IEX

** Shares of Indian Energy Exchange IIAN.NS rise as much as 5.5% to 201.35 rupees, highest since Oct. 14

** Power trading platform on Thursday reported 21.1% Y/Y rise in Q4 consol net profit, rev from ops rose 17.3% Y/Y

** Stock is witnessing its most active trading session since Sept. 2024 with more than 43 mln shares change hands, 9.2x of 30-day avg

** Avg rating of 10 analysts equivalent of "buy", median PT is 204 rupees - data compiled by LSEG

** Stock up 6.3% YTD

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] (+91 7982114624))

April 24 (Reuters) - Indian Energy Exchange Ltd IIAN.NS:

• RECOMMENDED DIVIDEND OF 1.5 RUPEES

• MARCH-QUARTER CONSOL NET PROFIT 1.17 BILLION RUPEES

• MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 1.42 BILLION RUPEES

Source text: ID:nBSE9Vsbmp

Further company coverage: IIAN.NS

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March 3 (Reuters) - Indian Energy Exchange Ltd IIAN.NS:

• ACHIEVES 9,622 MU TRADED VOLUME IN FEBRUARY '25, UP 9% YOY

Source text: ID:nNSEX1Rhm

Further company coverage: IIAN.NS

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** Shares of Indian Energy Exchange IIAN.NS rise 4.7% to 181.5 rupees, their highest in over a month

** Power trading platform says monthly volumes in Jan up 16% Y/Y

** Avg analyst rating on the stock is "buy", median PT is 204 rupees - LSEG data

** Stock rose 8% in 2024

(Reporting by Aleef Jahan in Bengaluru)

(([email protected]))

Feb 4 (Reuters) - Indian Energy Exchange Ltd IIAN.NS:

• INDIAN ENERGY EXCHANGE - ACHIEVES 10,910 MU TRADED VOLUME IN JANUARY, UP 16% YOY

• INDIAN ENERGY EXCHANGE - AVERAGE DAM PRICE AT 4.43 RUPEES/UNIT, DOWN 24% YOY

Source text: ID:nBSE8TsDPG

Further company coverage: IIAN.NS

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BENGALURU, Jan 23 (Reuters) - Diary of India economic, corporate events on Jan. 23

ECONOMIC, CORPORATE .BSE500 EVENTS:

NTS - 'No time scheduled', AMC - 'After market close'

(Compiled by Bengaluru Newsroom)

(([email protected]))

Jan 10 (Reuters) - The Indian Gas Exchange (IGX) is looking for regulatory approval to launch a 3-6 month gas contract, its chief executive, Rajesh K Mediratta, said on Friday.

"We are awaiting a clearance from PNGRB (Petroleum and Natural Gas Regulatory Board)," Mediratta told reporters at a press conference.

IGX, a unit of Indian Energy Exchange IIAN.NS, currently has intraday, dayahead, daily, and fortnightly contracts.

The pricing of the 3-6 month contract will be linked to global benchmarks and IGX's own index called GIXI.

The new long-duration contracts will have a payment cycle of a fortnight compared to the current 2-3 days, Mediratta said.

Additionally, IGX is considering introducing green certificates for trading, he said, as the government looks to make the usage of 1% compressed bio gas (CBG) mandatory for city gas sellers.

"If a city gas distributor doesn't have a CBG plant, they can buy these certificates. Trading will also encourage compressed bio gas production," he said.

IGX has also signed a preliminary agreement with Austria's Central Europeans Gas Hub to explore gas trading opportunities, including those for green gases such as hydrogen and methane.

India wants to raise its share of gas in the domestic energy mix to 15% by 2030 from 6.2% at present.

(Reporting by Nidhi Verma in New Delhi; Editing by Sonia Cheema)

(([email protected];))

Jan 6 (Reuters) - Indian Energy Exchange Ltd IIAN.NS:

• INDIAN ENERGY EXCHANGE - DEC ELLECTRICITY TRADED VOLUME UP 29% YOY

• INDIAN ENERGY EXCHANGE - DEC GREEN MARKET ACHIEVES GROWTH OF 236% Y/Y

• INDIAN ENERGY EXCHANGE - IN DEC, IEX TRADES 1.66 MILLION RECS, UP 58% Y/Y

Source text: ID:nBSE8tzV3

Further company coverage: IIAN.NS

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Dec 3 (Reuters) - Indian Energy Exchange Ltd IIAN.NS:

• ACHIEVES 9,689 MU ELECTRICITY TRADED VOLUME IN NOV'24

Source text: ID:nNSE78QC5p

Further company coverage: IIAN.NS

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Adds FBI comment paragraph 7, Adani Green statement paragraph 8

NEW DELHI, Nov 27 (Reuters) - Indian billionaire Gautam Adani has been indicted by U.S. prosecutors for conspiring with executives of a formerly New York listed company to devise a $265 million scheme to bribe Indian officials to boost their solar energy business.

Adani and his executives have also been accused of making false and misleading statements to investors and lenders in the United States regarding the company's anti-bribery commitments and practices while raising money from them.

Adani Group denied the allegations as "baseless", while Indian government officials haven't commented so far.

Here is an overview of the investigation and allegations revealed in the U.S. indictment:

WHAT ARE THE MAIN ALLEGATIONS?

U.S. prosecutors charged Gautam Adani, his nephew Sagar Adani who is director at Adani Green, and six others in running an alleged bribery scheme related to renewable energy projects in India that benefitted the tycoon's company and India's Azure Power, which was listed on the NYSE until late 2023.

In 2020, the indictment shows, executives of Adani Green and Azure "knowingly and wilfully conspired" and agreed to "corruptly" offer, authorise and pay bribes to government officials in India to "obtain or retain business advantages".

"Gautam S. Adani and seven other business executives allegedly bribed the Indian government to finance lucrative contracts," said FBI Assistant Director in Charge James E. Dennehy.

Adani Green on Nov. 27 said Gautam Adani has been charged on three counts in the criminal indictment for alleged securities fraud conspiracy, wire fraud conspiracy and securities fraud, but not the U.S. Foreign Corrupt Practices Act.

Between 2021 and 2024, Adani raised more than $3 billion in loans and bonds, including from investors in the United States.

"Gautam and Sagar Adani were engaged in the bribery scheme during a September 2021 note offering by Adani Green that raised $750 million, including approximately $175 million from U.S. investors," the U.S. Securities and Exchange Commission said.

The Adanis earlier this year made misleading statements to the public, the Indian stock exchange and investors despite being made aware of the U.S. investigation in 2023, the prosecutors alleged.

HOW WERE BRIBES TRACKED, PAID?

Sagar Adani, executive director of Adani Green and nephew of Gautam Adani, used his mobile phone to track details of the bribes offered to Indian officials, U.S. authorities alleged.

In a meeting between some Adani and Azure executives in 2022, Gautam Adani detailed aspects of the bribery scheme including steps he personally took to offer money to government officials, the U.S. authorities said.

Executives from Azure also prepared an analysis using Excel and PowerPoint to summarise the different ways in which it could repay Adani Green for the bribes it had paid to benefit both companies. For one of the projects of 2.3 gigawatts of power, the bribe was calculated at around $30,000 per megawatt.

One way discussed was to describe the payment internally at Azure as a "development fee", but it instead used another option of getting Azure to transfer one of its projects to Adani in lieu of part of the payment, U.S. authorities alleged.

Azure in a statement said former officers of the company referenced in the U.S. indictment were no longer associated with the company, and the company continued to cooperate with U.S. authorities.

WHAT WERE THE POWER PROJECTS IN QUESTION?

U.S. authorities called the dealings in their indictment "The Corrupt Solar Project".

Between 2019 and 2020, Adani Green and Azure were awarded renewable energy tenders by Solar Energy Corporation of India (SECI), a federal government-owned entity.

U.S. authorities alleged Adani and others devised a scheme to bribe Indian state officials to enter into agreements with SECI, "which would benefit" Adani subsidiaries and Azure.

Adani facilities in Rajasthan and Gujarat states in India supplied the power contracted in the Adani deals. One of those marquee projects is the Adani energy park in Khavda , which the company says is the world's biggest renewable energy project.

HOW DID U.S. FEDERAL AGENTS INVESTIGATE, SEIZE EVIDENCE?

In March 2023, FBI special agents approached Sagar Adani with details of the grand jury's ongoing investigation into the group and other entities. They took custody of electronic devices in Sagar's possession and served him with a search warrant and grand jury subpoena.

The search warrant identified offences, individuals and entities under investigation by the U.S. for violations of the Foreign Corrupt Practices Act, securities fraud, and wire fraud.

WHAT'S NEXT FOR THE ADANI GROUP?

Adani Group in a statement said it would seek "all possible legal recourse". The grand jury in its order said if any of the executives were found guilty of the charges they would have to forfeit any property or proceeds derived directly or indirectly as a result of the offences.

Federal prosecutors have also issued arrest warrants for Gautam and Sagar Adani. The U.S. Securities and Exchange Commission has issued summons to Gautam Adani and his nephew Sagar to answer the allegations.

Gautam and Sagar have not been arrested and their whereabouts are unknown, though they are believed to be in India.

(Reporting by Aditi Shah and Aditya Kalra; Editing by Mark Potter)

(([email protected]; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))

Repeats story first published on 21 Nov

NEW DELHI, Nov 21 (Reuters) - Indian billionaire Gautam Adani has been indicted by U.S. prosecutors for conspiring with executives of a formerly New York listed company to devise a $265 million scheme to bribe Indian officials to boost their solar energy business.

Adani Group denied the allegations as "baseless", while Indian government officials haven't commented so far.

Here is an overview of the investigation and allegations revealed in the U.S. indictment:

WHAT ARE THE MAIN ALLEGATIONS?

U.S. prosecutors charged Gautam Adani, his nephew Sagar Adani who is director at Adani Green, and six others with alleged bribery and fraud related to renewable energy projects in India that benefitted the tycoon's company and India's Azure Power, which was listed on the NYSE until late 2023.

In 2020, the unsealed indictment from Wednesday shows, executives of Adani Green and Azure "knowingly and wilfully conspired" and agreed to "corruptly" offer, authorise and pay bribes to government officials in India to "obtain or retain business advantages".

Adani and his executives have also been accused of making false and misleading statements to investors and lenders in the United States regarding the company's anti-bribery commitments and practices while raising money from them.

Between 2021 and 2024, Adani raised more than $3 billion in loans and bonds, including from investors in the United States.

"Gautam and Sagar Adani were engaged in the bribery scheme during a September 2021 note offering by Adani Green that raised $750 million, including approximately $175 million from U.S. investors. The Adani Green offering materials included statements about its anti-corruption and anti-bribery efforts that were materially false or misleading," the U.S. Securities and Exchange Commission said.

The Adanis earlier this year made misleading statements to the public, the Indian stock exchange and investors despite being made aware of the U.S. investigation in 2023, the prosecutors alleged.

HOW WERE BRIBES TRACKED, PAID?

Sagar Adani, executive director of Adani Green and nephew of Gautam Adani, used his mobile phone to track details of the bribes offered to Indian officials, U.S. authorities alleged.

In a meeting between some Adani and Azure executives in 2022, Gautam Adani detailed aspects of the bribery scheme including steps he personally took to offer money to government officials, the U.S. authorities said.

Executives from Azure also prepared an analysis using Excel and PowerPoint to summarise the different ways in which it could repay Adani Green for the bribes it had paid to benefit both companies. For one of the projects of 2.3 gigawatts of power, the bribe was calculated at around $30,000 per megawatt.

One way discussed was to describe the payment internally at Azure as a "development fee", but it instead used another option of getting Azure to transfer one of its projects to Adani in lieu of part of the payment, U.S. authorities alleged.

Azure in a statement said former officers of the company referenced in the U.S. indictment were no longer associated with the company, and the company continued to cooperate with U.S. authorities.

WHAT WERE THE POWER PROJECTS IN QUESTION?

U.S. authorities called the dealings in their indictment "The Corrupt Solar Project".

Between 2019 and 2020, Adani Green and Azure were awarded renewable energy tenders by Solar Energy Corporation of India (SECI), a federal government-owned entity.

The project involved building solar plants in several Indian states.

U.S. authorities alleged Adani and others devised a scheme to bribe Indian state government officials to enter into agreements with SECI, "which would benefit" Adani subsidiaries and Azure.

HOW DID U.S. FEDERAL AGENTS INVESTIGATE, SEIZE EVIDENCE?

In March 2023, FBI special agents approached Sagar Adani with details of the grand jury's ongoing investigation into the group and other entities. They took custody of electronic devices in Sagar's possession and served him with a search warrant and grand jury subpoena.

The search warrant identified offences, individuals and entities under investigation by the U.S. for violations of the Foreign Corrupt Practices Act, securities fraud, and wire fraud.

WHAT'S NEXT FOR THE ADANI GROUP?

Adani Group in a statement said it would seek "all possible legal recourse".

Indian lawyers said there was a possibility the matter could be settled between the Indian tycoon and U.S. authorities, and the billionaire can also seek a dismissal of the indictment.

Debopriyo Moulik, a criminal lawyer in New Delhi, said that since an arrest warrant had been issued by U.S. authorities, they would have to approach the Indian government through the Indian embassy to execute it.

The grand jury in its order said if any of the executives were found guilty of the charges they would have to forfeit any property or proceeds derived directly or indirectly as a result of the offences.

(Reporting by Aditi Shah and Aditya Kalra. Editing by Mark Potter)

(([email protected]; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))

Oct 24 (Reuters) - Indian Energy Exchange Ltd IIAN.NS:

• SEPT-QUARTER CONSOL NET PROFIT 1.08 BILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 1.39 BILLION RUPEES

Source text for Eikon: ID:nBSE9dDVDp

Further company coverage: IIAN.NS

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Oct 7 (Reuters) - Indian Energy Exchange Ltd IIAN.NS:

• 11,370 MU TOTAL VOLUME IN SEP'24, UP 24% Y/Y

Source text for Eikon: ID:nBSE2rSgHF

Further company coverage: IIAN.NS

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Updates with report on government's market coupling plan

* Indian Energy Exchange Ltd IIAN.NS down as much as 13% to 209.05 rupees

* ET Now reports that India government plans to implement market coupling in power exchanges, citing sources

* Market coupling is an economic model used in energy markets to create a single, uniform price for electricity across different trading platforms or exchanges

* Report says market coupling is anticipated to hit the market dominance of IIAN

* 2 mln shares traded in 6 block deals, at a discount between 3.4% to 6.9% to Monday's close, LSEG data shows

* Overall 101 mln shares traded, 6.7X 30-day avg

* Co top pct loser in NIFTY 500 index .NIFTY500

* IIAN up ~32% YTD vs ~25% gains in NIFTY500

(Reporting by Vijay Malkar)

(([email protected];))

** Shares of Indian Energy Exchange IIAN.NS rise as much as 3.7% to highest since April 28, 2022 at 219.6 rupees

** Antique Stock Broking raises price target to 262 rupees/shr from 219 rupees/shr, representing 23.6% upside to stock's last close

** Maintains "buy" rating

** Over the mid to long term, uptick in renewable power offers continuous opportunity for volume uptick for power exchanges in India - Antique

** IIAN set to rise for a fourth straight month, after gaining 33% in the last three months

** Avg rating of 9 analysts is "hold"; median PT is 195 rupees, ~8% lower than current price - LSEG data

** Stock last up 3.4%, extending YTD gains to 30.4%

(Reporting by Anuran Sadhu in Bengaluru)

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Sept 3 (Reuters) - Indian Energy Exchange Ltd IIAN.NS:

• INDIAN ENERGY EXCHANGE LTD - IEX ACHIEVES 12,040 MU TOTAL VOLUME IN AUGUST'24

Source text for Eikon: ID:nBSE4VzKdG

Further company coverage: IIAN.NS

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Aug 5 (Reuters) - Indian Energy Exchange Ltd IIAN.NS:

• MONTHLY TRADED VOLUME IN JULY 2024 OF 13.3 BU, UP 56% Y/Y

Source text for Eikon: ID:nBSE33MkRH

Further company coverage: IIAN.NS

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** Shares of Indian Energy Exchange Ltd IIAN.NS rise as much as 6% to 166.4 rupees

** Power trading platform says monthly volumes in May up 29% y/y

** IIAN at highest level since May 21 and second-highest since Jan. 16

** Analysts covering IIAN rate it "hold" on avg, while peers Multi Commodity Exchange of India MCEI.NS and BSE BSEL.NS rated "buy" - LSEG data

** Stock trims YTD losses to 2% but trails MCEI's 4% YTD gain and BSE's 21% growth this year

(Reporting by Nandan Mandayam in Bengaluru)

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June 5 (Reuters) - Indian Energy Exchange Ltd IIAN.NS:

• IEX ACHIEVES TOTAL MONTHLY VOLUME OF 10,633 MU IN MAY, AN INCREASE OF 29% YOY

Further company coverage: IIAN.NS

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May 15 (Reuters) - Indian Energy Exchange Ltd IIAN.NS:

• MARCH-QUARTER CONSOL NET PROFIT 966.9 MILLION RUPEES VERSUS PROFIT 883.4 MILLION RUPEES

• MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 1.21 BILLION RUPEES VERSUS 1.07 BILLION RUPEES

• FINAL DIVIDEND OF 1.5 RUPEES PER EQUITY SHARE

Source text for Eikon: [ID:]

Further company coverage: IIAN.NS

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May 2 (Reuters) - Indian Energy Exchange Ltd IIAN.NS:

• INDIAN ENERGY EXCHANGE - IEX ACHIEVES 9,044 MU TOTAL VOLUME IN APR'24, INCREASE OF 14.1% YOY

• INDIAN ENERGY EXCHANGE LTD - REC VOLUME AT 618 MU IN APRIL, UP 211% YOY

• INDIAN ENERGY EXCHANGE LTD - GOVERNMENT MANDATES SALE OF SURPLUS POWER ON POWER EXCHANGES

• INDIAN ENERGY EXCHANGE LTD - DAM PRICE IN APRIL AT RS 5.1/UNIT

Source text for Eikon: ID:nBSEbRP4H0

Further company coverage: IIAN.NS

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** Shares of Indian Energy Exchange IIAN.NS rose as much as 2.1% before trimming some gains, last up 1.5% to 146 rupees

** Power exchange said it achieved 30.1 billion units volume across all segments in Q4, up 15.7% YoY

** Stock on track to rise for fifth straight session if trend holds; it gained 7.7% across earlier four sessions

** On track for best week since Dec. 29, 2023, if trend holds

(Reporting by Varun Vyas in Bengaluru)

(([email protected]))

** India's power sector faces less risks from health deterioration of power distribution companies compared to previous cycle between 2010 and 2014, as demand and coal availability remains steady, analysts at Bernstein say

** Brokerage reiterates positive view on the sector, lists NTPC NTPC.NS, Power Grid PGRD.NS as its top sectoral picks

** NTPC and Adani Green ADNA.NS up 0.6% and 0.9%, while PGRD and Indian Energy Exchange IIAN.NS drop 0.5% and 2.2%, respectively

** Bernstein has an "outperform" rating on NTPC and PGRD, and an "underperform" rating on IIAN and ADNA

** The mean rating of analysts on NTPC is equivalent to "buy", "hold" on PGRD, and "sell" on IIAN

** Adds government's push towards infrastructure and manufacturing could boost power demand

** Says Coal India's production ramp-up and higher production output at NTPC eliminates challenges due to coal shortage

** Since the start of 2023, PGRD has risen 82% while NTPC jumps 114%, outperforming the 23% rise in benchmark Nifty 50 index .NSEI - LSEG data

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

Feb 5 (Reuters) - Indian Energy Exchange Ltd IIAN.NS:

• IEX ACHIEVES 10,893 MU TOTAL VOLUME IN JAN

Source text for Eikon: ID:nBSE7b2bxd

Further company coverage: IIAN.NS

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** Shares of Indian Energy Exchange Ltd IIAN.NS down 6.8% at 137.25 rupees, extending losses to over 16% in the last two sessions

** Stock of the power exchange fell 10.3% on Wednesday, logged its worst day since March 2020

** Reuters could not immediately verify a reason for stock movement

** IIAN's 2-day loss its worst since early June, when India's power ministry decided to go ahead with market coupling where all exchanges will follow uniform clearing price for electricity

** More than 44 mln shares traded, 2.3x 30-day avg volume

** Nine analysts covering IIAN rate it "sell" on avg; median PT is 132.5 rupees - LSEG data

** Stock rose 20% in 2023, its smallest YTD gain since 2018

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

** Shares of Indian Energy Exchange (IEX) IIAN.NS up 4.3% to 168.5 rupees, highest since mid-Aug, 2022

** Reuters could not immediately ascertain the reason for the move

** More than 69.4 mln shares change hands so far, most active session since June 9

** Mean rating of nine analysts is "sell"; median PT is 127.5 rupees, 24.3% lower than current price - LSEG data

** IEX only stock among major peers NTPC NTPC.NS, Power Grid Corp PGRD.NS, Tata Power TTPW.NS, and CESC CESC.NS with avg "sell" rating

** Stock's roughly 20% climb in 2023 outpaced by peers NTPC, PGRD, TTPW, CESC

(Reporting by Varun Vyas in Bengaluru)

(([email protected]))

Dec 4 (Reuters) - Indian Energy Exchange Ltd IIAN.NS:

• ACHIEVES 9,136 MU OVERALL VOLUME, INCREASE OF 17.5% Y/Y IN NOV

• ACHIEVED 8,371 MU TOTAL ELECTRICITY VOLUME IN NOV, UP 13% YOY BASIS

Source text for Eikon: ID:nBSE92F6R1

Further company coverage: IIAN.NS

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Nov 6 (Reuters) - Indian Energy Exchange Ltd IIAN.NS:

• ACHIEVES 9260 MU ELECTRICITY VOLUME, INCREASE OF 21% YOY

• ACHIEVES 9,483 MU OVERALL VOLUME, INCREASE OF 18% YOY

• AVERAGE CLEARING PRICE FOR OCTOBER WAS 6.28 RUPEES PER UNIT

Further company coverage: IIAN.NS

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Nov 2 (Reuters) - Indian Energy Exchange Ltd IIAN.NS:

• SEPT-QUARTER CONSOL NET PROFIT 864.6 MILLION RUPEES VERSUS 712 MILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 1.09 BILLION RUPEES VERSUS 952 MILLION RUPEES

Further company coverage: IIAN.NS

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Corrects paragraph 5 to say contracts have a duration ranging from 3-12 months, not between 3-12 months

NEW DELHI, Oct 19 (Reuters) - The Indian Gas Exchange (IGX) hopes to launch contracts for the trading of liquefied natural gas (LNG) next month, enabling companies not linked to the pipeline network to use the cleaner fuel, its chief executive said on Thursday.

India is building a vast gas pipeline network and import facilities as Prime Minister Narendra Modi wants to raise the share of gas in the country's energy mix to 15% by 2030 from about 6% currently.

"The LNG contracts will help the small industries with regassification facilities to transport LNG in trucks from the (import) terminals," Rajesh K Mediratta told reporters at an industry event.

He said IGX hopes to have daily volumes of 0.5 million-1 million cubic metres of gas under the new contracts.

IGX is also seeking regulatory approvals to launch long-term gas contracts with a duration ranging from three months to one year. The pricing of gas under the long-term contracts will be linked to a formula, he said.

"There are industries such as glass, ceramic, fertilisers, and refineries that want long-term contracts," he said, adding the long-term contracts could be launched by December-January.

At present, IGX has daily, weekly, fortnightly, and monthly gas contracts.

(Reporting by Nidhi Verma in New Delhi; Editing by Sonia Cheema)