Here are the top stories this afternoon:
Adani Group stocks sink further after cut in revenue target, Moody's downgrade
Adani Group companies suffered a decline in their stock prices on Monday after the revenue target was revised and four group firms were downgraded by Moody's.
According to a Bloomberg report, the Adani Group has revised its revenue growth target to 15 percent to 20 percent for the next fiscal year, which is a significant drop from the earlier target of 40 percent. The report also stated that the group will scale back its capital expenditure plans to focus on financial stability over aggressive expansion. Read more
Its ice creams aren't working in India but Unilever isn't complaining.
That Hindustan Unilever is a shining jewel in the Unilever crown is well known. Just how vital India is to HUL's parent is becoming evident from data shared by Unilever.
The US is Unilever’s biggest market, as the country tops the list for all segments, except homecare. India is the conglomerate's second-largest market for its beauty and wellbeing, personal care, and nutrition products. Among all the segments that the company is in, India doesn’t appear in the top five markets only for ice creams. Read why
India has signed MoUs with 13 countries to integrate with UPI: Ashwini Vaishnaw
India has signed memoranda of understanding (MoUs) with 13 countries that want to adopt the Unified Payments Interface (UPI) for digital payments, Union Minister Ashwini Vaishnaw said on February 13.
Speaking to the press on the sidelines of the G20 digital economy working group meeting in Lucknow, Vaishnaw said that Singapore had already completed its UPI integration. Read full report here
Sebi to update Nirmala Sitharaman on Adani probe this week: Report
India's market regulator will provide an update on its investigations into the Adani Group's withdrawn follow-on public issue this week, two sources familiar with the matter said on Monday.
The board of the Securities and Exchange Board of India (SEBI) is scheduled to meet Finance Minister Nirmala Sitharaman on Feb. 15, the sources said, speaking on condition of anonymity as they are not allowed to speak to the media.
SEBI's board will brief the finance minister on surveillance measures taken by the regulator during the recent rout in Adani group stocks, the sources said. Full story here
Russian arms supplies to India worth $13 billion in past 5 years
Russian supplied India with around $13 billion of arms during the past five years, and New Delhi has orders placed with Moscow for weapons and military equipment exceeding $10 billion, Russian state news agencies reported late on Sunday.
India is the world's biggest buyer of Russian arms, accounting for around 20% of Moscow's current order book, and New Delhi has not explicitly condemned Russia's invasion of Ukraine. Indian Prime Minister Narendra Modi has called for dialogue and diplomacy to solve the conflict, now in its 12th month.
Scores of Western countries imposed sanctions on Russia, including on arms, in response to the invasion, which Moscow calls a "special military operation". Read more
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