30 pm Ramdas Athawale from Maharashtra’s Sangli district was sworn in as Minister of State, along with Parshottam Rupala. Update at 08:25 pm Secunderabad BJP MP Kishan Reddy takes oath. Ashwini Kumar Choubey, Shri Arjun Ram Meghwal, Gen V K Singh, Krishan Pal Gurjar from Faridabad, and Raosaheb Danve too were sworn in. Update at 08:10 pm Prahlad Patel, Raj Kumar Singh from Arrah constituency, Hardeep Singh Puri, Mansukh Mandavia, Faggan Singh Kulaste also take oath. Update at 08:02 pm Shripad Yesso Naik from North Goa is inducted into Modi’s cabinet. Dr Jitendra Singh, the current MP of Haridwar is also sworn in. Update at 08:00 pm Rao Inderjit Singh BJP’s MP from Gurugram, Gajendra Singh Shekhawat, Santosh Kumar Gangwar from Bareily in Uttar Pradesh were sworn in. Update at 07:55 pm Giriraj Singh from Bihar’s Begusarai who defeated Kanhaiya Kumar, the former student leader and a candidate of Communist Party of India (CPI) was also sworn in. Update at 07:50 pm Former Power and Railways Minister Dr Arvind Sawant, Shiv Sena MP from Mumbai South who defeated Milind Deora of Congress too has taken oath. Dr Mahendra Nath Pandey, former Petroleum Minister Dharmendra Pradhan, Mukhtar Abbas Naqvi (former Minority Affairs Minister), Pralhad Joshi, too have taken oath. Update at 07:40 pm Piyush Goel and Prakash Javadekar take the oath. Update at 07:35 pm Smriti Irani who won at Amethi against Congress Party leader Rahul Gandhi as its MP, also took oath to cheering public. She was the textiles minister in the earlier cabinet. Update at 07:25 pm Narendra Singh Tomar (formerly Rural Development Minister, Ravi Shankar Prasad (former Telecom and Law Minister); Harsimrat Kaur Badal (former food processing minister) too have taken oath. Update at 07:19 pm Ram Vilas Paswan also takes the oath of office and secrecy. Update at 07:16 pm Incumbent Defence Minister Nirmala Sitharaman also takes the oath. Update at 07:12 pm Shri Rajnath Singh follows Modi to take oath. He was home affairs minister in the last cabinet. Bharatiya Janata Party (BJP) President Amit Shah has also taken oath. He did not hold a portfolio in the last cabinet Update at 07:07 pm Narendra Modi takes charge as India’s PM for the second time Update at 07:00 pm <keyword id="6354814" type="UNKNOWN" weightage="20" keywordseo="prime-minister-narendra-modi">Prime Minister Narendra Modi</keyword> has also arrived at the event. As many as 50 ministers of the cabinet will take oath after the PM today. The ceremony will start at 7 PM. Bollywood actor Shahid Kapoor and Kangana Ranaut have already arrived at the event at Rashtrapati Bhavan. Bangladesh President Abdul Hamid along with his first lady too arrived at the event. Update at 06:30 pm Dignitaries and top industrialists like Ratan Tata, Mukesh Ambani and Gautam Adani; along with Bharatiya Janata Party (BJP) President Amit Shah have already arrived at the venue, to view Narendra Modi take the oath as the Prime Minister for the second time. It’s a big day for India and Narendra Modi who will once again take oath as India’s Prime Minister for a second consecutive term. The master communicator, who has stormed back to power with yet another thumping majority, will once again use the moment and the stage as effectively as it can be. The oath taking ceremony will be held at 7 pm on Thursday (May 30), ensuring that all the attention of prime time television viewers are solely on him. He gave <a href="https://www.businessinsider.in/full-text-of-modi-speech-lok-sabha-election-2019/articleshow/69467611.cms" data-type="tilCustomLink" target="_blank">over an hour long victory speech</a>, again on prime time, after the election results were declared on May 23. Run up to the event Modi has kickstarted his oath-taking day, early this morning by saluting his heroes. He paid a tribute at the National War Memorial in the morning. The PM from Guajrat won a second consecutive term with a thumping majority, also paid tribute to Bharatiya Janata Party (BJP)’s prominent former Prime Minister, Atal Bihari Vajpayee. This charismatic former Prime Minister was instrumental in creating the National Democratic Alliance (NDA) in 1998. Modi who hails from Gandhinagar which was also home to father of the nation, Mahatma Gandhi, also visited Rajghat today to pay homage. The newly elected PM’s oath taking ceremony promises to be interesting as <a data-type="tilCustomLink">8,000 guests</a> from within and outside the country are expected to pour in for the event. It is being touted as the biggest ever event that takes place at Rashtrapathi Bhavan. The event also promises to be star-studded as many Bollywood celebrities including Vivek Oberoi who played the role of Modi, in a now-released movie ‘Modi’, are expected to attend the event. Invites have also gone in for <a data-type="tilCustomLink">BIMSTEC leaders</a>—which includes Bangladesh, Myanmar, Sri Lanka, Thailand, Nepal and Bhutan. However, it is now known that leaders from Kyrgyzstan and Mauritius will be attending the event. The swearing in ceremony is striving to make Modi’s guests from his constituency in Varanasi feel special. A special gallery called ‘Kashi Sankul’ is being set-up to accommodate 250 special guests from Uttar Pradesh. The event however is not without its controversies. The winning party BJP invited the families of those killed in the West Bengal political violence which erupted just before the last phase of polling. This move angered Mamata Banerjee the chief minister of the state and the head of Trinamool Congress, who declined an invitation to the attend the ceremony. BJP’s ally in Maharashtra, Shiv Sena slammed Banerjee for this move, in an editorial published in its mouthpiece Saamna. SEE ALSO: <a href="https://www.businessinsider.in/modis-swearing-in-ceremony-is-set-to-be-the-biggest-event-ever-with-8000-guests/articleshow/69571352.cms" data-type="tilCustomLink" target="_blank">Modi's swearing in ceremony is set to be the biggest event ever, with 8,000 guests</a> <a href="https://www.businessinsider.in/full-text-of-modi-speech-lok-sabha-election-2019/articleshow/69467611.cms" data-type="tilCustomLink" target="_blank">Full text of Modi’s first speech after historic election victory</a>

You Searched For "Adani Mauritius" and got 13 results

Adani group stocks tumble amid reports of SEBI probe: Group market capitalisation falls by ₹22,000 crore

Rounak Jain

Adani Group stocks witness high volatility amidst war of words between the company and Hindenburg Research

Rounak Jain

Sensex, Nifty50 tumble in morning trade: HDFC twins, SBI, ONGC amongst top losers

Rounak Jain

State Bank of India defends exposure to the Adani Group as short-selling report roils markets

IANS

Mauritius-based Dome to acquire 2.75pc equity share of Adani Enterprises

PTI

Adani Group acquires 23.5% stake in Mumbai International Airport for ₹1,685 crore

IANS

Adani can buy stake in Mumbai airport after CCI approval

PTI

CCI approves Adani's 23.5 pc stake-buy in Mumbai International Airport

PTI

Sensex, Nifty50 trade in the green amidst volatility: Coal India, Airtel, Maruti Suzuki amongst top losers

Rounak Jain

Abans Holdings shares tumble 14% after a flat listing on the bourses

Bhakti Makwana

Infra.Market is reportedly under income tax lens for an alleged evasion of ₹224 crore

IANS

Top stocks to watch — Future Retail, RIL, IndusInd Bank, Kotak Mahindra Bank, ICICI Bank, Tata Motors, Tech Mahindra, Yes Bank and others

Navdeep Yadav

Narendra Modi Oath Taking Ceremony Live Updates: Amit Shah enters Narendra Modi’s cabinet; Smriti Irani welcomed with loud cheers

BI India Bureau