{
}
India's GDP growth slowed to 5.4% for the quarter ending September, the lowest in seven quarters and below the expected 6.5%, driven by reduced urban consumption and rising inflation, particularly in vegetable prices. Despite this, the Nifty 50 index has risen 13.7% this year, and analysts predict a gradual slowdown in growth, with forecasts around 6% for 2025. Concerns remain about investment activity and credit growth, highlighting the need for policy action to mitigate risks.
Shares of GQG Partners dropped 13% after UBS analysts downgraded the stock, estimating a potential loss of A$600 million in funds under management linked to the Adani Group's recent indictment on bribery charges. GQG, a significant investor in Adani companies, has seen its rating cut from buy to neutral, with the price target reduced from A$3.30 to A$2.30. Adani Group has dismissed the allegations as baseless and plans to pursue legal action.
Bangladesh is seeking to renegotiate its power purchase agreement with Adani Group, contingent on a court's decision regarding the contract's cancellation. The Bangladeshi high court has tasked a panel of experts with reviewing the deal, which involves power supplied from a plant in eastern India.
Gautam Adani has addressed U.S. bribery allegations involving a $265 million scheme, asserting his group's commitment to regulatory compliance. The indictment has triggered significant repercussions, including a review of a power deal and investment pauses from partners like TotalEnergies. Despite the challenges, Adani remains resolute, stating that adversity strengthens the Adani Group.
Indian billionaire Gautam Adani stated that no officials from his conglomerate are facing charges in the U.S. related to bribery or conspiracy, following a federal indictment alleging a $250 million bribery scheme. In his first public appearance since the indictment on November 21, he emphasized his commitment to regulatory compliance while navigating the legal process.
Gautam Adani addressed recent US bribery allegations, asserting that such challenges only strengthen the Adani Group. He emphasized that no one from the company has been charged with violations of the Foreign Corrupt Practices Act and reaffirmed their commitment to regulatory compliance amid the spread of negativity.
Adani Group CFO Jugeshinder Singh has firmly denied U.S. allegations implicating executives, including Chairman Gautam Adani, in a $265 million bribery scheme related to Indian solar power contracts. Singh stated, "We reject all of this strongly," emphasizing that no such payments occurred. Meanwhile, the Indian government confirmed it has not received any requests from U.S. authorities regarding the case.
India has responded to the recent charges of bribery and fraud against industrialist Gautam Adani and others, stating that it is a legal matter involving private firms and the US Department of Justice. Ministry of External Affairs spokesperson Randhir Jaiswal emphasized that the Indian government was not informed in advance and expressed confidence that established legal procedures would be followed.
Indian Prime Minister Narendra Modi's government is attempting to distance itself from the ongoing US investigation into Gautam Adani, emphasizing that the probe involves private individuals. This move comes amid rising scrutiny surrounding the billionaire and his business dealings.
Crisil Ratings has reported that the Adani Group maintains sufficient liquidity and operational cash flows to meet its debt obligations, with no negative actions from lenders or investors following the recent US indictment of its key executives for securities fraud and related charges. The group has the flexibility to adjust discretionary capital expenditures based on market conditions, supported by a healthy EBITDA and cash balance that lessens reliance on external debt. On November 20, 2024, the US Department of Justice and the SEC issued an indictment and civil complaint against Gautam Adani, Sagar Adani, and Vneet Jaain, alleging violations related to misleading statements in bond offering documents concerning anti-bribery and anti-corruption policies.
Adani Group
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
India Faces Economic Slowdown Amid Rising Inflation and Weak Consumer Demand
Chinese Yuan
United States Dollar
Japanese Yen
Adani Group
GBR
USA
CHN
IND
JPN
Lee Jung-jae
Alicia Garcia Herrero
Chandradeep Kumar
Gautam Adani
Krishna Bhimavarapu
Show more
17:45 05.12.2024
GQG shares drop 13 percent after Adani Group indictment and analyst downgrade
03:41 02.12.2024
Bangladesh seeks to renegotiate Adani power deal amid court review
18:07 01.12.2024
gautam adani addresses us bribery allegations amid corporate challenges
22:16 30.11.2024
adani denies us bribery charges amid federal indictment allegations
18:23 30.11.2024
gautam adani addresses us bribery allegations and reaffirms commitment to compliance
17:41 30.11.2024
Adani Group CFO denies bribery allegations amid US investigation claims
United States Dollar
Adani Group
Adani Green Energy Limited
IND
Gautam Adani
Sagar Adani
Vneet Jaain
Jugeshinder Singh
Show more
16:42 29.11.2024
India responds to US charges against Adani and others as legal matter
13:11 29.11.2024
Modi government distances itself from Adani investigation amid US scrutiny
12:27 29.11.2024
Crisil reports no lender concerns for Adani amid US indictment issues
Adani Group
CRISIL Ratings
Adani Green Energy Ltd (AGEL)
IND
Gautam Adani
Sagar Adani
Vneet Jaain
Show more
11:22 29.11.2024
Trending
Subcategory
Corporate News
Stock Market Updates
Industry Trends
Industry Mergers & Acquisitions
Banking Regulations
Finance Mergers & Acquisitions
Global Financial Events
Workplace Trends
Retail and Consumer Goods
CEO Changes
Market Analysis and Predictions
Global Trade Developments
Startups & Entrepreneurship
Central Bank Actions
Government Policies
Government Economic Policies
Financial Scams and Security
Domestic Politics
Corporate Social Responsibility
Private Equity Deals
Countries:
Companies:
JPMorgan Chase & Co.
Tesla, Inc.
Barclays PLC
UniCredit S.p.A.
Deutsche Bank Money Market PP
Banco BPM S.p.A.
Credit Suisse Lux Digital Healt
Bank of America Corporation
UBS Group AG
BNP Paribas SA
Apple Inc.
The Goldman Sachs Group, Inc.
Commerzbank AG
CREDIT AGRICOLE
Lloyds Banking Group plc
Wells Fargo & Company
Banco Santander, S.A.
Credit Suisse Strategic Income I
Amazon.com, Inc.
SpaceXCoin USD
Currencies:
United States Dollar
Euro
British Pound Sterling
Swiss Franc
Chinese Yuan
Indian Rupee
Japanese Yen
South Korean Won
Danish Krone
Hong Kong Dollar
Australian Dollar
Offshore Chinese Yuan
Singapore Dollar
Canadian Dollar
Mexican Peso
Norwegian Krone
Indonesian Rupiah
Russian Ruble
Chilean Peso
United Arab Emirates Dirham
People: