The market capitalisation of BSE-listed companies jumped to a lifetime peak of Rs 404.18 lakh crore on Thursday helped by a five-day rally in benchmark indices, making investors richer by Rs 11.29 lakh crore. Recovering after a sell-off in early trade, the 30-share BSE Sensex climbed 486.50 points or 0.66 per cent to settle at 74,339.44 on Thursday. During the day, it surged 718.31 points or 0.97 per cent to 74,571.25.
The Indian Oympic Association came down heavily on the Government for adopting double standards on Dow Chemicals' sponsorship of the London Games and said the Sport Ministry's plans of selective boycott of the London Olympics will have "serious repercussions".
The Supreme Court on Monday issued notices to the Union Carbide Corporation, Dow Chemicals and others on a Centre's plea seeking enhancement of compensation to the victims of 1984 Bhopal gas tragedy from Rs 750 crore to Rs 7,700 crore.
A children's movement in Bhopal takes on the might of Dow Chemicals.
"If I go there at all, I would be addressing the (US-India) CEOs meeting and also have some bilateral meetings with Treasury officials. I do not know of any other meeting. I do not know from where these things come," he told media persons in Ahmedabad when asked about reports about his plans to meet with Dow Chemicals CEO Andrew Liveris in the US.
In a major development that will allow Indian investors access to the American market, the National Stock Exchange (NSE) has decided to begin trading in futures contracts of S&P 500 and Dow Jones Industrial Average (DJIA), two of the world's most influential market indices.
Rupee-denominated contracts will be traded from 9 am to 5 pm.
The issue of allowing trading in indices such as the Dow Jones and the S&P 500 on the National Stock Exchange (NSE) is being considered by the Reserve Bank of India (RBI).
It has emerged that a senior US government functionary offered to help India garner greater funding from the World Bank in return for protecting Dow Chemicals from possible legal fallout from the gas tragedy.
As Air Force One landed in India's financial capital with promises of bonding between the United States and the country in many sectors, one of the key people missing from Barack Obama's 200-member business delegation was, The Dow Chemical Company chief.
Investors should use a mix of active and passive funds.
Dow Chemicals will be converting its Pune unit into a global R&D centre that will focus on a wide spectrum of products.
The Congress-led opposition stepped up its attack on Friday against the government over the Adani row and demanded that there should be a thorough investigation into what they alleged was a 'mega scam' as it involved public money.
An Indian-origin Opposition Labour Party MP secured a debate in Westminster Hall of the UK parliament to call for justice for the victims of Bhopal gas tragedy, which will mark its 38th anniversary early next month.
Proceedings in both Lok Sabha and Rajya Sabha were disrupted as Opposition members raised slogans demanding a discussion and a Joint Parliamentary Committee (JPC) probe into the fraud-allegation-triggered rout.
M&M was the biggest loser in the Sensex chart, falling 6.39 per cent, followed by Tech Mahindra, Nestle India, Bajaj Finance, Axis Bank, ITC, JSW Steel, HDFC Bank and RIL. On the other hand, Sun Pharma, Tata Motors, Bharti Airtel, L&T and Infosys were among the winners, rising up to 2.10 per cent.
The top court said that a sum of Rs 50 crore lying with the RBI for the victims shall be utilised by the Union of India to satisfy pending claims of victims.
The growth premium India enjoyed has largely been lost.
The faster-than-expected rise in interest rates by the US Federal Reserve (US Fed) shook global financial markets in early 2022. And now the ongoing war between Russia and Ukraine has lifted commodity prices, with Brent crude oil hitting a 14-year high of $139 a barrel in intraday trade. All these developments have sent the equity markets across the world into a tailspin.
Over 87 per cent of active large-cap schemes failed to outperform the benchmark S&P BSE 100 (total return) in the 2022 calendar year (CY), significantly higher than the 2021 figure of 50 per cent, shows a report by S&P Dow Jones Indices. During the three-year period (CY 2020, '21, '22), the percentage of schemes underperforming the index was even higher at 97 per cent. While active large-cap schemes generally find it tough to outperform due to a rising efficiency in the market, 2022 proved to be even more challenging as mid-cap and small-cap stocks (where they have some allocation) performed poorly vis-a-vis the large-caps.
A total of 2,021 candidates filed their nomination papers for the December 4 polls on all the wards.
Back home, the Nifty IT index - a gauge of the performance of the IT stocks on the National Stock Exchange (NSE) that has closely mirrored the performance of NASDAQ over the past few years - has lost nearly 2 per cent in CY23.
Ajay Banga was on Wednesday appointed the next president of the World Bank, becoming the first-ever Indian-American to head the global financial institution which said it looks forward to working with him at a time when it's tackling the toughest development challenges facing developing countries. "The executive directors of the World Bank today selected Ajay Banga as president of the World Bank for a five-year term beginning June 2, 2023," the bank said in a press statement. In February, President Joe Biden announced that the US would be nominating Banga, 63, to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."
Benchmark Sensex trimmed early gains to close marginally higher while Nifty settled flat in choppy trade on Tuesday as gains in auto shares were offset by selling pressure in banking and energy shares. The 30-share BSE barometer closed marginally up by 37.08 points or 0.06 per cent to 60,978.75 with 15 of its stocks ending in green and the rest in red. The index opened higher and gained over 300 points to a high of 61,266.06 in early trade.
At the World Bank Banga will be replacing David Malpass, a former Trump treasury official, reports axios.com. Malpass had already announced that he will resign by July, months ahead of his term expired. "Ajay is uniquely equipped to lead the World Bank at this critical moment in history," President Biden said in a statement. Banga, 63, currently serves as vice chairman at General Atlantic.
NGOs working for the rights of the survivors of the 1984 Bhopal gas disaster on Wednesday alleged that various governments in Madhya Pradesh and at the Centre have failed to bring the culprits of the world's biggest industrial tragedy to justice even after 37 years.
The Supreme Court on Tuesday asked the Centre to clarify its stand on whether it wants to go ahead with its curative petition seeking Rs 7,844 crore as additional funds from successor firms of the US-based Union Carbide Corporation (UCC) for giving compensation to victims of the 1984 Bhopal gas tragedy.
Two firms belonging to the Adani group - India's most valued conglomerate - are part of the Nifty 50 index. The group, however, has no representation in the Sensex. And it could stay this way if a proposed index qualification rule change gets approved. Recently, Asia Index, a joint venture between S&P Dow Jones Indices and BSE responsible for index composition, floated a consultation paper where it proposed that a stock must have a derivative contract to be eligible for inclusion in the flagship 30-share Sensex index.
Clarifying that the government has not asked athletes to boycott the London Olympics over the Dow Chemicals sponsorship, Sports Minister Ajay Maken said that the matter has been pursued at a diplomatic level with the host nation.
Australia's batting mainstay Steve Smith dared the lethal Indian fast bowling unit to bring on the short stuff in the four-match Test series starting next month.
Asset-weighted returns of large cap funds lagged their benchmark by 273 basis points, ELSS funds by 318 bps and mid- and small-cap funds by 230 bps.
All nine Adani stocks saw a rise in their share price in H1FY23, ranging from 6.1% in case of Adani Ports to 102% in case of Adani Power.
The index is more expensive than it was at 2014-end or when it hit a life-time high in January.
The Bharatiya Janata Party and the Left Front on Monday slammed the Group of Ministers on the Bhopal gas issue for recommending that the government pick up the tab on payment of compensation to victims."The GoM report has disappointed the people," BJP spokesperson Shahnawaz Hussain said. Communist Party of India - Marxist leader Nilotpal Basu told PTI, "It is unfair that the taxpayer has to pick up the compensation bill."
From the 30-share pack, Asian Paints, Reliance Industries Limited, Bajaj Finance, Mahindra & Mahindra, Indusind Bank, Bajaj Finserv, Maruti Suzuki, HDFC Bank and UltraTech Cement were the major gainers, jumping up to 5.56 per cent.
The Indian Olympic Association are not considering boycotting the London Olympics despite local demands to do so over a Games sponsorship deal with Dow Chemical, the IOA's acting president said on Monday.
A dangerous flashpoint in United States-India relations faces visiting US Secretary of Defence, Leon Panetta, who faces tough questions from Indian officials on Tuesday, writes Ajai Shukla
The US Federal Reserve on Wednesday (local time) raised interest rates by 75 basis points (bps) or three-quarters of a percentage point in the boldest move since 1994.
From the 30-share pack, Sun Pharma, TCS, Tech Mahindra, NTPC, Wipro, UltraTech Cement, Dr Reddy's Laboratories and Infosys were the major gainers, jumping up to 3.99 per cent. In contrast, Tata Steel, Nestle, Titan Company, PowerGrid, Reliance Industries Limited and State Bank of India were among the laggards.
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