Market Bizzz

Adani Group told Reuters in a statement on Saturday that the sale remains on schedule at the planned issue price, even as sources said bankers on the country’s largest secondary share sale were considering extending the timeline beyond Jan. 31, or tweaking the price due to the fall in its share price.

China resumes business this week after its Lunar New Year holidays. The number of passengers travelling prior to the holidays rose above levels in the past two years but is still below 2019, Citi analysts said in a note, citing data from the Ministry of Transport.

“If you have a global portfolio and your portfolio starts going up, then your allocation to India as a percentage will fall and there is no doubt in the world that India is going to grow, the debates are not on growth, it is on issues that seem to be more temporary in nature.”

Bankers on the deal were considering extending the sale or cutting the issue price after shares of Adani plunged following a report from a U.S. short seller, three people familiar with the matter told Reuters on Saturday.

The company predicted a surprise loss for the first quarter and its revenue forecast was $3 billion below estimates as it also struggled with slowing growth in the data center business.

Aditya Birla Sun Life AMC on Friday reported an 11 per cent decline in profit after tax (PAT) to Rs 166.3 crore for three months ended December 2022. In comparison, the company had posted a PAT of Rs 186.2 crore in the same quarter of the preceding fiscal, the asset management firm said in a regulatory filing.