Category: FT

At the very moment India’s Adani Group was accused in 2023 of manipulating its public valuation to extreme highs, two of the conglomerate’s close associates secretly held billions of dollars’ worth of shares in its listed companies, bank documents indicate.  A memo to executives at Italy’s largest bank, Intesa Sanpaolo, sets out the conclusions of an internal investigation into clients associated with Adani Group after US short seller Hindenburg Research accused the group of “brazen stock manipulation”. The memo and other bank documents shared with the FT by the Organized…

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Japan’s largest toilet maker is an “undervalued and overlooked” AI play, according to a UK-based activist investor. Palliser Capital sent a letter to the board of Toto last week exhorting it to make more of its advanced ceramics segment, saying it holds a crucial position in the semiconductor supply chain. The segment generates 40 per cent of Toto’s operating profit. Ubiquitous in Japan and now famous across the world, Toto…

Stay informed with free updates Simply sign up to the Indian business & finance myFT Digest — delivered directly to your inbox. France’s President Emmanuel Macron has arrived in India as the two countries close in on a blockbuster fighter jet deal. The $35bn purchase of 114 Rafale fighter jets would be India’s largest-ever defence deal. But last-minute negotiations over details including the price could prevent the deal from being signed during Macron’s visit, officials in New Delhi said. The French president, who arrived in Mumbai early on Tuesday, will…

France’s President Emmanuel Macron has held talks with Indian Prime Minister Narendra Modi as the two countries close in on a blockbuster fighter jet deal. In remarks to journalists after their meeting in Mumbai, neither Modi nor Macron, who arrived in India for a three-day visit on Tuesday, referred to the negotiations on the deal, but both stressed the importance of their nations’ defence sector co-operation. The $35bn purchase of 114 Rafale fighter jets would be India’s largest-ever defence deal. But officials in New Delhi said last-minute negotiations over details…

This article is an on-site version of the India Business Briefing newsletter. To receive it in your inbox regularly, sign up if you’re a premium subscriber, or upgrade your subscription here. Good morning. The Bangladesh National Party won a landslide victory in the general elections. Its leader, Tarique Rahman, who returned after 17 years in exile, will be sworn in today. New Delhi seems ready to work towards a reset of ties with its neighbour. We will keep an eye on the developments in the coming months. Separately, India and France…