return to news
  1. Upstox
    /
  2. News
    /
  3. Business News
    /
  4. Latest Updates
    /
  5. Business News Wrap, November 25: Adani reassures investors; C2C to delay IPO listing, and more

Business News

Business News Wrap, November 25: Adani reassures investors; C2C to delay IPO listing, and more

Upstox
By Upstox News Desk

3 min read | Updated on November 25, 2024, 19:03 IST

Twitter Page
Linkedin Page
Whatsapp Page

SUMMARY

Business News Wrap, November 25: From Adani Group addressing investor concerns to EPFO tackling dormant accounts, catch today’s top business stories.

gautam-adani responds.webp

Adani Group presentation highlights strong financials amid legal challenges.

From Adani Group making its case to investors amid legal troubles, to rising CNG prices leaving consumers concerned—there’s plenty to unpack. Let’s dive into today’s top stories that are shaping the headlines.

Adani Group calms investor nerves amid legal troubles

The Adani Group is staying on the front foot, addressing investors on Monday about its strong financial health. The company showcased ₹53,024 crore in cash reserves and a low debt-to-equity ratio of 2.46x, highlighting its ability to fund growth with minimal external borrowing. Over the past year, EBITDA jumped 17%, with plans to invest ₹8 lakh crore over the next decade. Its key businesses, including Adani Green Energy and Adani Ports, reported solid growth, like a 9% bump in cargo volumes and a 91% surge in solar module sales. Read more...

C2C Advanced Systems delays IPO after SEBI steps in

Defence solutions firm C2C Advanced Systems has delayed its IPO, originally scheduled for November 29, pending an independent audit mandated by SEBI, reported Moneycontrol. SEBI has called for an independent audit after a complaint from an investor, giving others a chance to withdraw their applications. The ₹99-crore IPO was meant to fund expansion, including a new center in Dubai, but regulators want the numbers checked first. The Bengaluru-based defence solutions provider posted ₹43.22 crore in revenue last quarter and counts big names like DRDO and Thales among its clients.

EPFO tackles mounting dormant accounts

The EPFO is dealing with ₹8,505 crore stuck in dormant accounts, up from just ₹1,638 crore in FY19. These accounts typically go inactive when employees switch jobs or retire without transferring their funds. To help, the EPFO is stepping up awareness campaigns with webinars, YouTube sessions, and regional outreach. They’ve also assured that every dormant account has a rightful owner and will be paid out when claimed.

CNG prices rise, Delhi gets a breather

CNG prices just went up by ₹2 per kg in cities like Mumbai and Gurugram, but Delhi voters are catching a break ahead of state elections. Mumbai’s rates are now ₹77 per kg, while Gurugram sees prices at ₹82.12 per kg. The hike comes as domestic gas supplies dwindle, forcing distributors to use pricier alternatives. Analysts expect further increases, but IGL and MGL stocks got a slight boost after the announcement.

Delhi adds more people to its old-age pension list

AAP leader Arvind Kejriwal announced that 80,000 more senior citizens are now eligible for Delhi’s old-age pension scheme, which offers monthly payouts of up to ₹2,500. The city boasts the highest pension rates in India, with new online application portals expediting the process. Plans are also underway to extend benefits to differently-abled individuals.

That’s all for today! Catch you tomorrow with more business updates.

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

Next Story