<img src="https://api-discussion.policharcha.com/1703683056241" alt="TotalEnergies invests USD 300 Million in Adani Green's renewable venture" style="float:none;height: auto;width: auto"/>

In a testament to continued confidence in the Adani conglomerate, French energy giant TotalEnergies has injected USD 300 million (approximately Rs 2,500 crore) into a renewable energy joint venture with Adani Green Energy Ltd (AGEL).
Under the deal, both companies will share a 50:50 stake in Adani Renewable Energy Nine Ltd (ARE9L), a subsidiary of AGEL, housing a substantial 1,050 MW project portfolio.
TotalEnergies, holding nearly 19.75% of AGEL, had previously invested in another AGEL subsidiary, Adani Green Energy Twenty Three Ltd. The newly acquired portfolio includes 300 MW of operational capacity, 500 MW under-construction solar projects, and 250 MW under-development projects.
In a statement, AGEL highlighted the completion of the joint venture, reinforcing the strategic alliance and supporting AGEL's ambitious target of achieving 45 GW renewable power capacity by 2030.
The investment follows TotalEnergies' commitment to additional funding upon the operationalisation of under-construction and under-development projects, further strengthening the collaboration between the two companies.
The transaction signifies a significant step in AGEL's pursuit of becoming a renewable energy leader in India, aligning with its broader goal of a 45 GW capacity by 2030. The move comes as part of TotalEnergies' ongoing investment strategy in AGEL and underscores their joint commitment to the renewable energy sector in the country.
AGEL, with an existing renewable portfolio of 8.4 GW, continues to attract substantial investments, recently approving a plan for the promoter's infusion of Rs 9,350 crore, coupled with a USD 1.4 billion debt raise earlier this month.
The latest deal reflects the evolving landscape of renewable energy partnerships, highlighting the potential for further collaboration between global energy majors and India's rapidly expanding clean energy sector.

TotalEnergies invests USD 300 Million in Adani Green's renewable venture

<img src="https://api-discussion.policharcha.com/1713968851462" alt="Market watchdog SEBI investigates global funds for Adani stock investment irregularities" style="float:none;height: auto;width: auto"/>

As per a Bloomberg report, the Securities and Exchange Board of India (SEBI) has initiated inquiries into several global funds that have invested in Adani Group stocks, prompting them to justify actions regarding improper disclosures and potential market manipulations.
According to the report, SEBI has taken action against two sets of foreign portfolio investors. The first group is accused of shorting Adani stocks after receiving advance notice of an impending short seller report. This move significantly impacted Adani Group's market value, slashing over USD 100 billion following the Hindenburg report's publication in January 2023.
The second set of investors receiving SEBI's show-cause notices are overseas funds allegedly linked to Adani Group founders. These entities faced intense scrutiny in June 2021 for heavily investing their funds into Adani stocks.
SEBI is pressing these funds for explanations, focusing on potential violations of investment rules such as exceeding permissible limits in a specific stock. The Adani conglomerate has consistently denied any connections with these funds. The Bloomberg report indicates SEBI has not responded to inquiries on this matter.
A spokesperson for the Adani Group declined to comment when contacted by ANI.
SEBI is expected to issue final orders following hearings on these cases, a process likely to extend over several months. Bloomberg suggests SEBI's conclusions from these investigations will mark the conclusion of the Hindenburg episode.
Earlier, in January, the Supreme Court stated no further investigations would occur in the Adani-Hindenburg case once SEBI concludes its probe.
SEBI has accused these funds of lapses in maintaining and revealing information about their ultimate beneficial owners, alongside investing excessively in Adani Group listed entities.
The Bloomberg report notes that legal representatives of eight investors from this group, including Albula Investment Fund, Cresta Fund, MGC Fund, Asia Investment Corporation (Mauritius), APMS Investment Fund, Elara India Opportunities Fund, Vespera Fund, and LTS Investment Fund, are contemplating settlements involving fines without admitting wrongdoing.
The SEBI investigation, expanded per the Supreme Court's directive, includes scrutiny for market manipulation after Hindenburg's allegations of the Adani Group artificially inflating stock prices through undisclosed overseas funds—a claim the Adani Group refutes.
Post the apex court's order, Adani's stocks have shown recovery, allowing the group to resume investments and capital-raising activities after the turbulent period following the Hindenburg report.

Market watchdog SEBI investigates global funds for Adani stock investment irregularities

<img src="https://api-discussion.policharcha.com/1713960198339" alt="RBI bars Kotak Mahindra Bank from acquiring new customer & issuing new credit cards" style="float:none;height: auto;width: auto"/>

The Reserve Bank of India (RBI) took a major regulatory step on April 24 by prohibiting Kotak Mahindra Bank (KMB) from acquiring new customers through its online and mobile banking platforms and issuing fresh credit cards.
This action, based on supervisory concerns over the bank's technology platforms, came after the RBI conducted an examination of KMB's IT systems over the past two years, highlighting the bank’s persistent failure to address these concerns adequately, as stated by the central bank.
Existing customers of KMB will not be affected by the ban, and the bank can continue to provide services to them, including its credit card customers.
However, the prohibition on onboarding new customers and issuing fresh credit cards is expected to impact KMB's new customer acquisition, particularly through online and mobile banking channels, which witness a significant portion of new account openings.
Additionally, this move is anticipated to affect KMB's credit card business, including its co-branded credit card deals, as indicated by industry experts.
The RBI justified its actions by citing "significant concerns" arising from its IT Examination of KMB for the years 2022 and 2023, emphasising serious deficiencies and non-compliance in various areas such as IT inventory management, patch and change management, user access management, vendor risk management, data security, business continuity, disaster recovery, among others.
The central bank's decision stemmed from KMB's repeated non-compliance with corrective action plans issued by the RBI in the preceding years, as noted during subsequent assessments. The RBI's concerns were further exacerbated by frequent and significant outages in KMB's Core Banking System (CBS) and online/digital banking channels over the last two years, with the most recent disruption occurring on April 15, 2024, leading to severe customer inconveniences.
Despite continuous engagement by the RBI over the past two years to address these concerns and strengthen KMB's IT resilience, satisfactory outcomes were not achieved. The recent surge in the bank’s digital transactions, including credit card transactions, further stressed the IT systems, prompting the RBI to act in the interest of customers and the stability of the financial ecosystem.
However, the RBI clarified that these restrictions would be re-evaluated upon the completion of a comprehensive external audit, approved by the RBI, and the remediation of identified deficiencies. The decision will also consider observations from RBI inspections and must meet the satisfaction of the Reserve Bank.
This isn't the first time the RBI has taken such action; in 2020, HDFC Bank faced a similar penalty for tech issues, resulting in restrictions on new digital launches and issuing new credit cards. These restrictions were later partially lifted, showcasing a precedent for such regulatory interventions in the banking sector.

RBI bars Kotak Mahindra Bank from acquiring new customer & issuing new credit cards

<img src="https://api-discussion.policharcha.com/1713271133989" alt="Indian oil marketing companies brace for potential oil price surge amid Israel-Iran tensions" style="float:none;height: auto;width: auto"/>

The escalating conflict between Israel and Iran has put Indian oil marketing companies (OMCs) on edge, with concerns mounting that crude oil prices might soar beyond the $100-per-barrel threshold if the standoff worsens.
On Monday, shares of all three state-owned OMCs concluded in negative territory, facing losses of up to 2.31 percent as investors hurried to sell off their stocks amid fears of dwindling profit margins.
However, there was a slight reprieve as international crude oil prices unexpectedly dipped. Iran's indication of avoiding escalation in the conflict and Israel's suggestion of not retaliating immediately contributed to the easing of market tensions.
At the time of writing, Brent futures for June delivery were trading at $89.18 per barrel, a decrease from the previous close of $90.45. Meanwhile, US West Texas Intermediate (WTI) for May delivery was priced at $84.47, down from $85.66.
Reports suggest that Iran is capable of producing 3.2 million barrels of crude oil daily and wields significant control over the Strait of Hormuz, responsible for 30 percent of oil transit and 70 percent of oil shipments to Asia.
Any disruption in oil production or transit through the Strait due to escalating tensions could lead to a rapid surge in oil prices. This scenario would adversely affect oil marketing companies, potentially limiting their ability to implement corresponding price hikes. However, upstream companies may not feel the impact as they manage realisations through windfall taxes, which could rise proportionately.
Analysts warn that the current market prices do not fully account for the possibility of a direct conflict persisting between Iran and Israel. Depending on the nature and duration of such events, oil prices could skyrocket to over $100 per barrel, presenting a significant challenge for oil-dependent economies and industries worldwide.

Indian oil marketing companies brace for potential oil price surge amid Israel-Iran tensions

<img src="https://api-discussion.policharcha.com/1712670886122" alt="Paytm Payments Bank CEO Surinder Chawla resigns amid regulatory challenges" style="float:none;height: auto;width: auto"/>

Surinder Chawla, the Managing Director and CEO of Paytm Payments Bank (PPBL), has tendered his resignation, as disclosed in a regulatory filing by One97 Communications, the brand owner of Paytm. The resignation will be effective from June 16, 2024, marking the departure of Chawla amidst regulatory challenges faced by PPBL from the Reserve Bank of India (RBI).
Chawla cited personal reasons for his resignation in his letter to the company. He had assumed the role of MD and CEO of PPBL in January of the previous year. One97 Communications confirmed the resignation, stating that nearly all agreements between the company and Paytm Payments Bank had been terminated, as previously disclosed on March 1, 2024.
The PPBL board has also undergone reconstitution with five independent directors and an independent chairperson, following disclosures made on February 26, 2024.
The company emphasised its ongoing efforts to collaborate with banking partners to enhance merchant acquiring and UPI services. Vijay Shekhar Sharma had earlier resigned from the PPBL board on February 26, part of a broader board overhaul following regulatory scrutiny from the RBI.
The regulatory challenges for PPBL began when the RBI directed the bank to wind down its operations by March 15, 2024, due to compliance issues and supervisory concerns. This directive included a ban on accepting fresh deposits and conducting credit transactions after February 29, with a subsequent extension of the deadline to March 15.
Despite these challenges, on March 14, the National Payments Corporation of India (NPCI) approved One97 Communications to participate in UPI services as a third-party application provider under a multi-bank model. Paytm has since collaborated with four new banks — Axis Bank, HDFC Bank, State Bank of India, and Yes Bank — to provide payment services.
The impact of these regulatory actions has been reflected in Paytm's stock performance, with shares down nearly 50% since the RBI's directive against its banking unit. On April 9, One97 Communications' shares settled 1.95% lower at ₹404.30 apiece on the BSE.

Paytm Payments Bank CEO Surinder Chawla resigns amid regulatory challenges

Main points -&nbsp;
<ol>
<li>India's Digital Payment Infrastructure (DPI), comprised of Jan dhan accounts, Aadhaar and mobile phones, has helped the country to achieve an 80% financial inclusion rate in just six years.</li>
<li>Without this initiative, India would achieved the same in 47 years.</li>
<li>Total value of UPI transactions in FY23 amounted to nearly 50% of India's nominal GDP.</li>
<li>A bank's average cost for customer onboarding has decreased from $23 to $0.1, mostly owing to robust digital infrastructure.</li>
<li>DBT program has enabled India to save $33 billion, equivalent to almost 1.14% of its GDP.</li>
<li>25% of adults held transaction accounts in 2008, today it is at 80%.</li>
<li>Due to Pradhan Mantri Jan Dhan Yojana, the number of accounts trippled from 147.2 million in March 2015 to 462 million by June 2022.</li>
<li>56% of the above mentioned accounts are owned by women.</li>
<li>DPIs have also streamlined Know Your Customer (KYC) procedures, leading to cost reductions, with banks utilizing e-KYC witnessing a drop in compliance costs from $0.12 to $0.06.</li>
</ol>

ICYMI - World Bank's report on financial inclusion in India.

Top global brokerage firm Morgan Stanley on Thursday upgraded Indian stocks to overweight rating and ranked India as the No. 1 market in its basket of Asian emerging markets, excluding Japan.
Beating the likes of Korea and UAE, India jumped 5 places in Morgan Stanley's list on the back of a structural uptrend, secular leadership, and relative valuations being less extreme than in October.

Point to note - MS upgrades India to overweight rating, and downgrades China to equal-weight rating

Read more <a href="https://economictimes.indiatimes.com/markets/stocks/news/india-upgraded-to-no-1-slot-in-morgan-stanleys-emerging-markets-list/articleshow/102374754.cms?from=mdr" target="_blank">here</a>&nbsp;&nbsp;

India upgraded to No.1 slot in Morgan Stanley's emerging markets list

<div>recently modi announced that India will be among the top three economies of world in his third term. what do think? can it happen?</div>

India top 3 economy in the coming years?

Yesterday I was reading how India has significantly increased toy manufacturing and exports. Earlier the toy market of India consisted mainly of Chinese toys.
I think toy industry has a huge potential to grow in the coming years.

TotalEnergies invests USD 300 Million in Adani Green's renewable venture

Related Discussion

ICYMI - World Bank's report on financial inclusion in India.

India upgraded to No.1 slot in Morgan Stanley's emerging markets list

India top 3 economy in the coming years?

The potential of Toy industry in India

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