Maharashtra minister Sudhir Mungantiwar on Thursday claimed that Gautam Adani prospered during the Congress regime in Gujarat and said one cannot become the prime minister by growing a 'beard', referring to Rahul Gandhi's remarks on the industrialist in Parliament.
Priyanka slammed Prime Minister Modi's 11 resolutions as "hollow" and said if there is zero tolerance towards corruption then why doesn't the BJP agree to a discussion on the Adani issue.
Bajaj Finserv, Tata Steel, Larsen & Toubro, UltraTech Cement, Kotak Mahindra Bank and Tata Motors were among the gainers. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,486.41 crore on Tuesday, according to exchange data.
The meeting lasted for nearly two hours, sources said.
Mr Adani has a fight on his hands. It is not a fight to the death, asserts T N Ninan.
Thackeray also drew a comparison between the current regime and Hitler.
Gautambhai has shown that he has ability to withstand payment delays or vexatious court cases. That is where he is on a more comfortable wicket than many others. A revealing excerpt from R N Bhaskar's Gautam Adani: Reimagining Business in India and the World.
Dharavi resident advocate Sandip Katake alleged the project would be the world's biggest land scam.
Reconstruction of the terminal is expected to be completed by September 2028.
Congress general secretary in-charge communications Jairam Ramesh said that in the 'Hum Adani ke Hain Kaun (HAHK)' series under which the Congress posed questions to Prime Minister Narendra Modi, the party had asked him about his "favourite business group's links with the Chinese citizen Chang Chung-Ling (aka Lingo Chang) who has been a director in several Adani Group companies along with Vinod Adani and also made an appearance in the Panama Papers".
An expert committee appointed by the Supreme Court said it cannot conclude any regulatory failure around Adani Group's stock rallies, and that Sebi has "drawn a blank" in its probe into alleged violations in money flows from offshore entities into the conglomerate. But the six-member panel said there was an evidence of a build-up in short positions on Adani Group stocks ahead of the report of US-based short seller Hindenburg Research, and profiting from squaring off positions after prices crashed post-publication of the damning allegations. "At this stage, taking into account the explanations provided by Sebi, supported by empirical data, prima facie, it would not be possible for the committee to conclude that there has been a regulatory failure around the allegation of price manipulation," the panel said in the report submitted to the Supreme Court.
Adani Ports and Special Economic Zone will prepay $195 million of debt due in 2024 as the conglomerate helmed by Gautam Adani looks to boost investors' confidence post being targeted by a US short-seller. In a stock exchange filing, APSEZ said it will buy back $195 million of bonds due in 2024 using its cash reserves. Out of the $520 million principal outstanding, $325 million will be left after the buyback, it said.
India needs another shot of difficult reform, of the kind only possible at gunpoint. Mr Trump holds that gun to our heads now. A drastic reduction in tariff protection, other elements of sarkari wet-nursing will force entrepreneurial India to become competitive again, argues Shekhar Gupta.
Finance Minister Nirmala Sitharaman on Saturday said the country's regulators are very experienced and are seized of the matter relating to the Adani Group crisis. The minister was replying to a question on the observations of the Supreme Court on public interest litigations (PILs) alleging exploitation of investors and "artificial crashing" of the Adani Group's stocks. "I will not disclose here what the government will be saying in the court...India's regulators are very, very experienced and they are experts in their domain.
Mumbai International Airport (MIAL) has proposed a significant increase in User Development Fee (UDF) for international passengers, while domestic passengers will be charged a UDF for the first time. However, MIAL also proposed a 35% reduction in landing and parking charges, aiming to balance infrastructure development with cost-effective air travel for airlines. The new tariff structure is subject to approval by the Airport Economic Regulatory Authority (AERA).
Gautam Adani's alleged proximity to Narendra Modi may dent the latter's self-styled image of incorruptibility, points out Kanika Datta.
The net profit of the listed Adani group companies more than doubled year-on-year (Y-o-Y) in the first half of 2023-24 (H1FY24), even as their revenue declined in this period. The nine firms posted a 107.7 per cent jump in net profit at Rs 23,929 crore in April-September compared to the year-ago period. Net sales, on the other hand, were down 14 per cent to Rs 1.49 trillion in H1FY24, data collated by Business Standard showed.
The Congress on Monday alleged that a Chinese national played a 'dubious role' in the Adani Group's activities and asked the government if it was not concerned that the conglomerate may be involving that person in important defence contracts.
The Supreme Court has dismissed an appeal filed the customs department against Adani Power Maharashtra Limited (APML), Adani Power Rajasthan Limited (APRL) and others in a case pertaining to alleged over-valuation of imported goods. "We have heard Balbir Singh, Additional Solicitor General appearing for the appellant(s), and Mukul Rohatgi, senior counsel appearing for the respondents, at length. "We are of the considered opinion that the matters are concluded by the findings of fact recorded by the authorities below and the impugned order(s) does not require any interference at our behest.
France's TotalEnergies has put on hold a planned investment in Adani Group's $50 billion hydrogen project pending results of an audit launched following allegations by a US short-seller, chief executive Patrick Pouyann said on Wednesday. While the partnership where the French oil giant was to take a 25 per cent stake in the hydrogen venture of the Adani group was announced in June last year, TotalEnergies has not yet signed a contract, he said at an earnings call. "Obviously, the hydrogen project will be put on hold until we have clarity" from Adani group on the allegation levelled by US short-seller Hindenburg Research, Pouyanne said.
Chief Minister Bhupesh Baghel asked why the prime minister and Centre were scared of ordering a probe into the fraud committed by the Adani Group.
The Himachal Pradesh government's Excise and Taxation Department inspected an Adani Group company, scrutinising records and checking the stock at the Adani Wilmar warehouse in Parwanoo, officials said on Thursday. The officials were apparently investigating possible GST violations by the company, a 50:50 joint venture between the Adani conglomerate and Singapore-based Wilmar. The inspection on Wednesday evening in the Congress-run state comes at a time when the group finds itself in the middle of a political row at the Centre, triggered by a scathing report by US-based Hindenburg Research.
In his Marathi autobiography Lok Maze Saangati published in 2015, Pawar has lavished praise on Adani describing him as 'hard-working, simple, down to earth' and with ambition to make big in the infrastructure sector.
From the Sensex pack, Reliance Industries, Bajaj Finserv, HDFC Bank, Adani Ports, Maruti Suzuki India, Axis Bank, Hindustan Unilever, Sun Pharmaceuticals and Asian Paints were among the laggards. Reliance Industries fell the most by 2.38 per cent to close at Rs 1,171.10 apiece.
Market regulator Sebi on Monday moved the Supreme Court seeking 15 more days to conclude the ongoing probe into the allegations of stock price manipulation by the Adani group. The Securities and Exchange Board of India (Sebi), in its fresh application, said that it has examined and investigated 24 matters pertaining to the case. "Out of the said 24 investigations/examinations, 17 are final and complete and approved by the Competent Authority in accordance with Sebi's extant practice and procedures," the regulator said.
Among Sensex shares, Infosys, Tata Consultancy Services, Tech Mahindra, Sun Pharmaceutical, Bajaj Finserv, HCL Technologies, Bajaj Finance, HDFC Bank, IndusInd Bank and Kotak Mahindra Bank were among the gainers. Tata Motors, PowerGrid, Axis Bank, State Bank of India, NTPC, Tata Steel and Adani Ports were the major laggards.
Bangladesh has no concerns about Adani Group's ability to supply power from a plant in Jharkhand, said Tawfiq-e-Elahi Chowdhury, adviser to the country's prime minister on energy. Speaking on sidelines of the India Energy Week in Bengaluru, Chowdhury, who holds ministerial rank, said talks with Adani on the supply are private and can't be made public. "Electricity will come very timely. Summer peak is coming and that 600 MW of Adani Power is very helpful," he said.
At a time 20-odd opposition parties, many of them regional rivals, joined forces over the Adani issue, Nationalist Congress Party supremo Sharad Pawar's open support for industrialist Gautam Adani has put a question mark on the durability of a non-Bharatiya Janata Party block in the run-up to the 2024 parliamentary elections.
From the 30-share blue-chip pack, Adani Ports dropped over 4 per cent. UltraTech Cement, Sun Pharma, IndusInd Bank, NTPC and Tata Steel were also the among the laggards. Nestle, ICICI Bank, Infosys, Tata Consultancy Services and HCL Tech were among the gainers.
From the 30 blue-chip stocks, Titan, Asian Paints, Nestle, Tech Mahindra, Reliance Industries, Zomato, Larsen & Toubro and Bajaj Finserv were among the laggards. Adani Ports, Mahindra & Mahindra, Maruti, Sun Pharma, Bharti Airtel and Tata Motors were among the gainers.
Among Sensex shares, Zomato, NTPC, Adani Ports, ICICI Bank, State Bank of India, Reliance Industries, Mahindra & Mahindra, Bajaj Finance, Tech Mahindra and Axis Bank were the major laggards. UltraTech Cement and HCL Technologies were the only gainers.
Without naming Adani group specifically, the capital markets watchdog said in a statement that unusual price movement in the stocks of a business conglomerate has been observed in the past week.
Both the Lok Sabha and Rajya Sabha were adjourned till 2 pm after opposition members held protest in Parliament seeking a discussion on the issue.
Amid a political furore over a meltdown in the Adani group shares, stock market data shows it is not only the plunge now but the sharp surge of the past also drew regulatory attention and enhanced surveillance. Adani group stocks have taken a huge beating on the bourses, losing billions of dollars in market value, after US-based activist short-seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. The Adani group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
Embattled billionaire Gautam Adani on Thursday spoke publicly for the first time since his ports-to-energy conglomerate publicly battled a short seller's accusation of stock manipulation and accounting fraud, saying the abrupt move to withdraw a fully-subscribed share sale at his flagship firm was due to market volatility. His group continued to lose on the stock market, with the cumulative rout now nearing $108 billion in a week -- one of the biggest wipeouts in India's history. "After a fully subscribed follow-on public offering (of Adani Enterprises Ltd), yesterday's decision of its withdrawal would have surprised many.
Bajaj Finance, Bajaj Finserv, NTPC, State Bank of India, Power Grid, HDFC Bank, Tech Mahindra and Asian Paints were the other gainers. However, Zomato, Adani Ports, Tata Consultancy Services, Mahindra & Mahindra, Maruti and Tata Motors were among the laggards.
The Congress-led opposition stepped up its attack on Friday against the government over the Adani row and demanded that there should be a thorough investigation into what they alleged was a 'mega scam' as it involved public money.
Among Sensex shares, Maruti, Mahindra & Mahindra, Larsen & Toubro, Bajaj Finance, Tata Motors, IndusInd Bank, Asian Paints, Power Grid, HDFC Bank and Axis Bank advanced. Tata Steel, Adani Ports, Zomato, HCL Tech, State Bank of India, Hindustan Unilever and Tech Mahindra were among the laggards.
On Thursday, Adani Enterprises announced that it will not go ahead with acquiring Macquarie group's two road companies at an enterprise valuation of Rs 3,100 crore.
It was in Kolar in 2019, during Lok Sabha election campaigning, that he made a remark on the Modi surname for which he was convicted of criminal defamation and stripped of his Parliament membership last month.
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