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Citing local reports, the US-based short seller, Hindenburg Research, has maintained that Swiss authorities have frozen more than $310 million in numerous bank accounts linked to securities investigation and money laundering involving the Adani Group. The Adani Group has however refuted the claims, expressing that the consortium has never been involved in any Swiss court proceedings and that none of its accounts have been frozen by any authority. The Adani Group explained that the Hindenburg allegations are “preposterous, irrational, and absurd.” A report by Swiss media outlet, Gotham City, has been used as a reference by Hindenburg. According to it, a Federal Criminal Court order mentioned the Geneva Public Prosecutor’s office had been probing into the Adani Group long before any Hindenburg accusations were made. As per Gotham City, the probe inculpated more than $310 million belonging to a supposed associate of Gautam Adani in six Swiss banks, and the Swiss office of the Attorney later on took control of the case.
The combination of favourites- Rajma Chawal and Chhole Bature is progressing over Vada Pav and Dhokla on Dalal Street, as North Indian investors are escalating with equities compared to other traditional assets like gold and property. The Northern and eastern parts of India have ushered in new financial investors since the onset of the COVID-19 pandemic. Touching down to 35.7 million by July 31, the number of investors from the North on the National Stock Exchange (NSE) has quadrupled since the Financial Year 2020 alongside the East, where the NorthEast states, Odisha, and West Bengal nearly quadruplicated its investor base, leading the way for 8.9 million investors in four years. In contrary to this, The West including Mumbai and Gujarat, witnessed a triadic increase to 30 million investors. Signaling a 172% rise since the Financial Year 2020, South India has now around 20 million investors. Factors like soaring per capita income, better internet access, and Aadhaar usage have homogenized capital market access, which was once limited to metro cities. From April to July this year, North India welcomed 3.33 million investors, while the West and South added 1.96 million and 1.49 million, respectively.
Under the PM E-Drive subsidy scheme, a subsidy of Rs, 10,000 will be provided on every electric 2-wheeler sold until March 2025. The subsidy will be reduced by half in the next financial year. As part of the government’s efforts to promote green public transport, electric 3-wheelers will receive a subsidy of Rs 50,000, which will be halved to 25,000 from April. H D Kumaraswamy, the Union Heavy Industries Minister, has announced that the scheme aims to accelerate EV adoption and expand its charging infrastructure in the country, with a 10% EV penetration in the 2-wheeler market and 15% in the 3-wheeler market. Furthermore, the scheme allocates almost 40% of its budget, Rs 4,391 crore for subsidizing electric buses, focusing on promoting EVs for public transport.
Acting as a downright reminder of the risks associated with market laxity, on Thursday traders were caught off-guard by the sudden increase in Nifty value. Nifty unprecedentedly soared past the 25,000 mark after trading within a tight range post 2 p.m. local time, reaching an intraday high of 25,433.35. This abrupt, one-way move, propelled by almost $1 billion in global fund inflows, flabbergasted the traders who were expecting a relatively calm week. Tejas Shah of Equirus Securities noted that traders whol has sold call options at the 25,000 and 25,500 marks suffered significant losses. In the meantime, regulators are eyeing more stringent measures to cold own the rising frenzy in small IPOs.
