Big jobs in Investment Banks!? Adani stocks in bloodbath, arrest warrant issued for Gautam Adani, SEBI orders inquiry, and much more! Check it out!!🔻🔻

Hello Readers, 

Did you hear?

Adani Group lost Rs 3 lakh crores! In 2 days!!

In one of its worst days, Adani Group stocks have been pummelled by sellers. Adani Enterprises, the flagship company of the Adani group lost over 24% while other group stocks like Adani Total Gas, Adani Green Energy, and Adani Wilmar reported double-digit declines! Total loss suffered by the group within 2 days of such fierce selling came up to almost Rs 3 lakh crores!! But why did Adani lose that much in 2 days!?

Gautam Adani has been indicted in the US!

In a shock announcement, a US District Court in New York has indicted and issued arrest warrants for billionaire Gautam Adani, his nephew Sagar Adani, and several other important executives in a multi-billion dollar bribery and fraud scheme! US DOJ authorities have alleged that these accused offered bribes of over $250 million to secure solar contracts that would generate $2 billion in profits over 2 years! Moreover, the Group is also accused of lying to US investors through false and misleading statements!! What was the Group’s response?

Adani Group CFO has spoken out!

The Adani Group has denied paying any bribes, claiming that the charges are baseless. While adding that the Group is compliant with all relevant laws, it is seeking all possible legal recourse. Moreover, Jugeshinder Singh, the CFO of the Adani Group, has issued a clarification claiming that the accusation relates only to one contract and that none of the Group’s 11 listed companies have been implicated or accused of any wrongdoing!! But that wasn’t enough!

Kenya has cancelled deals with Adani!

The Kenyan government has decided to cancel deals worth $2.5 billion with the Adani Group! Kenyan President William Ruto directed his ministers to "immediately terminate the ongoing procurement process" involving the billionaire's companies for managing the country's largest airport and constructing power transmission lines. "In the face of undisputed evidence or credible information on corruption, I will not hesitate to take decisive action," President Ruto was quoted in a report. But that’s not the end!

SEBI has ordered an inquiry!

India’s capital markets regulator SEBI has launched an inquiry into US allegations of falsified statements by the Adani Group. SEBI has directed exchanges to check whether the Adani Group companies violated any disclosure norms concerning the ongoing US DOJ and SEC investigations. To make matters worse, while the inquiry is in its initial stages, it could escalate into a full-blown probe! After the Amercian research firm Hindenburg’s allegation, this is by the American judiciary!! Does America have something against the Adani Group?

Speaking of America, did you know that American Investment Banks are hiring in India!!?

Citigroup, one of the most famous investment banks worldwide, recently revealed that the company would be boosting hiring in India! Moreover, UK-based investment bank Barclays had stated last week that it would be bolstering its India and Singapore headcounts!!

But why? Why are these top banks hiring in India??

Due to improving deals activity in the country. Global market conditions have slowed down this year as M&A activity has hit a low. These banks are firing staff in many countries, but are hiring in India due to its booming economy!

With Hyundai and Ola Electric planning their $3 billion and $660 million fundraises respectively via the stock markets, ECM activity in India is set to be high this year. In fact, the Indian IPO markets have seen a sharp reversal in 2024 as investment banks earned Rs 1,000 crores in Q1CY24 with Indian equity share sales alone!

Moreover, new-age sectors like space and AI&ML alongside growing sectors like Defense, Automotive, Healthcare, and Manufacturing, are all set to bring in investors to the country!

Moreover, the number of millionaires in India is also growing. One estimate suggests that the number of families owning assets worth $30 million or more will grow by 50% by 2028 in the country, paving the way for these investment banks to not only boost their Advisory services but also ramp up their Wealth Management offerings!

And the best part? There are more jobs than employees!

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