Business
Sensex Rises Over 300 Points, Nifty Trades Above 17,400; Hero MotoCorp, Tata Motors Top Gainers
Indian stock indexes were higher on Thursday, with auto stocks rising at the start of trading. The benchmark BSE Sensex was up 320 points, or 0.55%, at 58,317 as of 9:23am, while the broader NSE Nifty was up 97 points, or 0.56%, at 17,420.
Asian stocks were mostly higher, while bond yields continued to fall as investors weighed on the coronavirus outbreak in Russia and Ukraine. Fears of a super-hawkish movement to raise interest rates faded overnight after minutes from the latest policy meeting suggested central bankers were taking a more measured, data-driven approach.
Domestically, small and midcap stocks were positive, with the Nifty Midcap 100 up 0.33% and small caps up 0.35%.
In terms of specific stocks, Hero MotoCorp was Nifty’s best performer, up 2.36% to £2,852.70. Tata Motors, Indian Oil Corp, Eicher Motors and Grasim Industries were also winners.
On the other hand, Shree Cement, Axis Bank, SBI Life, Sun Pharma and Britannia Industries lag behind.
In BSE, the overall market breadth was positive, with 1,841 stocks advancing and 673 declining.
On the 30-stock BSE platform, Mahindra and Mahindra, NTPC, Titan, PowerGrid, HDFC and ITC were the biggest gainers, with their shares rising as much as 1.08%.
Complete News Source : NDTV
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.
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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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