Adani Group to acquire road portfolio

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⭐ Adani Group to acquire road portfolio

The Adani Group said on August 4 that it has entered into an agreement to acquire a portfolio of toll roads put up for sale by Macquarie for ₹3,110 crore. Adani Road Transport will acquire 56.8% in Gujarat Road and Infrastructure (GRICL) and 100% stake in Swarna Tollway (STPL). The transaction is expected to close by September 2022.

⭐ GAIL’s profit jumps

State gas utility GAIL reported a 51% year-on-year (YoY) jump in its net profit to ₹2,915 crore. The profit growth was on the back of strong earnings from natural gas marketing. Meanwhile, the company's revenue from operations rose 116% YoY to ₹37,572 crore. 

⭐ Moody’s upgrades Yes Bank's rating

Credit rating agency Moody’s upgraded Yes Bank's rating outlook to 'stable' in view of its equity capital raise plan. It also upgraded the bank's long-term foreign currency issuer rating and long-term foreign and local currency back deposit ratings to 'Ba3' from 'B2'. However, Moody's said given the stable outlook, the bank's ratings are unlikely to be upgraded over the next 12-18 months.

Global markets (at 7:30 AM today)

Fact of the day

India’s currency in circulation has increased by ₹50,000 crore in the first four months of FY23.

Source: TOI