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Mukesh Ambani and Gautam Adani are at a crossroads in their battle
Adani, the world’s sixth richest man, has increased his fortune by nearly $30 billion this year, more than any other billionaire. His net worth of $106 billion is less than half that of Tesla Inc. co-founder Elon Musk, but it is $10 billion higher than that of Ambani. While both would like markets to reward them for writing India’s renewable energy future, what’s ticking for them right now is all the polluting stuff that’s in short supply: coal, palm oil, gasoline, and construction materials. Adani is favoured by investors simply because he is the more daring of the two.
With his $27 billion fundraising in the middle of the 2020 Covid-19 disruption — first from the likes of Facebook (now known as Meta Platforms Inc.) and Alphabet Inc. for his digital business and then from Silver Lake Partners, KKR & Co. Inc. and others for his retail chain — Ambani, who turned 65 last month, was the toast of the global M&A market. Adani, who will celebrate his 60th birthday next month as India’s newly anointed cement king after purchasing Holcim Ltd.’s business in the country for $10.5 billion, appears to have inherited that zeal.
According to Bloomberg News, Adani has spent $17 billion on 32 acquisitions in the last year and shows no signs of slowing down, despite the fact that his listed companies’ combined net debt is nearly $20 billion, or more than four times annual earnings before interest, taxes, depreciation, and amortisation (Ebitda). In a tightening global interest-rate cycle, that’s a lot of leverage to carry.
Compare this to Reliance Industries Ltd NSE 1.00 percent, Ambani’s flagship. Its planned annual capital expenditure is estimated to be $13 billion. However, as competition in India’s telecoms market has dwindled, the data Ambani sells has become more expensive. The state-mandated price cap on the natural gas he produces in India has risen by 62 percent. The world’s largest refinery complex, in Jamnagar, is benefiting from a fuel shortage. All of this could keep Reliance’s net debt-to-Ebitda ratio at 0.7 this fiscal year, according to Fitch Ratings, which rates the conglomerate’s foreign-currency creditworthiness at BBB, one notch above India’s sovereign debt.
Ambani’s fortress-like balance sheet, however, isn’t exactly igniting the stock market: The Reliance NSE 0.96 percent stock, which reached a high of 29 times forward 12-month earnings in 2020, is now trading at a multiple of 21. Adani Enterprises Ltd NSE -0.05 percent, which closed the valuation gap with Reliance around Prime Minister Narendra Modi’s reelection in 2019, now trades at a PE ratio of 124.
Haryana
Delhi Weather and AQI Today: Warm start at 22.05 °C, check weather forecast for October 22, 2024
Check the weather forecast and air quality updates for Delhi on October 22, 2024 here.
The temperature in Delhi today, on October 22, 2024, is 32.93 °C. The day’s forecast indicates a minimum and maximum temperature of 22.05 °C and 35.04 °C, respectively. The relative humidity is 26% and the wind speed is 26 km/h. The sun rose at 06:26 AM and will set at 05:44 PM.
Tomorrow, on Wednesday, October 23, 2024, Delhi is predicted to experience a minimum and maximum temperature of 27.42 °C and 34.91 °C, respectively. Tomorrow humidity levels will be at 20%.
With temperatures ranging between 22.05 °C and 35.04 °C, prepare for a hot day and plan outdoor activities accordingly. If you are sensitive to heat, take note of the weather forecast and consider appropriate attire and activities suitable for the prevailing weather.
The AQI in Delhi today stands at 334.0, falling in the very poor category. Everyone should be cautious. Children and people with respiratory diseases, such as asthma, should stay indoors and others should also limit their outdoor activities. Usage of masks and air purifying devices is advised. Being aware of the AQI helps one make informed decisions regarding one’s overall well-being while planning the day’s activities.
Weather and AQI predictions in Delhi for next 7 days:
Date Temperature Sky October 23, 2024 32.93 °C Sky is clear October 24, 2024 32.69 °C Sky is clear October 25, 2024 32.5 °C Sky is clear October 26, 2024 32.07 °C Sky is clear October 27, 2024 30.69 °C Sky is clear October 28, 2024 31.29 °C Sky is clear October 29, 2024 32.09 °C Sky is clear
Weather in other cities on October 22, 2024
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