In damage control
- Terminates contract to buy DB Power assets
- Does not submit offer for SKS Power
- Pulls out of race for PTC India, Future Retail
Apart from calling off buying Macquarie’s road assets, the Adani group has withdrawn from a series of acquisition opportunities, including of power plants, a retail firm, a power trader and road projects since January this year, say bankers. The focus of the group is to conserve cash and prepay debt rather than acquiring new assets.
“Till early this year, bankers would pitch every asset for sale with the Adani group. But now, the group is keen to expand their existing businesses, rather than acquiring stressed assets, so it is going slow on new acquisitions,” an investment banker said.
This story is from the June 03, 2023 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the June 03, 2023 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Cargo captain
Shetty, the logistics leader who lives where Rajesh Khanna once did, takes DEV CHATTERJEE through his life that started at the docks, with some cinematic stopovers
Infosys slumps to 5-mth low on modest guidance
Firm expects BFSI to recover, which could be a key catalyst for revenue growth
Sebi proposes special call auction for price discovery of holdcos
The Securities and Exchange Board of India (Sebi) on Friday proposed a new framework for price discovery of listed investment holding companies (holdcos) to address the gap between their traded price and book value.
Motilal Oswal shares soar on bonus proposal
Shares of Motilal Oswal Financial Services (MOFSL) surged more than 7 per cent on Friday after the brokerage firm said its board was considering a bonus issue.
enchmark indices snap four-day losing streak
Equity benchmark indices snapped their four-day losing streak to end Friday's session higher amid some short covering and a surge in index heavyweight HDFC Bank.
₹ hits new intraday low, bond yields surge
The rupee hit a new intraday low of 83.57 against the US dollar on Friday as geopolitical tensions escalated in West Asia but pared losses after Iran downplayed the impact of an Israeli missile attack.
HDFC AMC profit jumps 37% in FY24
HDFC Asset Management Company (AMC) on Friday reported a 37 per cent jump in net profit at 1,943 crore for the financial year 20232024 (FY24).
Vi FPO subscribed 49% on Day 2
The follow-on public offering (FPO) of Vodafone Idea (VIL) saw 49 per cent subscription on Friday, a day before its close.
HDFC Bank shares gain ahead of results
Increase in FPI legroom seen as key trigger
MFs pare exposure to banks, NBFCs in fourth quarter
This comes amid persistent margin pressure, regulatory issues
