Karnataka logs 74 fresh Covid-19 cases, two deaths
Bengaluru, Dec 26: Karnataka on Tuesday reported 74 fresh cases of Covid-19 and two coronavirus-related deaths in the last 24 hours. This takes the total number of active cases in the state to 464, a Health bulletin said.
With this, the total number of Covid-19 related deaths in the state after the recent spike in cases stands at 9.
According to the bulletin issued by the Health department, in the last 24 hours, as many as 44 patients have been discharged and a total of 6,403 tests have been conducted including 4,680 RT-PCR and 1,723 Rapid Antigen tests. Positivity rate stands at 1.15 per cent while case fatality rate stands at 2.70 per cent.
The maximum number of tests were conducted in Bengaluru. Out of the 2,104 tests conducted, 57 have been found positive for the virus, which is the highest as compared to other districts of the state.
ALSO READ: Mask-up, follow COVID appropriate behaviour: Karnataka govt
The two deceased were aged 51. One of them was admitted in Dakshina Kannada with symptoms of fever, cough and breathlessness on December 22. He had severe acute respiratory infection and died on December 23. He was not vaccinated. The other patient was admitted in Mysuru with symptoms of cough and breathlessness on December 20 and died on December 25. He also had a severe acute respiratory infection but was vaccinated, the bulletin stated.
As of Tuesday, the total active cases reported in the state stands at 464. Out of these, 423 people are in home isolation while the remaining 41 are hospitalised. Among those hospitalised, 16 have been admitted to ICU and 25 are admitted in the general ward, it added.
Amid a spike in cases and detection of JN.1 infections in the state, the Karnataka government's cabinet sub-committee on coronavirus have advised people to wear masks, not send children with symptoms to schools, adhere to COVID appropriate behaviour like social distancing, seven days home isolation and leave for infected patients.
It has also decided to administer "precautionary vaccine" for the aged and those with comorbidities and to get 30,000 doses of Corbevax vaccine from the Centre for this purpose.
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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.
