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Adani Ports to be removed from Dow Jones Sustainability Indices

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S&P Dow Jones Indices have decided to remove Adani Ports and Special Economic Zone Limited from Dow Jones Sustainability Indices due to the reported commercial relationship of the company with Myanmar’s military.

The change will come into effect prior to the opening of the indices on Thursday.

In a statement, S&P Dow Jones Indices said that the decision was taken after an analysis was conducted on the company post the news reports over its alleged commercial link with the Myanmar military.

“Adani Ports and Special Economic Zone will be removed from the Dow Jones Sustainability Indices following a Media & Stakeholder Analysis triggered by recent news events pointing to heightened risks to the company regarding their commercial relationship with Myanmar’s military, who are alleged to have committed serious human rights abuses under international law,” said the statement.

On March 31, the company had said in a statement that media reports were misrepresenting the Adani Group’s investments in Myanmar.

It noted that in 2020, APSEZ won the Yangon International Terminal project through a globally competitive bid.

The project fully owned and developed by APSEZ is an independent container terminal with no joint venture partners.

The statement said that the land acquisition for the project was facilitated by the Myanmar Investments Commission led by U Thaung Tun, its Chairman and Minister of Investment and Foreign Economic Relations under former State Counsellor Aung San Suu Kyi’s National League for Democracy government.

“As a responsible corporate our intention is to create investment-friendly opportunities in Myanmar through trade and commerce which will have a multiplier effect on job creation for the local communities and contribute towards the nation’s economic and social development goals,” it said.

“We condemn violations of the fundamental rights of all people and would continue to work with our partners and stakeholders, including business leaders, government and non-government organisations, to foster a business environment that respects human rights.”

It also said that it is working with independent think tanks to ensure mitigation of human rights violations risks and building equal opportunity platform through sustainable value creations powered by critical port infrastructure.

Business

Zomato shares decline 9%, market cap falls below 1L cr

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Shares of online food aggregator Zomato declined 9 per cent intraday on Friday.

Analysts are linking the decline with unsupportive valuations. Over the past one-month period, Zomato shares fell nearly 18 per cent.

Listed in July 2021, Zomato shares are, however, up more than 50 per cent from its IPO issue price of Rs 76. On Friday’s closing, it was at Rs 114 per share.

“The costs have escalated due to the tax imposed on the aggregator, along with the fact that the lockdown is also not currently happening, which also appears to be a weakness,” said Ravi Singhal, Vice Chairman at GCL Securities.

With Friday’s losses, the company’s market capitalisation fell below the 1 lakh crore-mark, NSE data showed.

According to Ravi Singh, Vice President and Head of Research, Share India Securities: “The technical setup in Zomato stock is in bearish formation on intraday and daily which may drag the stock up to Rs 112-110 levels in the near term.

“The valuations of the company are also not supporting the growth. Zomato is facing tough competition from Swiggy in many ways, mainly having a thinner Metro restaurant network and density versus Swiggy. We recommend investors to maintain the sell position in the stock.”

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Decline in equities continue for 4th straight sessions

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The 30-scrip Sensitive Index (Sensex) and broader 50-scrip Nifty on the National Stock Exchange (NSE) extended their losses from the previous three consecutive sessions and declined on Friday.

At 10.25 a.m., Sensex traded at 58,593 points, down 0.9 per cent from the previous close of 59,464 points. It opened at 59,039 points.

Nifty traded at 17,599 points, down 0.9 per cent from the previous close of 17,757 points. It opened at 17,613 points.

Bajaj Finserv, Tech Mahindra, Coal India, Adani Ports, Bharti Airtel were some of the top losers, NSE data showed.

Top gainers during the early trade were Hindustan Unilever, Tata Consumers, Bajaj Auto, Hero MotoCorp, and Power Grid Corporation.

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Business

Decline in equities continue for 4th straight sessions

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The 30-scrip Sensitive Index (Sensex) and broader 50-scrip Nifty on the National Stock Exchange (NSE) extended their losses from the previous three consecutive sessions and declined on Friday.

At 10.25 a.m., Sensex traded at 58,593 points, down 0.9 per cent from the previous close of 59,464 points. It opened at 59,039 points.

Nifty traded at 17,599 points, down 0.9 per cent from the previous close of 17,757 points. It opened at 17,613 points.

Bajaj Finserv, Tech Mahindra, Coal India, Adani Ports, Bharti Airtel were some of the top losers, NSE data showed.

Top gainers during the early trade were Hindustan Unilever, Tata Consumers, Bajaj Auto, Hero MotoCorp, and Power Grid Corporation.

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