Adani Group There is good news for. According to analysts, the tariff for electricity generated from Adani Group's solar energy is lower than the competition. In such a situation, if this deal is canceled due to the allegations in America, then the company may find new buyers. It is noteworthy that the company has been accused of paying bribe in America. US authorities have accused Adani Group founder and chairman Gautam Adani and others of being involved in paying bribes worth US$265 million to Indian officials to win a contract to supply eight gigawatts of solar power to Adani Green Energy Limited (AGEL). Is. However, the group has denied all the allegations.
Possible fine may be given: Nomura
“If Adani promoters are found guilty, we believe a potential fine could be up to three times the value of the bribe,” Nomura said in a report. The brokerage said that about 1.8 GW of solar projects are being started in Gujarat from February-March 2024, whose tariff is Rs 2.42 per unit under 25-year power purchase agreements (PPAs). It further said that such tariff levels are not excessive, and despite potential PPA cancellation of these affected projects, AGEN should be able to win contracts for these projects again through auction, with no change in the tariff levels. There will be no significant reduction. The report further said that the group will continue to have access to financing channels despite the US Justice Department filing charges in a New York court.
JP Morgan gives 'overweight' rating to four Adani bonds
US investment banker JP Morgan gave 'overweight' rating to four bonds of Adani Group. This rating means that the performance of the bond will be better. The rating agency said the company has the potential to scale up and grow using internal cash flows, thereby reducing scope for debt pressure. JPMorgan in a report gave 'overweight' rating to three bond issues of Adani Ports & SEZ and one bond of Adani Electricity Mumbai Ltd (a subsidiary of Adani Energy Solutions Ltd). It has adopted neutral stance on five other Adani bonds and is 'underweight' on one bond of Adani Green Energy Ltd. JPMorgan assigns three types of ratings for bonds – 'overweight' ratings, which fall into the buy category, 'neutral' ratings, which reflect the status quo, and 'underweight' ratings, which fall into the sell category.
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