After the US prosecutors in New York indicted Adani Group Chairman Gautam Adani, his nephew Sagar Adani and six others in a $265 million bribery case, Adani Group denied the allegations, calling it ‘baseless’. In a statement, Adani Group spokesperson said, “As stated by the US Department of Justice itself, “the charges in the indictment
Adani Group has once again entered into a yet another fresh controversy after the US prosecutors indicted him, his nephew Sagar Adani and six others for allegedly offering Rs 2,029 crore ($265 million) in bribes to Indian government officials for securing “lucrative solar energy supply contracts” with state electricity distribution companies. Gautam Adani and his
While the news of billionaire chair of conglomerate Adani Group, Gautam Adani’s indictment by the US prosecutors is doing the rounds since the early hours of Thursday, India time, what really happened and what were the series of events that unfold? On Thursday, the US Attorney’s office in New York released a press release stating
Gautam Adani, the billionaire chair of Indian conglomerate Adani Group and one of the world’s richest people, has been indicted in New York over his role in an alleged multibillion-dollar bribery and fraud scheme, U.S. prosecutors said on Wednesday. Authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about
Birla Opus, the paints business of Aditya Birla Group’s Grasim Industries, is ramping up its utilisation levels as it eyes $1 billion in revenue in the next three years. The paints company, which launched its fourth plant at Chamarajnagar in Mysuru on Tuesday, is aiming for a high single-digit market share (around 7-8%) by the
India’s import bill for natural gas surged by 17% to $8.9 billion during the first seven months of the current fiscal compared with $7.6 billion in the same period a year ago due to rise in consumption particularly by the city gas distribution companies and the power sector, data from the Petroleum Planning and Analysis
Hyundai Motor India will pick up 26% equity in FPEL TN Wind Farm, a special purpose vehicle, to source solar and wind power for its factories, for Rs 38 crore. FPEL TN Wind Farm will establish a solar power plant with a 75 MW capacity and wind power of 42.9 MW capacity in Tamil Nadu.
The National Company Law Tribunal (NCLT) on Wednesday restrained Aakash Educational Services from passing a resolution to amend its articles of association (AoA), till the insolvency matter of its parent firm, Think and Learn, which runs Byju’s, is disposed of. This effectively means that Aakash will have to wait for making any changes in its
The Indian stock market struggled to find direction on Wednesday, closing the day on a flat note amid persistent selling pressure in technology stocks. By the end of the session, the Sensex settled at 74,029.76, down 0.10%, while the Nifty closed at 22,470.50, slipping 0.12%. The midcap and smallcap indices slipped 0.5%, while some sectors
As the markets navigate through macroeconomic shifts and sectoral dynamics, the brokerage firm Jefferies has reaffirmed its bullish stance on select stocks. Among the key picks at this hour, HDFC Bank, Voltas, Samvardhana Motherson stand out, with the brokerage maintaining a ‘Buy’ rating on both – Voltas and HDFC Bank and Samvardhana Motherson is their
HDFC Securities analysts met JK Lashmi Cement’s management and iterated their Buy rating and target price. The brokerage believes that the company will see a compounded annual growth rate of 9% over the next two years as the cement major tightens its seat belt for expansion in the north. Also, a new brand to raise
Mutual fund net inflows tumbled about 79% in February, dragged lower by sustained sell-offs in the domestic equity market. With key indices Nifty and Sensex sliding about 5% during the month, equity mutual fund inflows saw a significant 26% decline to Rs 29,303 crore in February, against Rs 39,688 crore in the previous month. In
The wait for a hike in the dearness allowance (DA) of central employees and dearness relief (DR) of pensioners will end soon. This week, the Union Cabinet may take a final decision on this. If approved, the new DA will come into effect retrospectively from January 2025, which means the employees will get an increase
