Mumbai: Gautam Adani's eponymous firm, telecom ‌operator Bharti Airtel, US-based Genpact and autoparts giant ZF Friedrichshafen are among the companies setting up treasury operations in India's tax-neutral finance zone, according to three sources. They are set to join ArcelorMittal, the world's second-largest steelmaker, which has secured regulatory licenses to set up two treasury centres, according to public filings. The Gujarat International Finance Tec-City, known as GIFT City, is being promoted by the Modi government as a financial centre to rival Singapore and Dubai. In February, the government extended the ⁠tax holiday for firms operating there to 20 years and regulations have also been eased. Seventeen corporate treasuries are likely to begin operations in GIFT City over the next three months, two of the three sources said, declining to be named as they are not authorised to speak to the media. Corporate treasury operations have traditionally been housed in ‌places like Singapore and the Netherlands.

Major firms like Adani, Bharti Airtel, Genpact, and ZF Friedrichshafen are setting up treasury operations in India's GIFT City. This tax-neutral finance zone offers cheaper funding and lower taxes on remitting dividends. Seventeen corporate treasuries are expected to begin operations in the next three months. This move aims to rival financial hubs like Singapore and Dubai, attracting global capital management.

A CORRESPONDENT AZARA: Adani Group Chairman Gautam Adani on Saturday outlined a worker-centric growth strategy while addressing around 3,000 workers and employees at Lokapriya Gopinath Bordoloi International (LGBI) Airport on the occasion of International Labour Day. Emphasizing "local jobs, better lives, and dignity," Adani said the Group will prioritize hiring from communities surrounding project sites, followed by candidates from within the state, and then from outside if required. He described workers as "nation builders," adding that each completed project contributes to shaping the country's future. The conglomerate, which operates over 700 assets across 24 states and engages nearly 400,000 employees, partners, and contractors, will measure progress through assets created, livelihoods enabled, and communities strengthened, he said. Worker welfare remains central to the strategy. Adani highlighted large-scale initiatives, including air-conditioned housing for 50,000 workers in Mundra and Khavda, and a centralized facility in Mundra, Gujarat, capable of serving up to 100,000 nutritious meals daily. "This is not a privilege; it is a necessity.

Indian markets anticipate the US Fed's decision and election exit polls today. Key companies including HUL, Bajaj Finance, and Adani Power will be watched closely. Adani Green plans significant battery storage expansion. Jaguar Land Rover faces a refund order. Vedanta foresees increased aluminium production costs due to geopolitical tensions.

The government may soon allow companies like Adani Power, Tata Power, and Torrent Power to compete in the electricity distribution business nationwide.

The analyst advised caution on Zomato and DLF, recommending investors avoid these counters.

Metals and defence stocks gained, while autos and realty weighed on sentiment.

Benchmarks closed lower for the fourth straight session, with Nifty slipping below 25,100 and Sensex under 82,000

SEBI’s clean chit on the Hindenburg allegations and Morgan Stanley’s bullish outlook is supporting the rally.