Death of five in accident: Pall of gloom descends on Ajjinadka family
Ullala, July 09: All the 10 members of the family were returning towards their home from Palakkad in Kerala after completing the house warming ceremony. They were about to reach their home in a few minutes. But a lorry came on their way and took the lives of five members of the family. Five members of the family died when the lorry collided their vehicle at Uppala on Monday night.
A year ago, two son-in-laws of Bifathima died in a road accident. Before forgetting that pain, another accident killed five of the family pushing it into greater shock.
In the accident that happened at 6.30 am on Monday, Bifathima (67), her daughter Nasima (38), another daughter Souda’s husband Mustaq (41), grand-daughter Asma (30), and her husband Imtiyaz (35) of Ajjinadka on KC Road lost their lives. Souda, her son Favai (13) and Nasima’s daughter Fathima (1) sustained serious injuries and battling for life in a private hospital in the city. Two other sons Farish and Shahid also seriously injured in the incident.
Have been to house-warming ceremony
Total seven elders and 11 children of the family have been to Palakkad in Kerala on Saturday night to participate in a house warming ceremony of Bifathima’s last daughter Rukhiya. After completing the programme, they left Palakkad in a jeep on Sunday at 7 pm and were about to reach their house on Monday 7 am.
Monu Beary’s wife Bifathima and her family were residing at Samanige near Assaigoli for the last many years. Later, they were shifted to Ajjinadka near KC Road. She has total 8 children including three sons.
Among 11 children, 9 were school going children. As the children have school on Monday, they left Palakkad on Sunday night.
Took friend’s jeep
Deceased Imtiyaz and Mustaq were working as auto drivers in Ullala and in a school van. Both of them were driving the jeep as the distance between Talapadi and Palakkad is 338 km. It is said that at the time of accident, Imtiyaz was driving the vehicle. Mustaq was seated in the front. Mustaq took his friend’s jeep and went to Palakkad.
After the postmortem at Mangalpadi CHC hospital, all the bodies were brought to Bifathima’s house at Ajjinadka. The entire house and surrounding was grief-stricken. Later, the bodies were laid to rest at Kallapu Pattla Masjid.
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Adani touts financial strength, shows can grow without external debt
New Delhi (PTI): Billionaire Gautam Adani's conglomerate on Monday touted its financial and credit details of its portfolio companies to investors, showcasing its robust profits and cash flows that can sustain growth without reliance on external debt.
The ports-to-energy conglomerate, which has been hit by an indictment in a US court against its founder chairman Gautam Adani and two other executives for allegedly bribing Indian official to secure solar power contracts, in a presentation to the investors highlighted its consistently expanding profits and cash flows, which over a period have led to lowering dependence on debt for its growth ambitions.
Equity now accounts for almost two third of its total asset creation, a stark contrast to five years ago. In the last six months, the group has invested close to Rs 75,227 crore, against a total debt increase of only Rs 16,882 crore.
A note was also shared with the investors, along with presentations.
Outlining the group's liquidity position, the note said, "Adani Portfolio companies have sufficient liquidity to cover all debt servicing requirements for at least 12 months. As of September 30, 2024, Adani Portfolio companies had a cash of Rs 53,024 crore, which was close to 21 per cent of its total gross debt outstanding".
This amount, it said, was sufficient to cover the next 28 months of debt servicing requirement.
GROWTH WITHOUT DEBT
In the past, the group has announced plans to invest over Rs 8 lakh crore (USD 100 billion) across portfolio companies in the next ten years.
The Fund Flows from Operations (FFO) or cash profits stood at Rs 58,908 crore for the last twelve months and is growing over 30 per cent for the past five years. On the basis of this, even after assuming no growth, the group will be able to invest Rs 5.9 lakh crore only from its internal cash accruals over the next ten years, leaving very little dependency on external debt.
Further, at the portfolio level, there is very low debt gearing of 2.46x -- which means it has massive headroom for debt, according to the presentation.
Other highlights from the presentation included EBITDA (earnings before interest tax and depreciation) for the last twelve months, which it said is highly stable and hence predictable due to its infrastructure projects, which grew by 17 per cent to Rs 83,440 crore.
Also, existing annual cash flows alone can pay the entire debt in 3 years.
Gross assets/investments increased by Rs 75,227 crore, against total debt increase of only Rs 16,882 crore. Asset base has now increased to Rs 5.5 lakh crore.
Average cost of borrowing at 8.2 per cent, lowest in the last 5 years, due to upgrade in ratings across group companies, it said.
Adani Group's long-term debt from domestic banks was Rs 94,400 crore. This stood against a cash balance of Rs 53,024 crore, most of which was parked with Indian banks.
Borrowings from global banks were 27 per cent of total debt.
