MYANMAR PORT SALE
The many disputes of billionaire Gautam Adani
Billionaire Gautam Adani and his company, Adani Group, were accused of bribery and fraud by US prosecutors. The group denied the accusations. This is not the first controversy for Adani. His company faced criticism and legal challenges in India, Australia, Kenya, Myanmar and Bangladesh. These disputes involved projects related to coal mining, port development, power supply and slum redevelopment.
Hoist the sails: India¡¯s cruise tourism faces a host of challenges despite tax incentives for foreign liners
The World, the largest privately-owned residential yacht, visited Visakhapatnam. India, with its extensive coastline and rivers, holds potential for cruise tourism. The government has introduced tax incentives and infrastructure improvements to boost this industry, aiming to attract more international and domestic cruise operators.
Poultry industry demands maize imports at zero duty under OGL
India's poultry industry faces challenges with record-high maize prices due to ethanol production. Industry seeks zero duty imports and concessional rice supply. Import through state agencies delays and costly. Maize shortage impacting market. Poultry companies experiencing difficulty meeting demand.
Consolidation push to continue as key raw material gets scarce: 11 small cap cement stocks which fit the bill and may see some action
In less than a month, two cement majors clearly showed their intent. The intent is to grow through an inorganic route. One by complete acquisition, the other by taking a large stake in the company. Another common thing, both of them are focussed on the southern part of India, where the cement companies have a history of being under pressure. So why are they looking toward southern India? The answer lies in something else. It is one of the key raw materials that have become scarce and that is what is leading to a situation where big players clearly know that if they have to grow their capacities they have to pick on companies which have access to that critical raw material. This aggressive consolidation is likely to continue and it is the smaller players which are likely to be targeted.
Adani Ports stock tanks nearly 4%, co says Haifa port contributes only 3% of total cargo volume
Adani Ports and Special Economic Zone (APSEZ) clarified that the overall contribution of its Haifa port in Israel is only three percent of its total cargo volume. The company remains confident in its business performance despite the recent drop in stock prices. APSEZ operates the Haifa Port, which has caused investor concerns due to the conflict in Israel. Adani Ports shares have fallen by 2.1 percent this year, while other listed Adani Group stocks also experienced a decline.
Adani Ports auditor Deloitte to resign following differences over recording of transactions
Deloitte Haskins & Sells LLP has communicated to Adani Ports & Special Economic Zone Ltd. its resignation plans and a formal announcement is expected in coming days, one of the people said, asking not to be identified discussing a sensitive matter.
- Go To Page 1
Deloitte sought independent external probe into Hindenburg allegations; Adani firm says reasons for resignation not convincing
In the August 12 resignation letter, Deloitte said it was resigning as auditor of APSEZ with immediate effect "because we are not statutory auditors of a substantial number of other Adani Group of companies." It went on to state that it had given a qualified opinion in audit of financial statements for quarters ended March 2023 and June 2023.
Adani Group appoints MSKA & Associates as APSEZ¡¯s auditor, says Deloitte's reasons to quit 'not convincing'
MSKA and associates offer accounting services in India, and it is an independent member firm of BDO International, which is one of the top six global audit firms, Adani Group informed on Saturday.
Deloitte may step down as auditor of Adani Ports & SEZ ahead of term
According to one of the persons, a formal announcement is expected in the next three-four days. The firm was reappointed statutory auditor last year for a five-year period, according to the company's annual report for FY22.
Deloitte planning to resign from Adani Ports
In May, Deloitte had flagged three transactions, including recoveries from a contractor identified in the Hindenburg report, as it issued a qualified opinion on the accounts of Adani Ports & Special Economic Zone
Adani Ports April-June net rises 80%; projects 17% rise in FY24 Ebitda
Adani Ports & SEZ (APSEZ) reported an 80% rise in quarterly profits due to robust operations and a swing to forex gains from a loss in the previous year. In addition, APSEZ has provided guidance for the current fiscal year of up to a 15% increase in cargo tonnage, a 20% rise in revenue, and a 17% increase in EBITDA
Deloitte flags Adani Port transactions citing lack of review
Deloitte Haskins & Sells LLP raised concerns on Tuesday over the port unit¡¯s transactions with three entities, which the company said were unrelated parties. But the auditor said it could not confirm that the parties were indeed unrelated, and that the firm has refused to get an independent external examination that would help prove so.
Adani Ports Q4 earnings beat estimates. Should you buy this stock?
Adani Ports and Special Economic Zone's Q4FY23 earnings beat estimates, leading to buy ratings from top brokerages. The company clocked a 5% YoY rise in net profit to INR 1,159 crore for Q4FY23, and a 9% YoY growth in net profit to INR 5,310 crore for FY23. Consolidated revenue for the reporting quarter grew 40% YoY to INR 5,797 crore. Despite this, the stock traded nearly 2% lower at INR 722.60 in early trade on Wednesday. Kotak Institutional Equities and Nuvama recommend buy ratings on the company's shares with target prices of INR 835 and INR 956, respectively.
Adani sells port in Myanmar for $30 million
The company had announced in May last year that it had signed an agreement for the sale of the asset at a price that will enable it to recover its entire investment. The company had invested $195 million in the greenfield project, which had not become operational yet.
Adani Ports and Special Economic Zone sells Myanmar Port for USD 30 million
APSEZ in a statement said given the continuous delay in the approval process and challenges in meeting certain CPs, APSEZ has obtained an independent valuation on "as is where is" basis. Thereby the buyer and seller have renegotiated the sale consideration to USD 30 million, it added.
Adani Ports can rally 23% on strong September results, says Nomura
However, management did highlight that land sales prospects are improving, and there exists the potential for significant land sales over the next 2-3 years, though the timing of such sales is uncertain, it added. We view this as a source of upside to our EBITDA estimates with a significant government push to set up manufacturing facilities, said the global brokerage.
Afghanistan, Pak, NE neighborhood fueling India's drug concerns
Often, the drug traffickers are using the Indian shores because shipments emanating from India are scrutinised less suspiciously by global law enforcement agencies.
Pakistan's military ties with Myanmar: Window-dressing for Chinese arms trade?
Defence ties between Pakistan and China has broader implications in context of this Myanmar visit. The relations between Pakistan and Myanmar have been lukewarm for around half a decade over the issue of violence against Rohingyas in Myanmar, more so due to allegations that Pakistan is arming and training some of the ethnic community members.
Investment in Myanmar port not in violation of US sanctions: Adani Ports
In notes to its first quarter results, APSEZ further said the port is expected to create stable jobs, promote private commercial trade, facilitate the arrival of goods such as food, medicine and clothing for the Burmese people.
Stocks in news: Adani Ports, Tata Steel, RBL Bank, L&T Infotech and Adani Enterprises
Blue Dart Express, JM Financial, Ceat, Craftsman Automation and Angel Broking are among companies that will announce their March quarter results today.
European Union expands sanctions against Myanmar military, companies
The Council of the European Union's latest sanctions target 10 individuals and two military-controlled companies already subject to sanctions by the US, Britain and other governments.
Market Movers: Pfizer soars on likely Covid vaccine nod; TCS sinks on profit booking
Shares of Tata Motors jumped nearly 6 per cent after arm Jaguar Land Rover said that it is likely to report significant free cash flow in the March quarter and achieve break-even on a cash flow basis for the previous financial year.
Stocks in the news: TCS, Adani Ports, Bandhan Bank, Coforge, YES Bank and Prabhat Dairy
CreditAccess Grameen said its collection efficiency has improved to 94 per cent in the March 2021 quarter.
Hope developmental projects are not affected in Myanmar: Jaishankar
When asked if the coup will affect India as there are reports that armed groups from Myanmar are taking shelter in India, Jaishankar said: ¡°These are early days. We see development projects address the needs of the people. Needs of the people are needs of the people. I hope that developmental projects are not affected.¡±
Buy Adani Ports & SEZ, target price Rs 328: Edelweiss
Unhedged borrowings and demand-supply chain disruption may keep P&L and the stock volatile in the near term.
Adani Ports looks to raise $750 million via overseas bonds
The proceeds would be used to expand current capacity or buy assets available locally.
China¡¯s empire of money is reshaping lives across new Silk Road
If Xi's ambitions become a reality, Beijing will cement its position at the center of a new world economic order.
Adani Ports in talks with Essar Group to acquire its ports business
Gautam Adani led Adani Ports & Special Economic Zone (APSEZ) is said to be in talks with Essar Group to acquire its ports business.
Krishnapatnam Port pins hopes on coal imports for growth
Krishnapatnam Port expects nearly 50% growth in its revenues this fiscal thanks to spurt in import of coal for thermal power units.
Load More
