Business

To lead Maharashtra towards progress and to boost development over the next 10 years, as well as to create a large number of jobs in the state, Chief Minister Eknath Shinde, Deputy Chief Minister Devendra Fadnavis, Deputy Chief Minister Ajit Pawar, and Industries Minister Uday Samant approved the Logistics Policy during the cabinet meeting held on August 7, 2024. Due to the special incentives and facilities offered to projects under this state logistics policy, approximately 5 lakh direct and indirect…

Billionaire Gautam Adani’s flagship company, Adani Enterprises Ltd., is reportedly considering raising between Rs 10,000 crore ($1.2 billion) and Rs 12,000 crore through a share sale, according to sources familiar with the matter. This potential fundraising effort would follow a recent successful capital raise by its power transmission unit. Adani Enterprises may opt for a qualified institutional placement (QIP) to raise the funds, with the company currently working with banks to facilitate the sale. The share offering could take place…

PFC, A Maharatna Company and leading NBFC in Indian power sector, has secured a long-term loan of JPY 25.5 billion from the Japan Bank for International Cooperation (JBIC). This loan is part of JBIC’s ‘Global Action for Reconciling Economic Growth and Environmental Preservation’ (“GREEN”) initiative. In addition to JBIC’s contribution, the loan is co-financed by Sumitomo Mitsui Banking Corporation and other Japanese Banks. JBIC will also provide a guarantee for the portion of the loan co-financed by these private financial…

Consolidated Financial Highlights Stand Alone Financial Highlights Management Comments On PFC’s performance, Director (Finance), Mr. Sandeep Kumar shared that “PFC continued to deliver healthy profits quarter on quarter. Our net profit increased by 24% year-on-year to Rs. 3,718 crore, driven by a strong 24% growth in Net Interest Income. Further, PFC’s financial position remains strong, with a net worth of Rs. 83,265 crore and a comfortable capital adequacy ratio of 27% providing a solid foundation for future growth of the…

Gautam Adani, the 62-year-old chairman of the Adani Group, plans to retire at 70, passing control to his sons and their cousins in the early 2030s. In an interview with Bloomberg News, Adani emphasized the importance of a well-planned succession for business sustainability. He stated, “Succession is very, very important for business sustainability. I left the choice to the second generation as the transition must be organic, gradual, and very systematic.” Upon his retirement, Adani’s four heirs—sons Karan and Jeet,…

In its 384th meeting held on 5th August, 2024, ONGC Board approved the results for First Quarter (Q1) of FY 2024-25. Major Highlights: Details are as under: Particulars Q12024-25 Q12023-24 %variation FY’24 Gross Revenue (Rs Crore) 35,266 33,814 4.3 1,38,402 Net Profit (Rs Crore) 8,938 10,527 (15.1) 40,526 Crude Oil Price-Nominated Net Realization (US$/bbl) 83.05 76.36 8.8 80.77 Net Realization (Rs/bbl) 6,928 6,277 10.4 6,687 Crude Oil Price-JV Realization (US$/bbl) 80.64 70.64 14.2 75.91 Realization (Rs/bbl) 6,727 5,808 15.8 6,284 Gas Price…

In a ground-breaking move to redefine business travel in India, IndiGo, India’s most preferred airline, announces details of IndiGo Stretch – a tailor-made business product for India’s busiest and business routes. With a coupe-style, 2-seat wide bay, IndiGo Stretch promises customers a relaxed and comfortable journey, along with specially curated healthy meal options from Oberoi Catering Services. In its constant endeavour to elevate customer experience, IndiGo has partnered with the best in business to design the premium seats that will…

Demand of approximately 6x of base deal size from Global Long-Only Investors and Domestic Mutual Funds Ahmedabad : Adani Energy Solutions Limited (“AESL”), today said it has successfully completed its INR 8,373 crores (USD 1 billion) Qualified Institutional Placement (“QIP”), the largest in India’s power sector. This milestone underscores AESL’s prominent position as a leader in India’s energy transition solutions and highlights investors’ confidence in the country’s power sector outlook. This QIP marks AESL’s first equity raise in the capital…

Consolidated EBIDTA increased by 48% to Rs. 4,300 cr Consolidated PBT increased by 107% to Rs. 2,236 cr Incubating Businesses contributed 62% to Total EBIDTA Consolidated financial highlights Q1 FY25 (YoY) • Revenue increased by 13% to Rs. 26,067 cr primarily driven by strong operational performance by ANIL Ecosystem and Airports • EBIDTA increased by 48% to Rs. 4,300 cr • PBT increased by 107% to Rs. 2,236 cr Business highlights • Solar module exports up by 109% to 808…

Q1 FY25 continuing revenue grows 30% y-o-y to Rs. 15,052 Crore Q1 FY25 continuing EBITDA grows 53% y-o-y to Rs. 6,290 Crore Q1 FY25 continuing Profit Before Tax grows 95% y-o-y to Rs. 4,483 Crore Ahmedabad: Adani Power Ltd. [“APL”], a part of Adani portfolio companies, today announced the financial results for the first quarter ended 30 th June 2024. Mr. S B Khyalia, CEO, Adani Power Limited, said, “As Adani Power grows from strength to strength, we have undertaken…