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Shares of Adani group companies Adani Green Energy Ltd and Adani Energy Solutions Ltd rose up to 2 per cent in Thursday’s trade, ahead of their December quarter results. Data available with corporate database AceEquity suggests FPIs had cut exposure to Adani Green Energy Ltd by 148 basis points to 13.68 per cent in Q3 from 15.16 per cent in Q2. In Adani Energy Solutions, they reduced stake by 132 basis points to 17.34 per cent from 18.66 per cent. Mutual fund holdings in Adani Energy Solutions Ltd (up 57 bps to 1.91 per cent) and Adani Green Energy Ltd (up 28 bps to 0.37 per cent), on the other hand, were up marginally for the quarter.

On Thursday, Adani Green Energy shares rose 1.63 per cent to hit a high of Rs 1,047. Adani Energy Solutions advanced 0.70 per cent to hit a high of Rs 801.15. Both the stocks were trading flat later in the trading session.

Adani Energy Solutions recently came out with the December quarter business update. In the transmission business, Adani Energy maintained system availability of 99.7 per cent in Q3FY25. The company said it added 225 ckm in network during Q3FY25, with total transmission network at 26,485 ckm.

During the quarter, Adani Energy won two new projects – Khavda Phase IV Part-D with a project cost of Rs 3,455 crore and Rajasthan Phase III Part-I (Bhadla – Fatehpur HVDC) with a preliminary project cost of Rs 25,000 crore.
It received LOI for Rajasthan Phase III Part-I (Bhadla – Fatehpur HVDC transmission line). This is the company’s largest order win till date, Adani Energy said.

“The new project wins in FY25 have bolstered the under-construction project pipeline to Rs 54,700 crore from Rs 17,000 crore at the start of the year,” it said.

Adani Green Energy, on the other hand, offered operational update for the nine months ended December 31. The Adani firm said its operational capacity for the first three quarters of FY25 rose 37 per cent to 11,609 MW with greenfield addition of 3,131 MW. It operationalised 2,693 MW Solar power plants and saw greenfield addition of 2,113 MW in Khavda, Gujarat. Besides, Adani Green Energy saw greenfield addition of 580 MW in Rajasthan. Adani Green Energy operationalised 438 MW wind power plants.

The sale of energy for the first three quarters rose 23 per cent to 20,108 million units backed by robust capacity addition, Adani Green Energy said recently.

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Oil and Natural Gas Corporation Limited (ONGC), India’s largest oil and gas producer, has been served with a tax demand totaling Rs 6.72 crore by the GST authorities. The demand, which includes recovery of tax, interest, and penalties, relates to the company’s IGST liabilities for specific months in 2017, the company said in an exchange filing. 

The tax authorities issued the order under Section 74(9) of the Central Goods and Services Tax (CGST) Act, 2017, citing discrepancies in ONGC’s IGST payments for July, October, and November of 2017. The total demand comprises: 

1. IGST Recovery: The primary component of the demand is Rs 2.54 crore, which the authorities claim ONGC owes for the three-month period under review. This amount was demanded under Section 74(1) of the CGST Act, indicating serious compliance issues.

2. Interest Charges: In addition to the tax recovery, ONGC has been asked to pay Rs 1.64 crore in interest. This charge, under Section 50(1) of the CGST Act, reflects the delay in payment of the IGST amount. 

3. Penalty imposition: A penalty equal to the amount of tax demanded, Rs 2.54 crore, has also been levied under Section 122(2)(b) of the CGST Act, read with Section 74(1). This penalty underscores the severity of the alleged non-compliance.

 The company in its filing said that the GST payment was made on time. However, the delay in appropriation occurred due to technical issues related to the Offshore GST Registration (Other Territory), which was not initially mapped on the GST portal by the concerned authorities. The company further emphasised that the delay had no significant impact, considering the size and scale of its operations.

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FMCG major Hindustan Unilever (HUL) on Wednesday reported an 19% year-on-year rise in its consolidated net profit (attributable to owners of the company) for the fiscal’s third quarter ended December (Q3FY25) to ₹2,984 crore. The company had reported a profit of ₹2,509 crore in the year-ago period. Sequentially, the consolidated net profit was up 15.2%. HUL shares ended flat at ₹2,341 apiece on BSE.

HUL’s consolidated total income stood at ₹16,050 crores during the quarter ended December (Q3FY25) from ₹15,781 crore in Q3FY24, a year-on-year rise of 1.7%. Sequentially, the revenue was down by nearly 1%.

The firm reported in its exchange filing that the Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the quarter ending in December was ₹3,695 crore, compared to ₹3,666 crore in Q3FY24. The EBITDA margin was recorded at 23.7%, reflecting a decrease of 30 basis points from Q3FY24.

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India is among the top three least favoured Asian stock markets, according to a recent note by BofA Securities, with 10 per cent of the fund managers surveyed by the research and brokerage house remaining underweight on Indian equities from a 12-month perspective. 

On an overall basis, global fund managers expect less than 5 per cent return from Asia ex-Japan stocks in the next one year, BofA Securities’ survey findings suggest. 

182 panelists with $513 billion worth of assets under management (AUM) responded to the global fund manager survey (FMS) questions, BofA said, while 111 panelists with $214 billion worth of AUM responded to the regional FMS questions between January 10 and 16.

Only China (with a net 23 per cent fund managers) and Thailand (13 per cent) are the other two Asian regions where fund managers are more underweight as compared to Indian equities, survey findings suggest. 

In China, investor patience is being put to test yet again, BofA Securities said, as the sharp rally in September failed to hold on to the gains.  

“Unsurprisingly, growth optimism faded further, with net 10 per cent expecting the economy to strengthen, down from net 61 per cent in October. Structural bearishness calls shot up to near survey-highs, while allocations nosedived to near survey-lows. FMS thinks that cash hoarding by households is here to stay, while less than 25 per cent are comfortable adding exposure on further signs of easing,” BofA Securities said.

Japan, on the other hand, was the most preferred region within Asia where a net 53 per cent of the respondents / fund managers remained overweight, followed by Taiwan (20) and South Korea (3). 

“The optimism on Japan remains unscathed, as 20 per cent of the participants surveyed by BofA expect double-digit return from equities in the next 12 months,” BofA said. 

Tepid 2025 

Those at BNP Paribas Securities, too, see a tepid 2025 for Indian equities and expect returns to remain in single digits in the next one year. 

While high-frequency indicators in India are showing signs of bottoming out, analysts at BNP Paribas Securities see other headwinds (high food inflation, high US bond yields, rising dollar index and firming up commodity prices) that are likely to keep the market sentiment in check for most part of the year.

“The appetite for buying expensive emerging market equities should remain low, unless there are signs of a strong recovery in growth. Strong domestic inflows continue to support the Indian equity market, and we do not see any major risk to this. We see low likelihood of valuation multiples rerating in 2025 and expect market returns to track or slightly lag earnings growth,” wrote Kunal Vora, head of India Equity Research at BNP Paribas India in a recent note. 

APAC markets 

APAC ex-Japan economic outlook, according to the BofA, stayed at its second-weakest level in two years, with net 3 per cent of the participants seeing a weaker economy 12 months out versus net 39 per cent seeing a stronger economy in November.

“The bearishness on the economy rubbed off on return expectations with a majority expecting less than 5 per cent returns in the APAC ex-Japan equities in the next 12 months,” BofA Securities said. 

Semiconductors dominate the regional sector allocations, the survey findings suggest, followed by increasing allocations to banks and consumer staples, while real estate and materials lag. 

“AI/semis, dividends/buybacks and internet are favorite China themes while in India, IT services, a beneficiary of the falling rupee, jumps to the top with infra coming next,” BofA Securities said.

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A host of the world’s wealthiest individuals, collectively worth $1.2 trillion, gathered to witness the inauguration of President Donald Trump. The event, held Monday, attracted four of the five richest men globally, their combined wealth representing nearly one-third of India’s GDP, which stands at $3.55 trillion (nominal GDP in 2024: $3.89 trillion). 

Billionaire attendees and their net worth

Bernard Arnault

The LVMH chief, with a net worth of $179.6 billion, according to Forbes, and the fifth-richest person globally, attended the inauguration with his family, marking a significant appearance by the wealthiest family in France. 

Mukesh Ambani

India’s richest man, with a net worth of $98.1 billion, also attended the event, participating in pre-inauguration activities and a private meeting with President Trump. Arnault’s family, the wealthiest in France, and Ambani both attended various inauguration events.

Jeff Bezos

The Amazon founder and the world’s second-richest individual, with an estimated net worth of $239.4 billion, attended multiple inauguration events.

Mark Zuckerberg

Chief executive of Meta, worth $211.8 billion, was seen at various inauguration functions and co-hosted a pre-inaugural Ball reception. 

Elon Musk

The Tesla CEO, holding the title of the world’s richest person, with a staggering net worth of $433.9 billion, played a pivotal role in supporting Trump’s election campaign. 

The world’s three richest individuals, Bezos, Zuckerberg, and Musk, also participated in multiple inauguration morning activities.

Other high-profile attendees included

Sam Altman (OpenAI CEO) > Net worth: $1.1 billion

Tim Cook (Apple CEO) > Net worth: $2.2 billion

Miriam Adelson > Net worth: $31.9 billion

Rupert Murdoch (Former Fox News Chairman) > Net worth: $22.2 billion

Phil Ruffin(Casino executive) > Net worth: $4.7 billion

Howard Lutnick > Net worth: $1.5 billion

Vivek Ramaswamy> Net worth: $1 billion 

Billionaires host inaugural ball

Several of these billionaires, including Zuckerberg, Adelson, Tilman Fertitta (Net worth: $10.2 billion), and Todd Ricketts (family net worth: $4.2 billion), co-hosted a pre-inaugural Ball reception. 

Brian Armstrong, Coinbase CEO, was invited but hadn’t been seen at the swearing-in. Other high-profile figures, including Stephen Feinberg, Warren Stephens, Jared Isaacman, Steve Witkoff, Linda McMahon, and Kelly Loeffler, were reportedly offered positions in the administration.

Net worth of Donald Trump

Forbes estimates President Trump’s net worth to be at $6.7 billion, largely due to his stake in Trump Media & Technology Group, the parent company of Truth Social. 

Billionaire wealth vs global economies

The combined net worth of these attendees is nearly one-third of India’s GDP, which ranks as the world’s fifth-largest economy at $3.55 trillion. India, a rapidly growing economy, showcases how the wealth of a select group of individuals can rival the economic output of entire nations. 

The wealth present at Trump’s inaugural events could rival some of the top economies. To put this into perspective, the nominal GDP in current US dollars for Indonesia, which ranks 16 globally is $1.48 trillion and the Netherlands, ranked 17, is $1.14 trillion.

The presence of such influential figures at the inauguration of a pro-business president signals potential shifts in economic policies and priorities.

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