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 13,2024

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Beirut: The Israeli army on Tuesday continued to launch attacks against civilians in Lebanon, targeting them in several areas without prior evacuation warnings.

However, 13 airstrikes on Beirut’s southern suburbs in the space of only three hours were preceded by evacuation warnings.

The attacks caused no injuries but resulted in widespread destruction of residential buildings and commercial, medical and educational centers.

The airstrikes in southern Lebanon and Bekaa region, reaching Akkar in Lebanon’s far north, erased any hope of a near-term ceasefire settlement.

The strikes were accompanied by an announcement on Israel’s Channel 14 that “the Israeli army has expanded its operations in southern Lebanon to areas it had not reached since the beginning of the ground operation.”

About 50 days have passed since Israel intensified its hostile operations in Lebanon targeting Hezbollah. The death toll from these confrontations and attacks has passed 3,200, with more than 14,000 wounded.

For the first time, an airstrike targeted a mountainous area between Baalchmay and Aabadiyeh on the road leading to Aley, destroying a building housing displaced people.

The mayor of Baalchmay, Adham Al-Danaf, confirmed that “the airstrike targeted a residential building in the Dhour Aabadiyeh area.”

The initial toll from the Ministry of Health showed “five people killed and two injured.”

The raids that targeted Beirut’s southern suburbs for the first time in the morning, unlike nightly raids before, caused huge destruction. Those who evacuated their homes after Israeli warnings, used their phones to record the collapse of empty buildings in Sfeir, Haret Hreik, Bir Al-Abed, Mrayjeh, Laylaki and Hadath.

Israeli warplanes also targeted Tyre, where a strike on a building killed three people and injured many others, while a raid on Tefahta killed a man identified as Kifah Khalil and his family.

Attacks were widespread, with Yater and Zebqine subject to artillery shelling, a civilian being killed in Hermel, and further attacks on Bouday and an area between the towns of Srifa and Arsoun.

A raid on the town of Siddiqin killed two people and injured several others, while an attack on the Mechref farm led to one fatality and multiple injuries.

The search for those missing after an Israeli raid on the town of Ain Yaacoub in Akkar, in the northernmost part of Lebanon, continued until dawn.

During the operation, 14 bodies were retrieved, identified as those of residents displaced from the town of Arabsalim in the Iqlim Al-Tuffah area of the south, along with members of a Syrian family, a mother and three of her children. Additionally, there were 10 people in critical condition.

The targeted residence belongs to a Lebanese citizen, Hussein Hashim, who is reported to be a member of the Syrian Social Nationalist Party.

An airstrike on the town of Saksakiyeh in the Sidon region on Monday night resulted in yet another tragedy.

It appeared that the intended target was the Shoumer family, who just days before lost Hussein Amin Shoumer and his two sisters in a drone strike near Al-Awali River.

Israeli army spokesperson Avichay Adraee issued additional evacuation warnings for towns in the southern region along the Litani River, which, according to estimates from the mayors, are currently 90 percent uninhabited.

In the meantime, Hezbollah announced its continued efforts to “combat the intrusions of Israeli forces and to strike military installations and towns in the north.”

Hezbollah said in a statement that it confronted “an Israeli Hermes 450 drone in the airspace of Nabatieh and forced it to leave Lebanese airspace.”

The party also announced that it targeted “Kfar Blum settlement with a rocket salvo.”

On the Israeli side, air raid sirens sounded in areas of Upper and Western Galilee and in the town of Kiryat Shmona and its surroundings.

The Israeli army confirmed that “a drone exploded in Nesher, east of Haifa, without activating the air raid sirens,” and that “a drone launched from Lebanon crashed into a school in Gesher HaZiv, north of Nahariya.”

Israel’s Channel 13 reported the Israeli military’s assessment regarding Hezbollah’s military strength, claiming that the group currently possesses approximately 100 precision missiles, thousands of artillery shells, and hundreds of rockets. Additionally, it was highlighted that “there are around 200 Lebanese towns that remain unvisited.”

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News Network
November 10,2024

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Mangaluru: A heart-wrenching tragedy unfolded in the quiet Bellayuru village on the outskirts of Mangaluru as a man’s life ended on a railway track following an apparent double murder. Authorities from the Mulki police station identified the man as Karthik Bhat, 32, whose lifeless body was discovered on the tracks with his head positioned on the rail, indicating a tragic suicide.

Nearby, police recovered keys to a scooter and a house, which eventually led them to uncover a series of chilling events. Following the trail, officers located Bhat’s scooter parked near Mahammayi Temple. Inside the vehicle, they found documents confirming his identity, including an RC, insurance papers, and his driving license.

Their search continued to Bhat's home in Pakshikere, Kemral village, where they discovered a locked room. With the keys retrieved from the tracks, police unlocked the door, only to be confronted by a horrifying sight. The bodies of Priyanka (28) and her young son Hriday (4) lay in a pool of blood, pointing to a brutal murder that occurred just hours before Bhat’s suicide.

Initial investigations suggest Bhat, beleaguered by ongoing family disputes, committed the murders of his wife and son on the evening of November 8 before tragically ending his own life. A death note found in his diary hinted at his mental state and tragic intentions.

Priyanka’s family, residing in Shivamogga, was informed of the incident. The couple, married for six years, now leaves behind grieving relatives and unanswered questions. Police have initiated formal proceedings, collecting statements from family members as they continue their investigation into the tragic sequence of events.

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