Business News at 05:30 pm on 18th March, 2024

Let’s begin – Shares of companies Adani Group experienced a decline of up to 2-4% on Monday following a report by Bloomberg that indicated that the US government may have expanded scope of investigation. Adani Enterprises, the flagship firm of the group, witnessed a nearly 4% drop to an intra-day low of Rs 2,976.05 during early trading, while Adani Ports and Special Economic Zone saw a decrease of over 3% to Rs 1,227.25. Similarly, Adani Power, Adani Green Energy, and Adani Energy Solutions registered losses ranging between 2% and 3%. According to Bloomberg’s article on Friday, the U.S. government is scrutinizing the actions of founder and Chairman Gautam Adani, as well as investigating potential involvement of Adani entities or affiliates in bribing Indian officials to gain favorable treatment in energy projects.

Up next – Apple is in talks to build Google’s Gemini artificial intelligence (AI) engine into the iPhone, Bloomberg News reported on Monday, citing people familiar with the situation. Apple also recently held discussions with the Microsoft -backed OpenAI and has considered using its model, the report added. Apple is preparing new capabilities as part of its upcoming iPhone iOS 18 based on its own homegrown AI models, but it is seeking a partner to power generative AI features, including functions for creating images and writing essays based on simple prompts, the report said.

Moving on – The Supreme Court on Monday directed the State Bank of India to disclose all details related to the electoral bonds, including serial numbers, which allowed individuals and companies to make donations to political parties. Chairman SBI must file an affidavit after declaring all details of the bonds by Thursday 5 pm, the Supreme Court ordered, Live Law reported. “The judgment was clear that all details need to be disclosed…don’t be selective,” Chief Justice of India DY Chandrachud said, asking to ensure that nothing had been suppressed. “We want all information related to the electoral bonds to be disclosed which is in your possession,” said CJI Chandrachud while hearing a petition against the “incomplete data” provided by the SBI on the donations made to political parties through electoral bonds. It has also asked the Election Commission to upload the details given by the SBI on its website.

“In other news – Indian startups must adhere to a self-regulating ecosystem to bring transparency and ethical behaviour in business, said G20 Sherpa and Former CEO of Niti Aayog Amitabh Kant at the Startup Mahakumbh, indicating the challenges around regulations and financial management being faced by leading Indian startups such as Byju’s and Paytm. “Valuation at all costs causes lapses in governance. We should not have lapses… All startups must focus on audit and have great mentors with professional board,” said Kant. He called for creating benchmarks in corporate governance and financial management as India aims to become a global economic powerhouse.”

Meanwhile – Gensol Engineering Limited, on Monday announced the completion of a 160 MW solar installation in Bhavnagar, Gujarat valued at Rs 128 crore for Continuum Green Energy, a key player in the renewable energy sector serving commercial and industrial consumers across India. Gensol has a track record of over 600 MW in diverse solar projects, including rooftop, ground-mounted, and floating installations across India. These projects have been completed for a wide range of clients, including commercial, industrial, and public sector units, under both turnkey and balance-of-system arrangements, the company said. “The Continuum Green Energy 160 MW installation marks Gensol’s sixth major ground-mount project, alongside ground-mount solar projects in the states of Karnataka, Haryana, Gujarat, and Jharkhand,” it said in a regulatory filing.

“Moving ahead – Undertaking its third journey spanning over 1,000 kms, the VISION EQXX technology program proved its mettle in traversing the Arabian Desert while maintaining energy efficiency. Across a challenging terrain, the test vehicle showcased electric power consumption of merely 7.4 kWh per 100 km, equivalent to 8.4 miles per kWh), according to an official release. This equates to approximately 0.9 litres/100 km or 282 miles per gallon equivalent for a petrol-fueled vehicle. Even in ambient temperatures reaching up to 34 degrees Celsius, the VISION EQXX surpassed its previous performance by a significant margin. Commencing from the Mercedes-Benz Center in Riyadh, Saudi Arabia, the efficiency drive across the Arabian Peninsula culminated at Mercedes-Benz Brand Centre in Dubai, UAE.”

Lastly, let’s see how the market performed today. The benchmark equity indices closed in positive territory on March 18. The NSE Nifty 50 closed 32.35 points or 0.15% higher to settle at 22,055.70, while the BSE Sensex gained over 100 points or 0.14% to settle at 72,748.42. However, the broader indices closed in the red, with midcap and smallcap stocks bleeding the most. Nifty Midcap 100 lost more than 150 points or 0.39% to settle at 46,501.65. Tata Steel, JSW Steel, M&M, Tata Motors, and Apollo Hospitals were the top gainers in the Nifty 50. While Tata Consumer, UPL, Titan, Adani Ports, and Infosys were the key laggards in the Nifty 50 on March 18.