Newsletter | Adani Group stocks tank after Gautam Adani indicted in US; Google Maps can now monitor AQI & more
Adani Group stocks fall up to 25% after bribery charges framed against Gautam Adani, other executives
Shares of all Adani Group companies are trading with losses between 10% or 20% at the start of trading on Thursday, November 21, after the US District Court and the Securities & Exchanges Commission framed bribery charges against Gautam Adani and other executives of the group. Group companies have lost ₹2.6 lakh crore in market capitalisation so far.
Adani Ports shares are now down 15%, while those of Adani Enterprises, the flagship company of the group is now down 20%. Most of the other group stocks are also down between 10% to 20%.
Significant setback for Gautam Adani after US court, SEC charge him, other group executives of bribery
Adani Group stocks will be in focus on Thursday, November 21, after a US District Court charged Gautam Adani, the group founder with participating in an alleged bribe plot. Here is what the US District Court Eastern District of New York said in its order.
In or about and between 2020 and 2024, Senior executives of an Indian renewable-energy company, which was a portfolio company of an Indian conglomerate, an issuer company that operated in the renewable-energy sector whose securities were traded on the US exchange and that issuer’s largest shareholder, a Canadian institutional investor, participated in a scheme to bribe Indian government officials to ensure execution of lucrative solar energy supply contracts with Indian Government entities.
The order names the following people:- Gautam Adani, Chairman Adani Group- Sagar R. Adani, Executive Director, Adani Green Energy- Vneet S Jaain, MD & CEO, Adani Green Energy- Ranjit Gupta, Former CEO Azure Power- Cyril Cabanes, Former Azure Board member- Saurabh Agarwal, Deepak Malhotra, Rupesh Agarwal
Maharashtra Election Results Live: 65% voter turnout recorded in assembly polls
An estimated 65% voter turnout was recorded in the Maharashtra assembly elections on Wednesday (November 20), where the ruling BJP-led Mahayuti alliance is making a determined bid to retain power and the opposition Maha Vikas Aghadi (MVA) coalition is hoping to continue its good showing in the 2024 Lok Sabha polls.
The figures are provisional, election officials said, adding that 61.74% of polling was recorded in the 2019 assembly elections in the state. Gadchiroli district recorded a turnout of 69.63%, while Mumbai saw an estimated 54% turnout. In the 2019 polls, Mumbai’s polling figure stood at 50.67%. Mumbai’s Colaba constituency, which recorded just 40% turnout in 2019, showed an improved figure of 44.49% this year. Karvir constituency in Kolhapur district recorded 84.79% turnout, which is expected to be the highest in the state.
Rajiv Jain’s GQG, Adani Group’s biggest US shareholder ‘evaluating investments’ post US district court, SEC orders
GQG Partners, one of the first investors to acquire stake in the Adani Group post the Hindenburg scandal in 2023, has released a statement to the Australian Exchanges with regards to the US District Court and the SEC orders against the Adani Group over an alleged bribery scheme.In its statement, GQG said that it is monitoring the charges brought today by the US Attorney’s Office for the Eastern District of New York and the US Securities and Exchange Commission against Gautam Adani and certain other Adani Group executives and companies.”Our team is reviewing the emerging details and determining what, if any, actions for our portfolios are appropriate,” the GQG Statement said.
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Google must divest Chrome to restore competition in online search, DOJ says
Alphabet’s Google must sell its Chrome browser, share data and search results with competitors and take a range of other measures to end its monopoly on searching the internet, US prosecutors argued to a judge on Wednesday.
Such changes would essentially result in Google being highly regulated for 10 years, subjecting it to oversight by the same Washington federal court that ruled the company maintained an illegal monopoly in online search and related advertising.
Google controls about 90% of the online search market.”Google’s unlawful behaviour has deprived rivals not only of critical distribution channels but also distribution partners who could otherwise enable entry into these markets by competitors in new and innovative ways,” the US Department of Justice said in a court filing.
Google Maps gets AI-powered Air View+ to help you monitor AQI
Indians can now receive local air quality updates on Google Maps. The tech giant introduced Air View+, which uses smart technology to provide helpful environmental data, on Wednesday. Air View+ offers air quality details that are crucial for government bodies in charge of monitoring the environment and planning cities. It helps people by showing air quality specifics right on Google Maps, the company said in a blog post.
This development is very important as Delhi’s air quality hit a severe level of 491 on the AQI scale recently. A thick layer of pollution covered the city, pushing authorities to limit vehicles, halt construction and switch schools to online. Google’s blog mentions that Air View+ aims to help both officials and the public with precise air quality data. As India progresses rapidly, it’s essential to face challenges like air pollution, which negatively impacts city life and health systems.
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Why life insurance is key to long-term financial security
As individuals strive to secure their financial future, life insurance plays a crucial role in protecting loved ones and supporting long-term financial goals. Experts emphasise that life insurance is a dual-purpose financial tool. It not only provides protection against untimely death but also serves as a powerful instrument for long-term savings, retirement planning, and legacy creation.Here’s a deeper look into the key factors that should guide your life insurance decisions.
Determining the right coverage
When it comes to deciding on the right amount of life insurance coverage, Rushabh Gandhi, MD and CEO of IndiaFirst Life Insurance, explains that it should be based on three core factors: life stage, life goals, and liabilities.
How Gen Z investors are balancing risk and long-term financial goals
Gen Z is changing how investments work. They now make up 50% of all new mutual fund investors since 2020, says Neelesh Verma, Product Head at Zerodha.“They are experimenting with every financial asset available,” Verma said.IPOs are a notable trend, alongside small-cap investments, as Gen Z actively diversifies its portfolios.Their willingness to embrace risk is a key characteristic of this demographic.What sets Gen Z apart is their long-term approach.With investment horizons of 30-40 years, they have the freedom to take higher risks without the immediate pressure of short-term financial goals.
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World COPD Day | How to address gender disparities in diagnosis and treatment
Chronic obstructive pulmonary disease (COPD), the fourth leading cause of death globally, claimed 3.5 million lives in 2021, approximately 5% of all global deaths with a growing and disproportionate impact on women. COPD is no longer a respiratory disease that predominantly affects men. The prevalence among women has risen, where women are 37% more likely than men to have COPD revealing significant gender disparities in diagnosis and treatment.
In the USA, COPD is the leading cause of death in women with 6.7% of adult women having reported to suffer from COPD in 2022. Low-and middle-income countries (LMIC) bear the heaviest burden, where nearly 90% of COPD deaths are in those under 70 years of age. Tobacco smoking is responsible for only 30–40% of cases in LMIC while over 70% in high income countries. A large percentage are also affected due to household air pollution, which mainly affects women due to their traditional roles in domestic settings.
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Actor Ranveer Singh picks up 50% stake in protein food brand SuperYou
Bollywood actor Ranveer Singh has picked up a 50% stake in protein food and supplements brand SuperYou for an undisclosed amount. It was co-founded with Nikunj Biyani, nephew of the founder of the now-bankrupt Future Group Kishore Biyani.
Nikunj, who at the time was the business head for foods at Future Consumer, currently runs Think9 Consumer, a venture builder firm focused on building digital-native brands and platforms.Singh will be actively involved in the company’s operations as the co-founder, with the aim of opening it up to a wider audience. The products, the company said in a statement, will be made using fermented yeast protein technology.
We’ll see you tomorrow with another 11:11
