The Supreme Court on Wednesday granted the Securities and Exchange Board of India time till August 14 to complete its probe into the allegations of stock price manipulation by the Adani group. A bench headed by Chief Justice D Y Chandrachud directed the SEBI to file an updated status report of the investigation.
The Reserve Bank of India's rate-setting panel will go for a 0.35 per cent hike in the key repo rate at its meeting next week, an American brokerage said on Wednesday. The hike will be accompanied by a change in the policy stance to "calibrated tightening", Bofa Securities said in a report published ahead of the Monetary Policy Committee (MPC) resolution which is set to be announced on August 5. RBI has hiked the rate by a cumulative 0.90 per cent in two tightening moves in May and June, responding to the runaway headline inflation which has consistently overshot the upper end of the target set for the central bank for many months.
Equity benchmark indices Sensex and Nifty bounced back on Thursday to close higher by nearly 1 per cent on gains in banking, IT and auto shares amid mixed global trends. The 30-share BSE Sensex rose by 443.19 points or 0.86 per cent to settle at 52,265.72. During the day, it rallied 694.26 points or 1.33 per cent to 52,516.79. The NSE Nifty advanced 143.35 points or 0.93 per cent to 15,556.65.
Leading automakers Maruti Suzuki India, Hyundai and Tata Motors reported a double-digit increase in dispatches to dealers in April as the demand remained robust especially for the sports utility vehicles. The country's largest car maker Maruti Suzuki India (MSI) said its domestic passenger vehicle wholesales rose 13 per cent to 137,320 units last month as against 121,995 units in April 2022. Sales of mini cars, comprising Alto and S-Presso, fell 18 per cent to 14,110 units as compared with 17,137 units a year ago.
State Bank of India (SBI) is willing to work with Russian banks not facing sanctions and remain on the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network to open a special rupee vostro account (SRVA) for invoicing in Indian currency. The country's largest lender in a statement said it has not been identified as the nodal bank for handling Russia-related transactions. In July, the Reserve Bank of India (RBI) allowed banks in India, including SBI, to open an SRVA to promote invoicing in Indian rupee, subject to certain safeguards. Accordingly, the bank in a statement said it is "making necessary arrangements and processing requests received from various banks, including Russian banks", following guidelines laid out by the RBI.
The Securities and Exchange Board of India (Sebi), the market regulator, has said, in a submission to the Supreme Court, that it is "enquiring" into the allegations made by American short-seller Hindenburg Research against the Adani Group of companies and its impact on the markets. In the same matter, the central government has agreed to form an expert committee to strengthen the regulatory regime in order to ensure that market investors are protected. The Supreme Court had last week suggested an expert committee to look into the allegations and had asked the Centre for its response.
Maruti was the top gainer in the Sensex pack, rising around 7 per cent, followed by Axis Bank, SBI, IndusInd Bank, Bharti Airtel and NTPC.
Benchmark indices turned highly volatile in the last hour of trade on Monday, with the Sensex falling 86.61 points after three days of gain amid heavy selling in IT counters and weak trends in global markets. The 30-share BSE benchmark declined 86.61 points or 0.16 per cent to settle at 54,395.23. During the day, it fell by 391.31 points or 0.71 per cent to 54,090.53.
Reliance Industries Limited on Wednesday became the first Indian company to hit the Rs 19 lakh crore market valuation mark following a rally in its share price. The market heavyweight stock jumped 1.85 per cent to its record high of Rs 2,827.10 on the BSE. Following the gain in the share price, the company's market valuation jumped to Rs 19,12,814 crore in morning trade on the BSE.
Benchmark indices rebounded sharply on Tuesday after falling for the past two sessions, with the Sensex rallying nearly 777 points, helped by buying in index major Reliance Industries and recovery in global markets. The 30-share BSE benchmark jumped 776.72 points or 1.37 per cent to end at 57,356.61. During the day, it rallied 862.35 points or 1.52 per cent to 57,442.24. The broader NSE Nifty gained 246.85 points or 1.46 per cent to finish at 17,200.80.
By 2025, Uber projects that 25,000-30,000 cars -- or 12 to 16 per cent of vehicle additions -- would be EVs, reports Surajeet Das Gupta.
Tech Mahindra was the top loser in the Sensex pack, shedding around 3 per cent, followed by Infosys, HCL Tech, SBI, Kotak Bank and HDFC. NSE Nifty plunged 231.10 points to 17,374.75.
Tata Motors on Wednesday launched its Tiago EV with introductory prices for first 10,000 customers ranging between Rs 8.49-11.79 lakh
British Prime Minister Rishi Sunak and his wife Akshata Murty have made their debut on the UK's 'Asian Rich List 2022' topped by the Hinduja family. Sunak and his wife, whose father N R Narayana Murthy co-founded Indian IT major Infosys, are ranked 17th on the list, with an estimated wealth of 790 million pounds. The combined wealth of this year's list sits at 113.2 billion pounds, an increase of 13.5 billion pounds over that of last year.
Extending their rally to a third straight day, benchmark indices Sensex and Nifty jumped nearly 2 per cent on Monday on heavy buying in Reliance Industries and Infosys amid a firm trend in global equities. The 30-share BSE Sensex rallied 1,041.08 points or 1.90 per cent to settle at 55,925.74. During the day, it gained 1,197.99 points or 2.18 per cent to 56,082.65. The broader NSE Nifty jumped 308.95 points or 1.89 per cent to settle at 16,661.40.
ICICI Bank, the second-largest private sector lender and state-owned Indian Bank on Monday raised their lending rates across all tenors in anticipation of a rate hike by the RBI later this week. The rates have been increased across all tenors under the marginal cost of funds-based lending rate (MCLR) system, a move that will make EMIs expensive for those who availed loans benchmarked against the MCLR. Under the revised rates, effective August 1, ICICI Bank's one-year MCLR has increased by 15 basis points or 0.15 per cent to 7.90 per cent, while the overnight MCLR rose to 7.65 per cent, as per information posted on the bank's website.
Ace investor Rakesh Jhunjhunwala's Rare Enterprises Ltd and BofA Securities Europe SA on Tuesday bought shares of Zee Entertainment Enterprises worth over Rs 225 crore through open market transactions.
HDFC Bank expects to amalgamate its home loan major parent HDFC into itself by September next year, a top official said on Friday. Both HDFC and HDFC Bank held general meetings on Friday to seek shareholder approvals for what is billed as the largest merger in Indian corporate history at over $40 billion. At the time of announcing the merger on April 4 this year, the entities had said the merger will take 12-18 months.
Equity benchmarks had another rough day on Monday, with the Sensex plummeting 1,457 points and the Nifty tumbling to the 15,774 level, mirroring an extremely weak trend in global markets along with unrelenting foreign fund outflows. Index majors ICICI Bank, Infosys and Reliance Industries bore the brunt of heavy selling. The 30-share BSE Sensex tumbled 1,456.74 points or 2.68 per cent to settle at 52,846.70.
The members of the Reserve Bank of India's (RBI's) Monetary Policy Committee (MPC) voiced different views on the interest rate and stance, with two of them indicating they may not vote for further rate increases even if Governor Shaktikanta Das and Deputy Governor Michael Patra maintain bringing down inflation as their primary objective, the minutes of the December review of the monetary policy showed. The other two members remained neutral. The MPC increased the policy repo rate by 35 basis points (bps) - which was lower than the previous three hikes of 50 bps. The repo rate has been hiked by 225 bps to 6.25 per cent since May this year.
Benchmark indices Sensex and Nifty gave up early gains to close lower for a fourth straight session on Thursday due to selling in IT and banking shares amid weak global equities. The 30-share BSE benchmark settled 98 points or 0.18 per cent lower at 53,416.15. During the day, it hit a high of 53,861.28 and a low of 53,163.77. The broader NSE Nifty also pared initial gains and ended 28 points or 0.18 per cent down to settle at 15,938.65.
The bull run in the Indian equity markets is intact, said analysts at Morgan Stanley in a recent note. They expect the S&P BSE Sensex to hit 80,000 levels by December 2023 in their bull-case scenario, to which they have assigned a 30 per cent probability. From the current level, this translates into an upside of nearly 29 per cent.
Domestic passenger vehicles sales rose by 23 per cent to a record of 37.93 lakh units in 2022 led by the likes of Maruti Suzuki, Hyundai and Tata Motors as the companies rode on easing of pandemic related challenges and semiconductor shortages to cash in on pent up demand, specially for SUVs. Other manufacturers like Toyota Kirloskar Motor and Skoda India also reported record sales in 2022. "The industry wholesales in January to December 2022 were just short of 38 lakh units.
Reliance Industries on Tuesday said it will acquire a majority stake in California-based solar energy software developer SenseHawk for $32 million (around Rs 256 crore). The acquisition of a 79.4 per cent stake in SenseHawk is part of the conglomerate's aggressive push into renewable energy to decarbonise its oil and chemical-dominated business. SenseHawk, founded in 2018, develops tools for the solar industry to help companies streamline processes and use automation. It had a turnover of $2.3 million in last financial year.
BSE benchmark Sensex plummeted 778 points to close below the 55,500-level on Wednesday following a broad-based selloff in global markets as the Russia-Ukraine crisis escalated. The 30-share BSE index ended 778.38 points or 1.38 per cent lower at 55,468.90. Similarly, the NSE Nifty plunged 187.95 points or 1.12 per cent to 16,605.95.
The country's largest lender State Bank of India has raised its marginal cost of funds based lending rate by 10 basis points or 0.1 per cent across all tenures, a move that will lead to an increase in EMIs for borrowers. This is the second hike in a month raising the cost by 0.2 per cent with the two consecutive increases. The revision follows an off-cycle rate increase by the Reserve Bank earlier this month. The central bank hiked the repo rate -- at which it lends short term money to banks -- by 0.40 per cent to 4.40 per cent.
'As CIC, you have the power to comment on policy matters. 'If you have very strong beliefs and you know your rulings will be reported, you will express your beliefs.'
Tata Motors has inked a pact to acquire Ford India's Sanand-based manufacturing plant for Rs 725.7 crore, as it aims to bolster its passenger vehicle production capacity. As part of the deal, Tata Motors will get the entire land and buildings, vehicle manufacturing plant along with machinery and equipment situated therein, the Mumbai-based auto major said in a statement. The deal also includes the transfer of all eligible employees, it added.
Maruti Suzuki, Hyundai and Tata Motors reported their highest-ever dispatches to dealers last fiscal, enabling the domestic passenger vehicle industry to log in best-ever performance to date. The country's largest carmaker Maruti Suzuki India reported its highest wholesales to date at 19,66,164 units, up 19 per cent from 16,52,653 units in 2021-22. Its domestic dispatches rose to 17,06,831 units in 2022-23, up 21 per cent from 14,14,277 units in 2021-22 fiscal.Hyundai Motor India said its overall wholesales last fiscal were the highest ever since commencing operations in the country.
Benchmark BSE Sensex rallied over 350 points on Tuesday following gains in index majors HDFC twins, Bharti Airtel and Infosys amid a largely positive trend in global equity markets. The 30-share BSE barometer jumped 350.16 points or 0.61 per cent to settle at 57,943.65. During the day, it rallied 408.04 points or 0.70 per cent to 58,001.53. The broader NSE Nifty gained 103.30 points or 0.60 per cent to settle at 17,325.30.
Switching off the engine affects the vehicle's braking ability and this possibly resulted in the truck hitting other vehicles on the bridge slope on Sunday, as per a probe conducted into the accident by the Regional Transport Office (RTO), he said.
Digital firm One97 Communications, which operates under Paytm brand name, on Thursday said its IPO will open on November 8 for subscription in the price band of Rs 2,080-2,150 apiece, which implies that the firm's valuation stands at Rs 1.44 lakh crore-Rs 1.48 lakh crore. The initial public offer (IPO) subscription will close on November 10.
Capital markets regulator Sebi has imposed a penalty of Rs 10 lakh on Jayant Bhusare, who was one of the executive of Sampark Infotainment, in a case pertaining to the irregularities in the NSE's 'Dark Fibre' case. He has been directed to pay the fine within 45 days, the Securities and Exchange Board of India (Sebi) said in its order. On Tuesday, the regulator had levied a fine totaling Rs 44 crore on 18 entities, including NSE, Sampark, certain brokers and their respective past and present employees in the same matter.
HCL Tech was the top gainer in the Sensex pack, rising around 3 per cent, followed by Tech Mahindra, Tata Steel, Wipro, NTPC and Titan. Nifty advanced 187.05 points to 16,801.25.
Passenger vehicle sales in India could hit a record of over 38 lakh units in FY23 but the strong growth momentum is not expected to carry over to 2023-24 with pent-up demand already been released, according to Tata Motors Passenger Vehicles managing director Shailesh Chandra.
Sebi has restructured its advisory committee on market data that recommends policy measures pertaining to areas like securities market data access and privacy. Rejigging its market data advisory committee, Sebi has said the panel will now have 21 members, as per the latest information with the regulator. Earlier the committee had 20 members. The committee is chaired by M S Sahoo, Professor at National Law University, Delhi and former chairperson, Insolvency and Bankruptcy Board of India (IBBI).
China's covid crisis could provoke a raw material crunch for India's EV industry later this year.
In our mystery the watchdog agencies are silent, but it is the market that has barked and has not stopped barking. Till such time as it continues to do so, this headache will not go away, notes Aakar Patel.
Reserve Bank will have to constantly re-assess the "dynamic and fast changing situation" and tailor its actions accordingly, Governor Shaktikanta Das said during the recent meeting of the Monetary Policy Committee (MPC) which decided to maintain status quo on key interest rate. According to the minutes of the six-member MPC meet released by Reserve Bank of India (RBI) on Friday, the five other members had also expressed a similar opinion amid the ongoing Russia-Ukraine conflict's impact on the global and domestic economies. MPC, which held its meeting from April 6-8, unanimously decided to keep the borrowing costs unchanged at a record low for the 11th time in a row in a bid to continue supporting economic growth despite inflation edging higher in the aftermath of Russia-Ukraine conflict.
Tibetan spiritual leader the Dalai Lama was administered the first dose of anti-coronavirus vaccine at Zonal Hospital Dharamsala on Saturday morning.
