Overseas investors, as well as other key stakeholders, such as brokers, custodians, and clearing corporations, are yet to iron out critical issues, even as the shift towards a shorter trade settlement cycle approaches new phases. Several industry players said foreign portfolio investors (FPIs) are still facing impediments over the trade confirmation timelines, foreign exchange (forex) bookings, and pre-funding requirements. This could potentially act as a roadblock when it comes to moving entirely to the new T+1 settlement cycle from next year.
The local currency had surged 18 paise to 63.64 in Thursday's trade.
A complex holding structure and unrelated businesses clubbed under one roof could have been the reasons that prompted investors to shun the stock, experts say. These are likely to impact the company's ability to raise funds, too, they add.
In the past few years, MFs have emerged as significant institutional buyers, often offsetting the selling by FPIs.
India's weight in the emerging market portfolios of foreign institutional investors (FIIs) has risen by about 100 basis points in June to 7.96 per cent as compared to May.
Every Rs 1-cr FII inflow has coincided with a Rs 11-cr investor wealth erosion.
The auction follows aggregate overseas investments in government debt securities yesterday reaching Rs 1,21,271 crore (Rs 1,212.71 billion), which is 97.46 per cent of total permitted limit of Rs 1,24,432 crore (Rs 1,244.32 billion).
Sanjiv Puri, chairman and managing director of ITC, is looking to expand the conglomerate's play outside India by taking "strategic positions" in markets close to home in the non-cigarette fast-moving consumer goods (FMCG) and hospitality businesses. In a recent conversation with Business Standard, Puri revealed that ITC is setting sights beyond India's borders. "We already export to 100-odd countries. We want to scale that up and take some strategic positions in markets close to us," he said.
Even though option to invest as a company is available, many FPIs have chosen trust route to enjoy less tax or zero tax through tax havens such as the Cayman Islands and Luxembourg.
Among sectoral indices, telecom led the chart, spurting 3.08 per cent, followed by oil and gas.
The NSE Nifty too breached the 11,500-level with a jump of 145.30 points.
Weakness in the rupee against the US dollar also weighed on domestic stocks. The local unit fell 11 paise to 70.60 against the US dollar intra-day.
The clarification by the National Securities Depository (NSDL) - which is tasked with monitoring foreign portfolio investor (FPI) investment in domestic stocks - that the accounts of top investors in Adani group stocks remain 'active' has helped prevent a $500-million selloff of shares. Analysts said a freeze of the FPI accounts, as reported by some media outlets, could have prompted global index providers to cut weighting of four Adani group companies from their global indices. Brian Freitas, an analyst at independent research provider Smartkarma, said if the FPI accounts were indeed frozen, FTSE and MSCI would have reduced weighting of Adani group companies at the next rebalance, since it would have meant that the large part of the free float was not tradeable.
P-note is, however, now not a preferred route for investing in India as Sebi has made registration easier and also desirable for FPIs.
Yes Bank, Wipro, Kotak Bank, M&M, Sun Pharma, Maruti, HDFC, Hero MotoCorp, Infosys, TCS, L&T, Bajaj Auto and HUL were among the top gainers, rising up to 6 per cent.
The surge in IT, auto and FMCG stocks were led by investors seeking safety against market volatility.
Highlights of the announcements made by Finance Minister Nirmala Sitharaman on the reduction in corporate tax and other fiscal relief measures for the economy to promote growth and investment.
Replying to a question in Rajya Sabha, Minister of State for Finance Nirmala Sitharaman said the drive against tax evasion is an ongoing process and the government has taken various steps under a multi-pronged strategy to deal with the issue of black money.
RailTel Corporation of India, Indigo Paints, Home First Finance Company, Indian Railway Finance Corporation, and Suryoday Small Finance Bank are among the companies looking to tap the market.
According to experts, work from home, volatility in stock markets worldwide, and redemption pressures compelled investors to defer new investment plans.
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Rupee rebounds 26 paise against dollar; snaps 2-day losses
Results of some blue-chip companies exceeded expectations, providing additional thrust, traders said.
While Airtel has hiked the limit to 100 per cent in principle, the company needs to address some issues on overseas investment limits in subsidiaries, before the changes come into effect. Until then, the cap on foreign ownership will remain at 49 per cent under the automatic route.
The government has not set up any committee to probe allegations a US short seller labelled against the Adani Group, but stock market regulator SEBI is investigating market allegations against the group, the Lok Sabha was informed on Monday. A separate investigation into imports of Indonesian coal by the conglomerate hasn't reached finality, Minister of State for Finance Pankaj Chaudhary said. Lok Sabha saw several questions being put by MPs to the government on the Adani issue, which were replied through written responses by the minister.
Do keep the tax impact and exit load in mind before you take a decision to sell, says Vishal Dhawan.
The 50-share NSE Nifty settled lower by 94.05 points, or 0.87 per cent, at 10,666.55 after shuttling between 10,586.80 and 10,702.75.
After Bandhan MF's US Treasury Bond 0-1 year Fund of Fund (FoF), Aditya Birla Sun Life (ABSL) MF has come out with US Treasury 1-3 Year Bond ETFs FoF and 3-10 Year Bond ETFs FoF. US bonds, which generally offer low yields, have turned attractive post the 525-basis point hike in US interest rates. According to Bloomberg data, the 1-year and 2-year US treasury yields now stand at 5.4 per cent and 5.1 per cent, respectively. Although the yields remain lower than what Indian government bonds offer, the differential has come down steeply.
Rupee is seen strengthening against the dollar.
Power, realty, FMCG, consumer durables, metal, infrastructure, PSU and oil and gas and banking stocks emerged front-runners on sustained buying by participants.
High net worth individuals (HNIs) are considered more investment-savvy than retail investors.
The reserves rose to $501.70 billion helped by a whopping rise in foreign currency assets, the latest data from the Reserve Bank of India.
The initial public offering (IPO) market has come to a grinding halt due to sharp correction in the broader markets and uncertain outlook created by the Russia-Ukraine offensive. So far this year, only three companies have managed to launch their maiden share sales. In comparison, close to 10 companies were able to come out with their IPOs during the same period last year. Investment bankers say it will be challenging to launch a single deal in March as large institutional investors have turned extremely risk-averse and don't wish to commit any capital.
'Sebi has to make sure that investor interests are protected and at the same time, there isn't over-regulation so that companies don't get discouraged to list here.'
'If there is any reason to change my holding in Adani group stocks, the Hindenburg report on the group is not the one.'
The biggest gainers in the Sensex pack were Sun Pharma, Bajaj Finance, Vedanta, Yes Bank, ICICI Bank, HDFC, Tata Motors, HCL Tech, IndusInd Bank and Axis Bank, rising up to 2.98 per cent.
The recovering valuations, will lead to enhanced optimism among investors about funding startups.
Rupee hits 2-month low, down 21 paise against dollar.
The rupee extended gains for the fourth straight day against the US currency on Thursday.
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