Adani Enterprises withdraws its FPO

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⭐ Adani Enterprises withdraws its FPO

Adani Enterprises has decided to withdraw its fully subscribed ₹20,000 crore follow-on public offer (FPO). The move comes following unprecedented volatility in the company's shares. The FPO proceeds received from investors will be refunded. 

⭐ Britannia reports robust numbers 

Britannia Industries has reported a 151% YoY increase in consolidated net profit to ₹932 crore, while its sales grew by 16% YoY to ₹4,101 crore for the December quarter. As per the company, consistent rise in market share, investments in brands and innovation have helped register robust growth.

⭐ Strong monthly sales for auto cos

Market leader, Maruti Suzuki’s domestic passenger vehicle (PV) sales for January increased 13% YoY to 1.7 lakh units. The company cited that a shortage of electronic components has a minor impact on production. Meanwhile, Tata Motors’ PV sales rose 18% YoY to 48,289 units. SUV maker Mahindra & Mahindra, too, reported a 66% rise in its PV sales.

Global markets (at 9:00 AM today)

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Source: Business Standard