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Supreme Court Upholds SEBI Probe In Adani-Hindenburg Case; Rejects Transfer To SIT

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The Supreme Court on Wednesday delivered its verdict on the Adani-Hindenburg case. The apex court held that there was ‘no ground to transfer the investigation from the Securities and Exchange Board of India to SIT (Special Investigation Team)’.

The apex court announced its ruling, stating that no valid grounds were presented to challenge the amendment to the Foreign Portfolio Investment (FPI) and Listing Obligations and Disclosure Requirements (LODR) recommendations.

Additionally, the court directed the Securities and Exchange Board of India (SEBI) to finalize the remaining two investigations within a three-month timeframe.

A bench consisting of Chief Justice D Y Chandrachud and justices J B Pardiwala and Manoj Misra issued the verdict. The petitions contended that the Adani Group, perceived to have close ties with the Modi government, inflated its share prices. Following the report from the short seller Hindenburg Research, the stock value of multiple group entities experienced a significant decline.

About the Adani-Hindenburg Controversy

The Adani-Hindenburg controversy emerged in January 2023 when Hindenburg Research published a report accusing the Adani Group of accounting fraud, stock price manipulation, and improper use of tax havens. This report triggered a significant stock market decline, wiping out nearly $150 billion in market value at its lowest point.

The Supreme Court of India had reserved judgment on a series of Public Interest Litigations (PILs) seeking a court-monitored investigation into these allegations. The court clarified that it cannot automatically accept Hindenburg’s claims as the “ipso facto true state of affairs” and directed the Securities and Exchange Board of India (Sebi) to conduct an inquiry. The court mandated Sebi to conclude its investigation into all 24 cases and take appropriate legal action based on the recommendations of an expert committee.

Adani Group Companies shares

The shares of Adani Group companies on Wednesday saw a significant surge ahead of the Supreme Court verdict of the Adani Hindenburg controversy.

The shares of Adani Enterprises, surged 7.24 percent, reaching Rs 3,144.80 each around 10 am. Similarly, Adani Ports and Special Economic Zone shares registered an uptick of 5.62 percent, trading at Rs 1,139 per share, positioning them as the top gainers on the Nifty50 index.

The shares of Adani Transmission jumped 15.77 percent, reaching Rs 1,230, nearing their 52-week high. Meanwhile, Adani Total Gas shares also climbed by 10 percent to Rs 1,100.95, and Adani Green Energy shares witnessed an 8.23 percent increase, trading at Rs 1,735.60. Adani Power shares recorded a percent increase, reaching Rs 544.50 per share, while Adani Wilmar gained 7.31 percent, trading at Rs 393.40.

Additionally, other companies under the Adani conglomerate, including NDTV, ACC, and Ambuja Cement, experienced positive movements, with NDTV rising by 10.21 percent to Rs 300, ACC shares showing a 2.64 percent increase, and Ambuja Cement gaining 3.13 percent.

Business

New TVS Apache RR 310 Hits Indian Market at Rs 2.75 Lakh: All You Need to Know

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TVS has introduced the 2024 edition of its flagship Apache RR 310 in India, starting at Rs 2.75 lakh (ex-showroom). The updated model brings several enhancements, including segment-first aerodynamic winglets integrated into the side fairing, aimed at improving stability and performance.

The latest version of the TVS Apache RR 310 comes with a starting price of Rs 2.75 lakh (ex-showroom) for the Racing Red model. However, this variant does not include the bi-directional quick-shifter. For those looking to add this feature, it will cost approximately Rs 17,000 extra. The 2024 lineup also introduces a new Bomber Grey color option, priced at Rs 2.97 lakh (ex-showroom), offering a stylish and performance-focused upgrade.

The 2024 TVS Apache RR 310 retains its 312cc single-cylinder, liquid-cooled engine with a 6-speed gearbox, but now offers improved performance. The updated model produces 37 bhp at 9,800 rpm and 29 Nm of torque at 7,900 rpm. TVS also claims that it accelerates faster than before, shaving 0.43 seconds off its 0-100 km/h time, making it a more exciting choice for riders looking for speed and agility.

The 2024 TVS Apache RR 310 keeps its familiar trellis frame, supported by upside-down front forks and a rear monoshock for improved handling. Braking is handled by disc brakes. It also comes with a 5-inch TFT display that offers Bluetooth connectivity and navigation.

The updated electronics package includes new features like tyre pressure monitoring, cornering ABS, traction control, and cruise control. While the overall design remains similar, it gets refreshed decals and is available in three colours: Bomber Grey, Racing Red, and Race Replica.

TVS has introduced two performance kits for the new Apache RR 310: the Dynamic kit, priced at Rs 18,000, and the Dynamic Pro kit at Rs 16,000. The Dynamic kit enhances the bike’s handling with fully adjustable suspension, a tyre pressure monitoring system, and a brass-coated drive chain. The Dynamic Pro kit, meanwhile, focuses on safety and stability, offering race-tuned dynamic stability control for better on-road performance. These upgrades allow riders to customize their experience for both performance and safety.

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Business

Jio network down: users are facing problems

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Some Jio users in Mumbai are experiencing network outages, causing the issue to trend on Twitter. According to reports on social media, the disruptions have affected specific areas in the city. One user claimed that the Reliance Jio IDC Data Centre caught fire, potentially causing service interruptions. The user tweeted, “Reliance Jio IDC Data Centre caught fire, some services down due to that.

The network of Reliance Jio, one of the leading telecom companies in India, has been down for the last 1 hour. So users are facing a lot of problems. Many have posted about this on social media and tagged Reliance Jio. Reliance Jio network is down since last 1 hour.

Due to this, many works of Jio users have been stopped. A user posted on X and informed that the Jio service has been shut down due to a fire in the IDC (data center). Repair work is going on here. The network will be restored soon. But Reliance Jio has not given any official information about this yet. Therefore, users are asking when the network will be restored.

Reliance Jio service has been discontinued. Most of the users have no signal in their mobiles. 20 percent reported internet connectivity disruption on Down detector. 14 percent people are facing problems in running Jio fiber. Reliance Jio’s website is also not working properly and users are unable to access the Jio app.

There are more than 10 thousand complaints on Downdetector around 12 noon. More outage issues have been reported from cities like Delhi, Lucknow and Mumbai. Users across the country are complaining about Jio service being down. Jio on X is also trending down. People are sharing memes for Jio.

Reliance Jio services have once again been suspended in many parts of the country. Today i.e. on 17th September it started from Mumbai, the financial capital of the country and now Jio is down in all the cities of the country. Earlier in May and June 2024 also, Jio services were suspended in Mumbai. Users are constantly complaining on social media about Jio being down but there is no concrete solution and assurance from the company yet.

Users on social media claim that Jio services have been suspended across Mumbai. There is a network problem for several hours. Many users have also complained about the broadband service. Outage tracker Downdetector has also confirmed Jio’s outage. According to Downdetector’s map, it has stopped in New Delhi, Lucknow, Nagpur, Cuttack, Hyderabad, Chennai, Patna, Ahmedabad, Kolkata, Guwahati.

More than 10 thousand people have complained on Downdetector in just 1 hour. On this site, 67 percent people complained about lack of signal, 20 percent about mobile internet and 14 percent about Jio Fiber.

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Business

‘Take A Trip To Vietnam For Your iPhone 16’: X User Proposes Cost-Effective Way To Buy The Latest Apple Smartphone

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Apple recently launched its latest iPhone series, the iPhone 16 series. In addition, the company also launched the latest Apple Watch along with the latest version of Apple AirPods.

Trip To Vietnam For Apple

Apple products from time immemorial have been known for their exorbitant and sky-high pricing. Many have often made memes about having to sell their organs to be able to afford one of their iPhones.

Now, with the latest launch, and X user has found a way to cut corners by taking a trip.

According to the user, an aspiring iPhone buyer in India should take a trip to the East Asian nation of Vietnam to be able to get the new iPhone 16 at a cheaper rate.

However, the user also notes that these savings can only be made, if the buyer is intending to buy the advanced iPhone 16 Pro iPhone 16 Pro Max.

Savings Only iPhone 16 Pro

The user said, “Plan your #iPhone16 purchase with a trip to #Vietnam and spend the same amount you would be spending buying it here in India.”

In addition, the user also added, “But the savings work only if you are planning to buy the #iPhone16Pro or the #iPhone16ProMax”.

In addition, the user also surmised an instance of users travelling to the UAE an purchasing these phones.

According to the user, the Visa fees & fight rates don’t make Dubai that lucrative unless flying somewhere via UAE or planning for the #iPhone16ProMax only”.

As per the statistics produced by the user, the most expensive iPhone 16 Pro Max will cost an Indian buyer Rs 1,44,900 a piece. In Vietnam, however, it would cost a buyer Rs 1,18,992.

This marks a difference of Rs 25,908. Meanwhile, in the UAE, particularly in Dubai, the same phone would cost the buyer Rs 1,16,550, marking a difference of Rs 28,350.

The iPhone series will be available in India from September 20, with the pre-order for the phone starting on September 13.

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