Adani loses weight in market; MSCI cuts weightage of Adani Total Gas, Transmission

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Shares of Adani Group were in a stir on Monday due to 5 news…. Global Index Service Provider MSCI cut the weightage of Adani Total Gas and Adani Transmission, in the index review process for May. The weightage of Adani Total Gas is being reduced from 25 percent to 14 percent while the weightage of Adani Transmission has been reduced from 25 percent to 10 percent. This change will come into effect from May 11. After this news, the shares of both the companies closed on the lower circuit of 5 per cent on Monday. .. In another report, Adani Group’s flagship company Adani Enterprises’ has reduced its capital expenditure target from $5.8 billion to $3.8 billion which is a reduction of more than a third, whereas, Adani Enterprises’ debt repayment capacity has improved. The Adani group has also got the backing of 3 banks of Japan as backers for debt reduction. Also, the market regulator SEBI has widened the scope of investigation into short selling by Hindenburg Research…

Govt to soon invite financial bids for 26% in BEML The government may soon invite financial bids for strategic sale of defence PSU BEML after its non-core business got listed on the bourses last month. In January 2021, the government invited preliminary bids for selling 26 percent stake in BEML along with the management control. It received multiple expressions of interest (EoIs) for the sale. Following that, in October last year, BEML demerged its non-core businesses into BEML Land Assets and listed the new company on the bourses on April 19, 2023. The government currently holds 54.03% stake in BEML, which is a public sector undertaking under the defence ministry.

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