Russian Oil Now at 40% Of India's Total Oil Imports, OECD Ups FY25 Forecast To 6.6%

Adani Green Energy Gets US$ 400 Million Loan From International Banks

Adani Green Energy Ltd (AGEL) has secured US$ 400 million in financing for its under-construction 750 MW solar projects in Rajasthan and Gujarat from a consortium of five leading international banks, the Economic Times reported, quoting the company. 

The funding will provide financing for the projects that are expected to come online from November 2024 onwards. AGEL is the Adani Group's green energy arm. The consortium of lenders, which includes Cooperative Rabobank UA, DBS Bank Ltd, Intesa Sanpaolo S.p.A., MUFG Bank Ltd, and Sumitomo Mitsui Banking Corporation, paves the way for AGEL’s ambitious growth plans. Read more

SEBI Issued Two Notices In Hindenburg Probe: Adani

Adani Enterprises Ltd said it had received two show-cause notices from the markets regulator Securities and Exchange Board of India (SEBI) as part of its ongoing investigation into Hindenburg's report against the conglomerate, moneycontrol.com reported.

In its Q4 earnings release, the company said it got notices from SEBI, alleging non-compliance with provisions of the Listing Agreement and LODR Regulations. These alleged non-compliances relate to transactions involving related parties and third parties, as well as concerns regarding the validity of peer review certificates issued by statutory auditors for previous years. However, it added the management believed there was no material consequential effect of the show-cause notices to relevant financial statements. Read More

Russian Oil Imports Rise In April, Beat Combined Imports From Iraq, Saudi, UAE 

The Russian share of Indian crude oil imports went up to nearly 40 per cent in April from 30 per cent in March, the Economic Times reported. And it is expected to overhaul the all-time peak of 42 per cent in July 2023. 

Indian refiners imported 1.78 million barrels a day (mb/d) of crude oil from Russia in April, up 19 per cent from March, according to energy cargo tracker Vortexa. This exceeded China's import of 1.27 mb/d and Europe's 396,000 barrels per day (bp/d) of seaborne Russian crude in April. 
Russia supplied more oil to India than its next three top suppliers Iraq, Saudi Arabia, and the UAE put together in April. More here

Amazon, Flipkart Held Guilty Of Antitrust Practices By CCI 

The Competition Commission of India (CCI) has found Amazon and Flipkart contravening major antitrust laws, the Business Standard reported. The probe was carried out by the CCI’s director general (investigation). 

The report would soon be shared with the parties involved, including the informant and the companies, followed by a hearing by the CCI. The case relates to a 2019 complaint by the Delhi Vyapar Mahasangh alleging anti-competitive practices that led to the closure of the business of lakhs of its members. It had also alleged that these players were giving deep discounts on online sales of smartphones and were cherry-picking sellers. More here 

OECD Gung-ho Over India Growth, Ups FY25 Forecast To 6.6%

The Organisation for Economic Co-operation and Development (OECD) revised India’s FY25 growth forecast upward to 6.6 per cent from 6.2 per cent projected earlier, the Economic Times reported. Strong investment and improving business confidence in India are projected to sustain real Gross Domestic Product (GDP) growth of just over 6.5 per cent in both FY2024-25 and FY2025-26, despite relatively sluggish private consumption growth, it said.

Domestic demand will be driven by gross capital formation, particularly in the public sector, with private consumption growth remaining sluggish, the OECD added. For FY2023-24, the OECD had projected the Indian economy to register 7.8 per cent, higher than the 7.6 per cent estimated by the government. More here

DPIIT Flags Local Content Loophole, Asks Cabinet Secretariat To Fix It 

The Department for Promotion of Industry and Internal Trade (DPIIT) has asked the Cabinet secretariat to do away with certain components of services in calculating local content under public procurement rules, the Business Standard reported. 

These include transportation, insurance, installation, profit, commissioning, training, and after-sales support. Including them in calculating local content allows companies to meet requirements without necessarily indigenising production, which undermines the goal of promoting local manufacturing and production. The DPIIT has contended such inclusion undermines the intent of the Public Procurement Order by making even imported products qualify as Class-I or Class-II local suppliers. More here