The week in charts: Adani shares, PM internship scheme, Bitcoin buzz
Subscribe to enjoy similar stories. Every Friday, Plain Facts publishes a compilation of data-based insights, with easy-to-read charts, to help you delve deeper into the stories reported by Mint in the week gone by. The shares of Adani group companies plunged on Thursday after the US indicted chairman Gautam Adani and other executives for allegedly bribing Indian officials.
The government plans to expand the scope of the Prime Minister Internship Scheme, while Bitcoin prices are skyrocketing. Nearly two years after US short-seller Hindenburg Research accused the Adani Group of "brazen stock manipulation" and an "accounting fraud scheme," fresh troubles have surfaced for the conglomerate. On Thursday, the US Department of Justice filed an indictment alleging that Gautam Adani, his nephew, and six others paid $265 million in bribes to Indian state officials, while misrepresenting this during fundraising efforts in the US.
The revelation sent shockwaves through the markets, with Adani Group stocks tumbling and several hitting their lower circuits. Amid optimism surrounding India’s growth story, corporate performance in the September quarter painted a less rosy picture. Combined revenue for 3,832 BSE-listed companies grew at just 8.3% year-on-year—the slowest pace in four quarters—according to a Mint analysis.
Net profits fared slightly better, rising 9.5%. However, this growth was largely propped up by the banking, financial services, and insurance (BFSI) sectors. Excluding BFSI, revenue growth slipped to 5%, while profit growth dwindled to 5.5%.
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