Morning buzz: Sebi probe likely to suggest no lapses by Adani companies, 20% export duty on parboiled rice, and more

Here are the top business headlines this morning, to get your day started

Published: Aug 28, 2023 09:53:50 AM IST

Updated: Aug 28, 2023 10:00:30 AM IST

Adani Group to tap ADIA and IHC for funding

The Adani Group is in talks with Abu Dhabi Investment Authority (ADIA) and International Holding Company (IHC) for an investment of $2 billion by selling stakes in its subsidiaries. The group intends to pare its stake in Adani Enterprises and Adani Ports and Special Economic Zones. In addition Adani Green Energy is looking to raise $5 billion through global bonds for the addition of 25 gigawatts by 2030.

(Financial Express)

Government imposes 20 percent export duty on parboiled rice

In a bid to keep rice prices under control, the government imposed a 20 percent duty on parboiled rice as well as notified a minimum export price of $1,200 per tonne for basmati rice exports.

This has been done to prevent food prices from rising in an election year. Earlier, exports of broken rice and wheat had been banned and a 40 percent duty on the export of onions was imposed.

(Economic Times, Financial Express,Mint)

SEBI probe likely to suggest no lapses by Adani companies

The probe initiated by the Supreme Court through the Securities and Exchange Board of India (Sebi) has not unearthed any major lapses in whether Adani companies violated the rules of listing. Significantly, there is no adverse filing on the alleged manipulation of stock prices or insider trading regulations. The report is expected to be submitted to the Supreme Court on Tuesday.

(Business Standard)

Government eases visa restrictions on Chinese technicians in the EV sector

The government has eased visa restrictions on Chinese professionals working in electric vehicle manufacturing. The request was forwarded to the External Affairs Ministry from the Ministry of Heavy Industry. The government has okayed production-linked incentive (PLI) applications for three companies - Ola Cell Technologies, Reliance New Energy Battery Storage and ACC Energy Storage. Companies have been complaining that if the visa restrictions continue they would be unable to meet their targets.

(BusinessLine)