Crisil says no negative actions so far by lenders on Adani following U.S. indictment
The Hindu
CRISIL Ratings backs Adani Group's liquidity and operational cash flows amid US indictment, monitoring potential impact on financial flexibility.
Backing embattled Adani Group, rating agency CRISIL Ratings on Friday (November 29, 2024) said the conglomerate has sufficient liquidity and operational cash flows to meet debt obligations and committed capex and that there has been no negative actions so far by lenders and investors following the US indictment of group founder chairman.
The Adani Group, which has the flexibility to reduce certain discretionary capital expenditure (capex) depending on developments in financial markets and future capital availability, has a healthy Ebitda and cash balance that reduces its dependence on external debt to sustain operations, it said in a bulletin.
Also read: Mukul Rohatgi, Mahesh Jethmalani say no bribery charges against Gautam Adani, nephew in U.S. indictment
On November 20, 2024, the United States Department of Justice and the US Securities and Exchange Commission (SEC) issued an indictment and a civil complaint, respectively, in the United States District Court for the Eastern District of New York, against Gautam Adani, Sagar Adani and Vneet Jaain, key functionaries of Adani Green Energy Ltd (AGEL).
The charges relate to allegations of securities fraud, wire fraud and violation of the SEC guidelines that led to materially false and misleading statements in the bond offering documents of AGEL with respect to anti-bribery and anti-corruption policies.
"CRISIL Ratings has taken note of these developments and their likely impact on the financial flexibility of the group, including the fall in the market capitalisation of the listed companies of the group, movement in bond yields, and calling off the USD 600 million bond offering of AGEL," the rating agency said.
The agency rates Adani group's infrastructure and holding entities.
Stock markets gained momentum after a slow start, with Sensex rising 105.17 points and Nifty up 35 points.
Rupee dips 5 paise to 89.95 against the dollar amid foreign fund outflows and a sluggish equity market opening.
Direct flights from Chennai and Coimbatore to Navi Mumbai airport start December 29, enhancing travel options for passengers.
Survey highlights alarming harassment practices by banks in India, revealing widespread intimidation and threats during loan recovery efforts.
Akum Pharma's finance chief Rajkumar Bafna resigns, citing Delhi's severe pollution as his reason for departure.
Seven of India’s top-10 firms saw a combined market cap drop of ₹35,439.36 crore last week, led by SBI and Reliance Industries, while HDFC Bank, Infosys gained.
PMO directs Coal India to list all subsidiaries by 2030 to improve governance, transparency, and unlock asset value.
The Hindu explains: What are the signals from the Indian economy?
In the next five years, technologies like energy storage and green hydrogen would fundamentally reshape India’s renewable energy ecosystem, says a top company official.
Historically, energy security for the world’s third-largest oil consumer India has been about navigating the prevailing geopolitics whilst ensuring a positive economics for purchase of crude oil purchases.
India leverages trade agreements with RCEP countries, strategically avoiding risks associated with China while maximizing market access.
IndiGo contests a ₹13 lakh GST penalty imposed by Punjab's tax department, claiming the ruling is erroneous.
Indian investors had a tumultuous year as the benchmark Nifty returns dipped to negative with overall market turnover hitting a low in December 2025. Howeve, investor interest in gold exchange traded funds (ETFs) increased this year.