Author: Sreelatha M

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Beyond

Gautam Adani gets US Court hearing

A US federal court has agreed to hear a plea filed by Indian billionaire Gautam Adani seeking dismissal of a fraud case brought by the US Securities and Exchange Commission (SEC). The move marks an important step in the ongoing legal proceedings involving the Adani Group.

The SEC has accused Adani and his nephew, Sagar Adani, of being part of an alleged bribery scheme connected to business deals involving Adani Green Energy. According to the regulator, the alleged misconduct was not disclosed to investors during a bond issuance in 2021, potentially misleading those who invested in the offering.

During a recent hearing in New York, the court permitted Adani’s legal team to move forward with a pre-motion process. This allows them to formally argue why the case should be dismissed before it proceeds further in court. While this does not mean the case has been dropped, it gives the defence an opportunity to challenge the SEC’s claims at an early stage.

Adani’s lawyers have denied all allegations, stating there is no reliable evidence of wrongdoing. They have also argued that the SEC lacks jurisdiction, claiming the events in question occurred outside the United States and do not fall under US securities laws. Additionally, the defence maintains that neither Gautam Adani nor Sagar Adani played a direct role in the bond issuance tied to the case.

The lawsuit is part of a wider scrutiny of the Adani Group’s financial practices, which has drawn international attention over the past few years. The SEC alleges that critical information related to the alleged scheme was withheld from global investors.

Legal observers note that the court’s willingness to hear the dismissal plea is a routine but significant procedural step. The final outcome will depend on how convincingly Adani’s legal team can challenge both the allegations and the SEC’s jurisdiction.

Also Read: Jubilant shares drop 10% on weak Q4 growth

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Corporate

Jubilant shares drop 10% on weak Q4 growth

Shares of Jubilant FoodWorks tumbled about 10% after the company reported subdued same-store sales growth for the fourth quarter, disappointing investors despite strong revenue expansion.

The Domino’s Pizza operator posted like-for-like sales growth of just around 0.2% in Q4, signalling near-stagnant demand at existing outlets. The figure fell short of market expectations and raised concerns about the pace of recovery in the quick-service restaurant (QSR) segment.

Analysts said the weak performance reflects pressure on consumer spending as well as operational challenges. While new store additions and expansion helped drive overall revenue growth, core demand at established outlets remained soft. This mismatch between revenue growth and same-store performance triggered a negative reaction in the stock market.

A key factor impacting the quarter was disruption in the supply of commercial LPG, which is essential for daily restaurant operations. The company indicated that these supply issues affected store functioning and led to lost sales opportunities during the period.

Despite these challenges, Jubilant FoodWorks reported a strong year-on-year increase in revenue, supported by store expansion and improved delivery channels. However, investors focused more on the weak underlying demand trend reflected in same-store sales, which is considered a key indicator of business health.

The broader QSR sector has been facing multiple headwinds, including rising input costs, competitive pricing pressure, and uneven demand recovery. Industry players have been relying on promotions and value offerings to attract customers, which has also impacted margins.

Following the update, the company’s shares fell sharply, reflecting concerns over growth visibility and profitability. Market participants remain cautious about near-term performance, especially if operational disruptions continue or consumer demand stays weak.

Also Read: Rupee gains 50 paise to 92.56 against US dollar

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1 Minute-Read

Trump pauses Iran strikes for 2 weeks

US President Donald Trump has announced a two-week pause in military strikes against Iran, aiming to ease tensions and allow negotiations. The suspension is conditional on Iran reopening the Strait of Hormuz, a key global oil route.

The move follows mediation efforts led by Pakistan and signals willingness from both sides to pursue diplomacy. The conflict, involving US, Israel, and Iran, had disrupted oil supplies and raised regional tensions. After the announcement, oil prices fell and markets stabilised slightly.

While some leaders welcomed the step, concerns remain over unresolved issues. The two-week period is seen as critical for further talks.

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Beyond

Rupee gains 50 paise to 92.56 against US dollar

The Indian rupee strengthened by 50 paise to 92.56 against the US dollar in early trade on April 8, 2026, recovering from its previous close of 93.06. The sharp gain reflects improved global sentiment and easing pressure on the currency.

The rise follows a temporary two-week ceasefire between the United States and Iran, which has reduced concerns over geopolitical tensions in the Middle East. This has improved investor confidence and supported emerging market currencies, including the rupee.

A drop in crude oil prices also aided the recovery. Oil prices slipped below $100 per barrel, easing concerns over India’s import bill and inflation. As a major oil importer, India benefits from lower crude prices, which typically strengthens the rupee.

In early forex trade, the rupee opened at around 92.92 and extended gains to 92.56. Traders attributed the move to positive global cues and reduced volatility in financial markets.

Stronger equity markets further supported the currency. Gains in domestic and Asian stocks signalled improved risk appetite, attracting investor flows into emerging markets.

Market participants also noted that recent measures by the Reserve Bank of India have helped stabilise the rupee after it had weakened close to 95 per dollar in recent sessions.

Also Read: Gold steady at ₹1.54 lakh, Silver slumps ₹1,600

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Beyond

₹2.5 lakh crore credit scheme launched

The Central government is set to introduce a large credit guarantee scheme worth around ₹2–2.5 lakh crore to help businesses cope with the economic impact of the ongoing West Asia crisis. The initiative is aimed primarily at supporting micro, small and medium enterprises (MSMEs), which are more vulnerable to global disruptions such as rising costs and supply chain uncertainties.

Officials familiar with the development said the scheme will provide government-backed guarantees on loans extended by banks and financial institutions. By reducing the risk for lenders, the plan is expected to encourage banks to continue lending to businesses facing temporary financial stress.

Under the proposed framework, the government may guarantee a significant portion of the loan amount, possibly up to 75–90%. This means that if a borrower fails to repay, most of the losses would be covered by the government, making it safer for banks to extend credit. The scheme could also include limits on loan size and interest rates to ensure affordability for borrowers.

The programme is likely to be implemented through a government-backed agency that manages credit guarantees. The Centre may allocate a financial buffer to support the scheme, ensuring that lenders are protected against defaults.

The design of the new scheme is expected to follow the model of the Emergency Credit Line Guarantee Scheme (ECLGS), which was launched during the COVID-19 pandemic. That programme helped businesses access collateral-free loans and maintain operations during a period of severe economic disruption.

The latest move comes as global tensions in West Asia continue to create economic uncertainty. India is facing indirect effects such as fluctuating oil prices, increased transportation costs, and potential trade disruptions. While the domestic economy remains stable, policymakers are taking precautionary steps to prevent stress from spreading across sectors.

Also Read: Saudi Arabia sets $19.50 oil premium

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Beyond

India delays refinery shutdowns to boost supply

Indian oil refiners have postponed scheduled maintenance shutdowns at several plants to ensure steady fuel supply, as demand remains high across the country. The decision is aimed at preventing any disruption in the availability of petrol, diesel and LPG.

State-run companies such as Indian Oil Corporation and Bharat Petroleum Corporation are among those that have delayed routine maintenance at some of their refineries. These shutdowns are usually planned in advance to maintain operational efficiency, but have now been deferred to keep production levels stable.

Officials said the move comes at a time when domestic fuel consumption is strong and global energy markets remain uncertain. Ongoing geopolitical tensions, particularly in West Asia, have raised concerns over possible disruptions in fuel supplies, increasing the need to prioritise local production.

However, not all refiners are postponing maintenance. Nayara Energy is expected to go ahead with a planned shutdown of its Vadinar refinery in April. This facility plays a key role in fuel production, and its temporary closure could have some impact, especially on LPG supply.

The government is closely monitoring the situation and is prepared to take additional steps if required, including increasing imports, to ensure that fuel supplies remain sufficient. Officials have also reassured that there is currently no shortage of petrol or diesel in the country.

India depends heavily on crude oil imports, making it sensitive to global supply disruptions. In such conditions, maintaining refinery output becomes critical to meeting domestic needs.

By delaying maintenance work, refiners are trying to avoid supply gaps and keep the market stable.

Also Read: Air India CEO Campbell Wilson steps down

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Corporate

JSA boosts team with senior hires

JSA Advocates & Solicitors has strengthened its corporate practice by hiring three senior partners from CMS IndusLaw. The new partners—Siddharth Manchanda, Rashi Saraf and Minhaz Lokhandwala—bring strong experience in mergers and acquisitions, private equity and venture capital.

They are joining JSA along with a team of associates, adding depth to the firm’s deal-making capabilities. The hires will be based in Mumbai and Bengaluru, key hubs for corporate legal work.

This move is part of JSA’s broader strategy to expand its corporate advisory services and handle more complex transactions in India’s growing and competitive legal market.

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Beyond

SC allows Adani’s Jaypee takeover to proceed

The Supreme Court has allowed the Adani Group’s takeover of Jaiprakash Associates Ltd (JAL) to move ahead, refusing to put the deal on hold while a legal challenge by Vedanta is still under review.

The top court declined to interfere with an order passed by the National Company Law Appellate Tribunal (NCLAT), which had cleared the way for Adani Enterprises’ resolution plan for the financially troubled company.

Vedanta had approached the Supreme Court seeking a stay on the process, arguing that its bid for Jaiprakash Associates was higher and offered better returns for lenders. The company also questioned the transparency and fairness of the bidding process.

However, the court said there was no reason to stop the deal at this stage. It noted that Vedanta’s appeal is already pending before the NCLAT and will be heard soon. The tribunal is expected to take up the matter in the coming days.

While refusing to pause the takeover, the Supreme Court asked the NCLAT to handle the case without delay. It also made it clear that any further steps in implementing the resolution plan should be subject to the tribunal’s approval.

Jaiprakash Associates is currently undergoing insolvency proceedings after defaulting on large debts. As part of the resolution process under the Insolvency and Bankruptcy Code, lenders had selected Adani’s bid over others, including Vedanta’s.

According to reports, lenders favoured Adani’s proposal due to factors such as quicker payments and more certainty in execution, even though Vedanta claimed to have made a higher offer.

The court’s decision is a positive development for the Adani Group, as it allows the acquisition process to continue without interruption. At the same time, Vedanta’s challenge remains active, and the final outcome will depend on the NCLAT’s ruling.

Also Read: Google Pixel 10a gets Japan-only blue edition

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Technology

iPhone 17 Pro Max joins Artemis II mission

NASA’s Artemis II mission has added a surprising companion: the iPhone 17 Pro Max. The astronauts took the smartphone on their lunar orbit journey, capturing incredible images of Earth from space. NASA cleared the phone after ensuring it met strict safety and operational standards.

The iPhone’s advanced camera allowed astronauts to photograph the planet’s curvature, clouds, and oceans in vivid detail. NASA shared these images on social media, where they quickly went viral, showing the public views of Earth few people ever see.

The decision to allow a commercial smartphone reflects how consumer technology is increasingly used in space exploration. While traditional cameras remain essential, devices like the iPhone provide flexible, lightweight options for quick and high-quality photography.

NASA is also using this mission to test how consumer devices perform in extreme conditions, including low gravity, radiation, and temperature changes. The findings could help design more resilient equipment for future space missions.

The public has responded enthusiastically, enjoying the connection between everyday technology and space exploration. As Artemis II continues its journey, more photos from the iPhone are expected, giving people on Earth a rare glimpse of our planet from the lunar vicinity.

Also Read: OPEC+ to raise May oil output despite supply risks

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Corporate

Sensex up 50 points, Nifty ends flat at 20,130

Markets experienced a mixed session on Monday, April 6, as investors weighed global uncertainties and domestic stock movements. The Sensex gained 50 points to settle near 67,720, while the Nifty 50 ended largely flat at 20,130, reflecting cautious sentiment.

Banking and consumer stocks provided some support. Trent surged over 4% after posting strong quarterly revenues, boosting confidence in consumer-oriented companies. Wipro also gained after announcing a significant business deal, giving investors reasons to buy. Financial stocks, particularly private sector banks, were steady, helping to balance overall market sentiment.

However, not all sectors shared the optimism. Sun Pharma and Adani Ports were among the top laggards, facing selling pressure and keeping indices from rising more sharply. Analysts noted that investors remained cautious due to elevated crude oil prices and ongoing geopolitical tensions in the Middle East, which could impact global and domestic markets.

The GIFT Nifty hinted at a subdued start, reflecting the mixed sentiment. Traders were also watching foreign institutional investor flows and currency movements, which added to the day’s cautious trading tone.

While some consumer and IT names provided support, selling in pharma and ports stocks prevented a broader rally. Investors appear to be balancing optimism about strong corporate performance with caution over external risks, making for a day of steady but uneven trading.

For now, traders are expected to keep a close eye on developments abroad and key domestic economic indicators, as these will likely guide market movements in the coming days.

Also Read: Wipro to acquire Olam’s IT unit for $375 mn