Morning Scan: All the big stories to get you started for the day

Morning Scan

#1. Adani Group denies US bribery charges against Gautam Adani, to explore legal options

The Adani Group denied bribery charges and said it will explore legal options after an indictment in the US, but the move failed to stop a run in its shares, the Mint reported. The US justice department accused founder Gautam Adani, nephew Sagar Adani, and six officers of Canadian pension fund CDPQ and its company Azure Power of bribing officials Rs 2,029 crore to secure green power supply agreements.

Why it’s important: The damaging indictment poses the biggest test yet for the conglomerate that had rebuilt investor faith after accusations by US short seller Hindenburg early last year.

#2. Advanced Micro Devices to invest beyond $400 million in India, chipmaker chief says

Advanced Micro Devices is building two supercomputers in India and could boost investments in the country beyond the $400 million announced last year, CEO Lisa Su told the Economic Times. India is a key region for AMD, both from a business as well as a talent growth standpoint, she said.

Why it’s important: Lisa Su is credited with reversing fortunes of the American chipmaker. AMD is now taking the fight to industry leaders like Nvidia.

#3. Electric vehicle sales fall off cliff in Delhi even as national capital battles severe air pollution

Although the national capital is one of the three largest markets for electric cars in India and the largest for electric taxis, registration of electric four-wheelers in Delhi fell 79 percent to just 77 units in September compared with 312 in August. October saw sales of 148 units of electric cars, which crashed to just 56 units in November, the Mint reported.

Why it’s important: After the state government failed to renew tax and registration benefits on electric cars and two-wheelers, consumers seem to have become reluctant to opt for the ecofriendly option.

#4. IndusInd International Holdings receives government approval to acquire Reliance Capital

The Department for Promotion of Industry and Internal Trade has given a go-ahead to Hinduja Group firm IndusInd International Holdings for acquisition of debt-ridden Reliance Capital, the Business Standard reported. The approval was required as some of the shareholders of IndusInd are residents of Hong Kong, a special administrative region controlled by China.

Why it’s important: The green light will help take forward the resolution plan submitted by Mauritius-based Hinduja Group firm, which was the successful bidder for debt-ridden Reliance Capital.

#5. Overhaul of retail inflation index may see inclusion of ecommerce price data

India’s new-look consumer price index may include data from e-commerce platforms, among a wider set of items, to make it more representative of price changes in the economy, the Mint reported. The government will set a new base year to refine the index used to set and revise benchmark interest rates.

Why it’s important: These changes are aimed at capturing spending patterns accurately across urban and rural regions as part of a larger effort to modernise India’s statistical framework.

#6. BHEL to commission 9 GW worth of thermal power project in current financial year

Bharat Heavy Electricals is expected to commission 9 GW of thermal power generation capacity in the current financial year, the Economic times reported. The addition will be more than four times higher than the average annual commissioning by the state-owned firm.

Why it’s important: This will be the highest ever thermal power capacity addition for the country in a single financial year. It will supplement India's more than 237 GW of thermal power capacity.

#7. Ola Electric to retrench nearly 500 staff to improve margin and profitability prospects

Electric two-wheeler maker Ola Electric is set to let go of nearly 500 employees across teams as part of a restructuring exercise to improve margins and profitability prospects, the Mint reported. The development comes months after Ola Electric’s sister company Ola Consumer, formerly Ola Cabs, announced a restructuring exercise in April that would impact about 10 percent of its staff.

Why it’s important: Ola has been struggling with its after-sales service in recent months, leaving several customers disgruntled. It has also reportedly been under government scrutiny after over 10,000 customer complaints against the company.

#8. Uttarakhand explores bids for 1,320 MW thermal power plant to rope in private companies

The Uttarakhand government is exploring the option of tariff-based competitive bidding for its proposed 1,320 MW thermal power plant, the first in the state, in order to rope in private firms to develop the project, the Economic Times reported. “We may go for a tariff-based competitive bidding to involve private players,” energy secretary R Meenakshi Sundaram said.

Why it’s important: Although the Himalayan state has a hydropower potential of around 18 GW, the current operational capacity is only around 4 GW. It intends to build at least one thermal power plant to address the issue of base load.

#9. Byju Raveendran accused of plan to regain company in the US with hidden cash

The founder of bankrupt Indian test prep firm Byju’s tried to use loan proceeds that he allegedly hid from US lenders to secretly buy back a software company that was taken over by an American trustee, the Mint reported. Raveendran allegedly recruited Nebraska businessman William R Hailer, a former political consultant, to try to buy out US creditors owed more than $1.2 billion.

Why it’s important: Byju Raveendran has been trying to regain control his capsizing edtech firm currently under court supervision in India and the US. He efforts are yielding no results.