Morning Buzz: Adani Ports looks to buy Gopalpur Ports, retail auto sales scale new peak and more

Here are the top business headlines this morning to get your day started

  • Published:
  • 07/12/2023 09:50 AM

A logo of the Adani Group is seen on a commercial complex in Mumbai, India, on February 7, 2023. Image: REUTERS/Francis Mascarenhas/File Photo

Adani Ports looks to buy Gopalpur Ports

Adani Ports is in talks to acquire Shapoorji Pallonji-owned Gopalpur Ports for an equity value of Rs 1,100-1,200 crore. If this goes through, it will be its sixth acquisition. The SP Group had also approached private equity groups for the sale but was not happy with the price offered. Earlier SP Group had sold its stake in a port in Raigad to JSW Infrastructure.

(Economic Times)

Paytm to reduce postpaid business

Paytm has said that it will reduce the disbursement of small ticket loans below Rs 50,000. The move comes after RBI guidelines that tightened norms for unsecured loans. In Q2FY24, Paytm disbursed Rs 9,010 crore of postpaid loans, up from Rs 4,050 crore in the same quarter last year. The fintech major will focus on disbursing higher ticket personal and merchant loans.

(Economic Times, Business Standard, Financial Express, BusinessLine)

Adani and Wilmar reach out to private equity for stake sale

Both the Adani group and Wilmar have reached out to private equity funds for a stake sale in the edible oil company. Both own 44 percent each and have offered a majority stake. The company has a market cap of Rs 51,000 crore, down from a peak of Rs 81,000 crore. If the deal goes through, it would be the largest in the consumer goods sector. In recent months top private equity funds have done deals in health care, retail and technology companies.

(Business Standard)

Retail auto sales scale new peak

Monthly auto sales in November touched a new high of 2.85 million units. This is higher than the 2.57 million units recorded in March. Despite the high sales, passenger vehicle inventory has risen to 64 days, and that is a cause for concern. Maruti Suzuki saw a 20 percent increase in retail sales, Tata Motors 30 percent while Hyundai saw an eight percent rise.

(Economic Times, Business Standard)