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India’s steel giant JSW Group plans to enter the electric vehicle (EV) market under its brand, reported The Financial Times on Monday. In an interview, Chairman Sajjan Jindal signalled JSW’s aim to establish itself as a key player in India’s growing EV industry. 

This move follows JSW’s earlier announcement of a $1.5 billion joint venture (JV) with SAIC Motor, the Chinese automaker behind the MG brand, to produce and sell MG EVs in India. 

JSW to manufacture EVs in Maharashtra

JSW plans to establish its EV production facility in Maharashtra’s Aurangabad, specifically for its in-house brand. The Aurangabad Industrial City (AURIC) confirmed the company’s investment of Rs 27,200 crore ($3.2 billion), expected to create over 5,200 jobs and manufacture both passenger and commercial EVs, the report said.

India’s EV Market

While battery-powered two-wheelers have gained immense popularity in India, adoption of full-size EVs remains slow. EVs currently account for just 2 per cent of passenger car sales, translating to around 100,000 units annually, according to S&P Global Mobility, as reported by The Financial Times. 

Comparatively, in China, generous subsidies and incentives have driven mass EV adoption. China has the largest EV industry in the world, accounting for about 58 per cent of global production, according to a report by Al Jazeera. Elon Musk-led Tesla continues to lead the EV market in the United States. 

However, rising interest among affluent Indian buyers is boosting demand. For instance, MG Motor India’s Windsor crossover EV, priced at Rs 13.5 lakh, was fully booked for the next few months following its September launch, despite capacity constraints at its Gujarat plant limiting sales to 50,000 units.

Other car manufacturers who have already entered the EV market in India include industry majors Tata Motors, Mahindra & Mahindra, and newcomers like Ola Electric. Other players include two-wheeler market leader Hero Electric and Ashok Leyland, which is focused on electric buses under the Switch Mobility brand.

Meanwhile, Maruti Suzuki is also exploring or expanding their EV offerings. 

EV prices in India start at Rs 6.9 lakh, depending on the model and offerings. 

Indian govt’s EV push

India’s EV push has been supported by government subsidy initiatives such as the ‘faster adoption and manufacturing of electric vehicles’ (Fame) scheme, which offered subsidies to manufacturers and buyers. The second phase concluded earlier this year and was followed by a temporary Electric Mobility Promotion Scheme (EMPS) that also ended in September. The third phase of Fame is expected to be cleared by the end of the year. 

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Former Andhra Pradesh Chief Minister YS Jagan Mohan Reddy has dismissed allegations of taking bribes in a solar power deal during his tenure as “hearsay”.

The allegations stem from an indictment by the US Department of Justice, which the Adani Group had said relied only on claims that bribes were discussed or promised, and it did not offer any evidence that Indian government officials received bribes from Adani Group executives.

In an exclusive interview to NDTV today, the chief of the YSR Congress Party said he has met multiple top business executives since he became Chief Minister in 2019 and Gautam Adani was one of them.

“My name is not mentioned anywhere. Whatever reports have come to the light, it’s all hearsay. And whatever I gathered, my name is not mentioned anywhere except for the fact that Gautam Adani met me and only after that this was consummated into a power sale agreement, is what I think is what is broadly captured,” Jagan Reddy said.

“What is wrong in it (meeting Mr Adani)? In fact, why only specify, why confine yourself only to our meeting in August (2021)? Since 2019, after I had been elected Chief Minister, I met multiple business people. I mean, that is one of the duties of the Chief Minister as the head of a state to meet business people and also address their issues,” he said.

“If somebody wants to come and invest in Andhra Pradesh, if they are not going to meet the chief minister and take comfort from the fact that the head of the state is proactive, nobody would come and invest. And that is why every state is competing and organising industrial summits,” Jagan Reddy told NDTV.

He said his meeting with Gautam Adani in August 2021 had nothing to do with a deal signed with Solar Energy Corporation of India Ltd (SECI).

“In fact, from 2019 to the end of my tenure, I would have met Gautam Adani at least five, six times. I mean, why only specify your date only as August? After August also, I would have met him multiple times and before August also, I would have met multiple times and I would have met so many industrialists. This is, as I’ve said, this is the one of the duties of the chief minister,” Jagan Reddy said.

“See, basically, this (solar deal) has got nothing to do with Adani or anybody else, that’s one very important aspect that one should never forget,” he asserted.

The YSR Congress Party in a statement has said the allegations of bribery were made despite the fact that one, the tariff was lower than all the sources of power to Andhra Pradesh discoms (power distribution companies) till date and two, despite the offer also conveying the central government’s special incentive of waiver of inter-state transmission charges.

“The only way we could reduce cost (of power) and give it to farmers – Andhra Pradesh gives farmers free power – and it is not sustainable until and unless something drastic is done. So the only way something drastic could be done is to ensure that we bring in solar power at affordable, very, very cheap rates and we actually are in a position to give power to farmers. That was the vision with which we started off,” Jagan Reddy said.

He said when Andhra Pradesh floated the tender for 6,400 megawatt, the process got stuck in courts. Some 10 months later, Andhra Pradesh got an offer giving power at ₹ 2.49 per unit, which was also the cheapest rate of power Andhra Pradesh has ever procured.

He said the state is grateful to central government for offering power at ₹ 2.49 per unit, for coming to the rescue of the state.

“Then how can any state government set aside a letter like that? I mean if I were to set aside a letter like that you would immediately comment, you would immediately criticise me and say because it is the central government and you want to buy from private parties,” Jagan Reddy said.

“All we did was we responded positively to the offer made by the central government,” he added.

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The Union Finance Ministry on Friday released a consultation paper proposing to raise the Foreign Direct Investment (FDI) limit in the insurance sector from 74 per cent to 100 per cent. The FDI limit in the insurance sector was previously increased from 49 per cent to 74 per cent in February 2021.

The government stated that the proposal to amend certain provisions of insurance laws aims to ensure accessibility and affordability of insurance for citizens, foster the expansion and development of the insurance industry, and streamline business processes.

“In this regard, a comprehensive review of the legislative framework governing the sector has been conducted in consultation with the Insurance Regulatory and Development Authority (IRDAI) and the industry. The proposal includes raising the FDI limit in Indian insurance companies from 74 per cent to 100 per cent, and enabling an insurer to carry on one or more classes of insurance business, as well as activities related or incidental to insurance,” an office memorandum dated November 26 stated.

The proposal further mentioned that the requirement of Net Owned Funds for foreign reinsurers is also proposed to be reduced from Rs 5,000 crore to Rs 1,000 crore. Additionally, IRDAI is being empowered to specify lower entry capital (not less than Rs 50 crore) for underserved or unserved segments on a special-case basis.

Notably, the Chairman of the Insurance Regulatory and Development Authority of India (IRDAI), Debasish Panda, had earlier this month also advocated for 100 per cent foreign direct investment in the sector, citing the need for significant capital to meet the ambitious “Insurance for All by 2047” vision.

The sector regulator is making efforts to attract more capital to this capital-intensive industry. According to the IRDAI Chairman, the insurance sector needs to infuse approximately ₹50,000 crore annually to double insurance penetration in the country.

Insurance penetration refers to the ratio of insurance premiums written in a particular year to the gross domestic product (GDP).

As per the Economic Survey 2023-24, overall insurance penetration in the country moderated slightly to 4 per cent in FY23, from 4.2 per cent in FY22. During the same period, insurance penetration in the life insurance segment declined from 3.2 per cent in FY22 to 3 per cent in FY23, while it remained flat at 1 per cent for the non-life insurance segment.

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Nagesh Kumar, the only member of the Monetary Policy Committee (MPC) to have voted for a 25 basis point rate cut at its last meeting, has been proved right. He had pointed out that “Indian industry is clearly suffering from demand deficits in both domestic and external markets. Demand deficits may be the reason private investment has not picked up momentum despite the companies’ healthy balance sheets and all the reforms and incentives extended by the government.” The Q2 GDP growth of 5.4 percent bears out that truth. The State of the Economy report by RBI researchers, published a few days ago, estimated Q2 growth at a much stronger 6.7 percent. The MPC had pegged it even higher, at 7 percent. And while everybody agreed that growth would slow, the consensus was that it would drop to around 6.5 percent. The 5.4 percent growth number is a shocker.

Will the slowing growth lead to a rate cut at the MPC’s meeting next week? The RBI as well as the government has argued that the slowdown in Q2 was temporary, due to an extended monsoon and an inauspicious astrological period that led to large purchases being deferred. Those factors certainly had an impact, but the far lower than expected growth strengthens the suspicion that the slowdown is on account of more than merely seasonal factors. Moreover, the shocking GDP print for Q2 puts in question the finance ministry’s full year’s growth estimate of 6.5-7 percent, to say nothing of the MPC’s 7.2 percent forecast. Note also that the RBI’s clampdown on unsecured credit has led to a slowdown in bank credit growth and the latest data show that non-food bank credit growth has slowed to 11.15 percent year-on-year in mid-November, while it was 13.6 percent in mid-August. That doesn’t augur well for an economic rebound.

The sticking point, as the RBI governor has been at pains to emphasise, is that retail inflation for October, at 6.2 percent, was well above the upper limit of the RBI’s inflation target. The State of the Economy report by RBI researchers said, ‘’What is worrying is that apart from the sharp surge in the momentum of food prices, core inflation has edged up. There are early signs of second order effects or spill overs of high primary food prices.’’ The Flash PMI for November also shows core inflation moving up. The State of the Economy report had warned, “Inflation is already biting into urban consumption demand and corporates’ earnings and capex. If allowed to run unchecked, it can undermine the prospects of the real economy, especially industry and exports.’’

It is in these unenviable circumstances of lower-than-expected growth and higher-than-expected inflation that the MPC will have to decide on its policy rate at its meeting next week.

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The financial landscape is set to experience a significant shift as Adani Energy Solutions, Adani Total Gas, and Adani Green Energy prepare to enter the futures and options market. This development marks an important milestone for investors and traders looking to expand their strategic investment opportunities.

The newly inducted Adani Group companies have already demonstrated remarkable market performance, with impressive gains that have caught the attention of financial analysts and market participants. Their inclusion in the derivatives segment signals growing confidence and potential for these energy sector companies.

December F&O Series Kicks Off

As the December futures and options series begins, market watchers are keenly observing these new Adani Group entrants. The addition of these stocks promises to bring increased liquidity, trading volume, and potentially new investment strategies to the dynamic Indian financial market.

The three are among the 45 stocks that will now have futures and options contracts from Friday, which will also mark the start of the December F&O series.

Share Price Movement 

The share price of Adani Green Energy Limited went up by 14.7 percent to Rs. 1,247.3 per share on Friday, an increase from its previous close of Rs. 1,087.2 per share. The market capitalisation now stands at approximately Rs. 1,92,697.5 crore as of November 29, 2024.

What Happened 

Adani Green Energy experienced a significant market recovery, surging up to 15% and trailing near the upper circuit. The stock’s positive momentum came after the inclusion of Adani Group stocks in the newly expanded futures and options contracts. Adani Green, along with 2 Adani Group stocks, are now set to open a gateway for F&O in the future.

Q2 Financial Highlights

According to its recent filing, in the quarter ending September 2024, Adani Green Energy’s consolidated revenue from operations has increased by 37.6 percent YOY from Rs. 2,220 crore in Q2 FY24 to Rs. 3,055 crore in Q2 FY25 and increased by 7.76 percent QoQ from Rs. 2,835 crore in Q4 FY24. 

The company’s consolidated net profit has increased by 38.8 percent, from Rs. 371 crore in Q2 FY24 to Rs. 515 crore in Q2 FY25. As compared to the last quarter of 2025, the company’s net profit has decreased by 18.12 percent QoQ from Rs. 629 crore.

Market Outlook 

The industry outlook for the Indian renewable energy sector appears robust. The government is targeting 500 GW of non-fossil-based electricity generation by 2030, with a focus on solar power. India’s installed renewable energy capacity is expected to increase to 170 GW by March 2025, driven by strong policy support and significant investments.

The government is also supporting farmers through schemes like the PM-KUSUM program, which enables them to set up solar power plants and solarise grid-connected agriculture pumps. Overall, the industry shows signs of increasing investments and a growing focus on renewable energy to meet India’s rising electricity demand.

Shareholding Pattern

As of the November 2024 shareholding pattern, Adani Green Energy Limited is primarily held by the promoters at 60.93 percent, foreign institutional investors hold 15.16 percent, and the public with 22.45 percent.

About Company

Adani Green Energy Limited (AGEL) is a leading force in India’s renewable energy sector. Founded in 2015 as part of the Adani Group, the company specialises in solar and wind energy generation. Headquartered in Ahmedabad, AGEL is committed to driving India’s transition to sustainable energy. With a robust portfolio of over 20,434 MW in renewable projects, AGEL plays a critical role in advancing clean energy initiatives.

The company operates across solar, wind, and hybrid energy segments. Its notable projects include the Kamuthi Solar Power Plant, one of the largest photovoltaic plants globally. AGEL boasts an operational capacity of 7,393 MW, with plans to achieve 25 GW by 2025 and an ambitious 50 GW by 2030. Strategically located in 12 Indian states and expanding globally, the company’s long-term agreements ensure consistent revenue and growth.

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