Billionaire Gautam Adani’s group on Saturday clarified on reports of Kenya cancelling more than $2.5 billion in deals after US indictment on bribery charges, saying it had not entered into any binding agreement to operate Kenya’s main airport. On the pact it had signed last month to build and operate key electricity transmission lines in Kenya for 30 years, the group said the project did not fall within the ambit of Sebi’s disclosure regulations, thereby not warranting any disclosure on its cancellation.
Posts tagged Rediff
Why Is Maharashtra An Underperformer? (23-11-2024)
‘Why has Maharashtra slipped up over the past couple of decades?’ ‘Not only is this question critical for residents of the state, but given that it accounts for 14% of India’s GDP, a faster-growing Maharashtra implies a faster-growing India as well, point out Shishir Gupta and Rishita Sachdeva.
Life insurers turn to policies with high value (23-11-2024)
Life insurers shifted their focus to selling high-value policies in October as the transition to new surrender value norms, effective October 1, limited their ability to roll out all products in their portfolio. This led to a 40 per cent year-on-year (Y-o-Y) drop in the number of policies sold in October. Additionally, distributors engaged in a fire sale of policies in September due to uncertainty about the impact of the new norms on their commission structures.
Could Adani Settle With US Accusers? (23-11-2024)
Though a settlement will provide respite from a long legal battle, legal experts say it may create a perception of guilt.
Nifty: ‘Bears May Extend The Party’ (23-11-2024)
‘On the weekly chart, the Nifty 50 index has formed a bearish candle and remains below all short-term moving averages.’
US charges against Adani could lead to arrest warrants (22-11-2024)
With the US filing civil and criminal charges against billionaire Gautam Adani and seven others over a multi-million-dollar bribery scheme, a prominent attorney here has said that the case could escalate significantly, potentially leading to arrest warrants and even extradition attempts. Adani, India’s second-richest man, and seven others, including his nephew Sagar Adani, have been charged by the US Department of Justice with paying bribes to unidentified officials of state governments in Andhra Pradesh and Odisha to buy expensive solar power, potentially earning more than $2 billion in profit over 20 years.
Forex reserves plunge $17.76 bn to $657.89 bn (22-11-2024)
India’s forex reserves dropped by $17.76 billion to $657.89 billion for the week ended November 15, the RBI said on Friday. In the previous reporting week ended November 8, the overall reserves dropped by $6.48 billion to $675.65 billion.
Is Adani Group guilty of violating disclosure norms? (22-11-2024)
Stock exchanges have sought clarification on violation of disclosure norms by Adani Group entities regarding the alleged bribery case in the US and subsequent cancellation of Kenya’s airport expansion deal. In its response to the case in the US, Adani Group firms on Thursday had said “there are no allegations made against the company”. On clarification with regard to Kenya cancelling airport expansion and energy deals following the US bribery and fraud indictments, the group is yet to respond to the bourses.
Sensex reclaims 79K level, Nifty surges 557.35 points (22-11-2024)
Hectic buying in blue chip counters like Reliance Industries, IT and teck shares boosted market sentiment. State Bank of India, Tata Consultancy Services, Titan, ITC, Infosys, Larsen and Toubro, Reliance Industries and Bajaj Finance were the biggest gainers.
45 New F and O Stocks May Shake Up Nifty, Sensex (22-11-2024)
Among the new entries, the largest by market capitalisation are LIC, Avenue Supermarts (DMart), Adani Green Energy, Zomato and Jio Financial Services.