Shree Cement plunges on tax ‘evasion’ news

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Shares of Shree Cement, one of the largest companies in the cement business in North India, saw a intra-day decline of up to 10 per cent on Monday. The stock touched a low of Rs 22,605.60 during the trading session. The reason behind the fall in the stock is the news related to tax evasion. On Saturday, there were reports in that the company had alleged evaded tax of Rs 23,000 crore. The case of tax evasion came to the fore after the investigation at the company’s offices located in Beawar, Jaipur, Chittorgarh and Ajmer in Rajasthan. According to the report, this case is one of the biggest tax evasions in the country. It has also been said in the report that the company has misappropriated Rs 1,200-1,400 crore rupees from the every year through tax evasion. Shree Cement issued a clarification to the stock exchanges on this matter saying that the investigation is still going on. It has also said that the speculative media reports were  wrong and are one-sided. The stock  closed down 5,59% at Rs 23,740.

Adani Group eyes Rs 90k cr EBITDA in next 2-3 years

The Adani group is aiming for a 20% year-on-year growth in pre-tax profits to reach ₹90,000 crore EBITDA within the next 2-3 years. This growth is expected to come from sectors such as airports, energy, cement, renewables, transportation, logistics, power, and transmission. The group has recently repaid loans amounting to 2.65 billion $ as part of a prepayment program to reduce overall leverage and regain investor trust after a negative report from a US short seller. In further news, AdaniConneX, a joint venture between Adani Enterprises and data centre operator EdgeConneX, has raised $213 million from lenders to set up two data centres of 67 MW capacity in the country. The firm would set up a data centre of 50 MW capacity in Delhi and another with a 17 MW in Chennai (phase I).