Latest Updates on Gautam Adani SEC indictment

Adani's solar contract has lower tariff, can find new buyer: Analysts

Adani Group's solar power contract, which is at the centre of bribery allegations, has tariffs that are lower than competition and can find new buyers in case the pact is cancelled, according to analysts. US authorities have charged Adani Group Founder-Chairman Gautam Adani and others for being part of a scheme to offer USD 265 million bribe to Indian officials to gain a contract to supply 8 gigawatt of electricity generated from solar energy by Adani Green Energy Ltd (AGEL). The group has denied all charges. "If Adani promoters are found guilty, we believe the size of potential penalty is manageable given it is up to three times the value of the bribe," Nomura said in a report. The brokerage said there are about 1.8 GW solar projects commissioned in Gujarat from February-March 2024, with tariff of Rs 2.42 per unit under the 25-year power purchase agreements (PPAs). These operational projects are running under 5 special purpose vehicles, namely Adani Green Energy Twenty Four A Ltd

Adani's Kutch copper refinery to help cut reliance on imports: Govt

The government on Friday said that once Adani's Kutch copper refinery is ramped up to full capacity, which is likely by early next year, the country will be self-sufficient in refined copper. In a statement, the mines ministry said that till that time some amount of import of refined copper will take place in India. "Adani's Kutch Copper Refinery has since come into production. However, as per company officials, ramp up to full capacity will require some more time (about Feb-March 2025). Once achieved, India will be self-sufficient in refined copper, and will not have to rely on imports," it said. In the last fiscal, India imported about 3,63,000 tonnes of refined copper cathode worth Rs 24,552 crore. Japan accounts for about two-thirds 67 per cent-- of the refined copper imports. In quantity terms, about 69 per cent of the country's refined copper imports come from Japan. Tanzania is India's second important source of refined copper, contributing about 18 per cent of the imports

JP Morgan sees no signs of stress across key Adani Group entities

Global brokerage gives 'overweight' rating to four Adani Group bonds, but sounds a note of caution on a bond issued by Adani Green Energy

US State Department, 'deep state' trying to destabilise India: BJP on OCCRP

Congress has used OCCRP articles on Adani Group to criticise Prime Minister Narendra Modi, alleges BJP

JP Morgan gives 'overweight' rating to 4 Adani bonds on growth capability

US investment banker JP Morgan has given 'overweight' rating on four Adani group bonds, comforted by ability to scale and grow using internal cash flows which reduces the scope for credit stress. In a report, JP Morgan gave 'overweight' rating on three bond issues of Adani Ports & SEZ and one by Adani Electricity Mumbai Ltd (a subsidiary of Adani Energy Solutions Ltd). It has taken neutral stand on other five Adani bonds and is underweight on one bond issued by Adani Green Energy Ltd. JP Morgan gives three kinds of ratings for bonds - 'Overweight' rating which falls into a buy rating category; Neutral rating which falls into a hold rating category; and 'Underweight' which rating falls into a sell rating category. Under the risks section, it said that Adani bonds could do well than anticipated if there is a quick resolution of the US SEC and Department of Justice indictments of founder chairman Gautam Adani and key aides on bribery charges, successful refinancing of the upcoming ...

Several Oppn MPs take out protest march in Parliament on Adani issue

Several Opposition MPs led by the Congress on Friday held a protest march inside Parliament complex on the Adani issue, wearing black masks that read "Modi Adani bhai bhai". The protest saw several leaders from some of the INDIA bloc parties marching, holding a copy of the Constitution and raising slogans against industrialist Gautam Adani. RJD, JMM and left parties' MPs were among those who joined the protest. TMC and Samajwadi Party, which did not participate in demonstration, have so far stayed away from any such denunciation of Adani. The decision has been seen by the ruling Bharatiya Janata Party (BJP) as a "division" in the opposition bloc. Leader of Opposition in Lok Sabha Rahul Gandhi and his sister Priyanka Gandhi Vadra, the newly elected MP from Wayanad , were among those present in the march. Priyanka later alleged that the government was scared of holding a discussion on the Adani issue and wondered why was it so. The Congress and several other opposition parties hav

Manickam Tagore gives adjournment motion to discuss Adani's indictment

Tagore alleged that Prime Minister Narendra Modi and his government are prioritising Adani's profits over the welfare of the Indian people

Cong accuses coverup, urges Sebi to take strict action on Adani group

The Congress Wednesday said a "cover-up" is in the making after reports claimed entities connected to the Adani Group have approached the SEBI seeking settlement in a case that alleges violations of public shareholding norms through unfair practices. It asserted the "scam" requires serious punitive action, including arrests and raids by investigative agencies. Congress general secretary in-charge communications Jairam Ramesh said a token settlement would make Indian institutions a laughing stock whose reputation has already been tarnished by the actions of Prime Minister Narendra Modi and "his cronies". His remarks come amid reports that several entities connected to Adani Group have approached the Securities and Exchange Board of India (SEBI) seeking settlement in a case that alleges violations of public shareholding norms through unfair practices at four listed companies of the infrastructure conglomerate. "A cover-up is in the making. Reports that opaque offshore entities and ..

INDIA bloc MPs hold protest in Parliament over Adani issue, seek JPC probe

Leaders of several INDIA bloc parties protested on the Parliament premises on Wednesday over the Adani indictment issue and called for a joint parliamentary probe into the matter. MPs of the Congress, AAP, RJD, Shiv Sena (UBT), DMK and the Left parties, among others, raised slogans in favour of their demand and held a banner reading "Modi-Adani are one" at Parliament's Makar Dwar. The TMC kept away from the opposition protest. Leader of Opposition in the Lok Sabha Rahul Gandhi was not part of the protest. He left for the violence-hit Sambhal district in Uttar Pradesh along with a Congress delegation in the morning. The Lok Sabha Secretariat on Tuesday issued an advisory urging the MPs not to hold protests in front of Parliament gates, saying that such obstruction of movement could affect their safety and security. The opposition MPs held a protest at the same spot on Tuesday. The Congress and some other opposition have been demanding a joint parliamentary committee (JPC) probe ...

Gaurav Gogoi files adjournment motion seeking discussion on Adani issue

The motion notice filed by Congress MP Gogoi calls for an urgent discussion on the 'silence' of the Solar Energy Corporation of India

Lok Sabha will be convened on Sunday, warns Om Birla amid House disruptions

The Winter Session of Parliament, which began on Nov 25 and is set to continue until Dec 20, has faced significant disruptions due to Opposition protests

SP, TMC skip Congress protest: Is Parliamentary deadlock coming to an end?

The Winter Session of Parliament, which began on Nov 25 and runs until Dec 20, has been marred by repeated disruption due to Opposition protests

Stocks of 6 Adani Group settle lower; Adani Total declines nearly 5%

Shares of six Adani Group firms ended lower on Monday, with Adani Total Gas falling nearly 5 per cent. The stock of Adani Total Gas dropped 4.87 per cent to Rs 772 on the BSE and Adani Energy Solutions tanked 4.04 per cent to Rs 806.60. Shares of NDTV dipped 1.29 per cent, Adani Wilmar went lower by 1.23 per cent, Adani Power declined 1 per cent and Adani Enterprises skidded 0.28 per cent. During morning trade, Adani Green Energy jumped 9 per cent after Adani Group Chairman Gautam Adani said his conglomerate was committed to compliances and "every attack makes us stronger" amid recent allegations and his indictment in the US. The stock of Adani Green Energy Ltd surged to Rs 1,445 during the morning trade but later gave up most of the early gains and ended at Rs 1,327.95, up 0.26 per cent. Shares of Adani Ports climbed 2.18 per cent, Ambuja Cements went up 1.34 per cent, Sanghi Industries (0.65 per cent), and ACC (0.38 per cent). Coming out in public for the first time after recen

Bangladesh halves power buying from Adani Power amid payment dispute

An Adani Power spokesperson said the firm was continuing supply to Bangladesh, although mounting dues were a significant concern, making plant operations unsustainable

In scrutiny, you must find the courage to challenge the status quo: Adani

Adani acknowledged the scrutiny faced by his group in recent years, citing challenges such as the coal mine resistance in Australia and allegations of compliance issues in the US

How can govt be part of probe into itself: Cong's dig at MEA on Adani issue

The Congress on Saturday took a swipe over the Ministry of External Affairs' statement that the Indian government is not part of the US probe into Adani Group in any manner, asking how can this government be part of a probe into itself. In the first official reaction after the industrialist was charged with alleged fraud by prosecutors in the United States, Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal said India is yet to receive any communication for cooperation in the case. The Indian government is not part of the matter in any manner at this point of time, he said. Tagging a media report on the remarks, Congress general secretary in-charge communications Jairam Ramesh said, "The MEA spokesperson says that the Indian Government is not part of the US probe into the Adani Group. He has simply stated the obvious. How can this Government be part of a probe into itself?" The MEA has said the indictment of Indian billionaire Gautam Adani by the US prosecutors is a ..