India’s covid recovery rate reaches 97.52 per cent, highest since March 2020

News Network

August 18, 2021

New Delhi, Aug 18: India saw a single-day rise of 35,178 new Covid-19 cases taking the tally to 3,22,85,857, while the national recovery rate was recorded at 97.52 per cent, the highest since March 2020, according to the Union health ministry data updated on Wednesday.

The death toll has climbed to 4,32,519 with 440 daily fatalities, according to the data updated at 8 am.

The active cases have risen to 3,67,415, comprising 1.14 per cent of the total infections, the health ministry said.

Also, 17,97,559 tests were conducted on Tuesday, taking the cumulative tests conducted so far for detection of Covid-19 in the country to 49,84,27,083. The daily positivity rate was recorded at 1.96 per cent. It has been less than three per cent for the last 23 days.

Weekly positivity rate was recorded at 1.95 per cent. It has been below three per cent for the last 54 days, according to the health ministry.

The number of people who have recuperated from the disease surged to 3,14,85,923, the data stated.

Cumulatively, 56.06 crore Covid-19 vaccine doses have been administered under the nationwide vaccination drive so far.

India's Covid-19 tally had crossed the 20-lakh mark on August 7, 2020, 30 lakh on August 23, 40 lakh on September 5 and 50 lakh on September 16. It went past 60 lakh on September 28, 70 lakh on October 11, crossed 80 lakh on October 29, 90 lakh on November 20 and surpassed the one-crore mark on December 19.

India crossed the grim milestone of two crore on May 4 and three crore on June 23.

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Adani Group in Crisis: $30 Billion Wiped Out after US Bribery and Fraud Charges Emerge

News Network

November 21,2024

Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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