BPCL Ltd: Shares of the petroleum major rose over 2 percent to Rs 356 on November 1, extending gains for the second day in a row. In Q2, it swung into a consolidated net profit of Rs 8,501 crore in Q2 FY24, against a net loss of Rs 304 crore a year ago, mainly due to softer crude oil prices and low raw material costs.

Hindalco Ltd: Shares of the aluminium and copper major rose 0.7 percent to Rs 463, extending gains for the third session in row on November 1.

Bajaj Auto Ltd: Shares of the two and three-wheeler major rose 0.6 percent to Rs 5,344, extending gains for the second day in a row on November 1. Volumes were lower as 4 lakh shares changed hands as against the 1-week average of 6 lakh shares.

Reliance Industries Ltd: Shares of the Mukesh Ambani-led company rose 0.4 percent to Rs 2,297 a day after it fell over 1 percent. In Q2, RIL reported a consolidated net profit of Rs 19,878 crore in the second quarter of the financial year 2023-24, an increase of 29.7 percent from a year ago, despite a dip in revenue from its oil-to-chemicals business.

Adani Enterprises Ltd: Shares of the flagship Adani firm fell over 3 percent to Rs 2,217 on November 1. Its subsidiary skidded back into losses in the quarter ended September 30 from Rs 49-crore profit a year back as revenues went down sharply in the last one year. Adani Wilmar’s revenue from operations fell 13.3 percent year-on-year to Rs 12,267.15 crore from Rs 14,150.03 crore. Although the total expenses were down to Rs 12,439.45 crore during the quarter, it was not enough to mitigate the losses.

Coal India Ltd: Shares of the coal major fell 2.5 percent to Rs 306, extending gains for the second day in a row on November 1. About 41 lakh shares changed hands as against the 1-week average of 83 lakh shares on the bourses.

Asian Paints Ltd: Shares of the paint major fell nearly 2 percent to Rs 2,934 on November 1, snapping its two-day gaining streak on the bourses. In Q2, the company posted muted revenue on account of a delayed festive season and erratic monsoon, which heavily weighed on consumer demand. Adding to that, the second quarter is generally a weak one for paint manufacturers.

Adani Ports and special Economic Zones Ltd: Shares of the port major tanked 2 percent to Rs 770 on November 1, extending losses for the second day in a row.

SBI Life Insurance Company Ltd: Shares of the insurance fell 2.5 percent to Rs 1,333. The stock ended its two-day losing streak on the bourses on November 1.

Read also :- GST collections rise to second-highest ever at Rs 1.72 lakh crore in October, up 13% YoY

The post Top Nifty gainers and losers: BPCL, Reliance up, Adani Enterprises, Coal India tank appeared first on Republic Aeon.

Adani Enterprises made the announcement one month ago that it has inked a contract to acquire one hundred percent of SEPL.

Adani Enterprises announced on Saturday, in a filing with the stock exchange, that one of the company’s wholly-owned subsidiaries, Adani Digital Labs Pvt Ltd, has purchased a 29.81% share in SEPL for the price of Rs 3.56 crore.

In the fiscal year 2022-23, which ran from April 2022 to March 2023, SEPL had a revenue of 4.51 crore rupees.

On Saturday, Adani Enterprises identified SEPL as a company that is involved in “e-commerce and website development.” The previous month, the company had classified SEPL as “an online train booking and information platform.” The statement that was made a month ago sparked a minor controversy when Congress general secretary Jairam Ramesh tried to imply that Adani’s acquisition of Trainman could eventually lead to the company’s acquisition of IRCTC, which is the ticketing and other services part of the Indian Railways.

IRCTC had published a statement to dispute the accusation, which can be found here. IRCTC had mentioned in its previous explanation of the e-ticketing business area that around 14.5 lakh reserved tickets are booked on a daily basis in Indian Railways. Nearly 81% of these tickets are electronic and were booked directly through the IRCTC website. As a result, IRCTC and its agents, such as Trainman, do not face any competitive pressures.

It had been stated that Trainman, which is a B2C partner of IRCTC, is responsible for 0.13 percent of the total reserved ticketing. Additionally, it had been stated that because these companies are integrated with IRCTC, they assist customers in having a more streamlined experience when purchasing tickets.

Trainman is an Indian travel booking application that was established in 2011 by Vineet Chirania and Karan Kumar. The app enables passengers to check the PNR (Passenger Name Record) status, predicts the possibility of getting a confirmed seat in the event of a wait-list, and provides real-time updates on seat availability, running status, time table, coach position, fare calculator, and other relevant information.

The Adani group has made another investment in the travel booking and information industry with their purchase of Trainman. In October of 2021, Adani Enterprises made a purchase of a minority investment in Cleartrip Pvt Ltd, which is an online travel aggregator owned by Flipkart.

Read Also : Utkarsh Small Finance Bank sets IPO price band at Rs 23-25 per share

The post Adani Enterprises has paid Rs 3.5 crore to acquire a 30% stake in Trainman. appeared first on Republic Aeon.

In response to the SEBI’s request to the Supreme Court for a 6-month extension to complete its investigation into the Hidenburg allegations leveled against the Adani Group, the conglomerate led by Gautam Adani stated that it is fully cooperating with the investigation and that the application by the Indian market regulator contains no inferences of wrongdoing.

In its research, Hindenburg Research, an American short-seller, accused Adani Group on February 25 of financial violations. As a consequence, the market value of the Adani Group decreased by more than USD 140 billion.

Also read this:231 Indians evacuated from Sudan under Operation Kaveri land in Delhi

The Supreme Court ordered the Securities and Exchange Board of India to investigate the incident within two months and establish a six-person expert team to examine the protection of Indian investors on March 2. Sebi filed a request for a deadline extension on Saturday, citing intricate transactions involving the conglomerate’s listed, unlisted, and offshore entities that require a more thorough investigation.

The post ‘No conclusions of wrongdoing’: Adani Group reacts to Sebi requesting SC for 6-month probe extension appeared first on Republic Aeon.

In the interest of investors, a bench composed of Chief Justice D Y Chandrachud, Justices P S Narasimha and J B Pardiwala stated that it wishes to retain complete openness.

The Adani Row bench stated, “We will not accept your suggestion for a sealed envelope because we want to maintain complete transparency.”

SC says it will not take suggestions from government or petitioners on who should be members of the committee to examine various aspects of the Adani-Hindenberg issue but would select experts on its own. Reserves order on pleas seeking probe. @IndianExpress

— Ananthakrishnan G (@axidentaljourno) February 17, 2023

The court also deferred its decision on the formation of an investigative committee. The bench stated that it will not accept suggestions from the government or petitioners regarding the committee’s membership, but will instead choose the experts on its own.

In the wake of the share price crash in Adani Group stocks, which was precipitated by a report by Hindenburg Group over allegations of “stock manipulation,” the Centre agreed on Monday to the apex court’s proposal to establish a panel of experts to examine ways to strengthen the regulatory mechanisms for the stock market. However, the Adani group has denied any wrongdoing.

On the last date of hearing, after hearing two submitted petitions, the Supreme Court stated that it was “pondering aloud” whether a committee of experts may be established to offer possible enhancements to the regulatory apparatus.

Tushar Mehta, appearing on behalf of the Centre, said the court that his “instructions are that the present structure — SEBI and other agencies — are adequately competent, not only regulatory-wise but also otherwise, to handle the issue…

However, in response to the request made by Your Lordships, we have no objection…the government has no objection to the formation of a committee.”

Also Read | YouTube CEO Susan Wojcicki steps down; Indian-American Neal Mohan to take over

In a note submitted to the apex court, the Securities and Exchange Board of India (SEBI) stated that it “is already investigating both the allegations made in the Hindenburg report and the market activity immediately preceding and following the publication of the report to identify violations of SEBI Regulations,” including those pertaining to short selling.

The post SC to centre-‘Won’t accept sealed cover suggestions’: Adani Row appeared first on Republic Aeon.

“The issue has been given attention by the Supreme Court of the United States. If the Supreme Court is now considering the case, it would be improper for me to make any comments on the situation given my position as a minister. The BJP has nothing to hide, and there is no reason for them to be fearful, given this information “Mr. Shah stated this in an interview that was conducted exclusively with ANI on Adani row.

The dispute between Hindenburg and Adani has developed into a significant political scandal as a result of the Congress and other opposition parties levelling accusations of favouritism and crony capitalism against the government. They brought it up during the session that was dedicated to discussing the budget, seeking an investigation by a joint parliamentary committee.

To add insult to injury, opposition parties have taken aim at Prime Minister Narendra Modi over this matter.

Concerned about the financial involvement of LIC and other public sector banks in the Adani group, they have requested information. The charges have been refuted by the government, and public-service organisations and regulatory authorities have also issued comments insisting that they have adhered to the standards and fulfilled their responsibilities.

Following the publication of Hindenburg’s report on Adani Group, the Centre notified the Supreme Court on Monday that the Securities and Exchange Board of India (SEBI) had decided to establish a committee to defend investor interests.

A bench presided over by Chief Justice DY Chandrachud was advised by Solicitor General Tushar Mehta that the Securities and Exchange Board of India (SEBI) is fully prepared to deal with the situation that has arisen as a result of a recent report published by Hindenburg Research.

On Adani row Mehta also stated that the government is open to the idea of creating a committee to provide recommendations regarding how to better protect investors in the future. On the other hand, he stated that the remit of the committee is significant due to the fact that it has an effect on a global scale, and that the government will submit names under a cover that is kept sealed.

When Mr. Shah was asked about Rahul Gandhi’s recent address in Lok Sabha, which was almost entirely about the Adani group, he responded by saying that it is up to the Congress leader or his script writers to pick what kind of speech he wants to deliver.

“What speech he wants to give is for him or his speech writers to think about,” he added. “What speech I want to give is for him to think about.”

Mr. Shah made this statement in response to Rahul Gandhi’s accusation that the BJP engages in “crony capitalism.” “There is no room for debate. To this day, no one has been able to successfully levy such an accusation against the BJP. During the time that Congress was in power, many government agencies, such as the CAG and the CBI, had already registered charges after taking corruption into consideration. There were frauds totaling 12 million billion rupees.”

When Mr. Shah was asked about charges made by the Congress and other opposition parties that the BJP was “grabbing institutions,” he responded by saying that those parties should go to court, stressing that the courts are not subject to the control of the BJP.
“Court ‘humare kabze mein nahi hai,” he remarked.

“Why don’t they take their case to the judge? Even when the Pegasus matter was being discussed at the time, I insisted that proofs be presented to the court… They are only capable of producing an annoying racket. Pegasus was taken into consideration by the court after it was approached by those individuals, and the court then handed down its verdict. Additionally, the investigation was carried out “he added.

When asked about BJP spokespersons implying that there is such a “plot” ahead of elections, he stated that it is up to them to respond to the question.
“The truth is unaffected by the thousands of conspiracies that exist. The truth is radiant and radiantly bright. They have been engaging in this practise against the Prime Minister of India, Narendra Modi, since 2002. And each time, he has come out on top, both in terms of the truth and by garnering even greater favour among the general populace after each defeat “When asked if there is a conspiracy in light of the Hindenburg report and the BBC documentary, he responded in the affirmative.

Also Read | Pulwama attack anniversary: PM Modi pays tributes to martys who laid down lives

In his speech before the Lok Sabha in reply to the debate on the motion of thanks on the President’s address, Prime Minister Narendra Modi had lashed out at the Congress-led UPA government at the Centre, saying that it converted “every opportunity into a crisis” during its 10 years at the helm between 2004 and 2014. This took place during the Prime Minister’s speech. The tenure of the UPA government between 2004 and 2014, according to Prime Minister Narendra Modi, was “full of frauds.”

The post “Nothing To Be Afraid Of,Nothing For BJP To Hide”: Amit Shah On Adani Row appeared first on Republic Aeon.

“SEBI is committed to ensuring market integrity and ensuring that the markets continue to function in an uninterrupted, transparent, and efficient manner,” SEBI said in a statement today.

The share prices of Adani group companies declined further on Friday due to continued selling pressure and concerns about the potential systemic impact of disarray triggered by a report critical of the group’s finances.

“In the past week, unusual price fluctuations in a business conglomerate’s stock have been observed. As part of its mandate, SEBI seeks to maintain the orderly and efficient functioning of the market and has implemented a series of well-defined, publicly available surveillance measures (including the ASM framework) to address excessive volatility in particular stocks “The SEBI stated in its statement. It failed to mention Adani group.

The regulator stated, “This mechanism is automatically activated under certain conditions of price volatility in any stock.”

The SEBI statement was released a day after the Reserve Bank of India (RBI) stated that the country’s banking system remains resilient and stable, despite concerns regarding the exposure of lenders to Adani group companies.

After US short-seller Hindenburg Research raised allegations about high debt levels and use of tax havens, the market value of Adani group firms’ shares decreased by more than fifty percent, or more than $100 billion.

The ports-to-energy conglomerate, led by one of the world’s wealthiest men, Gautam Adani, dismissed the criticism and denied wrongdoing. Adani group stated in a 413-page response that the Hindenburg report was motivated by “an ulterior motive” to “create a false market” that would allow the U.S. company to profit.

Also read this:Adani’s FPO withdrawal does not impact Inby amid Hindenburg row:FM Sitharaman

Additionally, Adani Enterprises Ltd cancelled its 20,000 crore follow-on share sale one day after it was fully subscribed. Adani stated that the company’s board of directors felt that “proceeding with the issue would not be morally correct” in light of the market turmoil.

The post SEBI:”Unusual Price Changes In Business Conglomerate Stocks” appeared first on Republic Aeon.

Siharaman stated at a press conference in Mumbai, “Our macroeconomic fundamentals and the image of our economy have not been affected in any way. The fact that our foreign exchange reserves have increased by eight billion dollars over the past two days indicates that perceptions of India and its inherent strength remain intact.

“How many times have FPOs not left this country, and how many times has India’s reputation suffered as a result? How many times have FPOs not returned?” she questioned. There are “fluctuations” in every market, according to the minister, but the accretion over the past few days demonstrates that the perception of India and its inherent strengths remain intact.

The Finance Minister stated that regulators will carry out their responsibilities regarding the Adani issue and that the Securities and Exchange Board of India (SEBI) has the resources to ensure market stability. Sitharaman remarked that regulators are independent from the government, and “they’re left to themselves to regulate the market appropriately.”

Meanwhile, Finance Secretary TV Somanathan stood by his characterization of the controversy as a “storm in a teacup” on Saturday, clarifying that he was speaking in macroeconomic terms and in the context of the stability of India’s public financial institutions.

The government stated earlier on Friday that the exposure of banks and insurers to the Adani group was within “permitted limits.” “Both SBI and LIC issued comprehensive statements… Chairman of the Board, Chief Executive Officer, has publicly stated that they are not overexposed… In addition, he stated that we are sitting on profits for the exposure… In an interview with Network18, Union Finance Minister Nirmala Sitharaman stated, “They have stated unequivocally that their exposure is well within permissible limits, and even now, with the valuation falling, they are sitting above profit.”
Sitharaman had stated that the banking industry is currently in a “comfortable” position.

“After overcoming the twin balance sheet issue, the Indian banking sector is currently at a comfortable level. Their NPAs are decreasing to extremely low levels, recoveries are occurring, and their position is very strong, which is reflected in the fact that when they go to raise funds on the market, they are completely at ease,” she added.

Without naming the Adani group, the Reserve Bank of India responded to media reports expressing concern about bank exposures to a “business conglomerate” by asserting that “the banking sector remains resilient and stable” According to the report, banks are also in compliance with the RBI’s Large Exposure Framework regulations.

Also Read:- After US, 2nd Chinese Spy Balloon Spotted In Latin America: Pentagon

Since US-based investor research firm Hindenburg Research last week accused the Gautam Adani-led conglomerate of “brazen stock manipulation and accounting fraud scheme over decades”, seven listed firms of Adani Group have lost approximately half of their market value, or more than $100 billion collectively. However, Adani Group has rejected the criticism and denied any wrongdoing.
Adani, who was formerly the wealthiest Indian in the world, is now ranked 22nd on the Forbes Real-time billionaire list for 2023.

The post Adani’s FPO withdrawal does not impact Inby amid Hindenburg row:FM Sitharaman appeared first on Republic Aeon.

Adani Enterprises said on Wednesday that it has decided to pull its Rs 20,000-crore follow-on public offer (FPO), which was fully subscribed, and will give the money back to investors. The news came a day after the company’s FPO was fully taken up on Tuesday, the last day of the offer.

“The board of Adani Enterprises Ltd. (AEL) decided not to move forward with the FPO, even though it was fully subscribed. Due to the fact that this has never happened before and that the market is so unstable right now, the company wants to protect the interests of its investors by returning the FPO proceeds and cancelling the completed transaction “The company that leads the Adani group said this in a statement.

As many as 4.62 billion shares were asked for, but only 4.55 billion were offered.

BSE data shows that non-institutional investors bid on more than three times the 96.16 lakh shares that were set aside for them, while the 1.28 crore shares that were set aside for qualified institutional buyers (QIBs) were almost all taken.

Small investors and company employees, on the other hand, didn’t react much.

Gautam Adani, Chairman, Adani Enterprises Ltd said, “Tuesday was the last day that people could sign up for the FPO. Even though the stock has been up and down in the last week, your faith in the Company, its business, and its management has been very comforting and humbling. Thanks a lot “.

“However, the market has been crazy today, and the stock price of the company has changed throughout the day.”

Also read:- As the air quality in Delhi-NCR has gotten better, Stage II GRAP restrictions have been lifted.

“Due to these unusual circumstances, the company’s board of directors thought that moving forward with the issue would not be morally right. The investors’ needs come first, so the Board has decided not to move forward with the FPO to protect them from any possible financial losses “Adani said.

The company said that it is working with its Book Running Lead Managers (BRLMs) to return the money that was put in escrow and to free up the money that was put on hold in investors’ bank accounts when they signed up for this issue.

The post Adani Enterprises cancels fully subscribed FPO; funds will be returned to investors appeared first on Republic Aeon.