Adani Energy Solutions, part of the embattled Adani conglomerate, received a show-cause notice from SEBI this week. The notice alleges wrongful categorization of investors under minimum shareholding norms, adding to the ongoing scrutiny faced by the group following Hindenburg’s allegations. The news has further impacted Adani Energy Solutions’ share price, which has declined for the fifth consecutive day.
This week’s news highlights India’s strong economic performance, Adani Group’s foray into FMCG, the upcoming festive shopping season, and the debate on GST rates for insurance premiums. The World Bank has upgraded its GDP forecast for India, while Adani Group is looking to acquire multiple FMCG businesses. Meanwhile, the GST Council is considering changes to the tax rate on health and life insurance premiums. Quick commerce platforms are gearing up for the festive season, with Blinkit, Zepto, and Swiggy Instamart adding costlier items and expanding their offerings.
Prime Minister Narendra Modi continues his diplomatic mission in Southeast Asia with visits to Brunei and Singapore. In other news, Adani Enterprises is set to launch its first NCD issue, ECOS Mobility IPO is set to list, and Rahul Gandhi is set to launch his party’s campaign in Jammu and Kashmir.
Hindenburg Research has released a new report alleging that SEBI chairperson Madhabi Puri Buch and her husband have investments in the same offshore funds used by Vinod Adani, the brother of Gautam Adani. This has prompted calls for a joint parliamentary committee (JPC) investigation into the Adani Group. The report follows last year’s accusations by Hindenburg regarding the Adani Group’s alleged stock market manipulation and insider trading.
Gautam Adani, the second richest person in India, is preparing his sons, Karan and Jeet, to take on leadership roles within the Adani Group. Karan Adani, the eldest son, currently manages Adani Ports & SEZ Ltd and holds significant positions in other Adani companies.
A residents’ association in Dharavi, Asia’s largest slum, has voiced its support for the ongoing survey of informal homes, a crucial step in Adani’s $3 billion redevelopment project. The association urges authorities to expedite the process and take action against those hindering the survey, emphasizing the need for transparency and clear timelines for relocation and housing plans.
Gautam Adani’s Adani Enterprises is set to merge its food FMCG business with Adani Wilmar, a move that will strengthen its position in the edible oil and FMCG sectors. This strategic move, aimed at unlocking value for shareholders, will reshape the competitive landscape, setting the stage for intense competition with Mukesh Ambani’s Reliance Consumer Products Limited.
Indian stock markets continued their downward trend, closing lower for the fifth consecutive session. Meanwhile, Adani Green Energy announced a significant increase in its net profit for the quarter, while Tech Mahindra also reported strong Q1 results. In Canada, a series of temple vandalism incidents, including one targeting a BAPS Shri Swaminarayan Mandir, has sparked outrage and calls for action against ‘anti-India elements’.
Adani Airport Holdings Ltd (AAHL) has submitted a proposal to invest in upgrading Nairobi’s Jomo Kenyatta International Airport (JKIA). The proposal, under a public-private partnership, includes plans for a new passenger terminal, second runway, and refurbishment of existing facilities. This follows the Kenyan government’s approval of a plan to modernize the airport.
Adani Defence and Aerospace has partnered with French multinational Thales to manufacture 70mm rockets for the Indian Air Force’s Rudra and Prachand helicopters. This collaboration is a key part of the ‘Make in India’ initiative and signifies a significant step towards self-reliance in defense equipment. The partnership aims to boost local manufacturing and strengthen the Indian defense sector.
