Adani Group Expands Aggressively Amid Market Changes

The Adani Group has agreed to acquire Orient Cement for Rs 8,100 crore, signaling its strategy to challenge UltraTech. Meanwhile, the IMF projects India's GDP to moderate in coming years. Market turbulence is evident with Hyundai's shares plummeting on debut, alongside significant Sensex declines.

The Adani Group's acquisition of Orient Cement, valued at Rs 8,100 crore, marks a significant move to strengthen its position against India's leading cement company UltraTech.

In economic forecasts, the IMF predicts India's GDP growth to slow to 7% in 2024 and 6.5% in 2025, as post-pandemic demand wanes and the economy realigns with its potential output.

Market volatility is prevalent, highlighted by Hyundai Motor India's poor stock market debut with shares falling over 7%, and major indices like the Sensex witnessing substantial declines due to a sizable exodus of foreign investments.

(With inputs from agencies.)