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Delhi Chief Minister Arvind Kejriwal will approach the Supreme Court against a high court order dismissing the plea against his arrest by the Enforcement Directorate in a money-laundering case linked to the excise policy, the AAP said on Tuesday. Hours after the high court decision, the AAP said the "so-called excise policy scam" is the "biggest political conspiracy" to finish off the party and Kejriwal.Senior AAP leader and Delhi Minister Saurabh Bharadwaj said at a press conference, "We respect the institution of the high court but we respectfully submit that we do not agree with its order and will move the Supreme Court against it."He claimed that the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) have failed to recover even one rupee of illegal money in the "so-called excise policy case"."The entire matter is not related to money laundering, rather it's the biggest political conspiracy of the country. It's a conspiracy to crush and finish off Chief Minister Arvind Kejriwal and AAP governments in Delhi and Punjab," he said.Bharadwaj said they are hopeful that the Supreme Court will provide relief to Kejriwal in the same way it granted bail to AAP Rajya Sabha MP Sanjay Singh in the case.Delhi High Court on Tuesday dismissed Kejriwal's plea."The court is of the view that the arrest of Arvind Kejriwal was not in contravention of legal provisions. The remand can't be held to be illegal," said Justice Swarana Kanta Sharma while delivering the verdict.Besides his arrest, Kejriwal, who is currently in judicial custody, also challenged his subsequent remand in ED custody.The matter pertains to alleged corruption and money laundering in formulating and executing the Delhi government's now-scrapped excise policy for 2021-22.Kejriwal was arrested by the ED on March 21, hours after the high court refused to grant him protection from coercive action by the federal anti-money laundering agency.He was sent to judicial custody on April 1 after he was produced in the trial court on the expiry of his ED custody. He is currently lodged in Tihar jail.

Metal stocks jumped 11% on Tuesday, led by Hindustan Copper and Hindustan Zinc, amid a slew of triggers like strong Q4 updates and improving manufacturing outlook in the world's two largest economies – China and USA. The other major gainers were Vedanta and Steel Authority of India (SAIL) which rose over 4.5% in intraday trade.Hindustan Copper soared 11% to hit its 52-week high of Rs 366.40 on the NSE. The stock traded amid significant volumes with over 4.80 crore shares changing hands on the NSE around 1:30 pm. The company last week reported MIC (Metal in concentrate) production of 27,404 tonnes for FY 2023-24, the highest in the last five years and 11% higher than last year. The company achieved ore production of 3.78 million tonnes in FY 2023-24, the highest in the last four years and 13% over last year, the company said in a filing on April 2. Since then, the stock has seen an unbroken run and rallied for five sessions in a row.Hindustan Zinc also jumped by 11% to hit a fresh 52-week high of Rs 381. The Vedanta subsidiary has remained unbeaten over the last seven trading sessions. The company reported solid Q4 updates with best-ever mined metal production at 1,079 kt, up 2% YoY, driven by improved mined metal grades. Refined metal also achieved its highest annual production.Meanwhile, Vedanta delivered its highest-ever annual volume across key businesses for the reported quarter. The stock also hit its 52-week high of Rs 337.85, gaining 4.5% on the intraday basis.The gains catapulted the Nifty Metal index to its 52-week high of 8,985, with 12 stocks trading in the green. The laggards were Jindal Stainless, Adani Enterprises and Welspun Corp which fell up to 3%.Also Read: Infosys shares gain 2.5% on BofA’s rating upgradeThe other gainers in the index were Hindalco Industries, National Aluminium Company (NALCO), NMDC, Tata Steel, Jindal Steel & Power, JSW Steel, APL Apollo and Ratnamani Metals & Tubes which gained up to 3%. Not just the local factors, the metal stocks have taken cues from improving outlook and appreciation in metal prices in international markets. Last week, data showed US manufacturing growing for the first time in one-and-a-half years meanwhile China's manufacturing activity also expanded for the first time in six months in March."I think if you look at the overall market rally in the last one year, it has been very sector-specific. Now, in the last year, we saw that infrastructure and the realty sector did very well and now the sector rotation is happening and we have seen that metals have taken the lead. So, I think we should go with momentum trading which is the current flavour of the month or the week in the metal sector and best is Jindal Steel," Vishal Malkan, malkansview.com told ET Now.Dr V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services also credited the recent rally in headline indices to the performance of select sectors including metal. "An important feature of the recent rally in India is that it is led by fundamentally strong sectors like capital goods, automobiles, banking and metals," Vijayakumar said.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Adani Green Energy Ltd. is in talks to raise about $400 million through an offshore loan as the unit of billionaire Gautam Adani seeks funds for an upcoming renewable project, according to people familiar with the matter.The foreign currency loan could range from seven to ten years, with the pricing likely linked to the Secured Overnight Financing Rate, said the people, who asked not to be named because the discussions are confidential.The unit of India’s ports-to-power conglomerate is in talks with a group of banks including Mitsubishi UFJ Financial Group Inc., First Abu Dhabi Bank PJSC, Standard Chartered Bank and Sumitomo Mitsui Financial Group Inc., said the people.The company did not immediately respond to Bloomberg’s requests for comment.The fundraising highlights that the Adani Group continues to regain the confidence of investors since being targeted early last year by US shortseller Hindenburg Research.The conglomerate last month drew orders worth seven times the deal size for its first dollar-denominated public bond sale since the crisis. Earlier in December, Adani Green raised a $1.4 billion loan from a group of banks.India’s focus on infrastructure, which is likely to continue if Prime Minister Narendra Modi is re-elected in elections due by May, may increase bond supply from the sector, Sharon Chen, a credit analyst with Bloomberg Intelligence, wrote in a note last month.India is planning to nearly triple its clean energy capacity by the end of the decade, mostly through solar and wind projects, to decarbonize its fossil fuel-driven economy. The nation aims to invest $30 billion to build transmission lines to connect green power to the grid.