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 21 hours ago by nwoodman

[nwoodman]

 

[Haryana]

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

Edited 4 hours ago 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.”