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Shares of Adani Group companies surged by up to 20% on the NSE on Wednesday following a clarification issued by Adani Green Energy (AGEL). The company stated that Gautam Adani, Sagar Adani, and senior executive Vneet Jaain were cleared of all bribery charges by the US Department of Justice, though it acknowledged the existence of three charges in the indictment.Among the top gainers were Adani Total Gas and Adani Power, both surging 20%. Adani Green Energy shares rose 10%, closing at Rs 988.40, while Adani Energy Solutions jumped 10% to Rs 660.80. Shares of Adani Enterprises increased by 11%, reaching Rs 2,399, and Adani Ports advanced 5.9%. Meanwhile, Adani Wilmar settled 8% higher.ACC and Ambuja Cement also saw gains, rising over 4% each, while NDTV surged by 9%.In an exchange filing, AGEL has said that news published by various media houses on the bribery and corruption charges against Adani Officials is ‘incorrect’.Former attorney general and senior counsel Mukul Rohatgi also backed Adani Group's claims saying in his assessment there are five charges or counts and Adani and his aides have not been charged under Count 1 or 5 which deal with allegations of 'conspiracy to violate the FCPA' and 'conspiracy to obstruct justice' respectively.Also Read | Former AG Mukul Rohatgi speaks about Adani's US Indictment; refers to two Counts to clear airAdani and his aides have been charged under other counts which relate to securities and bonds.He said that the indictment -- equivalent to a chargesheet filed in an Indian court -- does not name a single person who was paid a bribe.Senior Supreme Court advocate Mahesh Jethmalani, too, said there is no offence in the indictment against the Adanis or AGEL.Both lawyers are part of Adani's defence team.Also Read | Senior advocate Mahesh Jethmalani targets Congress while defending AdaniMoody's revises outlookOn Tuesday, Moody's Ratings revised the outlook on seven of its companies, including Adani Green Energy and Adani Ports, to negative from stable."We have changed the outlook on all seven issuers to negative from stable," Moody's said.These rating actions follow the indictment of Adani Green Energy Ltd's (AGEL) chairman Gautam Adani and several senior management team members by the US Attorney's Office in a criminal case and the filing of charges by the US Securities and Exchange Commission (SEC) in a civil case, Moody's said.The most affected entities with Moody’s ratings are two units each of Adani Green Energy and Adani Transmission, Adani Electricity Mumbai, Adani Ports and Special Economic Zone Limited (APSEZ), and Adani International Container Terminal.The reports, which suggested that key Adani executives—Gautam Adani, his nephew Sagar Adani, and senior director Vneet Jaain—were facing bribery and corruption charges under the U.S. Foreign Corrupt Practices Act (FCPA), have been refuted by the company.The Adani Group emphasised that while the executives are facing charges related to securities and wire fraud, no allegations of bribery or foreign corruption have been made against them.However, the rating action further recognizes the possibility of broader weaknesses in the governance structure across the rated Adani group entities as well as potential operational disruptions, including on their capital spending plans, while legal proceedings are going, Moody believes.Moody's has affirmed Ba1 ratings on Adani Green, and Baa3 ratings on Adani Transmission, Adani Electricity, Adani Ports, and Adani International Container Terminal.In the meantime, ratings agency Fitch has taken negative rating action on several Adani Group entities and bonds, putting them on watch for a possible downgrade.(With inputs from agencies)(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Mumbai; Investors are taking fewer chances these days when it comes to the Adani Group stocks as uncertainty over the conglomerate's prospects in the wake of the US prosecutors' indictment of founder Gautam Adani for alleged bribery and fraud is holding them back. While Adani has denied all these allegations, the group has lost over 20%, or ₹2.89 lakh crore, in market value since the announcement on Thursday.Shares of all the 11 listed companies ended lower on Tuesday, falling between 1% and 7% after Fitch Ratings put some Adani Group bonds under its negative watchlist.Adani Green Energy plunged 7.3% and Adani Enterprises - the flagship company - slumped 4.1%. Adani Energy Solutions, Adani Total Gas and Adani Ports and SEZ dropped over 3% each on Tuesday."The Fitch move to out Adani Energy Solutions and some Adani Ports bonds under its 'negative watch' list could make it tough for the Adani Group of companies to raise fresh credit because the negative sentiment is expected to spill on the other group companies as well," said Manish Chowdhury, head of research at StoxBox.115712890French Oil major TotalEnergies said it won't make any fresh investments in Adani Group companies till it gets clarity on the accusations against officials in the company, while Kenya cancelled more than $2.5 billion in airport deals with Adani."Adani Group is not expected to default on the existing debt, but growth is likely to take a hit as fundraising could be a challenge in the foreseeable future because most of the sectors that Adani Group operates in have government focus," said Mumbai-based independent market expert Ambareesh BaligaAdani Group shares have fallen between 3% and 37% since the indictment with Adani Green Energy - the group company named in the indictment - falling the most. Adani Enterprises dropped nearly 24% in this period."Traders can use the fall as a buying opportunity, but investors are advised to remain cautious and stay away as valuations are not attractive and given the continued controversies," said Baliga.Concerns over the likelihood of continued adverse news flow on the Adani Group means these stocks remain vulnerable to further downsides."These stocks are likely to react to news flows going forward and if there is any further negative news, the stocks could slide further," said Chowdhury. "In the near-term, Adani stocks are expected to remain under pressure."Chowdhury said that investors can 'wait and watch' till further clarity emerges and remain cautious until then.

Mumbai: The late Rakesh Jhunjhunwala built a $10-billion empire trading and investing in just one asset class- equities. His life partner and and successor Rekha Jhunjhunwala is gently steering a slightly different course- she's getting into real estate. Two years after the death of India's biggest wealth creator in the stock markets, the family believes the time has come to take his legacy forward in a more diversified manner because what worked for him needn't work for her."I have started to invest in real estate, though he (Rakesh) showed no interest in property investments," said Rekha in an interview a few days ago at the family home, Rare Villa, in Malabar Hill. "Following his passing away, I recognised the importance of investing in tangible assets." She has directed over ₹1,000 crore into office spaces in Mumbai's Bandra Kurla Complex and Chandivali, counting Deutsche Bank among tenants, as well as homes in the tony Walkeshwar locality. Rare Enterprises Ltd, the family investment vehicle that carries the blended name of the couple, is evolving. The portfolio is still overwhelmingly dominated by stocks - 99% of his assets is in equities, comprising about 45 listed and unlisted companies. A substantial chunk of Rakesh Jhunjhunwala's wealth came from decades-long ownership of shares in rating company Crisil and jewellery maker Titan. But what got his juices flowing was trading. He was unparalleled at that, which is why Rare doesn't engage in it now. "We don't trade anymore... only he could handle trading," Rekha said. "That secret sauce only belonged to him." Huge Responsibility Over the decades, Rakesh Jhunjhunwala had acquired a larger-than-life image among investors, drawing millions of devoted followers, much like Berkshire Hathaway's Warren Buffett in the US. He built huge positions in Crisil, water treatment company VA Tech Wabag and tractor maker Escorts Kubota-all of which became multi-baggers. The mere whisper of a stock being favoured by Jhunjhunwala was enough to drive Dalal Street into a frenzy.As he built his billions, Rakesh Jhunjhunwala indulged in the kind of hard-driving lifestyle associated with the money-making machines of Wall Street, complete with 18-hour working days. He died in August 2022 at the age of 62, succeeded by his wife and three children. "He could have paid a bit more attention to his health," said Rekha.She had initially resisted moving into the new 13-storey home that he'd built but didn't live to enjoy, complete with swimming pool and basketball court on the ground floor. But as the children moved in one by one, she didn't have a choice but to leave the Il Palazzo penthouse in the nearby lane where they had lived for 15 years.The death of her husband transformed Rekha Jhunjhunwala's life overnight. She'd chosen to be a homemaker, bringing up the children and content with the complex task of running a busy and highly successful businessman's household rather than getting involved in his work, despite herself hailing from a business family. Now, with $10 billion to manage, she occasionally regrets this. "When my husband discussed investments at home, I would pay no attention," said Rekha Jhunjhunwala. "I regret I didn't listen to him. I should have taken some interest at that time."As she comes to grips with the responsibility of carrying on his legacy, she has tweaked the Rare investment philosophy by getting into property, which she understands better.Jab We MetThe Jhunjhunwalas' meeting had been providential. "Actually, Rakesh's marriage alliance came for my cousin," she said. "But the person who had brought the proposal told Rakesh to meet me first - the rest is history!"The early days were challenging for Rekha, who'd grown up in a comfortable home with cars and air-conditioners. Rakesh Jhunjhunwala did not have a car, or even an AC. But the trading position he had built up ahead of the 1990 budget paid off big time-and that's when the couple got their first AC.It was difficult, especially when relatives would ask what Rakesh did for a living. This was particularly because her husband had rebelled and walked away from a business manufacturing crown caps for beverages that the senior Jhunjhunwala had set up for him.But as liberalisation gathered momentum and the stock markets soared, so did the fortunes of the Jhunjhunwalas.Now the mantle is on her to nurture and grow the empire he built brick by brick. How does she propose to do it? With the guidance of brother Rajeev Gupta and nephew Vishal Jhunjhunwala, a chartered accountant who has been working with Rare for more than 15 years."Right now, we are focusing on existing investments,'' said Rekha, who is in office three days a week. "Where our current portfolio companies require support, we have provided follow-on investments. We have not made any fresh investments."Rare's portfolio includes Inventurus Knowledge Solutions, which is preparing for a public listing, and SNV Aviation, which runs Akasa Air, a project that was dear to Rakesh Jhunjhunwala and which he helped set up. Rekha doesn't miss an opportunity to recommend flying by the airline.The responsibility of overseeing the Jhunjhunwala empire is transforming the way Rekha sees the world. But she retains a down-to-earth outlook - money only goes this far. "No matter how much wealth we may have, we are going to eat the same food-we are not going to eat gold or silver," she said firmly.

India's 5G market is set for significant growth in the coming years, with both consumers and telecom operators benefiting from the expansion of this next-generation mobile network.Telecom Investment and Future GrowthMajor equipment manufacturers like Sweden-based Ericsson are banking on the increased data consumption in India. This is expected to drive a new cycle of capital investment by major telecom operators like Reliance Jio and Bharti Airtel. These companies have already made massive investments to deploy 5G nationwide, and the focus is now shifting to meeting the growing demand for faster and more reliable mobile networks.Predicted 5G Subscriber GrowthBy the end of 2024, India is expected to have 270 million 5G subscribers, which will make up about 23% of the total mobile subscriptions in the country. This number is predicted to skyrocket to 970 million 5G users by 2030, which will represent a huge 74% of the total mobile subscriptions in India.1157080344G on the DeclineAs 5G grows, 4G subscriptions are expected to decrease significantly. By 2030, there will be an estimated 240 million 4G subscribers, down from 640 million in 2024. This will make up only 18% of total mobile subscriptions in India.Data Consumption SurgeIndia is already leading the world in mobile data usage. In 2024, the average monthly data usage per smartphone in India is expected to be 32 GB, which is higher than the global average of 19 GB. This number is expected to rise to 66 GB by 2030, much higher than the global average of 40 GB.Willingness to Pay for Better ConnectivityAs India embraces 5G, 1 in 6 5G users are willing to pay 20% more of their current monthly mobile spend for guaranteed connectivity at event venues, showing that people are willing to pay a premium for reliable, high-speed internet.Impact of GenAIThe rise in demand for GenAI (Generative AI) apps and devices is also expected to contribute to a shift in mobile traffic. This will increase uplink demand, making the need for faster and more reliable mobile networks even more critical in the future.