Billionaire banker Uday Kotak founded bank as well as brokerage created and oversaw an offshore fund used by an unnamed investor to profit from a plunge in Adani shares that followed a damning Hindenburg report, the US short seller said on Tuesday. Hindenburg Research, which had in a January 2023 report alleged stock market manipulations and accounting fraud at the Adani group, said it has received a show cause notice from the Indian markets regulator Sebi over gains made from betting on the conglomerate's shares.
US short-seller Hindenburg Research had shared an advance copy of its damning report against Adani group with New York-based hedge fund manager Mark Kingdon about two months before publishing it and profited from a deal to share spoils from share price movement, according to market regulator Sebi. The Securities and Exchange Board of India (Sebi), in its 46-page show cause notice to Hindenburg, detailed how the US short seller, the New York hedge fund and a broker tied to Kotak Mahindra Bank benefited from the over USD 150 billion routs in the market value of Adani group's 10 listed firms post-publication of the report.
'As the markets are expected to remain jittery in the near term, we advise investors to use this opportunity to enter quality largecaps from a long-term perspective.'
Power generation decelerated 4.7 per cent year-on-year (Y-o-Y) to 155 billion units (BU) in August 2024. This was the first downtrend in many years, albeit on a high base - generation had increased 19 per cent Y-o-Y to 163 billion units (BU) in August 2023. The dip was partly due to excess rainfall, which pared cooling demand and also reduced need for irrigation.
These funds at times invest in companies going through corporate restructuring, such as mergers, demergers, or buybacks.
The new asset class (NAC) proposed by the market regulator could see diverse product offerings with high-risk strategies across equity and debt if the mutual fund (MF) industry's recommendations are incorporated into the final regulations. While the Securities and Exchange Board of India (Sebi) has suggested relaxations in investment norms for NAC compared to traditional MFs, some fund houses are advocating for further relaxations in concentration norms, greater flexibility in leverage, and the ability to invest in securities currently outside the MF domain, such as unlisted debt papers and debentures, sources reveal.
'Those betting against PSUs will likely be punished in this upswing.'
HNI investors need an optimal mix of oversubscription and listing-day gain to make money on leveraged bets, notes Sanjay Kumar Singh.
'The Paris Olympics has once again blessed the Indian sports marketing landscape with fresh faces and promises.' 'Expect at least one biopic.'
Generative artificial intelligence (AI), climate tech and fintech sectors will be the hot areas for venture capitalists and founders in the next year, according to the prediction by Prashanth Prakash, founding partner of the global venture capital firm Accel Partners in India and the chairperson of Karnataka Startup Vision Group. Prakash said that about $25 billion has been invested into building Gen AI globally. But a lot of that capital has not yet come to India, opening up huge opportunities for startups in the country.
Iga Swiatek on Thursday called for the sport's governing bodies to provide players with more tools to combat online abuse
The two teams last met in the ODI World Cup in 2023. It was in Mumbai where Glenn Maxwell had played a once-in-a-generation knock to notch up a sensational double hundred while battling cramps all over his body, with Pat Cummins in tow who provided sturdy support from the other end.
On June 30, mining and metals giant Vedanta, announced that it had decided to initiate a strategic review of its steel and steel-making raw material businesses. The review would begin immediately and evaluate a broad range of options, including but not limited to a potential strategic sale of some or all of the steel businesses, the company said in its stock exchange filing. The signs have been there - approaches had been made to steel players over the past year. Last December, Anil Agarwal, chairman Vedanta group, told Business Standard that the steel plant capacity was about 3 million tonnes (mt).
The outflows could be a result of a mix of factors led by the underperformance of some of the larger funds amid elevated return expectations.
'The Abdullah family is the problem and facilitator of the instability that we are seeing in Kashmir.'
The Enforcement Directorate may also file a fresh chargesheet in this multi-crore money laundering case soon, they said.
'Investors should not go for lump-sum investments in infrastructure funds at this point.' 'The SIP route is the best to avoid any major disappointment.'
He is the first athlete to retain the pole vault title in nearly seven decades.
Olympics is a high-stakes and high-pressure situation and anything can happen. Guessing a medal on the basis of statistics is difficult, says Neeraj Chopra's coach Klaus Bartonietz.
'Subject to any worldwide economic collapse.'
With Vinesh Phogat's heartbreaking disqualification over discrepancies in weight at the Paris Olympics just when India was keeping its fingers crossed for a sure shot victory at the finals, spirits have hit an all-time low. Art mirrors life and it won't be a surprise if our sports biopic obsessed film-makers turn this dramatic change of events into a movie one day.
BCCI ACU chief calls for match-fixing law, legalised betting to contain corruption
'There has not been a clear direction on what he's going to do yet, but we are still hopeful. I've always said his bowling would be a bonus, but just look at what he brings with the bat, even in the field.'
Uppal, 43, was detained last week in that country and the ED authorities are in touch with the Dubai authorities to get him deported to India, they said.
The Enforcement Directorate on Friday claimed that a forensic analysis and a statement made by a 'cash courier' have led to "startling allegations" that Mahadev betting app promoters paid about Rs 508 crore to Chhattisgarh Chief Minister Bhupesh Baghel so far, and that "these are subject matter of investigation".
Always interesting, DMK politics is going to get even more absorbing in the days to come, predicts Aditi Phadnis.
Mehmood and R D Burman shiver, wail and flail when they encounter a stuffed tiger that wags its tail, furniture that moves on its own volition and dancing skeletons and mummies. Dinesh Raheja revisits a must-watch.
Over longer periods of three, five and 10 years, small-cap funds have rewarded their investors handsomely.
Wipro has once again chosen to bet on an insider who has grown through the ranks to lead the company. Srini Pallia has spent over three-decades at Wipro and it's the only company he has ever worked with. Till now, Pallia was heading the Americas-1 unit.
How would Sudhaji react to these photographs of her beloved son-in-law Rishi Sunak fishing?
Possibly in search of lionesses, two lion brothers swam 1.3 kilometres across an African river known to be infested with hippos and crocodiles, making it the longest documented swim for African lions with visual evidence.
Delhi's appeasement strategy may now translate as more mega arms deals with the US, generating substantial business and job creation in the American economy. Make no mistake, Americans will use it to pressure India, predicts Ambassador M K Bhadrakumar.
Yash Dayal's story is now one of resilience and redemption, proving that comebacks often speak louder than any setback.
'We have to keep a watch because India-Sri Lanka has a history that whenever there has been a change in government, either the connectivity projects have been questioned or cancelled or revived.'
The revamped Champions League will feature a tennis-style seeding system for the last-16 knockout phase, UEFA said.
An exclusive excerpt from The Tatas: How A Family Built A Business And A Nation.
HUL believes that post Covid, the awareness about health and wellbeing and selfcare, has exploded and there is a mindset change from health as absence of disease, to health as a part of lifestyle.
TVS Motor Company met expectations in terms of revenue and posted a strong margin performance in Q1FY25. The key drivers were material cost savings and a better mix. The domestic demand outlook looks good with a rural rebound but geopolitical uncertainties in key export markets may dent overall growth.
IMAGES from the English Premier League matches played on Sunday
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