India Financial News

₹140 to ₹148 per equity share. The company aims to raise ₹650.43 crore, of which ₹572.46 crore is expected through the issuance of fresh shares, while the remaining ₹77.97 crore will be raised from offer-for-sale (OFS).

Tata Power shares are in focus today after the company signed a memorandum of understanding (MoU) with the Asian Development Bank (ADB) during the COP29 climate conference in Baku, Azerbaijan. The MoU aims to evaluate financing for several projects, with a total estimated cost of $4.25 billion. The MoU outlines the evaluation of financing for key ongoing projects, such as the 966 MW solar-wind hybrid project, the pumped hydro storage project, and other projects in the pipeline related to energy transition, decarbonization, and battery storage. It also includes ongoing financing for capital expenditures (capex) to strengthen the distribution networks managed by Tata Power.

Bharti Airtel, Jio Financial and Vodafone Idea are likely to remain in focus on Friday as the Telecom Regulatory Authority of India (TRAI) released the subscriber data as of September 30, 2024. According to the latest data as of September 30, 2024, India's broadband market continues to be dominated by five major players who collectively command 98.42% of the total wired and wireless broadband market share.

SECI) has found itself at the centre of a huge controversy in the wake of the probe that the US has launched into some of Adani's dealings. As per allegations made by the US Justice Department, officials were paid more than $250 million in bribes to okay solar deals with state govts. Adani Group Chairman Gautam S Adani, his nephew Sagar Adani, and six others have been charged with paying these bribes. It may be mentioned here that SECI is the the nodal agency and a top trader of renewable energy in India. It holds the highest trading license. The company buys power from developers. It acquires this power through its tendering process. SECI then sells this power to electricity distribution companies. These sales happen through long-term agreements. SECI buys power from renewable energy project developers chosen through competitive bidding. They then sell this power to electricity distribution companies (DISCOMs) through long-term agreements known as Power Purchase Agreements (PPAs) and Power Sale Agreements (PSAs).

The India VIX climbed 2.09% to close at 15.99 on Thursday, indicating heightened caution. FII selling pressure continues, as the Long-Short ratio hovers around the 25% level.

Sagar Adani, the nephew of industrialist Gautam Adani, and six others in connection with an alleged bribery and fraud scheme linked to a renewable energy project in India. Prosecutors allege that the defendants, including Gautam Adani, conspired to pay $265 million in bribes to Indian government officials to secure contracts for developing India's largest solar power plant. The Adani Group has denied the allegations, terming them baseless. The company has stated that it will explore “all possible legal recourse” to address the charges.

Indian Prime Minister Narendra Modi says his government views the South American country of Guyana as key to its energy security

India vs Australia Live Score, 1st Test, Day 1: India and Australia will renew their rivalry in the Border Gavaskar Trophy when both teams face off in the first Test at the Optus Stadium in Perth on Friday (November 22). While Australia are coming into this Test match fresh, the visitors were humiliated 0-3 by New Zealand at home. A lot of talk has been around Virat Kohli coming into this Test series.

Tamannaah Bhatia and Vijay Varma? Amidst reports of ‘Mahanti’ star Keerthy Suresh’s wedding to long-time boyfriend Antony Thattil, rumours of another Tollywood diva tying the knot are taking the Internet by storm. As per a report by 123 Telugu.com, the ‘Baahubali’ actress may tie the knot with her boyfriend, ‘Darlings’ actor Vijay Varma, in 2025.

Rahul Singh, CIO, Tata Asset Management, says the market has shifted away from thematic sector-based movements to stock-specific movements now and he expects that even while the markets remain sideways, the nature of the market will be very different and it will be a very bottom-up stock selection rather than the sectoral swings we saw in the last 24 months. So Singh says we should expect a slightly narrower market focused more on valuation and more stock specific. Between November 2021 and March 2023, there were 17-18 months of a very similar phase and it can happen again. What is your view on the market? We know the reasons for the correction which are basically valuation and earnings and the FII outflows, but the question is has all of that been factored in by the market and from here on do we expect a recovery or do you expect this the sideways move to be the nature of the market for the next couple of months? Rahul Singh: The market would be watching the earnings.

Narendra Modi has said, asserting that the commonalities provide a strong foundation for friendship between the two nations. Addressing a community programme in Guyana on Thursday, the prime minister praised the Indo-Guyanese community and their contribution to the development of the Caribbean nation. He stressed that the shared values between the two nations provide a strong foundation for their friendship. «Three things, in particular, connect India and Guyana deeply. Culture, cuisine and cricket,» he said.

«We expect the market to remain range-bound over the next three months and for a back-loaded recovery as growth picks up,» said Goldman in a client note. «While the structural positive case for India over the medium-term remains intact, we remain tactically neutral on India given slowing growth, high starting valuations and a less supportive domestic and external environment in the near-term.»

rupee hit a fresh record low level on Thursday, closing at 84.49 per US dollar, due to outflows from local stocks that were dragged further down due to weakening of Adani group shares and the safe-haven dollar demand from foreign investors. The rupee closed at its all-time low of 84.4925 per US dollar, down nearly 0.1% on Thursday. On an intraday basis, the local currency touched a record low of 84.495/$1, LSEG data showed.

Sagar Adani, a millennial scion of the company who kept track of hundreds of millions of dollars of alleged bribes to Indian officials on his mobile phone, court filings show. U.S. prosecutors called the notes on Adani's phone «bribe notes.» In those notes, Sagar Adani, nephew of the Indian conglomerate's billionaire founder Gautam Adani, noted the amount of the bribe he offered, which government official had been offered the money and how much solar power the official's region would buy in return. He even identified a per megawatt bribe rate to secure the power contracts, the court filings show.

«Markets are likely to react to the preliminary release of November month manufacturing and services PMI of US, Europe and India today. In the near term, we expect the market to remain volatile on account of global geo-political concerns, relentless FII selling and uncertainty around the outcome of state assembly elections in Maharashtra and Jharkhand,» said Siddhartha Khemka, Head — Research, Wealth Management, Motilal Oswal. Here's breaking down the pre-market actions:

Lisa Su, chair, and chief executive officer (CEO) of Advanced Micro Devices (AMD)--credited with reversing the fortunes of the American chipmaker—is now taking the fight to industry leaders like Nvidia. In an interview with ET Su said that the $ 22.7 billion firm whose market cap has soared to $223 billion, is also building two supercomputers in India. It could also enhance investments in the country beyond the $ 400 million announced last year, said the 55-year-old executive. Edited excerpts: AMD has completed 20 years in India, what role do you see the country playing in the era of AI?

Zepto, which has raised another $350 million in new funding from prominent domestic investors, aims to become a company with a majority Indian ownership, chief executive Aadit Palicha said. Zepto is not an “Amazon or Walmart” but an Indian firm with plans to go public on Indian bourses, Palicha said in an interview with ET. He said the four-year old firm is not hurting kiranas or mom-and-pop stores — an allegation that Zepto and other quick-commerce firms are facing — and is a “net-job creator to the country’s consumption story". Founded by Stanford University dropouts Palicha and Kaivalya Vohra, Zepto has emerged as one of the fastest-growing consumer internet firms in India, fuelled by $1.4 billion that it raised in the last five-six months.

Zepto has raised an additional $350 million in funding from Indian high net-worth individuals (HNIs), family offices, and leading financial institutions. The fundraise was led by Motilal Oswal’s private wealth division, the company said in a statement. This adds to the $1 billion war chest Zepto has amassed over the past few months to take on rivals like Zomato’s Blinkit, Swiggy Instamart and others. ET first reported in October about Zepto looking to onboard local investors with a mandate of raising $150 million. Subsequently, we reported on November 15 that the round had doubled in size as the quick commerce firm sought to boost local shareholding and investor interest in the sector was at a peak.

Adani Group bonds fell 5-10 cents Thursday after a US court indicted chairman Gautam Adani and senior executives over allegations of paying $265 million in bribes to secure solar power contracts in India. Adani Green Energy’s March-issued bond offering 6.7% dropped as much as 15 cents, trading at 78/ 79 cents on the dollar in the early trades. This saw some recovery and closed at 82/83 cents from 94 cents Wednesday

Nvidia’s strategy for India is built on a multi-pronged approach predicated to “accelerated computing is the future of technology,” especially for India given the energy constraints. This approach offers an efficient solution to meet the country’s growing AI needs—sustainably, said the company’s business head (cloud and consumer internet) for the South Asian market, Hasan Aijaz. “The chip is no longer the unit; it’s the data centre. You don’t have to think about chips or systems separately. You need to think about how chips and systems work together, along with the network and the software and create a full stack,” he said at the Bengaluru Tech Summit on Thursday speaking on a discussion about AI for chips. Meanwhile, US-based Qualcomm said it is focused on edge AI and making on-device AI more accessible and efficient for its end consumers. Senior VP at the firm, Srini Maddali, said «AI on the edge is not an option; it is a necessity. You will not be able to scale, nor will you get the technology leverage across the world without having AI on the device.»

GQG Partners, one of the biggest foreign institutional investors in Adani Group, said it is monitoring the charges filed by the US Attorney's Office for the Eastern District of New York and the Securities Exchange Commission against founder Gautam Adani, group companies and executives. GQG said it is «reviewing the emerging details and determining what, if any, actions for our portfolios are appropriate.» Shares of GQG Partners plunged 20% on the ASX (Australian Securities Exchange) on Thursday, eroding nearly ₹8,100 crore (approx. US $950 million) or 16% of its market value.