Adani Group Stocks Soar Much Higher Than Market After Every Modi Victory; Congress Defeat Turns Spotlight On INDIA’s Resilience

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A newsletter from The Wire | Founded by MK Venu, Seema Chishti, Siddharth Varadarajan, Sushant Singh, Sidharth Bhatia and Tanweer Alam | Contributing writer: Kalrav Joshi, with additional inputs by Anirudh SK | Editor: Pratik Kanjilal

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Snapshot of the day

December 6, 2023

Pratik Kanjilal

The Economic Times and Business Standard have attributed a record-breaking rally of 5-20% in the stocks of Adani group companies to, respectively, the US International Development Finance Corp (which is funding Adani’s Colombo port project) saying that the allegations of Hindenburg Research are irrelevant, and the Supreme Court reserving it ruling on the matter, and on the SEBI probe. Paradoxically, a jump across the market has been ascribed to the BJP Assembly election victories. And historically, Adani’s fortunes have improved sharply after Modi led the party to victory, like in 2019 ― scrips were up on early leads. A 20% jump isn’t a record either ― in 2014, when the BJP took office, Adani surged 23% in anticipation of Modi’s victory, the Economic Times had reported. The upswing had begun even earlier, when Modi was declared the BJP’s PM candidate.  

In an open letter, senior advocate Dushyant Dave has said that important cases are being shifted from one Bench to another in defiance of rules. The Chief Justice of India is master of the roster and assigns all cases, notes The Hindu.

Forty-nine people had died this year up to November 20 while “cleaning [sewers] and septic tanks”, the Union Social Justice Ministry said in Parliament yesterday. It is unclear if the figure accounts for all known deaths caused by manual scavenging – which can also involve cleaning dry toilets or railway tracks – or deaths only while cleaning sewers and septic tanks. However, the Union government does not record how many ‘man-hole cleaning robots’ have been deployed.

When asked about an Indian government official’s alleged plot to murder Gurpatwant Pannun, US State Department spokesperson Matthew Miller said,