Modi taking Adani, Sikka to China
The other members who are expected to be part of the business delegation include Sun Pharmaceuticals chairman and managing director Dilip Shanghvi, TCS CEO N Chandrasekaran, Reliance group Chairman Anil Ambani, Ashok Leyland Managing Director R Seshasayee, Suzlon Energy chairman Tulsi Tanti and HDFC Bank chief Aditya Puri. Besides, Pawan Goenka from Mahindra & Mahindra, Flipkart founder Sachin Bansal, JSPL CEO and Managing Director Ravi Uppal, GMR’s BVN Rao, Karbonn Mobiles Chairman Sudhir Hasija and Snapdeal CEO Kunal Bahl are also likely to be part of the visiting delegation.
Representatives of major state-owned companies including BHEL and BEML too would be travelling to China. During the Modi’s visit, India would seek greater market access, removal of non-tariff barriers and investments in sectors such as defence. China has already signed MoUs to set up industrial parks in India. India wants greater market access for its products including textiles, pharmaceuticals and bovine meat. The country imports about 65 per cent of bulk drugs from China for its generic medicine industry but strict regulatory procedures in the neighbouring country restricts exports of drugs to that country. India’s bilateral trade with China stood at $65.85 billion in 2014-15, which is in the favour of China. The trade deficit is about $37 billion. Modi is scheduled to undertake a three-nation tour of China, Mongolia and South Korea from May 14.
Meanwhile, shares of Adani Power on Tuesday tumbled over 7 per cent after the company reported a 71.72 per cent plunge in its consolidated net profit for the quarter ended March 31, 2015. After falling 7.48 per cent to Rs 40.15 in intra-day trade on the BSE, shares of the company finally ended 6.91 per cent lower at Rs 40.40. On the NSE, it dipped 7.14 per cent settle at Rs 40.30.
The market valuation of the company fell by Rs 861.43 crore to Rs 11,602.57 crore. In terms of volume, 15.17 lakh shares of the company traded on the BSE and over 58 lakh shares on the NSE during the day. Adani Power on Monday reported a 71.72 per cent plunge in consolidated net profit for the quarter under review to Rs 715.05 crore due to a decline in sales. The net profit stood at Rs 2,528.55 crore in the previous fiscal. Total revenues for the January-March quarter declined to Rs 4,667.56 crore.
During the quarter, the company reported an exceptional income of Rs 657.56 crore, mainly due to gains arising out of the demerger of transmission business and subsequent stake sale to Adani Transmission. For 2014-15, the company’s consolidated net loss widened to Rs 815.63 crore, from Rs 290.55 crore in 2013-14. Total revenues rose 24 per cent to Rs 19,544.94 crore in 2014-15 compared with Rs 15,768.08 crore in 2013-14.