Adani Green Energy shares jump over 4 pc; mcap climbs Rs 10,446.7 cr Shares of Adani Green Energy Ltd (AGEL) on Tuesday jumped over 4 per cent as Gautam Adani and his family will inject Rs 9,350 crore into the conglomerate’s green energy arm to equip it to achieve the 45 GW target by 2030 and to meet debt payment obligations.The stock rallied 4.30 per cent to Rs 1,599.90 on the BSE. During the day, it zoomed 6.26 per cent to Rs 1,630.At the NSE, it jumped 4.37 per cent to Rs 1,600.20.The company’s market valuation climbed Rs 10,446.7 crore to Rs 2,53,429.36 crore. In terms of volume, 4.22 lakh shares of the company were traded at the BSE and over 28.10 lakh shares at the NSE during the day. The fund infusion is part of Adani’s comeback strategy since it was hit by damaging allegations of corporate fraud by Hindenburg Research in January. While the company denied any wrongdoing, Adani group companies lost over USD 50 billion in market value at the lowest point. Some of that loss has been recovered in months thereafter.
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Logistics, good or bad, are driven by the states and the commerce ministry has a LEADS (Logistics Ease Across Different States) report, based on perceptions. The 2023 version was released in December. Since states are heterogenous, in the reporting, they are divided into four groups—coastal, landlocked, north-east, and UTs. States that do well are called achievers. Nomenclature matters. Thus, states that are middling aren’t called average. They are called fast movers. States that are sub-par are called aspirers. Let me highlight coastal states, since 75% of export cargo is estimated to originate from them. Among coastal states, ones that do well are Andhra Pradesh, Gujarat, Karnataka, and Tamil Nadu. The ones that lag are Goa, Odisha, and West Bengal. While India’s logistics performance may have improved over time, that’s not true of every state. Some have slipped. Most states have a state-level logistics policy, including Goa and Odisha. West Bengal, bottom of the pecking order in the coastal category, doesn’t have one. To quote from LEADS 2023, “Looking ahead, the State (West Bengal) could benefit from formulating a State Logistics Master Plan and State Logistics Policy to drive efficiency improvements and facilitate investments within the logistics sector and undertake consultation with the logistics stakeholders for educating and informing them about the initiatives State is undertaking for the development and improvement of logistics sector.”
Logistics has been talked about for a long time and India has also focused on improving performance. We are now getting some precise data on measurement and quantification. That helps.
Bibek Debroy, chairman, EAC-PM. Views are personal.