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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
Adani Enterprises’s strong June quarter was driven by surging global coal prices and the firm’s competitive edge in the sector.
Editor's note: Gautam Adani, the world’s fourth-richest person, has had a lot going for him lately. His group’s flagship firm, Adani Enterprises, is on an upward trajectory. The company’s stock recently touched a record high of Rs 3,258.05, from trading at around Rs 500 in January 2021. It reported a 222% year-on-year surge in consolidated revenue in the April-June quarter. This was coupled with a 76.5% year-on-year increase in profit after tax, to almost Rs 469 crore. The strong performance can be attributed to two of the firm’s businesses doing well. While its airport business contributed 2.9% of its gross revenue from operations, the integrated resource management segment, or IRM—which is essentially Adani’s coal trading business—accounted for 74.7%. The numbers for the IRM segment stand out. The business reported revenue growth of 246% year-on-year in the April-June quarter. The segment also saw an over 50% increase in volumes, to almost 27 million tonnes, in the same quarter. This came on the back of a surge in coal prices globally, triggered by Russia’s invasion of Ukraine. Given its striking performance, it’s important to …
The country's fighter jet roadmap rests on imported propulsion, leaving its military plans hostage to cost shocks, delays and geopolitics.
After a strong listing, Vedanta Aluminium Metal is running into some headwinds. Aluminium prices are easing, but the sharper challenge is rising competition from Kumar Mangalam Birla and Gautam Adani.
The interim deal between Tehran and Washington to end hostilities in the Mideast, another IPO on hold, and other news updates from the week.
