Cement maker The India Cements Ltd has drawn up plans to refurbish its old manufacturing facilities at an estimated outlay of Rs 1,500 to Rs 1,600 crore, its Vice Chairman and Managing Director N Srinivasan said on Friday. The funds to undertake the refurbishment would be met through internal accruals and the firm has roped [...]
The country's largest lender SBI on Friday said its overall exposure to the Adani Group is at 0.88 per cent of the book or around Rs 27,000 crore. SBI chairman Dinesh Khara said the bank does not envisage the embattled ports-to-mining group facing any challenge to service its debt obligations and stressed that SBI has [...]
Public sector lender Bank of Baroda on Friday said it has reduced exposure to the embattled Adani Group entities over the last two years, and has no concerns on asset quality issues with the conglomerate. The bank's managing director and chief executive Sanjiv Chadha told reporters that the bank's overall exposure to the ports-to-media conglomerate's [...]
Fitch Ratings on Friday said there is no immediate impact on the ratings of Adani entities and their securities following a short-seller report alleging malpractices at Adani group. In a statement, the rating agency said it expects no material changes to its forecast cash flow. "There are also no near-term significant offshore bond maturities," it [...]
Shares of Adani Group firms continued to remain weak for the seventh day running on Friday amid a host of negative events surrounding the companies. The stock of Adani Enterprises tumbled 20 per cent to Rs 1,173.55 -- its one-year low -- on the BSE. Shares of Adani Ports tanked 10 per cent, Adani Transmission [...]
S&P Dow Jones has said it will remove Adani Group's flagship firm Adani Enterprises from sustainability indices with effect from February 7 following a media and stakeholder analysis triggered by allegations of accounting fraud. The move comes amid leading stock exchanges BSE and NSE putting three Adani Group companies -- Adani Enterprises, Adani Ports and Special Economic [...]
Allcargo Logistics on Thursday said it has concluded the deal to sell a part of its logistics parks business to global private equity giant Blackstone, making the company cash positive. Allcargo Logistics said this is in line with the agreement signed earlier, which has now been consummated with the signing of the share purchase agreement [...]
Mahindra and Mahindra on Thursday said its electric vehicle unit has merged with it. Mahindra Electric Mobility Ltd (MEML) is now officially merged into the parent company, Mahindra and Mahindra Ltd (M&M), the auto major said in a statement. The company's Board had undertaken that MEML would merge into M&M with effect from April 1, [...]
Kalpataru Power Transmission and its international subsidiaries have bagged new orders worth Rs 2,456 crore. These orders include residential and commercial buildings construction projects in the country worth Rs 1,427 crore and T&D (Transmission and distribution) business orders worth Rs 498 crore in India and overseas markets, a company statement said. In the domestic market, [...]
Sebi on Wednesday ordered the attachment of bank and demat accounts of Shivi Holdings to recover Rs 5.35 crore in a matter related to fund diversion case of Religare Finvest. Religare Finvest Ltd (RFL) is a subsidiary of Religare Enterprises Ltd (REL). The recovery proceedings against Shivi Holdings have been initiated to recover Rs 5.35 [...]
