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• Adani eyes Rs 90,000 cr EBITDA in 2-3 yrs

  Adani Group is targeting a 20% year-on-year growth in pre-tax profits to reach Rs90,000 crore EBITDA in two to three years. The firm has repaid loans of $2.65bn to reduce overall leverage and win back investor trust following a damning report from a US short seller. Adani aims to achieve more than 20% EBITDA increase through sustainable growth and expansion in sectors including airports, cement, renewables, solar panels, transportation and logistics, and power and transmission. Its listed portfolio EBITDA increased 36% year-on-year to Rs57,219 crore in fiscal year 2023 while its Asset Value of gross assets stands at Rs3,91,000 crore.

  

• Baring EQT, ChrysCap buy HDFC’s Credila for Rs 10,350 cr

  ET first reported on May 29 that BPEA EQT was set to acquire the education loans business from HDFC group. ET reported that the buyout fund will be buying 90% of the company, with the housing finance company retaining a 10% stake that it may sell over a two-year period.

  

• L&T Finance group CFO focuses on retail, aims 25pc CAGR in 3-4yrs

  The group is currently undergoing a restructuring process where it will amalgamate its finance subsidiaries, L&T Finance, L&T Infra Credit Limited, and L&T Mutual Fund Trustee Limited with the listed L&T Finance Holding Ltd to simplify the corporate structure and enable greater focus on retail financing.

  

• Hero MotoCorp gearing up for highest ever model introductions in FY24: CEO Niranjan Gupta

  "We'll have product launches every quarter of this fiscal year. Probably this fiscal, we'll see the maximum number of launches ever seen in the company's history," PTI quoted Gupta as saying in an analyst call. The company is bullish on growth prospects this year with plans to further enhance its market share across segments, he noted.

  

• Rural markets are aspirationally emulating urban India, says Nestle India Chairman

  Nestle India has reported its highest growth in a decade, posting a 20.43% rise in sales for the March quarter. Chairman Suresh Narayanan has attributed the boost to a surge in aspirations from consumers in rural areas and small towns, who now mirror those of the urban population. Nestle made an almost 25% increase in net profit for the period, with its Q4 report showing the fastest growth among other FMCG firms so far. Prices were increased across Nestle's product portfolio to offset surging cost inflation while high milk prices could dampen chocolate, confectionery and dairy margins.

  

• Opportunity for India to become a big steel player in international market: Jayant Acharya, JSW Steel

  Our capacity expansion is from 27 million to 37 million ton which is on track. We are expanding about 10 million tons in the next two years. And we would be giving some more colours with details on the projects during our May annual results meet.

  

• In FY24 and FY25, APL Apollo Tubes projecting higher double-digit growth, says Group CFO Deepak Goyal

  “In value terms, last quarter, margin was around Rs 4,500 per tonne and our comfortable level is around Rs 5,000 plus. In this quarter, we are expecting it to be more than Rs 5000 as and when value added proportion is increased the product mix or margins will grow further.”

  

• India will not merge GST tax rates in 2023/24, government official says

  India will not overhaul its Goods and Services Tax (GST) regime in the next fiscal year, a senior official said on Monday, delaying a move it has been considering for more than a year to simplify its tax structure and reduce the burden on consumers. In 2021, the government considered overhauling the tax by merging two of the tax rates, and lowering the levy on a host of items. Some have criticised the five-year old regime for having too many tiers.

  

• Sebi increases scrutiny of Adani group: Report

  On Wednesday, the U.S. short-seller said it held short positions in the Indian conglomerate, accusing it of improper use of offshore tax havens and flagging concerns about high debt, leading to a massive sell-off of India-listed shares of the conglomerate's companies.

  

• Adani Enterprises now plans to enter water segment

  Addressing media from Milan, group chief financial officer Jugeshinder Singh said the company has fixed the price band for the Rs 20,000-crore issue in the range of Rs 3,112-3,276 per share.

  

• Over 75% HNIs expect real estate to do well even during inflation: Survey

  Real estate continues to remain an attractive investment option with 61% of HNIs and UHNIs looking to buy real estate in 2023-24. High rise apartments with 34%, closely followed by farmhouses and holiday homes with 30% are among the most preferred by affluent investors. Rent yielding commercial real estate is also in demand as 23% of the HNI respondents would like to invest in it.