Indian Economy

[Haryana]

Fairfax holding Quess is recovering, doubled in one year -

 

 

Thomas Cook India, another Fairfax holding, also doubled -

 

Edited September 4 by Haryana

[Haryana]

While there is "irrational exuberance" in the Indian stock markets, the financial sector is appearing as a value play.

 

The regulators are going tough on the financial entities to apply the brake without hampering the economic growth.

 

This has caused the FIH valuation to remain subdued as it has muted financial heavyweights of IIFL and CSB bank.

 

Bangalore airport would have participated in the market sizzle if it was public as the travel segment is booming hot.

 

[Dipesh Patel]

[UK]

24 minutes ago, Dipesh Patel said:

 

So maybe this idea to put big chunk of capital into IDBI is not that bad after all:)?

[nwoodman]

Global Money Is Chasing Indian Stocks Again as Bull Run Extends

- Foreign investors have poured about $20 billion into Indian stocks this year, the largest inflow since 2020.

- The MSCI India index has risen nearly 11% this year, outperforming other emerging market indices.

 

[nwoodman]

Just scrap booking, probably needs inflation adjustments, currency devaluation etc. but even a 75% haircut would still tell the story
 

Edited September 21 by nwoodman

[nwoodman]

Gautam Adani Charged by US Over Alleged $250 Million Bribe Plot

 

US prosecutors charged Gautam Adani, one of the world’s richest people, with participating in a scheme that involved promising to pay more than $250 million in bribes to Indian government officials to secure solar energy contracts.

 

https://www.bloomberg.com/news/articles/2024-11-20/us-prosecutors-indict-gautam-adani-on-bribery-charges?embedded-checkout=true

 

“Gautam Adani can be indicted in the USA because the alleged fraud and bribery scheme involved misleading American investors and financial institutions. U.S. prosecutors claim that Adani and his associates provided false information to secure investments from U.S. and international sources while engaging in bribery to obtain contracts in India. The U.S. legal system has jurisdiction over cases involving fraud that affects American investors, even if the primary activities occurred outside the country.”

 

 

The Guardian article has a bit more color

 

https://www.theguardian.com/business/2024/nov/20/gautam-adani-charged-alleged-bribes

 

Prosecutors charged the chair of Indian conglomerate Adani Group and two other executives of a renewable energy company with securities fraud and conspiring to commit securities and wire fraud.

The US attorney’s office in Brooklyn accused the executives of agreeing to pay hundreds of millions of dollars’ worth of bribes to Indian government officials between 2020 and 2024, in a bid to obtain solar energy supply contracts expected to yield $2bn in profits over 20 years.

Separately, the Securities and Exchange Commission (SEC), the US’s top markets watchdog, charged Adani, 62, and two other executives over conduct it said had arisen out of a “massive bribery scheme”……

 

Prosecutors alleged that, on several occasions, Adani personally met with an Indian government official to advance the bribery scheme.

The executives are accused of having frequently discussed efforts to further the scheme, including via a messaging app. One of the defendants, Sagar R Adani, tracked “specific details of the bribes offered and promised to government officials” on his phone, according to prosecutors.

 

DOJ

https://www.justice.gov/usao-edny/pr/billionaire-chairman-conglomerate-and-seven-other-senior-business-executives-indicted

 

By way of reference to the Canadian institutional investor:

“Also named in the indictment were Ranjit Gupta and Rupesh Agarwal, former executives of Azure Power, and Cyril Cabanes, Saurabh Agarwal, and Deepak Malhotra, former employees of Canadian institutional investor Caisse de Depot et Placement du Quebec.”

 

1. Indian Renewable Energy Company:

• Adani Green Energy Limited (AGEL): A subsidiary of the Adani Group, AGEL is a prominent player in India’s renewable energy sector, focusing on solar and wind power projects. The company has been involved in large-scale solar energy initiatives and has raised substantial capital through international loans and bond offerings.

 

2. NYSE-Listed Renewable Energy Company:

• Azure Power Global Limited: An independent solar power producer that was listed on the New York Stock Exchange (NYSE). Azure Power has developed and operated solar projects across India and has engaged in capital-raising activities through U.S. financial markets.

 

3. Canadian Institutional Investor:

• Caisse de dépôt et placement du Québec (CDPQ): A Canadian institutional investor managing funds primarily for public and parapublic pension and insurance plans. CDPQ has invested in various infrastructure projects globally, including renewable energy ventures in India.

 

Key Individuals and Their Affiliations:

• Gautam S. Adani: Chairman of the Adani Group, which includes AGEL. He is a central figure in the conglomerate’s expansion into renewable energy.

• Sagar R. Adani: An executive within the Adani Group, closely associated with AGEL’s operations.

• Vneet S. Jaain: CEO of AGEL, overseeing the company’s renewable energy projects and strategic initiatives.

• Ranjit Gupta: Former CEO of Azure Power Global Limited, responsible for leading the company’s solar power projects and expansion efforts.

• Rupesh Agarwal: Former CFO of Azure Power Global Limited, involved in the company’s financial operations and capital-raising activities.

• Cyril Cabanes: Former Managing Director of Infrastructure, Asia-Pacific at CDPQ, overseeing infrastructure investments, including renewable energy projects in the region.

• Saurabh Agarwal: Former Managing Director of CDPQ India and Managing Director, Infrastructure for South Asia, involved in CDPQ’s investment strategies in the Indian market.

• Deepak Malhotra: Former Director, Infrastructure for South Asia at CDPQ, contributing to the firm’s infrastructure investment decisions in the region.

Edited November 21 by nwoodman

[nwoodman]

 

[Haryana]

https://www.adani.com/en/Newsroom/Media-Release 

Edited November 21 by Haryana
Url

[Hektor]

It's a grand jury indictment, if I am not wrong.

[Haryana]

Modi will be very happy if the corruption of opposition party states is eliminated. However, the western media is washing the brains of clueless masses. They are portraying it on Modi.

[nwoodman]

4 hours ago, Hektor said:

It's a grand jury indictment, if I am not wrong.

 

“1. Sealed Indictment:

• The indictment was initially sealed and later unsealed, which is common in grand jury proceedings to protect the investigation’s integrity.

2. Federal Jurisdiction:

• The involvement of federal crimes like securities fraud, wire fraud, and violations of the Foreign Corrupt Practices Act (FCPA) typically necessitates a grand jury indictment.

3. Mention of the Grand Jury:

• The DOJ notes obstruction of the “grand jury” investigation as part of the charges, reinforcing that a grand jury was integral to the process.”

[Haryana]

The timing of the unsealment looks quite tactical from the perspective of targeted attack.

 

This is just about right before the start of parliament session which will give the opposition party all the fodder to loudly parrot the western propaganda of regime change and the total evangelization of the world. 

 

This is also exactly before the Adani group was about to raise 600m American dollars which is now immediately cancelled. 

 

India is among the top ten in the list of countries that are going for green energy at the most rapid pace. Adani is at the forefront of this revolution and has to raise funds for their huge renewable solar projects.

 

By the way, the top western countries are way below in that list. They are continuously the biggest polluters, currently and historically, with uber high per capita energy consumption. 

[nwoodman]

Gautam Adani: US summons & a new twist in India intensify billionaire's troubles

 

Article Summary

 

1. US SEC Summons: Both Gautam Adani and his nephew, Sagar Adani, were summoned by the SEC over bribery and securities fraud charges. They are required to respond within 21 days to avoid default judgments.

2. Indian Legal Challenges: A new application in India’s Supreme Court seeks to incorporate US indictment documents into an ongoing case alleging stock manipulation. The Securities and Exchange Board of India (SEBI) is also probing non-disclosure of these investigations to Indian exchanges.

3. Global Financial Fallout: Several global banks are reconsidering extending credit to the Adani Group. Ratings agencies, including S&P Global and Moody’s, have downgraded the outlook for key Adani Group companies.

4. International Deals Canceled: Kenya terminated two major deals with the Adani Group following the bribery allegations, further impacting the conglomerate’s global operations.

[Haryana]

"Erik Solheim is one of the foremost global thinkers on environment, development and geopolitics. He has been Norway’s Minister of Environment and International Development and Under-Secretary General of the United Nations." 

https://www.moneycontrol.com/news/opinion/eriks-world-asia-leads-the-green-charge-globally-india-ahead-of-most-western-nations-on-environment-action-12605871.html 

" I recently saw thousands of hardworking Indians and hundreds of trucks putting up the world´s largest combined solar and wind power plant. 

When complete it will produce 30 gigawatt of wonderful clean and green energy. 

That is as much as the total hydropower production of my home country Norway!

The Gujarat miracle is the work of the Adani Group. Adani is about delivery, not just talk." 

[Haryana]

https://www.linkedin.com/posts/erik-solheim-a9464b225_when-will-american-overreach-stop-the-activity-7267435582497112064-3S8l

"Added it is now clear that the accusations are not against the top Adani leaders, Gautam and Sagar Adani. Nor is there evidence that bribes were paid by Adani executives to Indian government officials. The indictment solely rest on claims that bribes were promised or discussed."