Gautam Adani-led group overtakes Tatas to become India's ‘most valued conglomerate’; Ambani's group stands 3rd

News Network
September 19, 2022

The Adani group of firms' overall market capitalisation on the BSE at over ₹ 22 lakh crore makes it the most valued in India, overtaking the Tata-led conglomerate.

Based on Friday's close, the market valuation of all BSE listed stocks of Adani Group, totalling nine firms, including the recently acquired Ambuja cement and ACC LTD, stood at over ₹ 22 lakh crore, surpassing 27 of Tata Group of firms listed with a market capitalisation (market cap) of more than ₹ 20 lakh crore.

Mukesh Ambani's group of nine companies stood third on the list with a market capitalisation of more than ₹ 17 lakh crore.

That reflects a broader run-up in Adani stock, which pushed Gautam Adani to become the third richest in the world on the Forbes list of billionaires, overtaking Amazon founder Jeff Bezos, and behind Elon Musk and Louis Vitton's Bernard Arnault.

While Mr Adani, with a net valuation of  $154.7 billion currently, briefly surpassed Louis Vitton's Bernard Arnault, a bloodbath in domestic stocks on Friday pushed him back to No. 3 on the Real-Time Billionaires List compiled by Forbes.

That is largely driven by the wealth erosion of American billionaires from the recent market crash on expectations for a very aggressive Federal Reserve after a red-hot inflation reading.

Still, Elon Musk remains the richest person, with a net worth of $273.5 billion.

Gautam Adani's rise in wealth is also more a measure of a jump in the valuation of stocks rather than the result of a rise in fundamentals, such as earnings and growth, with many of the entities' shares controlled by him rising sharply.

Still, Gautam Adani's ascent, by about any measure, has been nothing short of remarkable.

First, he became the richest person in Asia. Then his net worth surpassed those of Warren Buffett and Bill Gates. Now he's fast approaching a level of wealth only rivalled by Louis Vitton's Bernard Arnault and Elon Musk.

The market valuation of the Adani Group of firms is more spread across entities, while one or two large entities form the majority of Tatas and Reliance's market cap.

The Adani Group, which consists of seven publicly listed companies in the infrastructure, mining, energy, and other industries, is led by Mr Adani, a first-generation entrepreneur.

A rapid diversification spree has pushed his vast, largely fossil-fuel driven conglomerate into a raft of new sectors in and outside of India, and Mr Adani is seeking to reinvent himself for the global stage.

Adani Enterprises has made significant investments in emerging industries over the past five years, including airports, cement, copper refining, data centres, green hydrogen, petrochemical refining, roadways, and solar cell production.

Adani group became the second-largest cement maker in the country after completing its acquisition of Ambuja Cements and ACC on Friday. The group had no cement-making operations previously but had said the firms were a good fit given its ports and logistics, energy and real estate businesses.

Adani Group has big intentions to expand its green hydrogen and airport operations and enter the telecom industry. It has also pledged to invest $70 billion in infrastructure for renewable energy.

A separate report showed Adani Wilmar is scouting for local and overseas acquisition targets as Asia's richest man doubles down on boosting his empire's food operations.

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News Network
November 12,2024

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The Taliban regime has appointed Ikramuddin Kamil as the acting consul in the Afghan mission in Mumbai, Afghan media has reported.

It is the first such appointment made by the Taliban set up to any Afghan mission in India.

There was no immediate comment from the Indian side on the appointment that came.

The Ministry of Foreign Affairs of Afghanistan has announced the appointment of Kamil as the acting consul in Mumbai, the Taliban-controlled Bakhtar News Agency reported on Monday, citing unnamed sources.

"He is currently in Mumbai, where he is fulfilling his duties as a diplomat representing the Islamic Emirate," it said.

The appointment is part of Kabul's efforts to strengthen diplomatic ties with India and enhance its presence abroad, the media outlet said

Kamil holds a PhD degree in international law and previously served as the deputy director in the department of security cooperation and border affairs in the foreign ministry, it said.

He is expected to facilitate consular services and represent the interests of Afghanistan in India, the report added.

Kamil's appointment comes days after the external affairs ministry's point-person for Afghanistan held talks with the Taliban's acting defence minister, Mullah Mohammad Yaqoob, in Kabul.

Sher Mohammad Abbas Stanikzai, the Taliban's deputy foreign minister for political affairs, also posted on X about Kamil's appointment.

The appointment of Kamil is seen as part of efforts to facilitate consular services to the Afghan population in Mumbai.

There has been almost negligible presence of diplomatic staff at the Afghan missions in India.

Most of the diplomats appointed by the Ashraf Ghani government have already left India.

In May, Zakia Wardak, the seniormost Afghan diplomat in India, resigned from her position after reports emerged that she was caught at the Mumbai airport for allegedly trying to smuggle 25 kg of gold worth Rs 18.6 crore from Dubai.

Wardak had taken charge as the acting ambassador of Afghanistan to New Delhi late last year, after working as the Afghan consul general in Mumbai for more than two years.

She took charge of the Afghan embassy in New Delhi last November, after the mission helmed by then ambassador Farid Mamundzay announced its closure.

Mamundzay, who was an appointee of the Ghani government, had moved to the United Kingdom.

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News Network
November 21,2024

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Hamas says the Israeli regime’s sole objective lies in “erasing” the entirety of the Palestinian population from across the Palestinian territories.

Khalil al-Hayya, a ranking official with the Gaza Strip-based Palestinian resistance movement, made the remarks to the Palestinian al-Aqsa TV on Wednesday.

“The occupation targets everyone—it strikes hospitals, civil defense, women, children, and the elderly,” he said, adding that the regime sought to “empty Gaza of its residents, and displace the Palestinian people to fulfill its dreams of building a Zionist Jewish state across all of Palestine.”

The remarks came amid the regime’s October 2023-present war of genocide on the coastal sliver that has so far claimed the lives of nearly 44,000 Palestinians, mostly women and children.

“This unprecedented aggression in modern times evokes scenes from the dark ages of human history, having crossed all red lines and exceeded every expectation of brutality in the modern era,” the Palestinian official lamented.

He also regretted that the regime had added “systematic and dangerous starvation to its aggression, falsely claiming before the world that it allows 250 [aid] trucks into Gaza daily. In reality, the number of trucks is far fewer.”

Hayya, meanwhile, regretted that “scenes of children torn apart, women screaming over their children, and heart-wrenching destruction have failed to stir enough humanity to stop these crimes.”

He decried the United States for vetoing the United Nations Security Council’s resolutions that are aimed at bringing about a potential ceasefire in the war, saying this indicated Washington’s “partnership in the aggression” and a simultaneous siege that the Israeli regime has been enforcing on Gaza.

Addressing Israeli Prime Minister Benjamin Netanyahu, the official asserted that, despite what the Israeli official is after, Hamas would not hand over the regime’s captives “without [the regime’s] stopping the war.”

He called Netanyahu “the main obstacle” in the way of cessation of the aggression, saying the Israeli premier “blocks any progress for political reasons,” and citing his preventing conclusion of a ceasefire agreement in July.

Hayya also warned that the regime sought to expand the war beyond Gaza, but asserted that its goals are “impossible and will never happen.”

“Today, the enemy exposes its true intentions of extermination and displacement, but it will fail,” he stressed.

“The Palestinian people are resilient and will not surrender, as they believe in their humanitarian and political cause. The enemy and its allies will not succeed in achieving their goals. This steadfast people will endure, and the occupation will not prevail against them.”

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News Network
November 12,2024

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The Palestinian Hamas resistance movement says its fighters have killed at least 20 Israeli soldiers in northern parts of the besieged Gaza Strip in just two days, in retaliation for the occupying regime’s genocidal war on the Palestinian territory.

In a statement on Monday evening, Hamas said that fighters of its military wing, al-Qassam Brigades, “killed at least five occupation soldiers” in northern parts of the coastal territory earlier in the day.

It added that Hamas fighters also killed 15 Israeli soldiers in the war-ravaged region on Sunday.

The resistance movement’s “qualitative operation … confirms once again the failure of the criminal Zionist entity to suppress and eradicate the Palestinian resistance, which continues to direct qualitative strikes against its terrorist soldiers,” Hamas further said on its Telegram channel.

Palestinians have increased their resistance operations in the face of intensified Israeli aggression in northern Gaza that has claimed the lives of more than 1,000 over the past weeks.

“Our valiant resistance is waging a war of attrition with the criminal enemy, inflicting daily losses on its soldiers and vehicles, and all of [Israeli prime minister Benjamin] Netanyahu’s bets and dreams of achieving any of his goals are failing,” the Gaza-based resistance movement added.

Hamas also vowed that Israel’s ongoing crimes and aggression against Gaza would be met with increased resistance and painful strikes, which will continue until the aggression against Palestinians ends and the regime fully withdraws from the blockaded territory.

As the war in Gaza enters its 14th month, the Health Ministry reports that Israeli attacks have killed at least 43,603 Palestinians and wounded 102,929 others.

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