NSE managing director and CEO Vikram Limaye on Wednesday said that he will not seek a second term at the stock exchange when his five-year term ends in July. This comes amid the National Stock Exchange (NSE) facing the regulatory probe in a case related to governance lapses at the bourse as well as in the co-location matter. "I have informed the board that I am not interested in pursuing a second term and will therefore not be applying and participating in the process that is underway. My tenure ends on July 16, 2022," Limaye said in a statement.
Continuing their massive selling spree for the ninth consecutive month, foreign investors dumped Indian shares worth Rs 50,203 crore in June -- the highest net outflow in over two years -- amid aggressive rate hike by the US Federal Reserve, elevated inflation and relatively higher valuation of domestic equities. Foreign portfolio investors (FPIs) have now pulled out around Rs 2.2 lakh crore from domestic equities in the first six months of 2022 -- the highest-ever net withdrawal by them. Before that, FPIs withdrew Rs 52,987 crore in the entire 2008, data with depositories showed.
This alternative is being planned as the existing projects continue to be delayed due to land acquisition troubles. The ministry is thinking of adding new track lines to its existing eastern and western DFCs passing major areas in the proposed stretches, senior officials said.
The RBI's financial stability report has on Wednesday highlighted the disconnect between the real economy and equity market yet again. The central bank observed that Indian equities were trading at rich valuations, with several metrics such as price to earnings multiples, price to book ratio, market cap to GDP and the cyclically adjusted P/E ratio, or Shiller P/E, at above historical averages. For instance, as on December 13, the one-year forward P/E ratio for India was 35.1 per cent, above its 10-year average, and one of the highest in the world.
Insurance behemoth LIC on Tuesday said it has garnered a little over Rs 5,627 crore from anchor investors led primarily by domestic institutions ahead of its mega initial public offering (IPO). Anchor Investors' (AIs) portion (5,92,96,853 equity shares) was subscribed at Rs 949 per equity share, the insurer said in an early morning filing to exchanges. Out of the allocation of about 5.9 crore shares to AIs, 4.2 crore shares (71.12 per cent) were allocated to 15 domestic mutual funds through 99 schemes, the filing said.
The currency market won't care for our moans, groans, cries and sighs. The rupee will find its own level, explains Tamal Bandyopadhyay.
Securities and Exchange Board of India (Sebi) has tweaked the benchmarking norms for mutual fund (MF) schemes in a bid to bring more uniformity. The regulator has introduced a two-tiered structure for benchmarking of schemes and all the benchmarks followed should be total return index (TRI). According to the circular, the first-tier benchmark shall be reflective of the category of the scheme, and the second-tier benchmark should be demonstrative of the fund manager's investment style or strategy within the category.
The deal, involving Abu Dhabi carrier Etihad's purchase of 24 per cent stake in Naresh Goyal-led Jet Airways, was approved last month by the Competition Commission of India.
India has the ability in all respects to be a great power and address our security challenges in the best national interests, says Commodore Venugopal Menon (retd).
The problem is with the broking model and what brokers are allowed to do, notes Debashis Basu.
The US on Wednesday announced tariffs on six countries, including India, that have imposed or are considering equalisation levy/digital services tax on e-commerce companies but immediately suspended the taxes for up to six months to provide additional time to complete the ongoing multilateral negotiations on international taxation at the OECD and G20. United States Trade Representative (USTR) Katherine Tai, in a statement, announced the conclusion of the one-year Section 301 investigations of Digital Service Taxes (DSTs) adopted by Austria, India, Italy, Spain, Turkey and the UK. "The final determination in those investigations is to impose additional tariffs on certain goods from these countries, while suspending the tariffs for up to 180 days to provide additional time to complete the ongoing multilateral negotiations on international taxation at the OECD and in the G20 process," the statement said.
In a move that would benefit retail investors, the National Stock Exchange on Monday said the transaction charges would be lower by about 10 per cent in cash and derivatives segments but would levy system abuse charges in the Futures & Options category from October 1.
It was better to first build a single-rate GST with a low rate, achieve full mastery of this, and then consider more complex possibilities such as high rates and multiple rates.
Russia's war on Ukraine has sent steel prices soaring to its highest levels in the domestic market since November 2021. But there is little cheer in the industry. That's because input costs are spiralling out of control, leaving the big boys nearly as high and dry as the small, medium and secondary steel producers. Russia and Ukraine are major providers of steel and raw materials to the world.
If you are buying a bond to cater to your regular income needs, check the interest distribution schedule.
'If one believes that the Indian stock market will go up 70 per cent every year for the next 10 years, I wish you good luck!'
Royal Challengers Bangalore skipper Virat Kohli refused to get carried away after pulling off a stunning victory over SunRisers Hyderabad in the IPL match in Chennai on Wednesday, insisting his players are 'not over-excited'.
'If a stranger refuses to pet my Russian dog, what treatment can I expect for myself?'
The senior defence official, however, refrained from describing the kind of responses that the two countries would respond to their common challenges.
'Investing in the stocks of holdcos can be a very efficient and inexpensive way of gaining exposure to the stocks of India's reputable growing business houses.'
With outlook uncertain for a range of sectors, no one is quite sure of where to invest in stocks
The Piramal Group on Friday said it is planning to move the Supreme Court to appeal against an order by insolvency appellate tribunal NCLAT, which sent back its winning bid for DHFL to the debt-laden finance company's lenders for reconsidering the valuation. Piramal Capital & Housing Finance Ltd in a statement said that "the Dewan Housing Finance Corporation Ltd (DHFL) acquisition by Piramal Group remains unaffected and the business integration continues as envisaged". The National Company Law Appellate Tribunal (NCLAT) on Thursday, while delivering a judgement on 63 Moons Technologies petition had directed the lenders of DHFL to reconsider their decision regarding the valuation of the financial firm's avoidable transactions, while approving the insolvency resolution plan submitted by Piramal Capital & Housing Finance Ltd.
'If the third wave of Covid infections is as bad as the second one, the market may get very polarised with a preference for blue-chips with low volatility.'
'General Anil Chauhan ticks all the right boxes as the new chief of defence staff.'
If you are serious about countering the Chinese threat, then the best weapon is investing in real freedom, plurality, elections and democracy. Unfortunately, it isn't an approach all Indians currently seem to agree on, asserts Shyam G Menon.
Both India and China talk now of self-reliance when their external trade, in relation to GDP, has been falling for some years, points out T N Ninan.
'I am seven months into the job, but it feels like seven years.'
Tikait said the farmers are ready to talk with the government on the farm laws but made it clear that the discussions should be held without conditions.
After opening higher, the markets continued to trade in the positive zone in the afternoon session as traders were encouraged by RBI governor Shaktikanta Das's statement that the new resolution framework is expected to give durable relief to borrowers amid the Covid-19 crisis, said Narendra Solanki, head-equity research (fundamental), Anand Rathi.
SBI Research has projected the Indian economy to grow at 7.5 per cent in 2022-23, an upward revision of 20 basis points from its earlier estimate. As per official data, the economy grew by 8.7 per cent in FY22, net adding Rs 11.8 lakh crore in the year to Rs 147 lakh crore, the report said, adding this was however only 1.5 per cent higher than the pre-pandemic year of FY20. "Given the high inflation and the subsequent upcoming rate hikes, we believe that real GDP will incrementally increase by Rs 11.1 lakh crore in FY23. "This still translates into a real GDP growth of 7.5 per cent for FY23, up by 20 basis points over our previous forecast," SBI chief economist Soumyakanti Ghosh said in a note on Thursday.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
L&T was the top gainer in the Sensex pack, rising over 3 per cent, followed by Bajaj Finance, Reliance Industries, IndusInd Bank, SBI and HDFC Bank. NSE Nifty surged 168.05 points to 14,653.05.
According to experts, the Nifty has continued to form lower top-lower bottom formations, a trend seen in the last five weeks, and witnessed sharp selling towards 9,700 zones.
Bajaj Finserv was the top gainer in the Sensex pack, rallying nearly 7 per cent, followed by Bajaj Finance, Axis Bank, Reliance Industries and IndusInd Bank.
Market players said the new norms were more suited for online brokers, where clients were typically internet savvy.
The Maharashtra government will amend its agriculture law to protect farmers and Agriculture Produce Marketing Committees (APMCs) as the three central farm laws are not in the interest of agriculturists, state Revenue Minister Balasaheb Thorat said.
The US spent $1.5 million a day since 2001 fighting the opium war in Afghanistan. After hundreds of airstrikes failed to curtail the Taliban's $200-million-a-year opium trade, the US military quietly ended the campaign when the Trump administration officials engaged in direct peace talks with the Taliban, notes Atanu Biswas.
'All imaginary figures are pushed by government bureaucrats.' 'They never showed that the production of wheat was less this time.'
'Should we shortchange our investors by exiting early?'
Experts believe the new norms may be an indirect way for Sebi to apply the brakes on dividend option plans in MFs.
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