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<ul><li><keyword id="20058929" type="General" weightage="100" keywordseo="Indian-Energy-Exchange" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Energy Exchange" meta.hostid="261" meta.entityid="Indian Energy Exchange">Indian Energy Exchange</keyword> recorded a 24% year-on-year growth in monthly volume in September 2024.</li><li>The electricity volume, including <keyword id="22675612" type="General" weightage="20" keywordseo="green-electricity" source="keywords">green electricity</keyword>, reached 10,332 MU.</li><li>India's <keyword id="20028292" type="General" weightage="20" keywordseo="energy-consumption" source="keywords">energy consumption</keyword> remained relatively stable at 141.3 billion units (BUs) in September 2024.</li></ul>Indian Energy Exchange (IEX), India's leading electricity exchange, experienced significant growth in September 2024 with a record monthly volume of 11,370 MU, representing a 24% year-on-year (YoY) growth. Electricity volume, including green electricity, reached 10,332 MU, reflecting a 21% YoY increase, while <keyword id="21681994" type="General" weightage="20" keywordseo="renewable-energy-certificates" source="keywords">renewable energy certificates</keyword> (RECs) doubled to 1,031 MU compared to the same period last year. The REC market witnessed a historic low price of ₹110 per certificate during a trading session, offering a favourable opportunity for obligated entities to meet their renewable purchase obligations and for voluntary customers to achieve sustainability goals. India's energy consumption remained relatively stable at 141.3 billion units (BUs) in September 2024, according to government data. A steady monsoon boosted hydro and wind power generation, leading to reduced prices in the Day-Ahead Market (DAM) and Real-Time Market (RTM). The Day-Ahead Market (DAM) witnessed robust growth, with volumes increasing 33% YoY to 4,610 MU in September 2024. Over the quarter, DAM registered 14,332 MU, a 27% increase compared to Q2FY24. Real-Time <keyword id="22699214" type="General" weightage="20" keywordseo="electricity-market" source="keywords">Electricity Market</keyword> (RTM) achieved its highest-ever monthly volume of 3,913 MU, a 34% YoY rise. RTM's quarterly volume reached 10,732 MU, up 31% YoY. In contrast, the Day-Ahead Contingency and Term-Ahead Market (TAM) experienced a decline, trading 1,086 MU in September 2024 and 2,684 MU during Q2FY25, down by 43% and 42% YoY, respectively. IEX's Green Market, comprising the Green Day-Ahead Market (G-DAM) and Green Term-Ahead Market (G-TAM), recorded an extraordinary 214% YoY increase, trading 723 MU in September 2024. The quarterly total for the Green Market stood at 2,584 MU, a massive 246% YoY growth. The REC market achieved a milestone with 1,031 MU traded in September 2024, a 100% YoY increase. The clearing prices for the two trading sessions on 11th and 25th September were ₹112/REC and ₹110/REC, respectively, the lowest-ever price since the market's inception. The quarterly total volume reached 6,297 MU, a remarkable 353% YoY growth. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/september-auto-sales-automakers-report-a-decline-mahindra-and-mahindra-overtakes-tata-motors/articleshow/113925972.cms">September Auto sales – Automakers report a decline, Mahindra and Mahindra overtakes Tata Motors</a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-continues-to-lose-market-share-as-bajaj-auto-and-tvs-motor-gain/articleshow/113900252.cms">Ola Electric continues to lose market share as Bajaj Auto and TVS Motor gain</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-is-using-ai-powered-technology-to-block-spam-calls-and-messages/articleshow/113691942.cms">Airtel is using AI-powered technology to block spam calls and messages</a>

Indian Energy Exchange records 24% growth in September 2024

Mumbai (Maharashtra) [India], July 29 (ANI): The Power Transmission &amp; Distribution (<keyword id="21574285" type="General" weightage="20" keywordseo="PTD" source="keywords">PT&amp;D</keyword>) business of <keyword id="19975888" type="General" weightage="20" keywordseo="Larsen-Toubro" source="keywords" meta.keywordsubtype="org" meta.entityname="Larsen &amp; Toubro" meta.hostid="153" meta.entityid="Larsen &amp; Toubro">Larsen &amp; Toubro</keyword> (<keyword id="19963313" type="General" weightage="100" keywordseo="LT" source="keywords">L&amp;T</keyword>) has secured new orders both domestically and internationally for the construction of substations and <keyword id="21017821" type="General" weightage="20" keywordseo="transmission-lines" source="keywords">transmission lines</keyword>. According to an exchange filing, these projects are integral to the vast, interconnected electricity network, aiming to accelerate the <keyword id="20596535" type="General" weightage="20" keywordseo="clean-energy-transition" source="keywords">clean energy transition</keyword> and ensure a reliable, resilient power supply. In India, L&amp;T's PT&amp;D has been entrusted with two 765kV double circuit transmission line projects. These projects are vital for the evacuation of power from the Jaisalmer/Barmer <keyword id="21873922" type="General" weightage="20" keywordseo="Renewable-Energy-Zone" source="keywords">Renewable Energy Zone</keyword> in Rajasthan, channelling it to substations in Madhya Pradesh for further distribution. This initiative is a step towards harnessing and utilising renewable energy resources efficiently within the country. On the international front, Saudi Arabia continues its pursuit of sustainable and efficient power supply by bolstering its 380kV network in the central region. L&amp;T's PT&amp;D has secured orders to construct a 380kV substation and 380kV overhead line segments. These developments are crucial for enhancing the region's <keyword id="21644086" type="General" weightage="20" keywordseo="electricity-infrastructure" source="keywords">electricity infrastructure</keyword> and ensuring a stable power supply. In the United Arab Emirates, L&amp;T's PT&amp;D has been awarded contracts to build a 220kV substation and three 132kV substations. These substations will be pivotal in meeting the growing electricity demand in Dubai and Abu Dhabi, supporting the utilities in maintaining a robust and reliable power network. Larsen &amp; Toubro, a USD 27 billion Indian multinational, is a prominent player in EPC projects, hi-tech manufacturing, and services with a global footprint. Renowned for its customer-focused approach and relentless pursuit of top-quality standards, L&amp;T has maintained leadership in its major business domains for over eight decades. The recent orders won by L&amp;T's PT&amp;D fall under the 'Large' category, with values ranging from Rs 2,500 to Rs 5,000 crore.

L&T wins multiple orders worth Rs 2500 to 5000 crore to build grids for clean energy transition

US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani group</keyword> may be because its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation slammed by the SEBI head as "baseless" while Adani group said it never had any commercial relations with Buch. Hindenburg alleged that Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI, in October 2020, began a probe into the shareholding structure of Adani group companies after red flags were raised over the high concentration of foreign holdings in the conglomerate's listed companies. An investigation was launched to determine if the foreign investors were genuine public shareholders or acting as fronts for the promoters. SEBI, last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14-20% across five publicly traded stocks of the conglomerate. It hasn't stated if the two probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi Puri Buch and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same." Buchs further said they have no hesitation in disclosing any financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. While the statement did not talk about the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Separately, Adani group in a regulatory filing called the allegations by Hindenburg as "malicious, mischievous and manipulative selections of publicly available information to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law." "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing," it said. "We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements". Rejecting the allegations, it said they were nothing but a "recycling of discredited claims that have been thoroughly investigated, proven to be baseless, and already dismissed by the Supreme Court in March 2023." "It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents," Adani group said, adding Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007-2008) and, later, a director of Adani Enterprises until 2017. "For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws," it added. Hindenburg on Saturday stated that the SEBI chairperson and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline, and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a full-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said the Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." Buch and her husband may have first opened their account with IPE Plus Fund 1 on June 5, 2015, in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani director through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod Adani, brother of Gautam Adani, used this structure to invest in Indian markets with funds allegedly siphoned from over-invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. "This raises fresh questions about Gautam Adani's two 2022 meetings in quick succession with Ms Buch shortly after she became SEBI chairperson. Recall that SEBI was supposedly investigating Adani transactions at the time," Congress leader Jairam Ramesh said. In January last year, Hindenburg Research, which in the past has shorted - or bet against - companies like electric truck maker Nikola Corp and Twitter, accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. Though the conglomerate vehemently denied all allegations, the damning report sent the group's shares into a free fall, wiping out over USD 150 billion in market value of the 10 listed entities at their lowest point. Most of the 10 listed companies have since recouped the losses. After the Hindenburg report, the Supreme Court asked market regulator SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalizing and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticized the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the conglomerate creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. The group led by billionaire Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that were raised pledging shares, reined in expenses, repaid some debt and refocused energies on core business. Adani is now ranked 12th richest in the world, one notch and USD 6 billion shy of rival billionaire Mukesh Ambani. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Adani has insisted the Hindenburg report has not changed operations at his companies, which include ports, airports, renewable parks generating electricity from sunlight and wind energy, gas distribution, cement processors, data centers, and even apple farms. 360 One Wam Ltd, formerly known as IIFL Wealth Management Ltd, separately said IPE-Plus Fund 1, a fully compliant and regulated fund, was launched in October 2013 and operated until October 2019. "Throughout the fund's tenure, IPE-Plus Fund 1 made zero investments in any shares of the Adani Group either directly or indirectly through any fund," it said. "At its peak, the fund's Assets Under Management (AUM) reached approximately USD 48 million, with over 90% of the fund consistently invested in bonds." The fund, it said, was managed as a discretionary fund by the Investment Manager. "No investor had any involvement in the fund's operations or investment decisions. Mrs. Madhabi Buch &amp; Mr. Dhaval Buch's holdings in the fund were less than 1.5% of the total inflow into the fund." Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funneled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI Wholetime Member, her husband, Dhaval Buch, wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval Buch requested to"be the sole person authorized to operate the accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval Buch is currently a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan. "In a later account statement dated February 26, 2018, addressed to Madhabi Buch's private email, the full details of the structure are revealed: "GDOF Cell 90 (IPEplus Fund 1)". Again, this is the same Mauritius-registered "cell" of the fund, found several layers deep in a convoluted structure, reportedly used by Vinod Adani," Hindenburg alleged. From April 2017 to March 2022, while Buch was a Wholetime member and Chairperson at SEBI, she had a 100 % interest in an offshore Singaporean consulting firm, called Agora Partners, it alleged adding On March 16, 2022, two weeks after she was appointed SEBI Chairperson, she quietly transferred the shares to her husband. To date, SEBI has taken no action against these funds, it claimed. "If SEBI wanted to find the offshore fund holders, perhaps the SEBI Chairperson could have started by looking in the mirror," Hindenburg said. In response to requests from the Supreme Court to investigate the Adani matter, SEBI is said to have hit a wall unveiling the holders of the offshore funds. The Supreme Court said that while SEBI seemingly agreed with its concerns over who funded Adani's offshore shareholders, "it is evident that SEBI has drawn a blank in this investigation", the firm alleged.

Hindenburg target SEBI chief, she calls charges baseless, Adani says no commercial relationship with SEBI head

The United States has invested significantly in expanding its strategic partnership with <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> and is pursuing a robust agenda to deepen the bilateral cooperation, US Deputy Secretary of State Kurt <keyword id="20428643" type="General" weightage="20" keywordseo="campbell" source="keywords">Campbell</keyword> has said. Addressing the ongoing India-US Defence Acceleration Ecosystem (INDUS-X) Summit in California on Monday, Campbell said successive administrations in Washington and New Delhi have invested time and political capital to bring the partnership to greater heights. "But in the last year, I like to say, our partnership has reached 'escape velocity'," he said. "The United States has invested significantly in expanding our strategic partnership with India, and we are pursuing a robust agenda to deepen cooperation for the rest of the year - not only diplomatically, but also through iCET ( initiative on Critical and Emerging Technology)," Campbell said. The third edition of the two-day INDUS-X summit began on Monday. It is organised by the <keyword id="20263494" type="General" weightage="20" keywordseo="us-india-strategic-and-partnership-forum" source="keywords">US India Strategic and Partnership Forum</keyword> (<keyword id="20252677" type="General" weightage="20" keywordseo="usispf" source="keywords">USISPF</keyword>) at Stanford University in California. "Our defence establishments, research institutions, private industry, and startups possess a deep bench of talent and mutual thirst for innovation, which is why INDUS-X was designed to create the necessary ecosystem and partnerships for new ideas, research, and development to flourish," the top American diplomat said. Asserting that the two countries are "more closely aligned than ever before" today, Campbell said the US and India have pursued an "ambitious agenda" of summits, joint challenges, and exchanges in over a year since the launch of the INDUS-X. INDUS-X, which stands for enhanced strategic and defence partnership between India and the US, was launched on June 21 last year by the <keyword id="20331010" type="General" weightage="20" keywordseo="us-department-of-defence" source="keywords">US Department of Defence</keyword> and the <keyword id="22082092" type="General" weightage="20" keywordseo="indian-ministry-of-defence" source="keywords">Indian Ministry of Defence</keyword> during Prime Minister <keyword id="6354477" type="General" weightage="20" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword>'s state visit to Washington, DC. "I expect these efforts will continue, given the deep bonds that tie our countries together and the strategic challenges we both face. INDUS-X is now, and will be, a cornerstone of our continuing efforts to advance the US-India Initiative on Critical and Emerging Technology - iCET," Campbell said. The iCET was launched by Prime Minister Modi and US President Joe Biden on the sidelines of the QUAD summit in Tokyo on May 24, 2022. Observing that technological leadership is increasingly at the heart of the strategic competition, Campbell said it is the great differentiator in the US foreign policy approach. "And India is in a very small group of countries with whom we work most intimately on tech. The iCET, which places technology at the very heart of the US-India partnership, has greatly accelerated our strategic cooperation," he said. Talking about the second iCET meeting that took place between National Security Adviser Ajit Doval and his US counterpart Jake Sullivan in June, Cambell said it "showed the immense progress we are making across a range of sectors including space, semiconductors, advanced telecommunications, artificial intelligence, quantum, biotechnology, and clean energy". "Deepening defence cooperation is also a key pillar of iCET," said the top American diplomat. "Our work together driving innovation and developing cutting-edge technologies will help us maintain a critical advantage for our armed forces. We've taken unprecedented steps to increase operational coordination, information sharing, and defence industrial cooperation, including co-production," he said. "In fact, we've authorised an unprecedented level of technology transfer as part of the GE engine co-production arrangement, and our two governments have just finalised a Security of Supply Arrangement to reinforce our supply chain resilience," he said. Last year, GE Aerospace and <keyword id="19998363" type="General" weightage="20" keywordseo="hindustan-aeronautics-limited" source="keywords">Hindustan Aeronautics Limited</keyword> (HAL) inked a pact to jointly produce fighter jet engines for the <keyword id="19992067" type="General" weightage="20" keywordseo="indian-air-force" source="keywords">Indian Air Force</keyword>'s Light Combat Aircraft (LCA)-Mk-II - Tejas. "Under INDUS-X, the US and Indian governments have also announced: awards of USD 1.2 million in seed funding to ten US and Indian companies under Joint IMPACT 1.0 Challenges; our intent to launch two additional joint challenges in other domains, including space; and the launch of a INDUSWERX Testing Consortium of industry, academia, and nonprofit organisations across the US and India to promote our companies' access to testing and experimentation facilities," Campbell said.

US invested significantly in expanding strategic partnership with India: Kurt Campbell

Mumbai (Maharashtra) [India], July 11 (ANI): The <keyword id="19925636" type="General" weightage="100" keywordseo="stock-market" source="keywords">stock market</keyword> closed flat at the end of the trading session on Thursday. The NSE <keyword id="20641216" type="General" weightage="20" keywordseo="Nifty-50" source="keywords">Nifty 50</keyword> ended marginally higher by 0.05 per cent to settle at 24,337, while the <keyword id="19950208" type="General" weightage="20" keywordseo="BSE-Sensex" source="keywords">BSE Sensex</keyword> closed slightly lower by 0.01 per cent at 79,914.26 points. <keyword id="20127603" type="General" weightage="20" keywordseo="market-sentiment" source="keywords">Market sentiment</keyword> was subdued as investors awaited the first-quarter results of TCS and contended with the weekly expiry of Nifty futures and options contracts. The stocks of ONGC, BPCL, Coal India, ITC, and Tata Motors gained on the National Stock Exchange (NSE) while Tata Consumer Products, Bajaj Finance, M&amp;M, Divi's Laboratories, and NTPC underperformed, emerging as major laggards. In the broader market, the BSE MidCap index edged up by 0.2 per cent, and the SmallCap index advanced by 0.5 per cent. Market breadth was positive with more than 2,100 stocks advancing compared to 1,660 declining on the BSE. Of particular note in today's trading session were shipping firms, RVNL, and YES Bank, garnering attention. Raymond traded at an adjusted price post the de-merger of its Lifestyle unit. "It was another mildly volatile day for Indian markets, as can be expected at all-time high levels. The time-wise consolidation is on in the markets. After the initial negative print, the Nifty and Sensex recovered to end nearly flat while the midcap and small cap indices ended positive. Banks which have been under pressure over the last few sessions managed to end in the green. Overall the markets are looking for cues from the earnings season. The US CPI this evening will set the tone for a possible September rate cut in the US," said Ajay Bagga, Market Expert, observing today's market. "The recent Reserve Bank of India (RBI) decision allowing resident Indians to open bank accounts in foreign currencies at GIFT City is anticipated to significantly impact the investment landscape. This move aims to provide increased flexibility for global investing and spending, potentially redirecting funds that would otherwise be held in offshore hubs like Dubai or Singapore back into the Indian financial system. It is viewed as a progressive step towards enhancing the convertibility of the Indian rupee and positioning it as a global currency," said Varun Aggarwal MD, Profit Idea. "The broader market is currently buzzing with excitement around the upcoming Union Budget 2024 and is likely to trigger momentum in the upcoming days. During this phase, automobile, semi-conductor, infrastructure, and green energy mid-cap and large-cap stocks could be in focus," said VLA Ambala, co-founder, <keyword id="800814" type="General" weightage="20" keywordseo="stock-market-today" source="Orion">Stock Market Today</keyword>. (ANI)

Stock market closes flat after volatile trading on Thursday

India's <keyword id="6355013" type="General" weightage="20" keywordseo="tennis" source="Orion">tennis</keyword> campaign at the <keyword id="20006192" type="General" weightage="20" keywordseo="Paris-Olympics" source="keywords">Paris Olympics</keyword> lasted just one day as <keyword id="19926485" type="General" weightage="20" keywordseo="Sumit-Nagal" source="keywords">Sumit Nagal</keyword> and the men's doubles pair of <keyword id="19895238" type="General" weightage="20" keywordseo="Rohan-Bopanna" source="keywords">Rohan Bopanna</keyword> and <keyword id="20253721" type="General" weightage="20" keywordseo="N-Sriram-Balaji" source="keywords">N Sriram Balaji</keyword> bowed out after losing their respective opening matches to French challengers on Sunday. Nagal was first to take court, but his strong baseline game didn't seem to be enough against mercurial Corentin Moutet, who earned a stylish three-set win. In his second appearance at the Olympic Games, Nagal bounced back after losing the first set but fell 2-6 6-4 5-7 in two hours and 28 minutes at a packed court seven at the Roland Garros. In the Tokyo Games, Nagal had lost in the second round to Russian Daniil Medvedev but could not make the most of a manageable opener today. He was up 2-0 in the decider with an early break but allowed Moutet to claw his way back and win. Later in the day, Bopanna and Balaji went down fighting 5-7 2-6 against Edouard Roger-Vasselin and Gael Monfils, who replaced injured Fabien Reboul in the home team at the last minute. India have won only one Olympic medal in tennis, when <keyword id="20346818" type="General" weightage="20" keywordseo="Leander-Paes" source="keywords">Leander Paes</keyword> bagged a bronze in the 1996 Atlanata Games. Monfils' big-hitting helped the home team that was egged on by the partisan crowd. It was probably the last time Bopanna represented India in a multi-sport event. The 44-year-old has already announced his retirement from Davis Cup. The doubles match featured several fiery baseline exchanges between Bopanna and both the French players. The French ploy of engaging Bopanna in long rallies from the back took Balaji out of the picture on many points, and it largely denied the debutant opportunity of a quick finish at the net. The Indians dropped serve first when Bopanna went down 0-40 in game six following a long rally that ended with Indian team's unforced error. Bopanna and Balaji though got the break back in the next game on Roger-Vasselin's serve. Down by a breakpoint, Monfils could not put away a volley. The match was back on serve. Eventually, Balaji came out to serve at 5-6 to stay in the set. Feeling the nerves, he struggled to put first serves in and committed a double fault to get to 15-30. A long rally ensued, which ended in home team's favour. At second set point, Bopanna netted a backhand volley. Balaji could not hold serve in the second set, as Bopanna too stuggled to cope with the powerful strokes of the French players. The match ended with Indian team's unforced error. It has always been a battle of attrition between Nagal and Moutet with three of their last four outings being three-set affairs and it was no different today. Nagal had got the better of Moutet in their last meeting in Grand Prix of Hassan in the Moroccan city of Marakkech in April this year. Nagal didn't seem to have a plan B but Moutet had a few tricks in his bag to unsettle his rival. He served underarm a number of times and used the drop shots, the forehand slice and the backhand slice very effectively. The chants of Coco-Coco, Aaale-Aaale and Moutet-Moutet certainly gave the home player the energy required in such a slugfest. Nagal had a nervy start with a boisterous crowd behind Moutet. A drop volley error at 30-all put him down by a break point. Another unforced error cost him the opening game. The French player began with an underarm serve, much to the amusement of the home fans. He, however, ended up serving a double fault. It was an easy hold for the southpaw even as Nagal also bounced back with a hold at love. Nagal said he was expecting underarm serves from him but obviously didn't appreciate that. Moutet struggled a bit with his first serve but fed Nagal a lot of high balls and attacked his backhand more to build on the break. Nagal had his chances to get the break back in game four but squandered four breakpoints. He was down by another break point in game five but saved and held when Moutet just missed the line with his return. The crowd favourite again amused the gathered supporters at court seven as he crossed over the court to check the spot if the ball landed inside the line. It was crucial for Nagal to hold serve after falling behind 2-4 but he erred on overhead volley at breakpoint. Moutet pocketed the opening set when Nagal'a forehand return soared over the baseline. The second set was not a one-way traffic with Nagal finding his rhythm. The free points were not given. The set remained in serve till game five. After playing two deuce points, Moutet again served underarm, and this time he got the point as Nagal netted the return. Nagal was furious but the crowd loved the moment. Nagal finally had his first break of the match when Moutet's dropped shot crashed into the net. Before that on the second break point, when he netted the return, Nagal had banged his racquet on the court, letting go of the frustration. However, he gathered himself with the crucial break. The crowd stood and began singing the national anthem to egg on their favourite. Nagal though, consolidated the lead with a hold and levelled the match by breaking his rival in game eight when Moutet netted a volley return. The French player yet again resorted to giving high balls and drop shots to Nagal to break the momentum, and almost succeeded, but Nagal too stuck to his guns, avoiding an early break. He then broke Moutet when he double faulted while facing his fourth break point. Leading 2-0 in the decider, Nagal had a perfect opportunity to run away with the match but found himself down 0-40. He saved the first breakpoint but a drive volley error from him meant that the set was back on serve. Serving at 5-5, Nagal began by netting a forehand, and Moutet found a stunning forehand slice passing-winner on the run. Another forehand error put Nagal down by three break points. He lost fourth point in a row when he could not pick up a half volley. It was not difficult from there for Moutet to close the match. He will play either Australian world number six Alex di Minaur or Germany's Jan-Lenard Struff next.

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<keyword id="19970523" type="General" weightage="20" keywordseo="mahindra-group" source="keywords">Mahindra Group</keyword> and global institutional investor <keyword id="20194556" type="General" weightage="20" keywordseo="ontario-teachers" source="keywords">Ontario Teachers</keyword>' Pension Plan Board have co-sponsored an infrastructure investment trust (InvIT) holding assets of 1.54 GW in the <keyword id="34553" type="General" weightage="20" keywordseo="renewable-energy" source="Orion">renewable energy</keyword> space in India. The InvIT, Sustainable Energy Infra Trust (<keyword id="20197897" type="General" weightage="100" keywordseo="SEIT" source="Orion">SEIT</keyword>), is India's largest InvIT in the renewable energy space and has raised primary capital of Rs 1,365 crore as part of the initial offer of units (offer), Mahindra Group said in a statement. Several global and Indian investors, including Asian Infrastructure Investment Bank (AIIB), subscribed to the offer. SEIT made its debut on the National Stock Exchange on Monday. SEIT has been set up to focus on the growth of the renewable energy sector in India at scale. It holds operational renewable power assets seeded by <keyword id="19970521" type="General" weightage="20" keywordseo="mahindra-susten" source="keywords">Mahindra Susten</keyword> with a generation capacity of approximately 1.54 GWp. The capital of Rs 897.8 crore made available to Mahindra Susten by way of an offer for sale of units of SEIT will help Mahindra Susten develop a future pipeline of renewable energy assets. Mahindra Susten and SEIT, as a part of their growth strategy, have entered into a Right Of First Offer (ROFO) arrangement, in compliance with InvIT Regulations, whereby renewable energy assets developed by Mahindra Susten will be offered for sale to SEIT. Both Mahindra Group and Ontario Teachers' had committed to invest up to Rs 3,050 crore and Rs 3,550 crore respectively into Mahindra Susten and SEIT. Anish Shah, Group CEO &amp; MD, Mahindra Group, said, "Mahindra Susten has ambitious plans to achieve 5X growth in the next five years and will contribute to both the Groups' and the nation's green energy goals. "The renewable energy sector will continue to grow and attract investments and we are excited about both Susten's and SEIT's role in developing the right ecosystem." Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of usd 249.8 billion as at June 30, 2023.

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In response to higher-than-expected tax revenue and a record surplus transfer from the Reserve Bank of India (RBI), the Indian government is considering an 8-10% increase in <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> (capex) for the fiscal year 2025, according to Pantomath Group's quarterly report, "Market Kaleidoscope: Quarterly Market Insights." This adjustment could raise the capex from the previously allocated Rs 11.11 lakh crore, aiming to bolster infrastructure and economic growth. This fiscal boost comes as India reaches a historic financial milestone. The total market capitalization of all stocks listed on the Bombay Stock Exchange (<keyword id="19895774" type="General" weightage="20" keywordseo="BSE" source="keywords">BSE</keyword>) briefly surpassed $5 trillion for the first time, placing India among global giants such as the US, China, Japan, and Hong Kong. India's primary market is set for a dynamic period, with 55 companies planning to raise over Rs 68,000 crore through Initial Public Offerings (IPOs). The first half of FY2025 has already seen 35 mainboard IPOs, collectively raising around Rs 32,000 crore with an average subscription rate of 61 times. The Indian market maintained a positive outlook in the first quarter of FY2025, driven by strong Q4FY24 earnings, favorable economic data, and positive global cues. Despite early June volatility following the 2024 <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> election results, market sentiment improved with the BJP securing 272 seats and a total of 292 seats for the NDA with allied support. This political stability under Prime Minister Narendra Modi's leadership is expected to promote long-term economic growth, with a focus on infrastructure, electric mobility, startup support, power distribution, digital privacy, and healthcare initiatives. Corporate India's performance in the March quarter of FY2024 met expectations, showing double-digit growth in net profit and single-digit revenue increases. Non-lending companies experienced moderate operating margin expansion due to favorable commodity prices and cost controls. The peaking interest rates and continuity of <keyword id="19978691" type="General" weightage="20" keywordseo="government-policies" source="keywords">government policies</keyword> are anticipated to support healthy corporate growth in FY2025. <h2>Growth to continue</h2>The government's push for increased <keyword id="20068449" type="General" weightage="20" keywordseo="ethanol-production" source="keywords">ethanol production</keyword> targets a 20% blending by 2026, benefiting ethanol-heavy sugar companies and promoting biofuel goals. The real estate market is projected to grow significantly, requiring Rs 14 lakh crore in debt financing from 2024 to 2026. This growth will positively impact the banking and financial sectors. Major telecom operators have raised tariffs post-election, potentially improving sector financials and paving the way for sector re-rating. Major cement players are expanding through acquisitions, with an expected 6-7% compounded growth and market dominance by the top five players by March 2025. FMCG Companies expect recovery in rural business due to factors like a normal monsoon, robust crop yields, and government measures, maintaining robust rural demand. The potential roll-out of the FAME 3 Scheme to support <keyword id="19963112" type="General" weightage="20" keywordseo="electric-vehicle-sales" source="keywords">electric vehicle sales</keyword> is anticipated, with a budgetary allocation of around Rs 10,000 crore. Sectors such as auto, cement, defence, railways, consumer durables, energy, and banking are expected to outperform. Lagging sectors like IT and specialty chemicals offer value-buying opportunities at lower levels. The structural bull market for Indian equity is supported by strong domestic fundamentals and government reforms, with a positive medium- to long-term market outlook. Globally, the US market showed resilience, except for the Dow Jones. The Federal Reserve maintained interest rates at 5.25-5.50%, awaiting inflation to move towards the 2% target before considering rate cuts. The US GDP grew at 1.4% annually in Q1 2024, with mixed economic indicators highlighting both strengths and challenges. The Indian <keyword id="19926041" type="General" weightage="20" keywordseo="IPO-market" source="keywords">IPO market</keyword> has seen significant growth, with a surge in companies seeking to list shares and a rise in capital raised. The first half of 2025 saw strong retail investor participation, reflecting confidence in India's growth prospects. Mahavir Lunawat, Managing Director, Pantomath Capital Advisors Private Limited, said, "Favourable market conditions, high liquidity, a conducive growth environment with stable interest rates, and benign inflation have facilitated a boom in the IPO market. The IPO market will experience a stronger pull post-budget. India is set to become the new equity funding frontier for global corporations." He further added. "We are on the brink of sustained, long-term momentum in the IPO market, with this year potentially becoming the best for IPOs. India's solid macroeconomic environment and promising growth prospects create an ideal backdrop for this vibrant IPO market. Additionally, there is robust participation from both domestic institutional investors and retail investors." With the Indian government's potential capex increase and the robust primary market activity, the <keyword id="19948184" type="General" weightage="100" keywordseo="Indian-economy" source="keywords">Indian economy</keyword> is poised for sustained growth. The upcoming period is expected to see heightened market activity, further IPOs, and economic stability, creating a conducive environment for investment and development.

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<ul class="summary-list"><li>Manoj Bhargava has got rich from 5-Hour Energy. Now he's buying TV and digital media.</li><li>He took control of Sports Illustrated publisher Arena Group in late 2023, laying off dozens.</li></ul>Update: On Monday, Minute Media said it had been awarded the license to publish Sports Illustrated "across digital and print platforms." The New York Times <a target="_blank" href="https://www.nytimes.com/2024/03/18/business/sports-illustrated-magazine.html">reported </a>that it would hire an unspecified number of journalists laid off by Arena Group, and the SI union said that it welcomes the change and looks forward to discussions with Minute Media. Representatives for Arena Group, Bhargava, and Authentic Brands Group didn't immediately reply to comment requests. Employees of the Arena Group, which publishes Sports Illustrated and other news and lifestyle websites, weren't sure what to expect when Manoj Bhargava, who had just bought a huge chunk of the company's shares and debt, called an all-hands meeting last December.Bhargava had made his fortune with gas-station staple 5-Hour Energy. A week earlier, he had become a large minority shareholder at The Arena Group, but had no official title. Nevertheless, he had already directed the head of HR to <a target="_blank" href="https://futurism.com/sports-illustrated-publisher-shakeup-ai">fire three executives the day before</a>.Now, Bhargava was hosting an in-person and Zoom meeting to outline his vision for Arena. It didn't get off to an auspicious start. Audio issues meant those attending by Zoom — the majority of the company — couldn't hear anything. When the audio finally turned on, Bhargava's mind was apparently elsewhere."He was talking about purifying water and he has some device he distributes to Third World countries, like an internet device," said a current Sports Illustrated employee. "I was like, 'I don't know what this has to do with us.'"Bhargava eventually turned to the company he was attempting to take over. The verdict was not kind."The amount of useless stuff you guys do is staggering," he said. The company Bhargava claimed to be taking over was so poorly run that he questioned the intelligence of those in the meeting. "I'm surprised you're still here," he said. "You're not very smart to stay at this company."Steve Janisse, a spokesman for Bhargava, said he was joking. He also said Bhargava was talking about his charitable endeavors in order to underscore his priorities to Arena Group employees.Media, Bhargava said in the meeting, was "biased." In an exchange that raised the eyebrows of several people BI spoke to, he asked, "Why should the story be 'White cop kills black man?' It should just be 'Cop kills man.'"Vince Bodiford, a spokesman for Bhargava, said he was recounting a discussion about editorial values and priorities that took place at NewsNet, a media property he acquired in 2022. He didn't mean to express a preference or dictate an editorial stance at Arena, Bodiford said.Bhargava said he was reorganizing the company, getting rid of some "big names" to make the company more effective, and that "tasks, not titles" were what was important."No one is important," he said."I am not important."Days later, Bhargava sacked Arena Group CEO <a target="_blank" href="https://www.businessinsider.com/read-sports-illustrated-publisher-ross-levinsohn-resigns-explosive-letter-2024-1">Ross Levinsohn</a>, too, causing Levinsohn to angrily resign from the board. One of the fired executives, Rob Barrett said in a lawsuit that he didn't get severance, and three people told Business Insider that more lawsuits are likely on the way.Arena has an unusual arrangement with its most important title: While the publisher employs Sports Illustrated's staff of editors and writers and produces the magazine and associated web site, it doesn't actually own the globally recognized voice in sports journalism. It licenses the right to use the Sports Illustrated name from Authentic Brands Group. Not long after the executive bloodbath, Arena failed to make its quarterly $3.75 million licensing payment to ABG, resulting in the publishing license being yanked.Some writers say they fear the missed payment was a bad-faith pretext to scrap their union contract; one former Arena employee called it a game of "billionaire chicken." On January 19, the Sports Illustrated notified at least 80 staffers that they were being laid off.Now ABG is actively negotiating with Arena and others about the SI brand's future. ABG had misgivings about Bhargava even before the default, according to someone with knowledge of the situation. ABG has said Sports Illustrated would endure; in<a target="_blank" href="https://www.washingtonpost.com/sports/2024/01/19/sports-illustrated-layoffs/"> a January interview</a> with the Washington Post, ABG's CEO Jamie Salter was blunt about his talks with Bhargava, saying, "I told him to fuck off.""No one really knows what Manoj's angle is," said a fourth person familiar with the situation. "He benefits from this perception that he's crazy like a fox."<h2>A 5-Hour empire expanding</h2>Born in India, Manoj Bhargava had an eccentric trajectory before striking it rich with 5-Hour Energy, including a brief stint as an undergrad at Princeton, a decade spent with an Indian ashram, and a period acquiring and turning around small plastics manufacturing companies (the same business his father had gone into). At a trade show in 2003, he tried an energy drink and felt great — and realized there would be a market if he made the drink smaller.In 2012, Forbes profiled him, characterizing him as a "reclusive monk," and concluding that his ownership of 5-Hour Energy had turned him into a billionaire. The article highlighted his commitments to charity, though it raised questions about how his charities were funded and what they do. Some of those transactions have been scrutinized by the IRS and wound up in United States Tax Court.More recently, he has been investing in media. He acquired NewsNet, a Michigan broadcasting company, in 2022, and said he invested $50 million to build new studios and acquire over-the-air television stations. NewsNet's CEO, Bodiford, is also Bhargava's personal spokesman and a nominee to be on Arena Group's board. The move into media was motivated by the growing cost of advertising for 5-Hour Energy, said Janisse, the spokesman for Bhargava who is also a contributor to NewsNet."He said, 'If it's getting more expensive, maybe that's a business I should get into,'" Janisse said.NewsNet, with the motto: "News…as it used to be," and its parent company, Bridge Media, are due to merge with Arena, which likely has a much larger reach than any of Bhargava's pre-existing holdings. Janisse said some of its local TV stations have only recently begun contracting with Nielsen to measure their audiences.Arena, despite the reach of brands like SI, Mens Journal, The Street, and Parade, has been losing money for years and its reputation has been hammered. In 2023, three of its publications were <a target="_blank" href="https://futurism.com/sports-illustrated-ai-generated-writers">caught</a> publishing deceptive or wrong AI-generated content. Such stories even ran in Sports Illustrated, whose covers still carry cachet even as it has been pared back and competing sports media outlets have scaled up.Arena's losing streak was Bhargava's opportunity. In August, he <a target="_blank" href="https://investors.thearenagroup.net/news-releases/news-release-details/arena-group-signs-binding-loi-combine-bridge-media-networks">signed a letter of intent</a> to acquire Arena, which had more than $110 million in high-interest debt, with $50 million in cash and $60 in advertising commitments. It was cemented in a <a target="_blank" href="https://investors.thearenagroup.net/news-releases/news-release-details/arena-group-signs-definitive-agreement-combine-bridge-media">series of agreements</a> struck in early November.Oddly, the Hans Foundation, a non-profit where Bhargava was president until 2021 and remains the primary funder, agreed to purchase $25 million in preferred stock alongside the 5-Hour International Corporation."As many charitable trusts do, they make their own investments, and they felt that this was a good investment, and that's why they put their money into the deal," said Janisse.Rather than waiting for the deal to close, however, on December 1, Bhargava made a separate attempt to control Arena through the side door, moving to acquire a large chunk of shares and all Arena's debt from B. Riley, an upstart investment bank that is dealing with its <a target="_blank" href="https://www.wsj.com/finance/how-an-unremarkable-deal-became-a-big-threat-to-a-small-investment-bank-f819a169?mod=hp_lead_pos4">own crises</a>. Asked why Bhargava did this, Janisse declined to comment.Since then, he has invested more money into Arena and now controls an outright majority of its shares. Bhargava's company still has not invested based on the terms outlined in the November agreements from August 2023, though it has until August 2024 to fulfill that obligation.Bhargava has said Arena was in worse financial shape than he originally believed. In an email, Janisse said the November agreements are "still in flux." He said the choice in early January was to make payroll or to pay the license fee, and he chose the former. Some are skeptical."I think he dragged his feet intentionally on the original Arena deal because he saw an opportunity," said a source close to the negotiations, theorizing that Bhargava saw Arena's falling stock price as an opportunity to acquire the company cheaply and renegotiate terms struck in August. "I think he's always looking for an angle."<h2>The scrutiny that comes with controlling Sports Illustrated</h2>While Arena Group controls over two hundred media brands, there's no question SI is Arena's crown jewel. Janisse said it gets about 80 million unique visitors a month. Other properties, like The Street and Parade, get about 20 million uniques each, he said.He said the company has made several proposals to ABG and is awaiting a response. Arena said it plans to shutter the print magazine in May, <a target="_blank" href="https://www.nytimes.com/2024/03/14/business/media/sports-illustrated-print-edition.html">according</a> toh e New York Times, although two people familiar with the situation say managers have already walked that back. Janisse said in a Sunday email that Arena had "given the SI print edition and SI SWIM back to Authentic.""We are willing to help them find a solution so they can continue to print the magazine if they wish," he wrote.Two other people familiar with the situation say Bhargava is focused on being able to license the "SI TV" brand, as previously reported by the New York Post."What's most interesting to Manoj and Arena is the digital side, the website, and the multimedia portion," Janisse said. "That doesn't mean there won't be good storytelling happening, but that's the part that Arena is most interested in."Other<a target="_blank" href="https://nypost.com/2024/01/29/business/sports-illustrated-draws-interest-from-2-more-bidders-including-jeff-zuckers-front-office-sports-sources/"> companies in the running</a> for parts of the Sports Illustrated license include Minute Media, which publishes The Players' Tribune, and Front Office Sports, a sports media company that specializes in newsletters.Many who spoke with BI said they believe Minute Media is the frontrunner to gain the rights to SI. At an Arena Group planning meeting for Sports Illustrated held in Michigan last week, Bhargava seemed "defeated," according to a source with knowledge of the meeting.Losing the rights to Sports Illustrated would represent a setback for Arena Group, which has already seen its <a target="_blank" href="https://ycharts.com/companies/AREN/market_cap">market cap sink</a> from a high of $288 million in December 2022 to $31 million at the end of trading on Friday.Multiple people BI spoke to said it was never clear why Bhargava wanted to acquire and operate Arena in the first place, and that he lacked a coherent vision for what he would do with SI or Arena Group. His experience to date has been mainly running private companies, a current Arena Group employee said, and he may have been unprepared for the scrutiny a public company like Arena, or being associated with Sports Illustrated, would bring."If he introduces a new 5-Hour Energy flavor, that's his call," said the current Arena employee. "I think he's finding out that there's just a higher level of scrutiny to his actions, especially when there's a beloved brand."

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