Business
MARKETS: Sensex up 750 points, Nifty above 17,300; Infosys, Wipro rise 3%
Frontline indexes extended gains in midday trade, supported by positive support from global peers. The BSE Sensex rose 908 points to 58,109, while the NSE Nifty gained 17,370 points, up 268 points. Tech M was the top gainer in the Sensex, up 4.5%, followed by Dr Reddy’s, up more than 3%, on the back of strong third-quarter results. It was followed by IT giants Wipro, Infosys and heavyweight RIL, up 2.5-3%. BPCL is an additional gainer for Nifty, beating its earnings by nearly 4%.
In broader markets, the BSE midcap index outperformed its benchmark, rising 1.5%. Of this group, InfoEdge, Mindtree, UBL, Jubilant Foo, Canara Bank, India Hotels, AU Small Finance Bank and Godrej Properties were the top gainers, rising between 4-7%.
InfoEdge rose 7% among mid-cap stocks on the back of strong third-quarter results. The company posted a standalone net profit of Rs 1,332.5 crore, up 90.7% from Rs 698.7 crore in the third quarter of fiscal 2021. Its net sales rose 48.1% year-on-year to Rs 4,032.6 crore in the quarter.
Likewise, recently listed company Chemplast Sanmar traded 17% higher after the chemical company posted a 48% rise in consolidated PAT to Rs 236.86 crore in the December quarter on revenue of Rs 1,431.68 crore.
Elsewhere in Asia, markets were mostly higher after a strong overnight performance on Wall Street. Japan’s Nikkei 225 rose 1%, while Hong Kong’s Hang Seng also rose 1%. South Korea’s Kospi also rose 1.87%.
Complete News Source : Business Standard
india
Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’
Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.
As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.
Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.
Congress demands JPC probe
Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.
ALSO READ- At 65.2%, Maharashtra records highest voter turnout since 1995 assembly election
Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.
He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.
The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.
“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.
Other Oppn leaders join attack
Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.
Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.
ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%
Adani stocks latest updates
The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.
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