Earthquakes in north-central Japan collapse 5 homes that were damaged in deadly January quake
Tokyo (AP): Earthquakes early Monday again struck Japan's north-central region of Ishikawa, still recovering from the destruction left by a powerful quake on January 1, but the latest shaking caused no major damage.
A magnitude 5.9 temblor on the northern top of the Noto Peninsula was followed minutes later by a 4.8 and then several smaller quakes within the next two hours, the Japan Meteorological Agency said. There was no tsunami.
Five houses that had been damaged in the January 1 quake collapsed in Wajiima city, but no major damage or life-threatening injuries were reported, according to Ishikawa prefecture. A quake alarm in the town of Tsubata, about 100 kilometers (60 miles) southwest of the epicenter, surprised a resident in her 60s who fell from her bed but the injury was not life-threatening, prefectural officials said.
JMA seismology and tsunami official Satoshi Harada said Monday's quakes were believed to be aftershocks of the magnitude 7.6 earthquake on January 1. Seismic activity has since slightly subsided, but Harada urged people to be cautious, especially near buildings that were damaged earlier.
Shinkansen super-express trains and other train services were temporarily suspended for safety checks but most of them resumed, according to West Japan Railway Co.
The Nuclear Regulation Authority said no abnormalities were found at two nearby nuclear power plants. One of them, the Shika plant on the Noto Peninsula, had minor damage, though officials said that did not affect cooling functions of the two reactors.
Hokuriku Electric Power Co. said there were no power outages.
Monday's rattlings rekindled fear among residents who are still struggling to recover from damages from the New Year's quake. NHK public television showed a number of people who came out of their homes and temporary shelters to see if there were additional damage.
“Many people who have been living at evacuation centers must have been been frightened,” Chief Cabinet Secretary Yoshimasa Hayashi said, urging caution against potential falling rocks and landslides in areas that were shaken strongly.
Reconstruction comes slowly in mountainous areas on the peninsula, and many damaged houses remain untouched.
In Wajima, which was one of the hardest-hit areas, an inn operator told NHK that he immediately ducked under the desk at the reception when the first quake struck Monday. Nothing fell to the floor or broke, but it reminded him of the January shakings and made him worry that a big quake like that had occurred even five months later.
The Jan. 1 quake killed 260 people, including those who later died due to stress, illnesses and other causes linked to the quake, with three others still missing, according to the FDMA. Damages still remain, and more than 3,300 residents remain evacuated.
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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.
