Gautam Adani has once again slipped to third place in the Bloomberg Billionaire Index, the list of the world’s richest people. Billionaire Adani now trails behind Tesla chief Elon Musk and Amazon founder Jeff Bezos. The slip in ranking came as a result of the rout in domestic equity markets on Monday, which also led to Reliance Industries Chairman Mukesh Ambani falling out of the top 10. Share price of Gautam Adani’s companies fell amid yesterday’s share market rout. The share price decline eroded Adani’s net worth by $6.91 billion to $135 billion. Meanwhile, Bezos managed to overtake Adani as the former’s wealth increased to $138 billion. The market rout also eroded some of Reliance Chairman Mukesh Ambani’s fortune pushing him out of the top 10 in the list of the world’s richest. RIL chief has slipped to 11th place as his net worth came down to $82.4 billion.
In another news related to Gautam Adani – Adani Group will invest more than $100 billion of capital in India over the next decade, with 70 percent of the investment for Energy Transition space, said the conglomerate’s founder Gautam Adani at the Forbes Global CEO Conference in Singapore today. Adding to the existing 20GW renewable portfolio of the group, the roughly $70 billion capital infusion will contribute another 45GW of hybrid renewable power generation. The group, under the banner of Adani new Industries, plans to augment the additional GWs over a 1,00,000 hectares of land, which is roughly 1.4 times the size of Singapore.
Moving on – Edelweiss Asset Management Limited on Tuesday announced the launch of two new target maturity index funds – Edelweiss CRISIL IBX 50:50 Gilt Plus SDL June 2027 & Edelweiss CRISIL IBX 50:50 Gilt Plus SDL April 2037 Index Fund. In a statement, Edelweiss AMC said the index funds will invest in a mix of Indian Government Bonds and State Development Loans (SDLs). Both the schemes are open-ended target maturity Index Fund investing in the constituents of CRISIL IBX 50:50 Gilt Plus SDL Index – April 2037 & June 2027, respectively.
Now some news related to aviation industry – Jet Airways India Ltd., the carrier undergoing a court-monitored process to emerge from bankruptcy, won’t return to the skies this month as previously planned, according to people familiar with the matter. The airline, once India’s top private carrier, can’t sell tickets in September because lenders are reluctant to allow it to take on any fresh liabilities such as an aircraft order, said the people, asking not to be identified discussing private negotiations. Jet is also still in talks with plane manufacturers and lessors to obtain contracts, one of the people said. The airline is “very close” to finalizing its initial fleet plan and preparing to start sales and resume operations “in the coming weeks,” a representative for Jet’s new owners said in a statement.
In a separate development – India has deferred the planned inclusion of the government bonds in the JP Morgan emerging market global index to next year, as was being speculated on the street. The bond inclusion in the global index may have been pushed back to early 2023, as the Government of India still needs to address various operational issues, Reuters reported citing unidentified sources. Earlier, Goldman Sachs and Morgan Stanley had predicted the bond index inclusion would happen only in the 2nd or 3rd quarter of the next year. The Indian government began considering listing its securities for an inclusion in global bond indices in 2013. However, restrictions on foreign investments in Indian debt meant that the country had to roll out a number of steps before its securities could be eligible. Goldman Sachs said India bonds could be included in the index with a 10 per cent weightage, the maximum for a country in the index, resulting in potential inflows of $30 billion from the move. Meanwhile, Barclays also said India could possibly be added to the Bloomberg Global Aggregate bond index.
Lastly – Domestic equity market indices BSE Sensex and NSE Nifty 50 ended in the red on Tuesday, after oscillating between gains and losses. BSE Sensex fell 38 points or 0.01 per cent at 57108, while NSE Nifty 50 ended 9 points down at 17007. Stocks of Tata Steel, Titan Company, Kotak Mahindra Bank, State Bank of India, Housing Development Finance Corporation (HDFC), HDFC Bank, Tech Mahindra among others were top Sensex draggers. On the flip side, IndusInd Bank, Power Grid Corporation of India, HCL Technology, Infosys were among top index gainers.