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☆ Electric vehicle premiums will ride high in India
▼ + stars: | 2023-08-14 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

Mahindra Funster electric concept SUV is on display after it was unveiled at the India Auto Expo 2020 in Greater Noida, India, February 5, 2020. Singapore's Temasek handed Anand Mahindra’s EV business a punchy valuation of up to $9.8 billion this month. The $23 billion Mumbai-listed Mahindra & Mahindra (MAHM.NS) generates most of its top line from its sprawling autos business churning out everything from commercial vehicles to three wheelers. It follows the sale of up to 4.8% to British International Investments, the UK's development finance institution, at a $9.1 billion valuation in July last year. True, Temasek's valuation of the EV business depends on the latter hitting undisclosed milestones.

Persons: Kumar Rakesh, It’s, Maruti Suzuki, Una Galani, Katrina Hamlin Organizations: Mahindra, India, REUTERS, Reuters, Singapore's Temasek, Anand, Temasek, British International Investments, BNP, Tata Motors, TPG, HK, China’s MG Motors, Maruti, India’s, India’s Mahindra, British International Investment, Thomson Locations: Greater Noida, India, BENGALURU, Mumbai, China, EVs, Temasek

[1/2] U.S. President Joe Biden and India's Prime Minister Narendra Modi attend an official state dinner at the White House in Washington, U.S., June 22, 2023. Biden and Modi gathered with CEOs including Apple's (AAPL.O) Tim Cook, Google's (GOOGL.O) Sundar Pichai and Microsoft's (MSFT.O) Satya Nadella. Modi, who has appealed to global companies to "Make in India," will also address business leaders at the Kennedy Center for Performing Arts. Modi praised Gopalan for keeping India "close to her heart" despite the distance to her new home, and called Harris "really inspiring." On Friday evening, Modi will address members of the Indian diaspora, many of whom have turned out at events during the visit to enthusiastically fete him, at times chanting "Modi!

Persons: Joe Biden, Narendra Modi, Elizabeth Frantz WASHINGTON, Modi, Biden, Tim Cook, Sundar Pichai, Satya Nadella, Sam Altman, OpenAI, Sunita Williams, Anand Mahindra, Mukesh Ambani, Farwa Aamer, John Kirby, Kirby, India's, Kamala Harris, Antony Blinken, Harris, Shyamala Gopalan, Gopalan, Steve Holland, Simon Lewis, Jeff Mason, Trevor Hunnicutt, Don Durfee, Grant McCool Organizations: India's, White, REUTERS, Indian, U.S, NASA, Mahindra Group, Reliance Industries, Kennedy Center for Performing Arts, FedEx, MasterCard, Adobe, South China Seas, South, Asia Society Policy Institute, White House, Washington, State Department, Bharatiya Janata Party, BJP, Thomson Locations: Washington , U.S, Washington, China . U.S, India, United States, CHINA, Beijing, China, South, South Asia, New Delhi, Taiwan, Russia, Moscow, Ukraine, American

☆ Gautam Adani will be playing defense for a while after mauling by Hindenburg
▼ + stars: | 2023-02-10 | by ( Diksha Madhok | ) edition.cnn.com time to read: +6 min

The sprawling Adani Group, which he founded over 30 years ago, has established interests in industries ranging from logistics to mining. “We view this as validation of our findings on offshore stock parking by Adani,” Hindenburg founder Nate Anderson said on Twitter. In its report, Hindenburg had alleged that “offshore shells and funds tied to the Adani Group comprise many of the largest ‘public’ holders of Adani stock.”An Adani Group spokesperson declined to comment. Meanwhile, Norway’s sovereign wealth fund, said Thursday it has “for all practical purposes…fully divested,” from the Adani companies. The loans were backed by shares in Adani Ports, Adani Green Energy and Adani Transmission.

☆ Indian watchdog tells investors markets stable despite Adani rout
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +2 min

[1/2] A woman walks past the logo of the Securities and Exchange Board of India (SEBI), at its headquarters in Mumbai, India, May 27, 2022. Shares in Adani Group firms, controlled by billionaire tycoon Gautam Adani, have dropped by $100 billion, or half their market value, since U.S-based short-seller Hindenburg Research made allegations of stock manipulation and unsustainable debt. Mechanisms were in place to address excessive volatility in specific stocks, SEBI said, adding these were automatically triggered under certain conditions of stock price volatility. Reuters earlier reported that SEBI was examining the recent crash in the Adani Group's shares and looking into any possible irregularities. loadingMahindra did not directly mention Adani Group.

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