Karnataka Rakshana Vedike (NGF) activists damage signboards in Bengaluru for not using Kannada
Bengaluru (PTI): The Karnataka Rakshana Vedike (Narayana Gowda faction) on Wednesday targeted business establishments in Bengaluru and damaged their signboards and name plates which did not use Kannada.
The activists took out rallies in various parts of the city, especially in the business hubs such as MG Road, Brigade Road, Lavelle Road, UB City, Chamarajapet, Chickpet, Kempe Gowda Road, Gandhi Nagar, St Marks Road, Cunningham Road, Residency Road and Sadahalli Gate near Devanahalli.
The activists said the business establishments were "undermining the official language of Karnataka, which is Kannada."
Many malls, shops, commercial buildings, companies and factories, especially multinational companies, faced the ire of KRV activists. They destroyed and defaced signboards and name plates which were not in Kannada. Later, the agitating members including the KRV convener T A Narayana Gowda, were taken under preventive custody by police.
Speaking to reporters, Gowda said the name plates and signboards in Karnataka should be in Kannada.
"As per rule 60 per cent of the signboards and name plates should be in Kannada. We are not against your business but if you are doing business in Karnataka then you have to respect our language. If you ignore Kannada or put Kannada letters in small, we will not let you operate here," Gowda said.
VIDEO | Members of Karnataka Rakshana Vedike tear down posters in English on Bengaluru streets, warning commercial establishments to install billboards in Kannada. pic.twitter.com/LVQUUVj2DV
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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.
