Adani Gas crashes 14% on report of gas regulator's notice on non-disclosure
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Shares of Adani Gas slipped 14 per cent to Rs 148 on the BSE in Friday's session on reports that Petroleum and Natural Gas Regulatory Board of India (PNGRB) has sent a notice to the company for failing to disclose crucial information regarding a scheme of arrangement with Adani Enterprises.
According to the report by TV channel CNBC Awaaz, Adani Gas has bid for gas projects using networth calculations of Adani Enterprises and that the company’s shareholding changes and restructuring violated city gas distribution regulations.
As such, regulator PNGRB is seeking to cancel the company’s licences and levy Rs 400 crore penalty for the violations, the report said.
The company later told the TV channel it had responded to PNGRB "with all required information to close the matter".
"We are fully compliant and have transparently represented facts... All concerned authorities were intimated about reorganisation of company," the channel quoted representatives of Adani Gas as saying.
At 10 AM, the stock had pared more than half of its losses and was trading 6 per cent lower at Rs 163 as compared to 0.2 per cent gain in the benchmark S&P BSE Sensex. Around 6 million shares have changed hands on the NSE and BSE so far.
Other Adani Group stocks also declined in intra-day trade today. Adani Enterprises (down 5 per cent to Rs 219), Adani Green Energy (down 5 per cent to Rs 183), Adani power (down 1 per cent o Rs 62.60), Adani transmission (down 1.72 per cent to Rs 327), Adani Ports (down 1.4 per cent at Rs 380.50) on the BSE.
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Shares of GMR Airports Infrastructure shot up 8.2 per cent at Rs 92.34 a piece on Friday’s intraday trade. A combined 3.07 million shares of the company changed hands on the BSE. In comparison the S&B BSE Sensex fell by 0.31 per cent 74,109 levels.
The stock of GMR Airports reached a 52-week high of Rs 94.30 on February 20, 2024, while it hit a 52-week low at Rs 40 on May 29, 2023.
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The Supreme Court on Friday told the Delhi government that it would consider listing its plea challenging the central government's law establishing pre-eminence of the lieutenant governor over the elected dispensation in controlling services in the national capital.
A bench comprising Chief Justice D Y Chandrachud and justices JB Pardiwala and Manoj Misra was urged by senior advocate Abhishek Singhvi, appearing for the AAP government, that the whole administration has come to a standstill and the matter needed to be heard.
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Cement maker ACC on Thursday said its profit after tax (PAT) increased four-fold to Rs 945 crore in the March quarter of the previous fiscal year on account of robust sales.
The company had reported a PAT of Rs 236 crore in the year-ago period.
Revenue from operations rose to Rs 5,409 crore in the fourth quarter as compared with Rs 4,791 crore in the year-ago period, ACC Ltd said in a regulatory filing.
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Nestle on Thursday missed first-quarter organic sales growth estimates, as the world's biggest packaged food company hiked prices and sold fewer products, particularly in North America.
The maker of Maggi noodles, Nescafe coffee and KitKat chocolate wafer bars confirmed its 2024 guidance of organic sales growth of about 4 per cent and a moderate increase in underlying trading profit margin.
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Shares of Hitachi Energy were buzzing in trade on Thursday as they soared as much as 18.89 per cent to hit a fresh record high of Rs 9,765.30 per share, driven by expansion plans. On the other hand, S&P BSE 500 was trading 0.21 per cent higher at 74,010.29 levels, as of 1:02 PM.
Hitachi Energy intends to establish additional global capability centres (GCCs) in India to bolster its local operations in response to escalating energy demand and the government's focus on expanding renewable energy generation, according to Reuters.
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