US Charges Gautam Adani in $250M Bribery Scandal

• After breaking their losing streak in the previous session, Indian stock market benchmarks Sensex and Nifty 50 resumed their decline on Thursday, November 21, influenced by weak global cues.

• The market saw a widespread selloff, with mid and small-cap segments also facing losses. While both indices recorded modest gains on Tuesday, concerns over weak earnings, geopolitical tensions, and high valuations weighed on sentiment.

• Adding to the pressure, the US indictment of Adani Group Chairman Gautam Adani and other executives on bribery charges further dampened investor confidence.

Power Grid Corporation +3.25%

• Shares rose over 3% after the company was named the successful bidder for acquiring Khavda V-A Power Transmission Ltd, a special purpose vehicle tasked with establishing a transmission system to evacuate power from a renewable energy zone in Gujarat's Khavda area, for ₹18.95 crore.

Psp Projects (9.38%)

• Shares dropped over 9% following recent developments concerning the Adani Group. This sharp decline comes a day after Adani Infrastructure, led by billionaire Gautam Adani, announced the acquisition of a 30.07% stake in the construction company for ₹685.36 crore.

• The deal includes an open offer priced at ₹642.06 per share and involves acquiring a stake from one of PSP Projects' founders.

Most of yesterday’s news revolved around the billionaire Gautam Adani being charged in the US over an alleged $250 million bribery scheme. Following is the information and fallout:

• Here are the key allegations.

• What we know so far. (BS)

• Adani Group sees $22 billion in value wiped off after US indictments. (BS)

• Adani Group cancelled a $600 million bond issue as its other notes fell following US SEC charges. (TH)

• Kenya has cancelled airport and energy deals with the Adani Group following US indictments. (BS)

• Vedanta Resources delayed its dollar bond issue over Adani-related allegations. (Mint)

• Enviro Infra Engineers raised ₹195 crore ($23Mn) through its anchor book ahead of its IPO. (MC)

• NTPC Green Energy IPO saw 90% subscription on Day 2, led by retail investors. (MC)

This week’s mainboard IPO schedule

• Zinka Logistics

  • Offering Period: 13 November - 18 November, 2024

  • Listing Date: 21 November, 2024

  • Issue Price: Rs 259-273

  • Lot Size: 54

• NTPC Green Energy

  • Offering Period: 19 November- 22 November, 2024

  • Listing Date: 27 November, 2024

  • Issue Price: 102-108

  • Lot Size: 138

• Enviro Infra Engineers

  • Offering Period: 22 November - 26 November, 2024

  • Listing Date: 29 November, 2024

  • Issue Price: 140-148

  • Lot Size: 101

M&A / Investments

• Moglix has acquired Khatema Fibres in a deal valued at ₹80 crore ($9.5Mn). (YS)

• Moksha Group has acquired the assets of retail tech startup Arzooo in a distress sale. (YS)

• 360 ONE Asset has acquired a stake in the newly established OneSource Pharma. (YS)

• The DPIIT has approved Hinduja Group's IIHL for the acquisition of RCAP. (BS)

Debt

• The Asian Development Bank will provide $4.25 billion to Tata Power for clean energy projects. (ET)

VC