Shares of ITD Cementation surged by 20% following reports of the Adani Group considering buying a stake. If the deal goes through, it would mark another major acquisition for the Adani Group in the cement industry. Amid predictions of further consolidation in the cement sector, UltraTech has announced plans to keep India Cements listed after acquiring it. This news comes as Jindal Group announces an expansion in cement capacity to 7 million tons per annum. As the Indian cement industry continues its consolidation trend, reports of the Adani Group potentially buying a stake in ITD Cementation have caused the company's stocks to soar by 20%. This comes on the heels of UltraTech's plans to keep India Cements listed after a potential acquisition. Meanwhile, Jindal Group looks to expand its cement capacity to 7 million tons per annum.
Adani Group Chairman, Gautam Adani, expressed deep sorrow on the passing of Ratan Tata, Chairman Emeritus of Tata Sons. Describing Tata as a "visionary" and "giant", Adani paid tribute to his immense contributions to shaping modern India and the Tata Group, embodying the spirit of integrity and compassion. The news sparked intense speculation on Tata's health, which he addressed in a statement before being put on life-support systems. Tata Group officials confirmed his passing with a profound sense of loss and praised his unwavering commitment to excellence and innovation.
The 2024 Hurun India rich list has been released, with billionaire Gautam Adani and his family claiming the top spot with a wealth of Rs 11.6 lakh crore. The list showcases the unstoppable spirit of Indian entrepreneurs, with the number of billionaires hitting a triple century and all top 20 sectors seeing new additions. Indian entertainment industry icon Shah Rukh Khan made his debut on the list, while the youngest billionaire was Zepto co-founder Kaivalya Vohra at just 21 years old. The report also highlights the shift towards a manufacturing-led economy, with industrial product sector entrepreneurs seeing an impressive 47% CAGR in their cumulative wealth.
The 2024 Hurun India Rich List has been announced, revealing the latest standings of India's wealthiest individuals. In a surprising turn of events, Gautam Adani and family have dethroned Mukesh Ambani, who has held the top spot for years. The report also highlights a significant increase in the number of billionaires in India, showcasing the growing wealth and economic power in the country.
The annual Hurun India Rich List has named Adani family as the nation's wealthiest, surpassing Mukesh Ambani's longtime reign. Led by Gautam Adani, the family's net worth has skyrocketed to Rs 11.6 lakh crore, showing a remarkable 95% increase from last year. In the third spot sits HCL's Shiv Nadar and vaccine tycoon Cyrus S Poonawalla claims fourth. Adani's surge in wealth can be attributed to the rise in share prices of various Adani Group entities, while Ambani's wealth also saw a notable 25% increase.
According to the 2024 Hurun India rich list, India's billionaire count has reached a triple century, with Gautam Adani and his family topping the list with a staggering wealth of Rs 11.6 lakh crore. The list also saw new faces from a diverse range of sectors, showcasing the unstoppable spirit of Indian entrepreneurs. A notable mention from the list includes Kaivalya Vohra, founder of Zepto and the youngest billionaire in India at the age of 21. The report also emphasizes the shift in the Indian economy towards manufacturing-led growth, evident from the industrial products sector's remarkable 47% CAGR in cumulative wealth over the past five years.
Adani Group is looking to offload its stake in Ambuja Cement through a 2.84 percent stake sale in a block deal, with a floor price of Rs 600 per share. This move is expected to raise Rs 4200 crore for the Adani Group, which has a 70.33 percent stake in Ambuja Cement. The decision comes after the group's recent acquisition of Penna Cement and is aimed at further expanding their presence in the cement industry. Adani Group is looking to sell a 2.84 percent stake in Ambuja Cement through a block deal to raise Rs 4200 crore. This move follows the group's recent acquisition of Penna Cement and will help them further expand their presence in the sector. The block deal is set at a floor price of Rs 600 per share and is expected to bring in new capital for the group.
Adani Power, owned by Gautam Adani, is reportedly in advanced discussions to purchase a 600 MW thermal power plant in Nagpur from Vidarbha Industries Power, a subsidiary of Reliance Power which recently went bankrupt. The deal, estimated to be worth between Rs 2,000 to 3,000 crore, could be a strategic move for Adani Power to expand its presence in the thermal power sector. This news comes after Reliance Power, led by Anil Ambani, sold its wind power project and settled a large debt with a subsidiary in an effort to manage its financial situation.
The chairperson of India's Securities and Exchange Board (SEBI), Madhabi Puri Buch, and her husband have been accused by US short-seller Hindenburg Research of investing in offshore entities connected to a fund managed by India Infoline and in which Vinod Adani, brother of Gautam Adani, also held investments. The Adani Group denied any commercial relationship with Buch or her husband, dismissing the claims as malicious. Buch, who has over three decades of experience in finance, took over as SEBI's first female chief in 2022 and has a history of cracking down on fraudulent trading and passing controversial orders. She is also a graduate of Delhi University and IIM Ahmedabad and has held top positions at ICICI Securities Limited and ICICI Bank.
Indian Railway Finance Corporation (IRFC), a public sector undertaking, recently launched its first public offering to raise funds for investing in railway projects. The offering received a great response from investors as it was oversubscribed by more than 3 times on the first day of bidding. This is expected to aid the government's target of divesting its stake in public sector companies to raise funds. With this successful offering, IRFC has become the first PSU to kick off the government's ambitious disinvestment plans for this fiscal year.