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The Adani Group is on the brink of securing a colossal $3.5 billion loan, poised to become one of Asia's largest financial feats this year. This substantial sum is earmarked to restructure existing debt associated with the acquisition of Ambuja Cements Ltd. The deal, set to finalize this week, spans multiple tenors and offers a competitive all-in-cost structure. This financial coup follows intense negotiations and comes in the wake of allegations, vehemently denied by Adani, that briefly shook the company's market confidence earlier this year.

Important News of the Day

1. Adani Group all set to secure one of Asia's biggest loans, worth $3.5 billion, to fund purchase of Ambuja Cements

The Adani Group is reportedly close to securing a $3.5 billion loan to refinance existing debt that was taken out to fund the purchase of Ambuja Cements Ltd. The loan would be among the top 10 biggest loans in Asia this year and is expected to be sealed this week. The deal will comprise three tenors: 6-month, 18-month, and 3-year. The loan would likely be priced at 450-500 basis points all-in-costs over the benchmark secured overnight finance rate. The financing comes after months of negotiations with banks and follows allegations of fraud by US shortseller Hindenburg Research that caused the company’s bonds and shares to plunge earlier in the year. Adani has strongly denied those claims.

2. India refuses to pay Russian oil suppliers in yuan

India has refused to pay Russian oil suppliers in yuan, rejecting demands from some Russian oil suppliers to pay for crude imports in the Chinese currency amid tension with China. India's government has rejected the request for transactions in yuan and is seeking alternative ways for settlement. India is the top importer of Russian seaborne oil this year, with refiners snapping up the crude sold at a discount after some western nations suspended imports from Moscow over its invasion of Ukraine. However, India is not overly dependent on anyone for oil, including Russia, according to India's Minister of Petroleum and Natural Gas.

3. PTC India approves ONGC's bid to buy PTC Energy for ₹925 crore

State-run Oil and Natural Gas Corporation (ONGC) has received approval from PTC India to acquire its wholly-owned subsidiary, PTC Energy, for INR 925 crore ($124 million). PTC India's board approved the offer on October 19, 2023.The acquisition will allow ONGC to expand its renewable energy portfolio by adding PTC Energy's wind power assets.

4. Canada removes 41 diplomats from India amid escalating diplomatic tension

Canada has removed 41 diplomats from India after New Delhi threatened to revoke their immunity, amid escalating diplomatic tension between the two countries over the slain pro-Khalistan leader Hardeep Singh Nijjar. Canada's foreign minister, Mélanie Joly, said 41 of Canada's 62 diplomats in India have been removed, along with their dependents. Joly said exceptions have been made for 21 Canadian diplomats who will remain in India. India has accused Canada of harboring separatists and “terrorists,” but dismissed the allegation of its involvement in the killing as “absurd" and has taken diplomatic steps to express its anger over the accusation. Removing diplomatic immunity is not only unprecedented but contrary to international law, and for that reason, Canada wouldn't threaten to do the same thing with Indian diplomats.

5. India-UK FTA: Committee of Secretaries meet to iron out tricky parts

The committee of secretaries (CoS) met on Thursday to iron out tricky parts of the India-UK free trade agreement (FTA) in the run-up to the finalization of the deal next month. The discussions have focused on contentious parts such as intellectual property rights (IPR), rules of origin, and bilateral investment treaties (BIT). The India-UK FTA negotiations are at Round 14, and pending issues like rules of origin are at closure level, as of October 9. The BIT will be signed later. The FTA will be India’s most complex FTA agreement till date and will serve as a standard template for future FTA negotiations.

Stock Market Update 📈

1. India's Hindustan Unilever shares fall as analysts flag gradual volume recovery

   Hindustan Unilever, a leading Indian consumer goods company, witnessed a dip in its share prices as analysts expressed concerns over the sluggish pace of volume recovery. The company's stock faced downward pressure as investors awaited signs of a more robust rebound in sales.

2. EESL’s e-commerce bid exemplifies India’s muddled approach to energy efficiency

   India's Energy Efficiency Services Limited (EESL) has ventured into e-commerce, showcasing the nation's ambiguous stance on energy efficiency. As the move raises questions about priorities in a rapidly evolving energy landscape, EESL's diversification underscores the complexities of balancing sustainability and economic growth.

3. ITC misses profit estimates as competition, costs rise

   ITC, one of India's leading conglomerates, fell short of profit expectations due to increasing competition and rising operational costs. The company's financial performance for the quarter failed to meet estimates, raising concerns about its future earnings outlook.

4. Growth in India seen gaining momentum through rest of FY24 - RBI bulletin

   In a recent bulletin, the Reserve Bank of India (RBI) forecasts a growing momentum in India's economy throughout the remainder of the fiscal year 2023-24. The central bank is optimistic about the nation's economic prospects, indicating potential for increased growth and stability in the coming months.

5. Urban India drives earnings beat at Nestle, Unilever's local units

   Nestle and Unilever's Indian subsidiaries report robust earnings, largely powered by strong performance in urban markets. Increased consumer demand for packaged food and personal care products in urban India contributed to this earnings surge, outperforming expectations. Both companies have been actively expanding their presence and product offerings in the region, capitalizing on the growing middle-class population. This financial success underscores the importance of India's urban markets for multinational corporations.

6. Zomato block deal: Shares worth Rs 1,040.50 crore change hands, Softbank likely seller

   In a significant development, a block deal involving Zomato shares valued at Rs 1,040.50 crore took place, with Softbank believed to be the seller. This transaction underscores investor activity in the rapidly growing food delivery sector. Zomato continues to be a key player in India's food delivery market, attracting substantial investment interest.

7. Byju Raveendran in talks with PEs to sell controlling stake in Aakash

   Prominent edtech entrepreneur Byju Raveendran is reportedly in discussions with private equity firms to offload a controlling stake in Aakash Educational Services Ltd. This strategic move could potentially reshape India's education landscape, with Byju's aiming to bolster its presence and offerings through this acquisition. The negotiations are still in progress, and further developments are eagerly awaited.

Breaking News: The Scoop You Can't Miss!

1. PM Modi speaks with Palestinian president, assures humanitarian assistance

Indian Prime Minister Narendra Modi spoke with Palestinian President Mahmoud Abbas promised to continue sending humanitarian assistance to the Palestinian people. During the phone conversation, Modi conveyed his condolences to Abbas on the loss of civilian lives in the bombing at a Gaza hospital and shared India's deep concern over terrorism, violence, and the deteriorating security situation in the region. Modi also reiterated India's long-standing principled position on the Israel-Palestine issue.

2. UK PM faces defeat in by-polls; Uncertainty looms for upcoming general elections

The UK Prime Minister, Rishi Sunak, faced two significant losses in parliamentary seats that were historically considered safe, which could be a sign of trouble for the upcoming general elections. The ruling Conservative party, led by Sunak, lost in Tamworth and Mid Bedfordshire, which were both previously held by the party. The results of the by-elections are seen as a verdict on Sunak, and the Conservative party's support has been declining. The Liberal Democrats and Labour are hoping to oust the Tories in both seats.

3. India reiterates opposition to China’s BRI, supports programmes in Maldives

India has reiterated its opposition to China's Belt and Road Initiative (BRI) due to its lack of respect for India's sovereignty and territorial integrity. India has opted to stay out of the BRI since a key section of the project, the China-Pakistan Economic Corridor (CPEC), runs through Pakistan-occupied Kashmir. India's cooperation with the Maldives is based on jointly addressing shared challenges and priorities, including security and development assistance provided to the Indian Ocean archipelago by New Delhi. India's position on the BRI is well known and consistent, and it has not been invited by China to this year's Belt and Road Forum.

4. Operation Chakra 2: CBI searches 76 locations in action against cyber criminals

The Central Bureau of Investigation (CBI) has conducted searches at 76 locations across India under Operation Chakra-2 after registering five separate cases of cyber-enabled financial fraud, including a ₹100-crore cryptocurrency scam. The accused impersonated a global IT major and a multinational corporation with an online technology-driven trading platform, and systematically preyed on foreign nationals, masquerading as technical support representatives. The CBI has confiscated 32 mobile phones, 48 laptops/hard disks, images of two servers, 33 SIM cards, and pen drives, and frozen numerous bank accounts. The agency also seized a dump of 15 email accounts, illuminating the intricate web of deceit spun by the accused.

5. Uttarakhand got investments worth over ₹54,000 cr since Sept

The Uttarakhand government has signed pacts with various industries for investments totalling ₹54,550 crore in the state since September 2023. The investment commitments have been made by companies in various sectors including tourism, pharmaceuticals, health and wellness, education, and agro-processing during the chief minister's recent visits to London, Birmingham, Dubai, Abu Dhabi, and New Delhi. The state will hold a global investor summit from 8-9 December. The priority will be the investment proposals in sectors that employ more people. The state government is looking for investments in diverse sectors including tourism, micro, small and medium-sized enterprises (MSMEs), startups, education, health and wellness, logistics, horticulture, and environmentally-friendly industries.

World News 🌎

• US troops attacked in Iraq, Syria and on alert for more strikes

• New York City Mayor celebrates Diwali with Hindu community in America.

• Elon Musk factchecked after 'misleading' post on COVID-19 vaccine efficacy

• Joe Biden to send budget request to Congress to support Israel: White House

• Canada updates travel advisory for citizens in India: ‘Keep low profile’

• Israel-Hamas war: Moody's may downgrade Israeli govt's credit rating

• US President Biden compares Hamas to Putin, seeks funding for Israel

• 'It's time to kill you': Indian-origin Sikh mayor of Hoboken faces death threats

• China's Mideast envoy urges guarantees for Palestinians

• Saudi crown prince to British PM: kingdom considers targeting civilians in Gaza 'a heinous crime'

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