Soon after Ambuja Cements announced the acquisition of Penna Cement, brokerage Emkay Global Financial Services retained its 'Buy' recommendation on the Adani Group-owned cement producer.
Acquiring Penna Cement will increase Ambuja Cements' presence in India, particularly in South India, besides making way to markets in neighbouring Sri Lanka, the Adani Group cement company said in a presentation explaining the rationale behind the acquisition.
Ambuja Cement, the cement and building material company of Adani Cement and part of the diversified Adani Group, announced on Thursday that it has signed a binding agreement for the acquisition of Penna Cement Industries Ltd (PCIL) at an enterprise value of Rs. 10,422 crore.
Adani Defence and Aerospace has signed a cooperation agreement with UAE-based EDGE Group, one of the world's leading advanced technology and defence groups.
Adani Solar, the solar photovoltaic (PV) manufacturing arm of the Adani Group, has been recognized as a Top Performer in the 10th Edition of Kiwa PVEL's PV Module Reliability Scorecard.
In the recently concluded financial year 2023-24, the Adani Group of companies performed its best, delivering a record overall EBITDA growth of 45 per cent.
Adani International Ports Holdings Pte Ltd. (AIPH) has entered into a 30-year concession agreement with the Tanzania Ports Authority to operate and manage Container Terminal 2 (CT2) at Dar es Salaam Port, Tanzania, the company added in a statement.
The Sensex surged by 132.44 points, closing at 73,961.31, while the Nifty climbed by 42.05 points, reaching 22,530.70. The upbeat sentiment was reflected in the performance of Nifty-listed companies, with advances outnumbering declines.
Adani Group, whose market capitalisation was badly hit by a US-based short seller report in early 2023, has recovered from the losses and the Indian conglomerate is back on an "expansion spree".
Hiroshi Suzuki, Ambassador of Japan to India and Bhutan, indicated that Japan is looking forward to working with Adani Group after meeting Gautam Adani, chairman of Adani Group on May 29.
After the Paytm clarification on media reports of Adani Group Chairman Gautam Adani was in talks with Paytm founder Vijay Shankar Sharma to buy a stake in Paytm, Adani group also clarified and termed the reports false and untrue.
Hours after a media report asserted that Adani Group Chairman Gautam Adani Paytm was in talks with Paytm to buy a stake in it, the popular fintech company termed it "speculative".