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Adani Groups Repays Loans Worth $2.65 Billion, Along With Interest Payment Of $203 Million

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Embattled Adani Group on Monday said it has repaid loans aggregating USD 2.65 billion to complete a prepayment programme to cut overall leverage in an attempt to win back investor trust post a damning report of a US short seller. In a Credit Note released on Monday, Adani Group said it has made a full prepayment of USD 2.15 billion of loans that were taken by pledging shares in the conglomerate’s listed firms and also another USD 700 million in loans taken for the acquisition of Ambuja Cement.

Interest Payment of $203 Million

“The prepayment was done along with interest payment of USD 203 million,” it added. Further, the credit update states that the promoters completed the sale of shares in four listed group entities to GQG Partners, a leading global investment firm, for USD 1.87 billion (Rs 15,446 crore).

“The deleveraging programme testifies to the strong liquidity management and capital access at sponsor level even in volatile market conditions, supplementing the solid capital prudence adopted at all portfolio companies,” Adani Group said in the credit update. US short-seller Hindenburg Research in January released a damning report alleging accounting fraud and stock price manipulation at Adani Group, triggering a stock market rout that had erased about USD 145 billion in the conglomerate’s market value at its lowest point.

Adani Group’s Comeback Strategy

Adani Group has denied all allegations by Hindenburg and is plotting a comeback strategy. The group has recast its ambitions as well as prepaid some loans to assuage investors. The credit update further highlights major improvements in key financial metrics – the portfolio’s combined Net Debt to EBITDA ratio has decreased from 3.81 in FY22 to 3.27 in FY23, run rate EBITDA surged from Rs 50,706 crore in FY22 to Rs 66,566 crore in FY23.

The credit update further states that the banking lines of Adani Group continue to show confidence by disbursing new debt and rolling over existing lines of credit. Moreover, rating agencies both domestic and international rating agencies have reaffirmed their ratings in all the group companies.

Debt Service Cover Ratio (DSCR) has improved to 2.02x during FY23 from 1.47x during FY22. Gross Assets increased to Rs 4.23 lakh crore, up by Rs 1.06 lakh crore. Gross Asset / Net Debt cover has improved to 2.26x in FY23 from 1.98x in FY22.

Continued investments in core infra projects

Continued investments in core infra with gross assets of Rs 3.77 lakh crore (89 per cent of the portfolio) provide long-term multi-decadal visibility of cash flow, it said, adding cash balance was higher by 41.5 per cent at Rs 40,351 crore against Rs 28,519 crore. Free Flow from operations – FFO – (EBITDA less finance cost less tax paid) was Rs 37,538 crore.

Cash Balance and FFO (together at Rs 77,889 crore) are much higher than debt maturity cover for FY24, FY25 and FY26 of Rs 11,796 crore, Rs 32,373 crore and Rs 16,614 crore, respectively, at the combined portfolio level.

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After Meta, Google to report child sexual abuse content directly to Indian authorities

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New Delhi, Sep 22: After Meta, US tech giant Google will report content flagged as child sexual abuse material (CSAM) directly to the Indian authorities, contrary to the long‑standing global practice of routing such reports through a US non‑profit organisation.

Meta announced a similar change last week after Indian officials pressed major tech firms in recent weeks to speed up reporting, citing concerns that the existing system delays reports considerably.

Google “invests significantly to detect, deter, remove, and report child sexual abuse material,” a company spokesperson said, describing the change as part of the company’s “ongoing discussions with the government of India.”

Meta and Alphabet’s Google used to send tips to the US‑based National Center for Missing & Exploited Children (NCMEC) which then relayed them to local law enforcement, according to reports.

Such a practice could cause dangerous delays in cases where children may be at immediate risk as reports pass through an intermediary before reaching domestic police who can act on the ground.

The US nonprofit that erstwhile used to receive such reports first hand runs CyberTipline portal that recorded nearly 21.3 million reports from around the world of suspected child sexual exploitation in 2025.

India remains the largest market by user count for both Meta’s Facebook and Google’s YouTube. Meta’s shift in policy comes after weeks of friction with New Delhi, including an apology last month by CEO Mark Zuckerberg over the spread of child sexual abuse material on the company’s platforms.

Technology and law enforcement officials in the United States, the European Union and elsewhere have urged platforms to bolster detection and reporting. However, most countries continue to route reports through the US nonprofit as the primary international clearing house.

The Central government, in July, directed Google to take down multiple Firebase web development accounts that were impersonating the websites and mobile apps of major public- and private-sector banks and other financial institutions.

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Sensex, Nifty open marginally higher over crude price correction

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Mumbai, Sep 22: The Indian equity markets inched up slightly on Tuesday morning, tracking positive global cues and correction in global crude prices.

As of 9.20 am, Sensex added 64 points, or 0.10 per cent, to reach 74,914 and Nifty gained 34 points, or 0.15 per cent, to reach 23,449.

Main broad-cap indices outperformed gains of the benchmark indices, as the Nifty Midcap 100 added 0.33 per cent, and the Nifty Smallcap 100 advanced 0.4 per cent.

Sectoral indices on NSE traded in green except Nifty IT down 1.09 per cent and FMCG down 0.01 per cent. Nifty realty was the top gainer, up 1 per cent, followed by chemicals, up 0.64 per cent.

“With precious metals stabilising and fixed income returns becoming attractive, investors can now opt for a multi-asset strategy,” an analyst said.

WTI crude trading in the $92–$93-a-barrel range and a stronger rupee provided additional comfort on the broader macroeconomic front.

Global risk sentiment has improved, with US equities posting strong gains and Asian markets largely positive, while softer crude prices have eased some pressure on oil-importing economies.

In the previous session, Nifty surged 0.29 per cent and closed at 23,414. Immediate support is placed at 23,250–23,300, while resistance is seen at 23,550–23,600.

In the previous session, Bank Nifty closed at 56,470, up 0.20 per cent. Immediate support is placed at 56,000–56,300, while resistance is seen at 56,800–57,000, said analysts.

In Asian markets, China’s Shanghai index gained 0.22 per cent, and Shenzhen added 0.62 per cent, Japan’s Nikkei added 1.38 per cent, and Hong Kong’s Hang Seng Index added 0.41 per cent. South Korea’s Kospi added 1.89 per cent.

The US markets ended in green overnight as Nasdaq gained 2.26 per cent. The S&P 500 added 1.49 per cent, and the Dow Jones added 0.71 per cent.

On September 21, foreign institutional investors (FIIs) net sold equities worth Rs 576 crore, while domestic institutional investors (DIIs) bought equities worth Rs 2,800 crore.

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FM Sitharaman meets JPMorgan CEO Jamie Dimon in Mumbai

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Mumbai, Sep 21: Finance Minister Nirmala Sitharaman on Monday met Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase & Co., during the 11th edition of the JPMorgan India Investor Conference in Mumbai.

According to the Finance Ministry, Dimon interacted with the finance minister on the sidelines of the conference, which brought together investors, policymakers and corporate leaders to discuss India’s economic outlook and investment opportunities.

FM Sitharaman also addressed participants at the event and took part in a fireside chat with Sajjid Chinoy, Head of Asia Economics at JPMorgan.

“Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co., interacts with FM Sitharaman during the J.P. Morgan India Investor Conference in Mumbai, Maharashtra,” the finance minister posted on social media platform X.

” FM Sitharaman addressed the gathering and participated in a fireside chat with Sajjid Chinoy, Head of Asia Economics at JPMorgan, during the 11th edition of the J.P. Morgan India Investor Conference in Mumbai, Maharashtra,” the finance minister added.

The meeting comes as JPMorgan said in a recent report that a combination of tax reforms and regulatory measures had enhanced the attractiveness of equities for domestic investors, helping sustain robust inflows despite relatively muted market returns over the past two years.

The brokerage noted that changes in the taxation framework for long-term capital gains, debt mutual funds and certain insurance products have improved the relative appeal of equities.

It said these measures, alongside rising participation through systematic investment plans (SIPs), are supporting a continued shift of household savings toward financial assets.

According to JPMorgan, domestic investors have increasingly emerged as a stabilising force for Indian markets, offsetting bouts of volatility triggered by foreign portfolio investor outflows and global uncertainties.

The report highlighted that retail participation has remained resilient even during periods of modest benchmark returns, signalling a structural change in investment behaviour.

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