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<keyword id="1575" type="ORGANIZATION" weightage="60" keywordseo="Congress">Congress</keyword> has demanded explanation from the Centre and the State Bank of India (<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>) over the latter’s decision to lend $1 billion to the <keyword id="76451" type="COMPANY" weightage="100" keywordseo="Adani">Adani</keyword> group. It also accused Prime Minister <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> of “taking interest in promoting the Adani group" and demanded that SBI should make disclose the MoU it had signed with the Adani group. 
 
SBI had announced a loan of up to $1 billion to Adani for developing a coal mine during Modi's Australia visit. 
 "What was the propriety of SBI giving loan to Adani, who was sitting next to the Prime Minister during the visit, at a time when five foreign banks have denied credit to the group for the project?" Congress General Secretary <keyword id="50339" type="PERSON" weightage="100" keywordseo="Ajay-Maken">Ajay Maken</keyword> questioned. 
 
"The PM appeared taking keen interest in promoting Adani in getting the loan worth Rs 6,200 crore during the visit in which the SBI chairman was also present. When five top foreign banks have declined to fund Adani's project, what was the need and the sense in giving such a huge loan to him from the hard-earned money deposited by the common people? Did SBI do the due diligence? If it did so why it is not declaring the MoU?” asked Maken. 
 
Adani, however, denied the charges. “There are already a couple of international banks which have funded our acquisition of mines in Australia. I don't think it is for public consumption for us to tell which banks are currently considering the project in different stages of approval. SBI would not certainly be just one bank when it comes to final financial closure of this project and you will see a very impressive list of international banks that are going to fund the project,” it said.

Congress Attacks SBI For $1-billion Loan; Alleges A Nexus Between Modi And
Adani

In order to transport coal out of the <keyword id="1471690" type="UNKNOWN" weightage="100" keywordseo="Carmichael-mine">Carmichael mine</keyword> for <keyword id="118623" type="COMPANY" weightage="100" keywordseo="Adani-Enterprises">Adani Enterprises</keyword>’ $7-billion project, Australia’s Queensland province will pick up a ‘substantial stake’ to become a co-investor in the infrastructure projects, for instance: providing port and rail connectivity. 
 "They (state government) are going to be a co-investor in the infrastructure project — and this is going to be the first time it's happening in Queensland," Adani Group’s chairman <keyword id="111343" type="PERSON" weightage="100" keywordseo="Gautam-Adani">Gautam Adani</keyword> told The Economic Times in an interview. 
 Talking about criticism by the Congress over <keyword id="6354731" type="CITY" weightage="60" keywordseo="State-Bank-Of-India">State Bank of India</keyword>'s (SBI) memorandum of understanding (MoU) with Adani group to lend $1 billion for the project, he said, “The controversy over this agreement was misguided as Adani had a 25-year relationship with India's largest commercial bank.” 
 
"A project set up by the private sector is getting support from the government of Queensland. They see the importance of the project," said the 52-year-old entrepreneur. Although he did not reveal the exact sum of investment, he disclosed that it would be a “substantial amount.” 
 
The Congress party had demanded an explanation from the Centre and the State Bank of India (SBI) over the latter's decision to lend $1 billion to the Adani group. It had also accused Prime Minister Narendra Modi of "taking interest in promoting the Adani group" and demanded that SBI should disclose the MoU it had signed with the Adani group.

Australia’s Queensland To
Fund Adani’s Port And Rail Projects

As many as seven <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-group" source="keywords">Adani group</keyword> stocks ended lower on Friday as the Swiss authorities froze USD 311 million (Rs 2,610 crore) held by a Taiwanese resident in multiple Swiss bank accounts as part of a money laundering probe, suspecting he may be a frontman from the group -- a charge the conglomerate vehemently denied. Shares of <keyword id="19934911" type="General" weightage="20" keywordseo="Adani-Power" source="keywords">Adani Power</keyword> dropped 2.73 per cent, Adani Energy Solutions declined 2.42 per cent, Adani Ports slipped 1.37 per cent, Adani Green Energy went lower by 1.17 per cent, Adani Enterprises dipped 0.76 per cent, Adani Total Gas (0.55 per cent) and Adani Wilmar (0.37 per cent) on the BSE. However, three group firms managed to settle in the green. The stock of <keyword id="19963163" type="General" weightage="20" keywordseo="ACC" source="keywords" meta.keywordsubtype="org" meta.entityname="ACC" meta.hostid="261" meta.entityid="ACC">ACC</keyword> jumped 1.94 per cent, NDTV climbed 1.01 per cent and <keyword id="20057393" type="General" weightage="20" keywordseo="Ambuja-Cements" source="keywords" meta.keywordsubtype="org" meta.entityname="Ambuja Cements" meta.hostid="261" meta.entityid="Ambuja Cements">Ambuja Cements</keyword> (0.01 per cent). During the day, shares of Adani Power tumbled 3.20 per cent, Adani Energy dived 2.75 per cent, Adani Green declined 1.53 per cent, Adani Ports went down by 1.51 per cent, Adani Enterprises fell 1.18 per cent, Adani Wilmar (1.07 per cent), Adani Total (0.89 per cent), NDTV (0.57 per cent), Ambuja Cements (0.54 per cent) and ACC (0.46 per cent). Swiss authorities have frozen USD 311 million (Rs 2,610 crore) held by a Taiwanese resident in multiple Swiss bank accounts as part of money laundering probe, suspecting he may be a frontman from the Adani group -- a charge the conglomerate vehemently denied saying it was neither involved in any Swiss court proceedings nor any of its accounts are subject to sequestration. US-based short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="261" meta.entityid="Hindenburg Research">Hindenburg Research</keyword>, which had last year targeted the Adani group in a damning report that led to wiping away of USD 150 billion in market value of listed firms of the conglomerate in the following weeks, in a post on X cited "newly released Swiss criminal records reported by Swiss media outlet" to state that "Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021." "Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius &amp; Bermuda funds that almost exclusively owned <keyword id="20372802" type="General" weightage="20" keywordseo="Adani-stocks" source="keywords">Adani stocks</keyword>," it said citing the report. Adani group rejected the allegations as baseless, saying it had no involvement in any Swiss court proceedings. "We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority," it said. The Swiss media outlet Gotham City in its report stated that a ruling by the Federal Criminal Court (FCC) reveals that the Geneva Public Prosecutor's Office was investigating alleged wrongdoing and more than USD 310 million belonging to an alleged frontman for billionaire <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> have been sequestered in five Swiss banks over the last three years. The Swiss investigators suspect that the associate, Chang Chung-Ling, is not the ultimate beneficial owner (UBO) of the company under investigation, but a mere front. The Adani Group, however, said that the court order was not linked to them and they have not been mentioned in it. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/western-carriers-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113312196.cms">Western Carriers IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/stock-market/news/pn-gadgil-jewellers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113302533.cms">PN Gadgil Jewellers IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-is-already-cheaper-than-the-iphone-15-pro-in-india-but-you-can-get-it-for-up-to-30000-cheaper/articleshow/113220789.cms">iPhone 16 Pro is already cheaper than the iPhone 15 Pro in India, but you can get it for up to ₹30,000 cheaper</a>

Majority of Adani group stocks settle lower; Adani Power drops nearly 3%

<ul><li>At 7:50 am the SGX Nifty was trading 0.58% lower pointing towards a cautious start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider</a>. </li></ul>Indian stock market is likely to open on a muted note amidst mixed cues from global peers. At 7:50 am, the SGX Nifty was trading 0.58% lower indicating a cautious start for Nifty50. On Wednesday, the US stocks ended higher, recouping some of their recent massive losses. The Dow Jones Industrial Average ended 1.6% higher. While, the S&amp;P 500 gained 2.01% towards the end of trading. Here’s a list of stocks to watch for in trade on September 10: IRCTC IRCTC has clarified that it has received no information from the government after news reports surfaced that the government of India is looking to sell a 15-20% stake in the company via offer-for-sale. The shares of IRCTC ended 2% lower on September 9. Indiabulls Housing Finance Indiabulls Housing Finance launched its qualified institutional placement (QIP) on Wednesday. The company is looking to raise ₹1,000 crore. The company has set the floor price for the QIP at ₹206.70 per equity share. The shares of Indiabulls Housing Finance ended 1% lower yesterday. Bharat Dynamics The government on Wednesday mobilised ₹776 crore by divesting nearly 13% in Bharat Dynamics. The offer for sale (OFS) had hit the market with the government selling over 2.74 crore shares in BDL at a floor price of ₹330 a piece. The shares of Bharat Dynamics ended 5% lower on September 9. HDFC Bank, ICICI Bank, SBI and other banking stocks HDFC Bank, ICICI Bank, SBI and other banking stocks will also be in focus during the trade today. The Supreme Court of India will hear petitions seeking an extension of the moratorium period on repayment of loans. Future Consumer Future Consumer promoter, Future Capital Investment has invoked pledge on 1 crore shares on September 8. This may also move other Future Group stocks like— Future Retail, Future Lifestyle, and Future Enterprises, among others. The shares of Future Consumer ended flat on September 9. Adani Power and Adani Transmission Adani Power promoter, Adani Tradeline LLP released 1 crore pledged shares. Also, Adani Transmission promoters Gautam Adani/Rajesh Adani and Adani Tradeline LLP released a pledge on 4,49,56,300 equity shares and 94,60,000 shares, respectively. The shares of Adani Power ended 0.13% higher on September 9. Whereas Adani Transmission finished 0.61% lower. HAL, J&amp;K Bank, and Hindustan Copper These companies are slated to report their quarterly earnings today. SEE ALSO:<a href="https://www.businessinsider.in/defense/news/rafale-jets-to-be-formally-inducted-into-iaf-on-thursday/articleshow/78030072.cms" data-type="tilCustomLink"> India to formally induct Rafale aircraft in the 17 Squadron 'Golden Arrows' today</a> <a href="https://www.businessinsider.in/science/space/news/northrop-grumman-names-its-next-space-ship-after-kalpana-chawla-the-first-woman-of-indian-origin-to-go-to-space/articleshow/78018575.cms" data-type="tilCustomLink">Northrop Grumman names its next space ship after Kalpana Chawla — the first woman of Indian-origin to go to space</a>

Top stocks to watch— IRCTC, Adani Power, HDFC Bank, ICICI Bank, Future Consumer, Future Retail, Bharat Dynamics, HAL, Indiabulls Housing Finance and more

<ul class="summary-list"><li>Bill Ackman has said that banks involved in the Adani Group's share sale face too much liability exposure. </li><li>His comment tracks a report that says bankers are mulling over extending the $2.5 billion sale or cutting the issue price. </li></ul>Billionaire Bill Ackman has warned that the banks involved in the Adani Group's share sale have too much liability exposure and should carry out a complete due dilligence. In a Sunday tweet, Ackman said: "I don't see how the bankers for the ⁦<a href="https://twitter.com/AdaniOnline" target="_blank" rel="noopener">@AdaniOnline</a>⁩ equity offering can allow it to close without doing due diligence on the issues identified in the ⁦<a href="https://twitter.com/HindenburgRes" target="_blank" rel="noopener">@HindenburgRes</a>⁩ report." "There is just too much liability exposure for the banks," he added. The Adani Group recently slipped into turmoil following a scathing report by short-seller Hindenburg Research accusing the Indian energy-to-infrastructure conglomerate of stock manipulation and accounting fraud. They even went as far as to accuse Asia's richest man Gautam Adani of "<a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener nofollow">pulling the largest con in corporate history</a>" It's come at a highly unfortunate time for the Adani Group given a <a href="https://www.adanienterprises.com/-/media/Project/Enterprises/Investors/Corporate-Announcement/492-AELBM1801.pdf?la=en" target="_blank" rel="noopener nofollow">secondary share sale</a> of Adani Enterprises — the flagship business of the Adani business empire – is underway. The sale plans to raise up to 200 billion Indian rupees, or $2.5 billion.Ackman's tweet cited a <a href="https://www.usnews.com/news/top-news/articles/2023-01-28/exclusive-indias-adani-says-2-5-billion-share-sale-on-track-even-as-bankers-mull-changes" target="_blank" rel="noopener">report</a> saying the sale remains on the table with bankers on the deal mulling over extending the sale or cutting the issue price. The Pershing Square Capital Management CEO has previously <a href="https://markets.businessinsider.com/news/stocks/bill-ackman-billionaire-investor-pershing-square-adani-group-short-seller-2023-1" target="_blank" rel="noopener">voiced support for the Hindenburg report</a>, saying he found it highly credible and well researched. Ackman also compared Adani Group to Herbalife, a "pyramid scheme." Meanwhile, Adani has slammed the report calling it "maliciously mischievous." It also issued a <a href="https://markets.businessinsider.com/news/stocks/adani-group-market-cap-plunges-72-billion-hindenburg-research-2023-1">413-page rebuttal</a> against Hindenburg, saying it's report is "nothing but a lie." The company said it is even looking at launching legal action against Hindenburg over the allegations. As the public battle between the Adani Group and Hindenburg escalates, Adani has also seen his wealth plunge by $28 billion in the first month of 2023. That's knocked him out of 4th place on <a href="https://www.bloomberg.com/billionaires/" target="_blank" rel="noopener nofollow">Bloomberg's Billionaires Index</a> to seventh place. However, he still holds title as Asia's richest man. The Adani Group did not immediately respond to Insider's request for comment.

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Congress Attacks SBI For $1-billion Loan; Alleges A Nexus Between Modi And Adani

Australia’s Queensland To Fund Adani’s Port And Rail Projects

BI India Bureau

Majority of Adani group stocks settle lower; Adani Power drops nearly 3%

PTI

Top stocks to watch— IRCTC, Adani Power, HDFC Bank, ICICI Bank, Future Consumer, Future Retail, Bharat Dynamics, HAL, Indiabulls Housing Finance and more

Navdeep Yadav

Bill Ackman says banks involved in the Adani Group's $2.5 billion share sale face 'too much liability exposure' and should do more due diligence

Zahra Tayeb

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