Rupee Slips 9 Paise To 82.05 Against US Dollar Amid Geopolitical Worries

The rupee declined by 9 paise to close at 82.04 (provisional) against the US dollar on Monday amid geopolitical concerns and firming crude oil prices.

Volatility in equity markets and FII outflows also weighed on the market sentiment, analysts said.

After opening lower, the rupee staged a recovery to hit the day's high of 81.94 in morning trade amid early gains in equities and a weaker greenback in the overseas markets.

However, the local currency retreated from early highs amid volatile stock markets and touched a low of 82.05 in afternoon trade at the interbank foreign exchange market.

The rupee closed at the day's low level of 82.05, showing a loss of 9 paise over the previous close of 81.96 against the US dollar.

Analysts said that geopolitical concerns after a short-lived armed rebellion in Russia eroded the appeal of riskier assets.

The dollar index, which gauges the greenback's strength against a basket of six currencies, eased 0.15 per cent to 102.75.

Crude oil price benchmark Brent crude was up 0.53 per cent at USD 74.24 per barrel.

In the domestic equity market, the 30-share BSE Sensex retreated from early highs to close almost flat at 62,970, showing a loss of 9.37 points. The broader Nifty advanced 25.70 points to close at 18,691.20.

Foreign Portfolio Investors (FPIs) were net sellers in the capital market on Friday as they offloaded shares worth Rs 344.81 crore, according to exchange data.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

from NDTV Profit-Latest https://ift.tt/HB5zuXf
via

Rupee Slips 9 Paise To 82.05 Against US Dollar Amid Geopolitical Worries

The rupee declined by 9 paise to close at 82.04 (provisional) against the US dollar on Monday amid geopolitical concerns and firming crude oil prices.

Volatility in equity markets and FII outflows also weighed on the market sentiment, analysts said.

After opening lower, the rupee staged a recovery to hit the day's high of 81.94 in morning trade amid early gains in equities and a weaker greenback in the overseas markets.

However, the local currency retreated from early highs amid volatile stock markets and touched a low of 82.05 in afternoon trade at the interbank foreign exchange market.

The rupee closed at the day's low level of 82.05, showing a loss of 9 paise over the previous close of 81.96 against the US dollar.

Analysts said that geopolitical concerns after a short-lived armed rebellion in Russia eroded the appeal of riskier assets.

The dollar index, which gauges the greenback's strength against a basket of six currencies, eased 0.15 per cent to 102.75.

Crude oil price benchmark Brent crude was up 0.53 per cent at USD 74.24 per barrel.

In the domestic equity market, the 30-share BSE Sensex retreated from early highs to close almost flat at 62,970, showing a loss of 9.37 points. The broader Nifty advanced 25.70 points to close at 18,691.20.

Foreign Portfolio Investors (FPIs) were net sellers in the capital market on Friday as they offloaded shares worth Rs 344.81 crore, according to exchange data.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

from NDTV Profit-Latest https://ift.tt/HB5zuXf
via

Sensex Nifty Climb In Early Trade After Falling In 2 Previous Sessions

Equity benchmark indices gained in early trade on Monday after falling in the previous two trading sessions, amid buying in index heavyweights ITC, ICICI Bank and Infosys.

The 30-share BSE Sensex climbed 91.03 points to 63,070.40 points in early trade. The NSE Nifty advanced 39.30 points to 18,704.80 points.

From the Sensex pack, ITC, Hindustan Unilever, Tata Motors, IndusInd Bank, Mahindra & Mahindra, HCL Technologies, Titan, Nestle, ICICI Bank and Infosys were the biggest gainers.

Tata Consultancy Services, Bharti Airtel, HDFC, Tata Steel, HDFC Bank and NTPC were among the laggards.

In Asian markets, Seoul quoted in the green while Tokyo, Shanghai and Hong Kong traded lower.

The US markets ended in negative territory on Friday.

"Intra-day, the market may witness a choppy ride as the recent interest rate hike by the BoE and the US Fed hinting at two more rate hikes this year coupled with mounting Chinese growth fears point towards a challenging environment for the global economic recovery path," Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.

Global oil benchmark Brent crude climbed 0.05 per cent to USD 73.89 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 344.81 crore on Friday, according to exchange data.

On Friday, Sensex fell 259.52 points or 0.41 per cent to settle at 62,979.37 points while Nifty declined 105.75 points or 0.56 per cent to end at 18,665.50 points.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

from NDTV Profit-Latest https://ift.tt/z1ytfHd
via

Sensex Nifty Climb In Early Trade After Falling In 2 Previous Sessions

Equity benchmark indices gained in early trade on Monday after falling in the previous two trading sessions, amid buying in index heavyweights ITC, ICICI Bank and Infosys.

The 30-share BSE Sensex climbed 91.03 points to 63,070.40 points in early trade. The NSE Nifty advanced 39.30 points to 18,704.80 points.

From the Sensex pack, ITC, Hindustan Unilever, Tata Motors, IndusInd Bank, Mahindra & Mahindra, HCL Technologies, Titan, Nestle, ICICI Bank and Infosys were the biggest gainers.

Tata Consultancy Services, Bharti Airtel, HDFC, Tata Steel, HDFC Bank and NTPC were among the laggards.

In Asian markets, Seoul quoted in the green while Tokyo, Shanghai and Hong Kong traded lower.

The US markets ended in negative territory on Friday.

"Intra-day, the market may witness a choppy ride as the recent interest rate hike by the BoE and the US Fed hinting at two more rate hikes this year coupled with mounting Chinese growth fears point towards a challenging environment for the global economic recovery path," Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.

Global oil benchmark Brent crude climbed 0.05 per cent to USD 73.89 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 344.81 crore on Friday, according to exchange data.

On Friday, Sensex fell 259.52 points or 0.41 per cent to settle at 62,979.37 points while Nifty declined 105.75 points or 0.56 per cent to end at 18,665.50 points.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

from NDTV Profit-Latest https://ift.tt/z1ytfHd
via

Adani Group Eyes Rs 90000 Crore Pre-Tax Income In 2-3 Years

Adani group is eyeing a 20 per cent year-on-year growth in pre-tax profits to reach Rs 90,000 crore EBITDA in 2-3 years on the back of robust growth in businesses ranging from airports to energy, according to notes in an investor presentation.

Earlier this month, the group repaid loans aggregating USD 2.65 billion to complete a prepayment programme to cut overall leverage in an attempt to win back investor trust post a damning report of a US short seller.

The ports-to-energy conglomerate is now looking at robust growth in sectors such as airports, cement, renewables, solar panels, transportation and logistics, and power and transmission, it said adding several of Adani's new infrastructure investments will also begin to fructify and generate cash in the coming years.

Adani is expected to see an increase of more than 20 per cent in EBITDA on a consolidated basis in the coming years as it drives robust and sustainable growth across its business portfolio. Its target EBITDA of over Rs 90,000 crore is expected by FY23, the note said.

In recent years, the group has made substantial investments in ports and completed significant projects across renewables, transportation and ports.

Businesses such as airports and renewables are also exhibiting improved cash flows. Its solid asset base, built over three decades, supports resilient critical infrastructure and ensures high asset performance throughout their life cycles.

The group's listed portfolio EBITDA increased 36 per cent yoy to Rs 57,219 crore in FY23 (April 2022 to March 2023 fiscal). Core infrastructure businesses, which constitute 82.8 per cent of the portfolio including energy, transport, logistics, and flagship Adani Enterprise Ltd's infrastructure ventures, registered a robust 23 per cent yoy growth in EBITDA to Rs 47,386 crore.

AEL's existing businesses also delivered a strong performance with a 59 per cent yoy growth to Rs 5,466 crore. AEL's existing businesses comprise 10 per cent of its portfolio.

With about 83 per cent of its EBITDA being generated from core infrastructure businesses, the Adani Group's portfolio operates in utility and infrastructure sectors, providing assured and consistent cash flows. The group has set its sights on growth across diverse sectors such as airports, cement, renewables, solar panels, ports, power, and transmission.

Last year marked a period of significant progress for Adani as its portfolio's robust growth of 36 per cent was simultaneously complemented by an effective deleveraging strategy as can be seen from its improved net debt to EBITDA ratio.

The portfolio's combined net debt to EBITDA improved to 3.27 times in FY23 from 3.8 times in FY22. The net debt to run-rate EBITDA improved to 2.8 times in FY22 from 3.2 times FY23 which highlights the group's strong financial discipline amidst the strong growth, the note said.

Management of the Adani Group affirms that there is no significant debt maturity looming in the near-term, indicating no material refinancing risk or near-term liquidity requirement.

The net asset value of gross assets stands at Rs 3,91,000 crore. Over time, the group has diversified its long-term debt portfolio and reduced its exposure to banks while expanding its funding sources. The current debt is distributed among bonds (39 per cent), global international banks (29 per cent), PSU and private banks and NBFC (32 per cent).

The group's exposure remains less than 1 per cent of total bank exposures in India, and leading Indian banks, including SBI and other PSUs have expressed comfort with its debt/equity to EBITDA of 3.2 per cent.

The group's dollar debt is also perfectly hedged, and the recent ECB interest rate hikes are expected to have minimal impact on debt costs and servicing as most of the ECBs are at a fixed rate, the note added.

Adani Group has made a full prepayment of USD 2.15 billion of loans that were taken by pledging shares in the conglomerate's listed firms and also another USD 700 million in loans taken for the acquisition of Ambuja Cement.

Further, the note states that the promoters completed the sale of shares in four listed group entities to GQG Partners, a leading global investment firm, for USD 1.87 billion (Rs 15,446 crore).

Recently, Adani Connex, the datacentre business has tied up the largest datacentre project financing in India, with USD 213 million tied up from six international banks - SMBC, MUFG, Mizuho, ING, Natixis, SCB.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

from NDTV Profit-Latest https://ift.tt/ksZGfip
via

Adani Group Eyes Rs 90000 Crore Pre-Tax Income In 2-3 Years

Adani group is eyeing a 20 per cent year-on-year growth in pre-tax profits to reach Rs 90,000 crore EBITDA in 2-3 years on the back of robust growth in businesses ranging from airports to energy, according to notes in an investor presentation.

Earlier this month, the group repaid loans aggregating USD 2.65 billion to complete a prepayment programme to cut overall leverage in an attempt to win back investor trust post a damning report of a US short seller.

The ports-to-energy conglomerate is now looking at robust growth in sectors such as airports, cement, renewables, solar panels, transportation and logistics, and power and transmission, it said adding several of Adani's new infrastructure investments will also begin to fructify and generate cash in the coming years.

Adani is expected to see an increase of more than 20 per cent in EBITDA on a consolidated basis in the coming years as it drives robust and sustainable growth across its business portfolio. Its target EBITDA of over Rs 90,000 crore is expected by FY23, the note said.

In recent years, the group has made substantial investments in ports and completed significant projects across renewables, transportation and ports.

Businesses such as airports and renewables are also exhibiting improved cash flows. Its solid asset base, built over three decades, supports resilient critical infrastructure and ensures high asset performance throughout their life cycles.

The group's listed portfolio EBITDA increased 36 per cent yoy to Rs 57,219 crore in FY23 (April 2022 to March 2023 fiscal). Core infrastructure businesses, which constitute 82.8 per cent of the portfolio including energy, transport, logistics, and flagship Adani Enterprise Ltd's infrastructure ventures, registered a robust 23 per cent yoy growth in EBITDA to Rs 47,386 crore.

AEL's existing businesses also delivered a strong performance with a 59 per cent yoy growth to Rs 5,466 crore. AEL's existing businesses comprise 10 per cent of its portfolio.

With about 83 per cent of its EBITDA being generated from core infrastructure businesses, the Adani Group's portfolio operates in utility and infrastructure sectors, providing assured and consistent cash flows. The group has set its sights on growth across diverse sectors such as airports, cement, renewables, solar panels, ports, power, and transmission.

Last year marked a period of significant progress for Adani as its portfolio's robust growth of 36 per cent was simultaneously complemented by an effective deleveraging strategy as can be seen from its improved net debt to EBITDA ratio.

The portfolio's combined net debt to EBITDA improved to 3.27 times in FY23 from 3.8 times in FY22. The net debt to run-rate EBITDA improved to 2.8 times in FY22 from 3.2 times FY23 which highlights the group's strong financial discipline amidst the strong growth, the note said.

Management of the Adani Group affirms that there is no significant debt maturity looming in the near-term, indicating no material refinancing risk or near-term liquidity requirement.

The net asset value of gross assets stands at Rs 3,91,000 crore. Over time, the group has diversified its long-term debt portfolio and reduced its exposure to banks while expanding its funding sources. The current debt is distributed among bonds (39 per cent), global international banks (29 per cent), PSU and private banks and NBFC (32 per cent).

The group's exposure remains less than 1 per cent of total bank exposures in India, and leading Indian banks, including SBI and other PSUs have expressed comfort with its debt/equity to EBITDA of 3.2 per cent.

The group's dollar debt is also perfectly hedged, and the recent ECB interest rate hikes are expected to have minimal impact on debt costs and servicing as most of the ECBs are at a fixed rate, the note added.

Adani Group has made a full prepayment of USD 2.15 billion of loans that were taken by pledging shares in the conglomerate's listed firms and also another USD 700 million in loans taken for the acquisition of Ambuja Cement.

Further, the note states that the promoters completed the sale of shares in four listed group entities to GQG Partners, a leading global investment firm, for USD 1.87 billion (Rs 15,446 crore).

Recently, Adani Connex, the datacentre business has tied up the largest datacentre project financing in India, with USD 213 million tied up from six international banks - SMBC, MUFG, Mizuho, ING, Natixis, SCB.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

from NDTV Profit-Latest https://ift.tt/ksZGfip
via

Two-Thirds Of Rs 2000 Notes Back Within Month Of Withdrawal: RBI Governor

Reserve Bank Governor Shaktikanta Das has said that within a month of the recall order, more than two-thirds of the Rs 2,000 currency notes have returned to the system.

In a surprise move, but as part of the clean note policy, the Reserve Bank had on May 19 ordered the recall of the Rs 2,000 banknotes worth around R 3.62 lakh crore.

On June 8, announcing the second monetary policy review of the fiscal, Das had said around Rs 1.8 lakh crore worth of the Rs 2,000 notes have been returned, accounting for approximately 50 per cent of the notes in circulation as of March 31, of which 85 per cent were in deposits and the rest in exchange.

"More than two-thirds or Rs 2.41 lakh crore worth of the Rs 3.62 lakh crore (as of March 31, 2023) of the now-recalled 2000 banknotes have come back to the system as of mid-last week," Governor Das told PTI Bhasha in an interview at the RBI headquarters last week.

Of the total money that has come back to the system, as much as 85 per cent are in deposits and the rest in currency exchanges, he explained.

Though the central bank has set September 30, 2023, as the last day for exchange/deposits, Mr Das said the deadline is not something cast in stone and that, people need not rush to claim their money.

Mr Das also said the note recall will have no impact on the monetary stability but refused to comment on a recent analyst report that claimed that the move would lead to higher consumer spending, which has been under stress for some time, and which in turn would help prop the economy up and grow over the projected 6.5 per cent.

"I don't see any negative impact of the note recall on the economy at all," Das said.

The central bank and the government project the GDP to clip at 6.5 per cent this fiscal, with Q1 printing in at 8.1 per cent and then tapering off in the subsequent quarters.   After issuing the recall order on May 19 and asking banks to open special counters to collect the notes from the public from May 23, the central bank said the existing 2,000 denomination banknotes would continue to be legal tender.

Later, Das said he was not sure whether he would ask the government to cancel the legal tender status of these notes after the September 30 deadline.

The 2000 banknotes were introduced in November 2016 (under Section 24(1) of The RBI Act, 1934) within days of the November 8 demonetisation wherein the government had withdrawn the legal tender status of all the 500 and 1000 banknotes to meet the currency requirements in an expeditious manner.

About 89 per cent of the 2,000 banknotes were issued prior to March 2017 and are at the end of their estimated life span of four-five years.

The total value of these banknotes in circulation has declined from Rs 6.73 lakh crore at its peak as of March 31, 2018 (37.3 per cent of notes in circulation) to Rs 3.62 lakh crore, constituting only 10.8 per cent of the notes in circulation as of March 31, 2023.

The central bank's mints had stopped printing the 2,000 notes way back in 2018-19 itself.

The clean note policy seeks to give the public good-quality currency notes and coins with better security features, while soiled notes are withdrawn from circulation.

The RBI had earlier decided to withdraw from circulation all banknotes issued prior to 2005, as they have fewer security features compared to banknotes printed after 2005.

However, the notes issued before 2005 continue to be legal tender. They have only been withdrawn from circulation in conformity with the standard international practice of not having notes of multiple series in circulation at the same time. PTI RRM BEN AA BAL BAL

from NDTV Profit-Latest https://ift.tt/qTaWPoA
via