A string of successful bets on ports, mining and commodities helped transform Gautam Adani from a nondescript diamond trader into a tycoon with a net worth of $10 billion.

Now the Indian businessman is setting his sight on what he believes could become another big money maker: Selling data storage services to companies such as Amazon.com Inc. and Alphabet Inc.’s Google.

The Securities and Exchange Board of India (Sebi) has initiated a preliminary enquiry into alleged corporate governance issues at InterGlobe Aviation, which operates IndiGo. According to sources in the know, the market regulator is likely to seek further details from the co-promoters of the company to ascertain the veracity of the matter.

Indian tycoon Anil Ambani plans to raise about Rs 217 billion ($3.2 billion) by selling assets from roads to radio stations in a bid to cut debt.

The breakdown is like this, according to the group spokesman:

Reliance Infrastructure Ltd. is seeking Rs 90 billion from the sale of nine road projects.

Axis Bank has picked banks, including Citigroup and JPMorgan Chase, to arrange a planned share sale of at least $1.3 billion, according to people with knowledge of the matter.

India’s third-largest private sector lender has also selected Credit Suisse Group, BNP Paribas, HSBC Holdings, UBS Group and Axis Capital for the proposed offering, the people said, asking not to be identified.

Amazon.com Inc is flirting with a $1 trillion valuation again after posting its longest winning streak since briefly surpassing that level in September.

Seven consecutive days of gains have boosted the e-commerce giant’s market value to $993 billion as of Wednesday’s close, according to data compiled by Bloomberg. A gain of less than 1% for the stock would push the market capitalization above the 10-figure mark.

Yes Bank shares have had a lousy run this year, losing a whopping 67% since April and underperforming benchmark indices by a massive margin.

Indeed, at the current price the stock trades at below its estimate book value for FY20. Even so, analysts are in no hurry to re-rate the stock.

The flood situation in Assam turned serious on Tuesday with over 62,000 people getting affected across eight districts. The Assam State Disaster Management Authority (ASDMA) said 145 villages are under water and 3,435 hectares of crop areas have been damaged.

Mumbai: Equity benchmark BSE Sensex ended 174 points lower after choppy trade on Wednesday, tracking losses in oil and gas, power, metal and auto stocks.

After swinging nearly 400 points during the day, the 30-share index settled 173.78 points or 0.45 per cent lower at 38,557.04. The index hit an intra-day low of 38,474.66 and a high of 38,854.85.

ICICI Bank has topped the list of banks with the highest number of fraud cases over the last three years, topping bigger rivals state-run State Bank of India and private HDFC Bank. ICICI Bank has recorded a total of 1,432 cases of frauds involving Rs 1 lakh or more, between fiscal year 2016-17 and FY 2018-19, Minister of State for Finance Anurag Thakur said in a written reply in Rajya Sabha.

NEW DELHI: Over 1,000 mobile towers and 500 telephone exchanges of cash-strapped Bharat Sanchar Nigam Ltd (BSNL) are not functional due to non-payment of electricity bills, Parliament was informed on Wednesday.

A comprehensive revival plan for two state-owned firms BSNL and Mahanagar Telephone Nigam Ltd (MTNL) is under preparation, Communications Minister Ravi Shankar Prasad said in a written reply to the Lok Sabha.

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