It is now clear that the revised takeover code and the Bimal Jalan committee report will not be implemented soon and in the same form, since the finance ministry wants to seek industry views on these two sets of recommendations this month, before the market regulator could take a decision.
The Supreme Court on Friday refused to accept in a sealed cover the Centre's suggestion on a proposed panel of experts for strengthening regulatory measures for stock markets in the wake of the recent Adani group shares crash triggered by Hindenburg Research's fraud allegations.
The merger of ZEE Entertainment and Sony has reached an advanced stage of completion, and the issues faced by promoters with Sebi should not become a problem for the company, debarred ZEEL MD Punit Goenka has said in a letter to employees, according to sources. Goenka, who along with his father Subhas Chandra, was denied any interim relief against a Sebi order that barred them from holding the position of director or key managerial post in any listed company, in the letter ZEE Entertainment Enterprises Ltd (ZEEL) staff asserted that the merger of Culver Max (earlier known as Sony Pictures Networks India) is at a very important juncture. With the Securities Appellate Tribunal (SAT) restricting him from holding a directorial or key managerial position in a listed company, Goenka told the employees that the ZEEL board has constituted an interim committee of senior executives to ensure smooth operations and day-to-day functioning.
Jio Financial Services Limited, the demerged financial services unit of Reliance Industries, will be excluded from various indices of NSE, including the benchmark Nifty 50, from September 7. Shares of Jio Financial got listed on the stock exchanges on August 21, after its spin-off from parent Reliance Industries. In accordance with the index methodology, as JIOFIN has not hit price band on two consecutive trading days on September 4 and 5 at NSE, the Index Maintenance Sub Committee (Equity) of NSE Indices Ltd has decided to exclude JIOFIN from various indices effective from September 7, 2023 (close of September 6, 2023), as per a statement by NSE Indices Ltd on Tuesday.
The meeting lasted for nearly two hours, sources said.
During a hearing on Friday, the bench noted that Mumbai was witnessing a decline in the bursting of firecrackers.
All six members of the Reserve Bank of India's (RBI's) monetary policy committee (MPC) expressed caution over food inflation during the December review, while two external members warned about high real interest rates as headline inflation approaches its target of 4 per cent. The central bank continued to maintain the status quo on both the repo rate and the stance in the December monetary policy. India's retail inflation in November rose to 5.5 per cent - its fastest pace in three months - due to higher food prices.
Former India medium pacer Debashish Mohanty of Orissa and ex-stumper M S K Prasad of Andhra have found a place in the Board of Control for Cricket in India's nine-member technical committee, headed by former captain Anil Kumble.
RBI policy, macro data, company earnings to decide market course this week: Experts
Summary of sports events and persons who made news on Tuesday
The recent weakness of the rupee has been due to yuan's devaluation.
Dr Samir Shah, who was honoured with a CBE by Queen Elizabeth II in 2019 for services to television and heritage, will replace Richard Sharp, who had been forced to resign after his communication with former prime minister Boris Johnson came under scrutiny.
It is thanks to the policy of liberalisation conceived by Manmohan Singh and enforced by P V Narasimha that the Indian economy has now become the world's 5th largest economy by nominal GDP, asserts Dr Sudhir Bisht.
Among the Sensex firms, Tech Mahindra, Wipro, Infosys, Tata Consultancy Services, HCL Technologies, Larsen & Toubro, ITC, Sun Pharma, NTPC and Titan were the major gainers. Nestle, Axis Bank, Tata Motors, ICICI Bank, HDFC Bank and Bharti Airtel were the laggards.
The situation in Maharashtra's Kolhapur is gradually returning to normal, a day after violence during a demonstration against the alleged use of Tipu Sultan's image along with an objectionable audio message as social media 'status' by a few locals, a senior police official said on Thursday.
'Baseball/softball, cricket (T20), flag football, lacrosse (sixes) and squash will be in the programme at LA28.'
The Opposition is also expected to target the Eknath Shinde-led government on shifting of mega projects like Foxconn to Gujarat, according to political observers.
Market regulator Sebi on Monday moved the Supreme Court seeking 15 more days to conclude the ongoing probe into the allegations of stock price manipulation by the Adani group. The Securities and Exchange Board of India (Sebi), in its fresh application, said that it has examined and investigated 24 matters pertaining to the case. "Out of the said 24 investigations/examinations, 17 are final and complete and approved by the Competent Authority in accordance with Sebi's extant practice and procedures," the regulator said.
According to new guidelines imposed by authorities on Sunday, shops have been allowed to open on alternate days.
The markets have been unable to sustain at higher levels as a rise in bond yields globally, especially in the US have dented sentiment. Surging commodity prices, especially crude oil that have now hit $70 a barrel (Brent) coupled with inflation woes and fear of sporadic lockdown across major economic hubs back home as Covid cases rise have chased the bulls away. In the short-term, analysts expect the markets to remain volatile as they react to news flow - both from overseas and developments back home. Investors, they say, need to keep a tab on how the US treasury yields move, which in turn will have a ripple effect on how big money moves across developed (DMs) and emerging markets (EMs), including India.
The Supreme Court on Friday said there should be a robust mechanism to ensure that the interests of Indian investors are protected in the stock market and sought views of the Centre and market regulator SEBI on PILs alleging exploitation of innocent investors and "artificial crashing" of the Adani group's stock value.
The officer's remarks in effect contradicted the state home minister's conjecture, according the which the violence was engineered and had a mastermind behind it.
Among the Sensex firms, Tata Motors jumped over 3 per cent. Tech Mahindra, Infosys, HCL Technologies, Axis Bank, Mahindra & Mahindra, ICICI Bank, UltraTech Cement and Kotak Mahindra Bank were the other major gainers. NTPC, Asian Paints, Titan and Power Grid were among the laggards.
Aptech managing director and CEO Anil Pant died on Tuesday, the company informed in a regulatory filing. "The company regrets to inform about the sad demise of Dr. Anil Pant, Managing Director and CEO of the company on Tuesday, August 15, 2023. Dr. Pant's contribution and energy will be missed by the company. "All the directors and employees of the company convey their deepest condolences to his family," Aptech Limited said in the filing.
Since March 31, 2022, the PSBs' market cap has risen 43.7 per cent, from Rs. 7.29 trillion to Rs. 10.47 trillion. It's time for the government, the majority owner of public sector banks, to reap the benefit of the rally in bank stocks, recommends Tamal Bandyopadhyay.
A complete ban on firecrackers in Delhi until January 1, the government's refusal to grant licences for sales in Karnataka, and restrictions in the Noida region are adversely affecting the business of manufacturers in Tamil Nadu's Sivakasi, which produces over 90 per cent of India's fireworks. According to industry players, demand has decreased by 20 per cent compared to last year. Moreover, the ban on the use of barium nitrate and the manufacturing and sale of joint fireworks is also impacting demand.
Manufacturing activities in India fell to a five-month low in September as new orders rose at a softer pace, which tempered production growth, a monthly survey said on Tuesday. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) fell to 57.5 in September, down from 58.6 in August -- the lowest in five months. The September PMI data pointed to an improvement in overall operating conditions for the 27th straight month.
The chargesheet against the associate of Shiv Sena-UBT MP Sanjay Raut was submitted before the court's registry and it will come up before the special judge for cases under the Prevention of Money Laundering Act after scrutiny of papers.
The newly formed Republican Indian Committee in the United States has appointed Armeane M Choksi -- former World Bank official and venture capitalist and now real estate developer, adjunct professor and community activist -- as its first national president.
The markets are in bubble territory.
'Had they agreed to our demands that we raised two years ago, we would have never started our agitation again.'
At a press conference in New Delhi, she alleged that her colleague Ashu Thakur was also attacked by another BJP councillor.
India is among the top three emerging markets in the wellness economy.
Within six months, outlets carrying Vicks jumped from 60,000 pharmacies to 750,000 general stores. The trade boycott collapsed. Consumers were happy, finding Vicks now at every street corner. A fascinating excerpt from Gurcharan Das's Another Sort of Freedom.
While the economy seems to be on a firm growth path, the fight against inflation is not over yet. Shaktikanta Das seems to be in no hurry. After playing well through a five-year Test match, he doesn't want to get out hit wicket, observes Tamal Bandyopadhyay.
India's services sector growth eased to a three-month low in June but service providers continued to signal positive demand trends, which resulted in a stronger increase in new business volumes and further job creation, a monthly survey said on Wednesday. The seasonally adjusted S&P Global India Services PMI Business Activity Index fell from 61.2 in May to 58.5 in June. Despite falling from May, the latest figure was consistent with a sharp pace of growth.
Mining magnate Anil Agarwal's conglomerate on Friday announced a major business shake-up, with flagship Vedanta Ltd approving a spin-off of its metals, power, aluminium and oil and gas businesses into separate listed entities and an overhaul of lucrative zinc unit planned as part of value creation and reducing debt load. Vedanta will issue one share of the five demerged businesses for every share held in the company, the firm said in a statement. The entire exercise, which would require shareholder and lender approval as well as a nod from the stock exchanges and courts, is expected to be completed in 12-15 months, its president for finance Ajay Agarwal said.
The three were gunned down while they were sleeping and later slashed with swords at Kwakta in the district, the police said on Saturday morning, adding that the assailants came from Churachandpur.
'We have a plan to plough back a 'This year in the first half we had profits of more than Rs 31,000 crore.' significant amount of profits this financial year.' 'We have seen this organic plough back of profit is one of best ways to support the equity of the bank.'
Nationalist Congress Party (NCP) president Sharad Pawar on Tuesday said although his outfit does not agree with the demand of anti-Bharatiya Janata Party outfits for a joint parliamentary committee (JPC) probe into allegations against the Adani group, it will not go against their stand for the sake of Opposition unity.
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