Adani Ports' Q4 Net Profit Surges 77% to Rs.2014.77 Crore
Adani Port Talks Remain Stalled
Negotiations between Adani Ports and striking workers at the Gangavaram Port in Visakhapatnam have reached a stalemate. The workers, who have been protesting for better wages and working conditions, continue to hold out for their demands.
The striking workers, primarily from local fishing communities, have not seen a salary increase in 14 years, despite the port's substantial profits. Their main demands include a minimum monthly wage of ?36,000, health benefits, and better job security. They argue that their current wages, which range from ?3,700 to ?18,000 per month, are insufficient,..
SEBI issues Show Cause to six Adani firms
Several Adani group companies have reportedly received show cause notices from the Securities and Exchange Board of India (SEBI) for alleged violations of related party transactions and non-compliance with listing regulations, as stated in filings to the stock exchange by the companies. In notes accompanying their respective financial results for the March quarter and FY24, the group's flagship Adani Enterprises, Adani Ports & Special Economic Zone, Adani Power, Adani Energy Solutions, Adani Total Gas, and commodities firm Adani Wilmar disclosed information regarding the SEBI notice.
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Adani Ports earns AAA rating
Adani Ports and Special Economic Zone (APSEZ) announced that it had attained an AAA rating from CARE Ratings. According to APSEZ, this marks the first instance of a large-sized private infrastructure developer receiving such acknowledgment.
In a statement, APSEZ mentioned that the rating was attributed mainly to its robust integrated business model, strong industry position, consistent market share growth with healthy profitability, along with high liquidity and low leverage, as stated by the agency.
For the fiscal year FY24, APSEZ reported handling a cargo volume of 419.95 MMT..
Indian container cargo set to expand by 8% in FY25 amidst Red Sea crisis
CareEdge Ratings forecasts that Indian container cargo volume will experience an 8% growth, reaching 342 million tonnes (mt) in FY25. They also anticipate the risk of a prolonged Red Sea crisis. In a sectoral report, the agency mentions that the connection of the Dedicated Freight Corridor to Jawaharlal Nehru Port Trust (JNPT) in FY26, coupled with capacity expansions by ports, will likely propel the growth in container volumes in the medium term. According to the report, significant adverse movements in charter rates affecting cargo volumes, as well as vessel additions by shipping lines, will..
Nalanda Capital Sells Stake in Great Eastern Shipping
Nalanda Capital has divested a 1.4% stake in Great Eastern Shipping, a prominent player in the ports and shipping industry, for a total sum of Rs. 1.90 billion. This move comes amidst evolving market dynamics and reflects Nalanda Capital's strategic realignment of its investment portfolio.
The sale of shares in Great Eastern Shipping represents a calculated decision by Nalanda Capital to optimise its investment holdings and capitalise on market opportunities. The transaction, valued at Rs. 1.90 billion, underscores the investor's confidence in realising returns while maintaining flexibi..