The Adani Group, now the country’s biggest conglomerate by market capitalisation, Friday completed the acquisition of Ambuja Cements and its listed subsidiary ACC and committed more funds through a record preferential allotment of stock, demonstrating the intent to cement the group’s leadership credentials in India’s building-materials industry by 2030.
Prime Minister Narendra Modi called upon Shanghai Cooperation Organisation (SCO) member states to give transit access to each other in a message aimed at boosting connectivity to ensure resilient supply chains in the region.
Indian equities tumbled close to 2% on Friday, tracking weakness in global markets, as stronger-than-expected economic readings in the US raised expectations of aggressive rate increases by the American central bank at next week’s policy meeting. Warnings from the International Monetary Front (IMF) and the World Bank on the economic outlook added to market woes.
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