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Go First has undrawn limits of about Rs 200 crore under the governments emergency credit line guarantee scheme (ECLGS), which was introduced to support sectors like travel and tourism that were hit hard by the Covid-19 pandemic disruptions, they said. The banks decision not to release more money is likely to further delay any chances of the airline resuming operations.
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The proposals are designed to prevent circumvention of minimum public shareholding requirements and misuse of the FPI route to guard against risks of an opportunistic takeover. The move follows SEBI's difficulty in identifying the beneficial owners of some foreign portfolio investments in Adani stocks, since the existing regulations are lax in identifying their true ownership.
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Adani may raise $3bn in a share sale to institutional buyers as it looks to make a comeback following a report of accounting fraud and stock price manipulation by a US short seller. Gautam Adani's group may raise up to $1bn through Adani Green Energy alone, with Adani Enterprises and Adani Transmission also approved to raise funds. The fundraising could be completed by the second quarter as the group seeks to fund expansion projects. Investors from Europe and the Middle East are said to have expressed strong interest.
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Revenue for a sample of 2,863 companies grew by 13.4% year-on-year in the March quarter. After clocking 33.9% growth in the June 2022 quarter, top line growth has slowed down gradually in each of the quarters since then. Net profit rose by 6.5% in the March quarter. While it has improved since the September quarter when profit had fallen by 11.5%, it continued to remain muted. In the year-ago quarter, revenue and profit had grown by 21.7% and 37.2% respectively.
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Briefing media on the quarterly number, the CEA said the risk to the projected 6.5 per cent GDP number is evenly balanced and there is a good chance of this number may be exceeded in the current fiscal. "So, we are very pleased to have been able to present a story of sustained economic momentum combined with macroeconomic, financial and fiscal stability, and we look forward to another year of solid economic performance by India," he said.
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News and Media
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