All the seven #AdaniGroup companies were hammered on the stock exchanges today after a CreditSights report outlined that it is ‘deeply over-leveraged.’
In the first half of trading today, Adani Group lost over ₹94,000 crore in value, with the top loser being #AdaniGreen.
#GautamAdani’s spectacular rise to the top of India’s richest man, is fueled by debt, the report said. Two years ago, his total wealth stood at a meagre $10 billion – in comparison to today when he is now worth $136 billion.
The report said that most of #GautamAdani’s fortunes constitute ‘paper wealth’. His spot in the top richest men list is fuelled by the value of his stock holdings.
This #debt that could unravel Adani’s sprawling business empire, according to the report.
The report went on to point out that the group’s competition with #RelianceIndustries, low equity infusion as risks, while maintaining that the #AdaniGroup can gain from the Indian government’s massive infrastructure spends.
While today’s rout in the #AdaniGroup companies is big, investors who put their money in the Adani empire in 2020 have seen huge returns – every ₹1 lakh invested in the Adani Group in 2020 is now worth over ₹7 lakh.
Here are the returns of the seven Adani Group companies👇
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As India continues to battle #COVID19, another contagious disease called ‘tomato flu or tomato fever’ is creating havoc in the country. It has now spread to four states — Haryana, Tamil Nadu, Odisha and Kerala.
A total of 100 cases, in children below the age of 5 years, have been reported so far in the country. The first case of tomato flu was identified in Kerala on May 6.
Additionally, Bhubaneswar has reported 26 cases of #TomatoFlu in children between the ages of 1-9 years.
#NASA recently revealed that black holes emit noises that sound like ghostly alien moans and wails.
Listen to the clip below, where NASA captured the eerie sounds of #blackhole pressure rippling through the Perseus galaxy cluster.
"The misconception that there is no sound in space originates because most space is a ~vacuum, providing no way for sound waves to travel. A galaxy cluster has so much gas that we've picked up actual sound," the @NASA account tweeted.
Shaan Ansari is a 19-year old entrepreneur who lives in the historic city of Panipat, 100 kms north of Delhi, and he may never qualify for any list celebrating under-20 #entrepreneurs, but his story is no less inspiring than #RanveerSingh’s character in Gully Boy.
The pandemic put his father out of work and Ansari out of school. He went scouting for opportunities online that would require zero #investment and found it in Meesho.
Today he manufactures mats from a rented factory, employs 50 people and clocks revenues of ₹30 lakh a month.
Four out of five #smartphones sold in the June quarter in India were made by Chinese companies, according to reports. This is despite the crackdown by the Indian government on Chinese smartphone giants #Xiaomi, Oppo and #Vivo, which control half of India's smartphone market.
In addition to the crackdown by the government, there have been calls for a boycott of Chinese products in India since the two countries clashed in the Galwan valley in 2020.
FM #NirmalaSitharaman recently spoke about the crackdown on Chinese companies in the Rajya Sabha.
One would think that American fast food brands like #KFC and #PizzaHut would be more popular on home turf than outside – like in Canada and Mexico. But they are spreading their wings in countries like China and #India.
While #China has a higher number of these stores outside the US, India has more #PizzaHut outlets than Australia. It also ranks very close to Australia in terms of the number of KFCs– proving that Colonel’s chicken and pizzas have found favour with the Indian palate.
IT services major #Wipro today reported a 12% decline in its #profits to ₹2,717 crore in the first quarter, as against ₹3,087 crore in the previous quarter.
The IT company’s revenues grew 3% sequentially to ₹22,001 crore in the same period, in line with analyst expectations.
Offering guidance for the September quarter, #Wipro said it expects IT services business revenue to be in the range of $2.82-2.87 billion, which translates to a sequential 3-5% growth.
However, Wipro CEO and MD Thierry Delaporte said the company is “pleased with the outcomes”.