The follow-on public offer (FPO) issued by Adani Enterprises has been fully subscribed on the last day. Data showed the demand for the FPO was led by non-institutional investors, and they subscribed to the shares 3.26 times. The portion for institutional investors was also oversubscribed. However, the response from retail individual investors was lukewarm, with only 11% subscription (2.5 million out of a quota of 22.9 million shares). A big contribution came from non-institutional investors or ultra-high networth individuals (UHNIs). Employees bid for 55% of the shares reserved for them. Adani Enterprises had filed a red herring prospectus with the markets regulator Securities and Exchange Board of India (SEBI) for the â¹20,000 crore follow-on public offer (FPO), the largest ever in India. A follow-on public offering (FPO) is the issuance of shares to investors by a company listed on a stock exchange after its initial public offerings. There were concerns that the FPO may not receive a strong response from investors amid a report by a U.S.-based Hindenburg Research that surfaced on January 24, which claimed the Adani Group of having weak business fundamentals among others. The US-based firm, in its report, raised concerns about shares of Adani group companies having a possibility of declining from their current levels, owing to high valuations. In response, Adani Group on Sunday said the recent report by Hindenburg Research was not an attack on any specific company but a âcalculated attackâ on India, its growth story, and ambitions. It added the report was ânothing but a lieâ. On Monday, an Abu Dhabi-based diversified conglomerate International Holding Company announced that it will invest about $400 million (AED 1.4 billion) into the Adani Enterprisesâ follow-on public offer (FPO) through its subsidiary Green Transmission Investment Holding RSC Limited. âOur interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises Ltd, we see a strong potential for growth from a long-term perspective and added value to our shareholders,â said Syed Basar Shueb, Chief Executive Officer, IHC. Indiaâs economy to grow 6.5 per cent in 2023-24: Economic survey Indiaâs economy is projected to slow to 6.5% in the fiscal year starting April but will remain the fastest growing major economy in the world as it fared better in dealing with the extraordinary set of challenges the globe has faced, the Economic Survey 2022-23 said on Tuesday. Indiaâs gross domestic product (GDP) growth of 6.5% in 2023-24 compares with an estimated 7% expansion in current fiscal year (April 2022 to March 2023) and 8.7% in the previous year. Like the rest of the world, India too faced an extraordinary set of challenges in tightening financial conditions and supply chain disruptions from a prolonged war in Europe but âwithstood them better than most economiesâ, the annual document detailing the state of the economy said. The survey tabled in Parliament by Finance Minister Nirmala Sitharaman, stated that India is the worldâs third largest economy in PPP (purchasing power parity) terms and fifth largest in terms of exchange rate. âEconomy has nearly recouped what was lost, renewed what had paused, and re-energised what had slowed during the pandemic and since the conflict in Europe,â it said. While it indicated that inflation may not be too worrisome, borrowing costs are likely to remain âhigher for longerâ as an entrenched inflation may prolong the tightening cycle. Indiaâs recovery from the pandemic was relatively quick, growth to be supported by solid domestic demand, pick up in capital investment, the Survey said but highlighted the challenge to rupee with the likelihood of further interest rate hikes by the US Fed. Current account deficit or CAD may continue to widen as global commodity prices remain elevated and because of strong economic growth momentum. If CAD widens further, the rupee may come under depreciation pressure, it said, adding the overall external situation will remain manageable. On exports, it said the growth moderated in the second half of current fiscal. Slowing world growth, shrinking global trade led to loss of export stimulus in the second half of the current year. Pegging nominal growth at 11% for 2023-24, the survey said the growth in the financial year beginning April 1 will remain strong relative to most global economies, led by sustained private consumption, a pick-up in lending by banks and improved capital spending by corporations. The optimistic growth forecasts stem from a number of positives like the rebound of private consumption giving a boost to production activity, higher capital expenditure, and near universal vaccination coverage enabling people to spend on contact-based services such as restaurants, hotels, shopping malls and cinemas. The return of migrant workers to cities to work on construction sites leading to a significant decline in housing market inventory is also a factor for the optimistic growth projection, it said. The strengthening of the balance sheets of corporates, well-capitalised public sector banks ready to increase the credit supply and the credit growth to micro, small and medium enterprises (MSME) sector have also helped. The survey said the growth is expected to be brisk in FY24 as a vigorous credit disbursal, and capital investment cycle are expected to unfold in India with the strengthening of the balance sheets of the corporate and banking sector. Further support to the economic growth will come from the expansion of public digital platforms and measures such as PM GatiShakti, the National Logistics Policy and the production-linked incentive schemes to boost manufacturing output. Indiaâs economy has rebounded since the COVID-19 pandemic, but the Russia-Ukraine conflict has triggered inflationary pressures and prompted central banks, including Indiaâs, to reverse the ultra-loose monetary policy they adopted during the pandemic. The survey stated that the inflation projection by RBI at 6.8% for current fiscal (FY23) is above the central bankâs tolerance limit but the pace of price increase is not high enough to deter private consumption or low enough to weaken investment. According to the survey, the pressure on the Indian rupee could continue due to the tightening of monetary policy. CAD may also remain elevated as imports could remain high due to a strong local economy while exports ease due to weakness in the global economy. Indiaâs CAD was 4.4% of GDP in July-September period, higher than 2.2% a quarter ago and 1.3 per cent a year ago, as rising commodity prices and a weak rupee increased the trade gap. The survey said there has been an improvement in employment conditions in India due to stronger consumption but a pick-up in private investment is essential to creating more jobs. Gujarat court awards life imprisonment to godman Asaram Bapu; imposes fine of â¹50,000 for repeated rape and sexual exploitation Gandhinagar sessions court sentenced self-styled godman Asaram Bapu to life imprisonment in connection with a 2013 rape case filed by a victim who stayed at his ashram, near Gandhinagar, in Gujarat. The court has also imposed a fine of â¹50,000 on him. During the hearing on the quantum of the sentence, the prosecution submitted that Asaram Bapu was a âhabitual offenderâ and sought life imprisonment for him in the case along with a heavy fine. Sessions court judge D. K. Soni, after hearing the arguments, awarded life imprisonment and imposed a fine of â¹50,000. The 81-year-old self-styled godman with a massive following and hundreds of ashrams, is serving a life sentence in a Jodhpur jail for raping a minor girl at his ashram in Rajasthan in 2013. On January 31, he was present via a video-link, the same way he had attended the trial all these years. A Gujarat court had convicted him on January 30, more than nine years after a former disciple of Asaram Bapu lodged a case of rape against him during her earlier stay in his ashram. It maybe recalled that the victimâs younger sister was raped and illegally confined by Asaramâs son Narayan Sai. Sai was sentenced to life imprisonment by a sessions court in Surat in April 2019 in the rape case filed against him by his former disciple in 2013. SC Collegium recommends elevation of Allahabad and Gujarat HC chief justices to apex court The five-member Supreme Court Collegium led by Chief Justice of India DY Chandrachud on January 31, 2023 recommended Chief Justice of Allahabad High Court Rajesh Bindal and Gujarat High Court Chief Justice Aravind Kumar to the government for appointment as apex court judges. The court has seven vacancies now. It has a sanctioned judicial strength of 34. The Collegiumâs December 13, 2022 recommendation of Justices Pankaj Mithal, Sanjay Karol, P.V. Sanjay Kumar and Ahsanuddin Amanullah are still pending with the government. âWhere are the judges⦠let us wait for some more judges,â Chief Justice Chnadrachud was heard telling a lawyer who had sought an early hearing of his case during the mentioning hour on Tuesday. In its four-page resolution, the Collegium has given no room for the government to tinker with seniority among the seven judges by bifurcating their names or by appointing one over the other. âThe names recommended earlier by the Collegium by its resolution dated December 13, 2022 shall have precedence over the two names [Justices Bindal and Kumar] recommended presently for appointment to the Supreme Court. Therefore, the appointments of five judges recommended on December 13, 2022 should be notified separately and earlier in point of time before the two judges recommended by this resolution,â the five-member Collegium which also includes Justices Sanjay Kishan Kaul, KM Joseph, MR Shah and Ajay Rastogi said categorically. While the resolution of the Collegium with regard to the appointment of Justice Bindal was âunanimousâ, Justice Joseph was of the opinion that Justice Aravind Kumar could be considered at a later stage. On the choice of Justice Bindal, the Collegium reasoned that he was number two in the All India seniority of High Court judges and was the senior most judge from the Punjab and Haryana High Court. âWhile recommending his name, the Collegium has taken into consideration the fact that the Punjab and Haryana High Court, which is one of the largest High Courts with a sanctioned strength of 85 judges, is not adequately represented on the Bench of the Supreme Court. The High Court of Punjab and Haryana is a common High Court for two States,â Collegium noted. As of now, Justice Bindal is due to retire on April 15, 2023. If he is appointed to the Supreme Court, he would continue to the age of 65. Justice Aravind Kumar is number 26 in the All-India-seniority of High Court judges. He is second senior most judges from the Karnataka High Court. There are currently two Supreme Court judges whose parent High Court is Karnataka. The Collegium said it has recommended the two names for apex court judgeships after a âmeaningful discussion on and assessment of their judicial acumenâ through examination of their judgments and careful evaluation of their merit, integrity and competence. In Brief: Chief Minister Y.S. Jagan Mohan Reddy on Tuesday said Andhra Pradeshâs capital would be shifted to Visakhapatnam in a few months. The statement assumes significance in the wake of cases on the capital issue pending in the Supreme Court. He made these remarks at a curtain-raiser programme for the Global Investors Summit, scheduled to be organised at Visakhapatnam in March, in New Delhi on Tuesday. âI am here to invite you to Visakhapatnam which will be our capital. I will also be shifting to Vizag in months to come. I invite you and your colleagues to see for yourself how easy it is to do business in Andhra Pradesh.â Evening Wrap will return tomorrow. [logo] The Evening Wrap 31 JANUARY 2023 [The Hindu logo] Welcome to the Evening Wrap newsletter, your guide to the day’s biggest stories with concise analysis from The Hindu. [[Arrow]Open in browser]( [[Mail icon]More newsletters]( Adani Enterprises FPO fully subscribed The[follow-on public offer (FPO) issued by Adani Enterprises]( has been fully subscribed on the last day. Data showed the demand for the FPO was led by non-institutional investors, and they subscribed to the shares 3.26 times. The portion for institutional investors was also oversubscribed. However, the response from retail individual investors was lukewarm, with only 11% subscription (2.5 million out of a quota of 22.9 million shares). A big contribution came from non-institutional investors or ultra-high networth individuals (UHNIs). Employees bid for 55% of the shares reserved for them. Adani Enterprises had filed a red herring prospectus with the markets regulator Securities and Exchange Board of India (SEBI) for the â¹20,000 crore follow-on public offer (FPO), the largest ever in India. A follow-on public offering (FPO) is the issuance of shares to investors by a company listed on a stock exchange after its initial public offerings. There were concerns that the FPO may not receive a strong response from investors amid a report by a U.S.-based Hindenburg Research that surfaced on January 24, which claimed the Adani Group of having weak business fundamentals among others. The US-based firm, in its report, raised concerns about shares of Adani group companies having a possibility of declining from their current levels, owing to high valuations. In response, Adani Group on Sunday said the recent report by Hindenburg Research was not an attack on any specific company but a âcalculated attackâ on India, its growth story, and ambitions. It added the report was ânothing but a lieâ. On Monday, an Abu Dhabi-based diversified conglomerate International Holding Company announced that it will invest about $400 million (AED 1.4 billion) into the Adani Enterprisesâ follow-on public offer (FPO) through its subsidiary Green Transmission Investment Holding RSC Limited. âOur interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises Ltd, we see a strong potential for growth from a long-term perspective and added value to our shareholders,â said Syed Basar Shueb, Chief Executive Officer, IHC. Indiaâs economy to grow 6.5 per cent in 2023-24: Economic survey [Indiaâs economy is projected to slow to 6.5% in the fiscal year starting April but will remain the fastest growing]( major economy in the world as it fared better in dealing with the extraordinary set of challenges the globe has faced, the Economic Survey 2022-23 said on Tuesday. Indiaâs gross domestic product (GDP) growth of 6.5% in 2023-24 compares with an estimated 7% expansion in current fiscal year (April 2022 to March 2023) and 8.7% in the previous year. Like the rest of the world, India too faced an extraordinary set of challenges in tightening financial conditions and supply chain disruptions from a prolonged war in Europe but âwithstood them better than most economiesâ, the annual document detailing the state of the economy said. The survey tabled in Parliament by Finance Minister Nirmala Sitharaman, stated that India is the worldâs third largest economy in PPP (purchasing power parity) terms and fifth largest in terms of exchange rate. âEconomy has nearly recouped what was lost, renewed what had paused, and re-energised what had slowed during the pandemic and since the conflict in Europe,â it said. [âEconomic Survey 2022-23â presented by Chief Economic Advisor V. Anantha Nageswaran, during a press conference, in New Delhi, on January 31, 2023.] While it indicated that inflation may not be too worrisome, borrowing costs are likely to remain âhigher for longerâ as an entrenched inflation may prolong the tightening cycle. Indiaâs recovery from the pandemic was relatively quick, growth to be supported by solid domestic demand, pick up in capital investment, the Survey said but highlighted the challenge to rupee with the likelihood of further interest rate hikes by the US Fed. Current account deficit or CAD may continue to widen as global commodity prices remain elevated and because of strong economic growth momentum. If CAD widens further, the rupee may come under depreciation pressure, it said, adding the overall external situation will remain manageable. On exports, it said the growth moderated in the second half of current fiscal. Slowing world growth, shrinking global trade led to loss of export stimulus in the second half of the current year. Pegging nominal growth at 11% for 2023-24, the survey said the growth in the financial year beginning April 1 will remain strong relative to most global economies, led by sustained private consumption, a pick-up in lending by banks and improved capital spending by corporations. The optimistic growth forecasts stem from a number of positives like the rebound of private consumption giving a boost to production activity, higher capital expenditure, and near universal vaccination coverage enabling people to spend on contact-based services such as restaurants, hotels, shopping malls and cinemas. The return of migrant workers to cities to work on construction sites leading to a significant decline in housing market inventory is also a factor for the optimistic growth projection, it said. The strengthening of the balance sheets of corporates, well-capitalised public sector banks ready to increase the credit supply and the credit growth to micro, small and medium enterprises (MSME) sector have also helped. The survey said the growth is expected to be brisk in FY24 as a vigorous credit disbursal, and capital investment cycle are expected to unfold in India with the strengthening of the balance sheets of the corporate and banking sector. Further support to the economic growth will come from the expansion of public digital platforms and measures such as PM GatiShakti, the National Logistics Policy and the production-linked incentive schemes to boost manufacturing output. Indiaâs economy has rebounded since the COVID-19 pandemic, but the Russia-Ukraine conflict has triggered inflationary pressures and prompted central banks, including Indiaâs, to reverse the ultra-loose monetary policy they adopted during the pandemic. The survey stated that the inflation projection by RBI at 6.8% for current fiscal (FY23) is above the central bankâs tolerance limit but the pace of price increase is not high enough to deter private consumption or low enough to weaken investment. According to the survey, the pressure on the Indian rupee could continue due to the tightening of monetary policy. CAD may also remain elevated as imports could remain high due to a strong local economy while exports ease due to weakness in the global economy. Indiaâs CAD was 4.4% of GDP in July-September period, higher than 2.2% a quarter ago and 1.3 per cent a year ago, as rising commodity prices and a weak rupee increased the trade gap. The survey said there has been an improvement in employment conditions in India due to stronger consumption but a pick-up in private investment is essential to creating more jobs. Gujarat court awards life imprisonment to godman Asaram Bapu; imposes fine of â¹50,000 for repeated rape and sexual exploitation [Gandhinagar sessions court sentenced self-styled godman Asaram Bapu]( to life imprisonment in connection with a 2013 rape case filed by a victim who stayed at his ashram, near Gandhinagar, in Gujarat. The court has also imposed a fine of â¹50,000 on him. During the hearing on the quantum of the sentence, the prosecution submitted that Asaram Bapu was a âhabitual offenderâ and sought life imprisonment for him in the case along with a heavy fine. Sessions court judge D. K. Soni, after hearing the arguments, awarded life imprisonment and imposed a fine of â¹50,000. The 81-year-old self-styled godman with a massive following and hundreds of ashrams, is serving a life sentence in a Jodhpur jail for raping a minor girl at his ashram in Rajasthan in 2013. On January 31, he was present via a video-link, the same way he had attended the trial all these years. A Gujarat court had convicted him on January 30, more than nine years after a former disciple of Asaram Bapu lodged a case of rape against him during her earlier stay in his ashram. It maybe recalled that the victimâs younger sister was raped and illegally confined by Asaramâs son Narayan Sai. Sai was sentenced to life imprisonment by a sessions court in Surat in April 2019 in the rape case filed against him by his former disciple in 2013. SC Collegium recommends elevation of Allahabad and Gujarat HC chief justices to apex court [The five-member Supreme Court Collegium led by Chief Justice of India DY Chandrachud]( on January 31, 2023 recommended Chief Justice of Allahabad High Court Rajesh Bindal and Gujarat High Court Chief Justice Aravind Kumar to the government for appointment as apex court judges. The court has seven vacancies now. It has a sanctioned judicial strength of 34. The Collegiumâs December 13, 2022 recommendation of Justices Pankaj Mithal, Sanjay Karol, P.V. Sanjay Kumar and Ahsanuddin Amanullah are still pending with the government. âWhere are the judges⦠let us wait for some more judges,â Chief Justice Chnadrachud was heard telling a lawyer who had sought an early hearing of his case during the mentioning hour on Tuesday. In its four-page resolution, the Collegium has given no room for the government to tinker with seniority among the seven judges by bifurcating their names or by appointing one over the other. âThe names recommended earlier by the Collegium by its resolution dated December 13, 2022 shall have precedence over the two names [Justices Bindal and Kumar] recommended presently for appointment to the Supreme Court. Therefore, the appointments of five judges recommended on December 13, 2022 should be notified separately and earlier in point of time before the two judges recommended by this resolution,â the five-member Collegium which also includes Justices Sanjay Kishan Kaul, KM Joseph, MR Shah and Ajay Rastogi said categorically. While the resolution of the Collegium with regard to the appointment of Justice Bindal was âunanimousâ, Justice Joseph was of the opinion that Justice Aravind Kumar could be considered at a later stage. On the choice of Justice Bindal, the Collegium reasoned that he was number two in the All India seniority of High Court judges and was the senior most judge from the Punjab and Haryana High Court. âWhile recommending his name, the Collegium has taken into consideration the fact that the Punjab and Haryana High Court, which is one of the largest High Courts with a sanctioned strength of 85 judges, is not adequately represented on the Bench of the Supreme Court. The High Court of Punjab and Haryana is a common High Court for two States,â Collegium noted. As of now, Justice Bindal is due to retire on April 15, 2023. If he is appointed to the Supreme Court, he would continue to the age of 65. Justice Aravind Kumar is number 26 in the All-India-seniority of High Court judges. He is second senior most judges from the Karnataka High Court. There are currently two Supreme Court judges whose parent High Court is Karnataka. The Collegium said it has recommended the two names for apex court judgeships after a âmeaningful discussion on and assessment of their judicial acumenâ through examination of their judgments and careful evaluation of their merit, integrity and competence. In Brief: [Chief Minister Y.S. Jagan Mohan Reddy on Tuesday said Andhra Pradeshâs capital]( would be shifted to Visakhapatnam in a few months. The statement assumes significance in the wake of cases on the capital issue pending in the Supreme Court. He made these remarks at a curtain-raiser programme for the Global Investors Summit, scheduled to be organised at Visakhapatnam in March, in New Delhi on Tuesday. âI am here to invite you to Visakhapatnam which will be our capital. I will also be shifting to Vizag in months to come. I invite you and your colleagues to see for yourself how easy it is to do business in Andhra Pradesh.â Evening Wrap will return tomorrow. 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