WeForNews | Latest News, Breaking News, News Updates SBI set to offer Rs 5000 crore loan to Adani coal project in Australia: Report | WeForNews | Latest News, Blogs
Connect with us

Business

SBI set to offer Rs 5000 crore loan to Adani coal project in Australia: Report

Published

on

gautam adani

The State Bank of India is set to offer a Rs 5,000-crore loan to Adani Enterprises Ltd’s Australian mining company, now renamed Bravus Mining & Resources, as per media reports.

As per media reports, the loan agreement between SBI and Adani Group is nearly done and a ratification is expected from the bank’s executive committee soon.

This could mark the resurgence of on earlier controversy. SBI and Adani had entered into a memorandum of understanding in 2014 for a $1-billion loan. The loan was not executed after it became a political controversy.

Opposition parties had questioned the loan agreement at a time when the mining project was mired in controversy.

The Opposition had pointed out that five leading global banks – Citibank, Deutsche Bank, Royal Bank of Scotland, HSBC and Barclays – had declined to fund the project citing a decline in coal mining in Australia.

SBI had then walked back on the loan agreement stating that it was only an MoU and no money had been lent to the company.

Media reports quoted sources as saying that six years later, there is a better understanding on the future of the project.

“Much water has flowed in the last 5-6 years. The concerns raised in 2014 are no longer there.

“Most of the local regulatory approvals are in place and the company is expected to start producing coal from 2021 onward,” said a source close to the development, the reports said.

Financial Times had earlier reported that the Adani Group’s total outstanding debt came to more than $30 billion as of November 11, according to data from Dealogic, including $7.8 billion worth of bonds and $ 22.3 billion in loans. High debt is nothing new among Indian conglomerates but the Adani Group’s rapid expansion has raised concern.

Credit Suisse warned in a 2015 “House of Debt” report that the Adani Group was one of 10 conglomerates under “severe stress” that accounted for 12 per cent of banking sector loans. Yet the Adani Group has been able to keep raising funds, in part by borrowing from overseas lenders and pivoting to green energy, the Financial Times said.

The report said the group continues to enjoy ample access to capital, both at home and overseas, and can tell investors that it has never defaulted on a loan despite highly leveraged balance sheets. Adani Group companies tapped international debt markets with bond sales of more than $2bn and Adani Gas sold a 37.4 per cent stake to Total for a reported $600m, which gave it ample cash flow to weather the shock of the pandemic when it hit.

And international groups are queueing up to partner with the group. Earlier this month, Adani announced a strategic collaboration in hydrogen and biogas with Italian gas and infrastructure group Snam.

Business

Equity indices fall, Sensex down 100 points

Published

on

By

SENSEX NIFTY MARKET
File Photo

The key Indian equity indices traded on a negative note on Friday with the BSE Sensex falling over 100 points.

Around 10.10 p.m., Sensex was trading at 49,518.63, lower by 106.13 points or 0.21 per cent from its previous close of 49,624.76.

It opened at 49,594.95 and has so far touched an intra-day high of 49,663.74 and a low of 49,361.22 points.

The Nifty50 on the National Stock Exchange was trading at 14,574.60, lower by 15.75 points or 0.11 per cent from its previous close.

Manish Hathiramani, technical analyst with Deen Dayal Investments said: “The Nifty has become slightly nervous after facing resistance at 14,750. While the trend still remains positive, we need to approach the index strategically.”

“On the upside we can go up to 14,800-14,900. On the downside, we have a good support at 14,300. Hence traders can initiate long positions with a target of 14,800 and a stop below 14,300,” he said.

Continue Reading

Business

Sensex over 50K mark as Biden, Budget fuel fast recovery hopes

Published

on

By

Sensex equity Nifty
File Photo

Positive global cues and expectations of healthy quarterly results, along with that of a supportive Union Budget FY22, powered the ascent of India’s barometer index — the S&P BSE Sensex — to cross the 50,000 mark on Thursday.

However, the barometer index dipped below the psychologically important mark due to profit booking at the end of the day’s trade.

The Sensex closed at 49,624.76, lower by 167.36 points, or 0.34 per cent, from its previous close of 49,792.12.

It opened at 50,162.05 and touched a fresh all-time high of 50,184.01 points.

The Nifty50 on the National Stock Exchange (NSE) also touched a new record high of 14,753.55 points. It ended the day’s trade at 14,590.35, lower by 54.35 points, or 0.37 per cent, from its previous close.

Earlier in the day, Sensex crossed the 50,000-mark.

Coming a day after Joe Biden’s inauguration as US President, the BSE Sensex mirrored its Asian counterparts in having a gap-up opening.

In fact, the positivity sentiment led it to open above the 50,000-mark. The gains of the last 5,000 points in Sensex has come in just 32 trading sessions.

Moreover, expectations of an even faster economic recovery on the back of the vaccination programme have been cited as other factors for the up-move.

Besides, easy liquidity conditions across the global have been funnelling into India’s market, as FIIs shore up their stakes and pump-up this rally.

Continue Reading

Business

Mi India’s Republic Day Sale: List of TVs, Smart Bands, and Smartphones available at Huge discounts

Flipkart VIP, Amazon Prime, and Mi VIP Club members will be able to take advantage of this sale from January 19, a day before.

Published

on

By

Amazon Flipkart

Mi India has announced the Republic Day offer. The sale offers huge discount offers on a variety of products including smartphones, smart TVs, and Smart Bands.

Mi India’s Republic Days offer sale will start from 12 noon on January 20, 2021, which will continue till 11.59 PM on the night of January 24, 2021.

This offer can be enjoyed on the e-commerce sites Amazon, Flipkart, and Mi.com. Flipkart VIP, Amazon Prime, and Mi VIP Club members will be able to take advantage of this sale from January 19, a day before.

Mi Smart Band 4

Selling Price – 2,299

Sale price – 1,899

Mi TV Stick

Selling Price – 2,799

Sale price -2,299

Mi Box 4K

Selling Price – 3,499

Sale price – 3,299

Mi LED TV 4A PRO 108 cm (43)

Selling Price – 24,999

Sale Price – 23,999

Mi LED TV 4X 50

Selling Price – 34,999

Sale Price – 33,999

Mi Watch Revolve Midnight Black & Silver

Selling Price – 10,999

Sale price – 8,999

Earphones (TWS) – Mi True Wireless Earphones 2C

Selling Price – 2,499

Sale Price – 1,999

Earphones (TWS) – Mi True Wireless Earphones 2

Selling Price – 3,999

Sale price – 2,499

Mi Beard Trimmer 1C

Selling Price – 999

Sale Price – 799

Mi Smart Water Purifier (RO+UV)

Selling Price – 12,999

Sale price – 9,999

Redmi Earbuds S

Selling Price – 1,799

Sale price – 1,499

Redmi Smart Band

Selling Price – 1,599

Sale price – 1,299

Redmi 9i (4+ 64GB)

Selling Price – 8,299

Sale price – 7,999

Redmi 9 Prime (4+64GB)

Selling Price – 9,999

Sale price – 9,499

Redmi Note 9 (6+128GB)

Selling Price – 14,999

Sale price – 13,999

Redmi Note 9 Pro (4+128GB)

Selling Price – 15,999

Sale price – 13,999

Redmi Note 9 Pro Max (6+64GB)

Selling Price – 16,999

Sale Price – 14,999

Mi LED TV 4A PRO 80 cm (32)

Selling Price – 14,999

Sale Price – 14,499

Continue Reading
Advertisement

Most Popular