Shareholders of Reliance Industries have approved the appointment of Saudi Aramco Chairman Yasir Al-Rumayyan on the company board, with less than 2 per cent of votes cast against the proposal. Disclosing the results of shareholder votes on the appointment, Reliance in a regulatory filing said 98.03 per cent of votes were cast in favour of the resolution to appoint Al-Rumayyan for three years. As many as 10.89 crore shares or 1.96 per cent voted against the resolution, while 3.23 crore votes were declared invalid due to lack of proper authorisation, it said.
M&M was the top gainer in the Sensex pack, rallying around 8 per cent, followed by Bajaj Finserv, Bajaj Finance, Maruti, Axis Bank, ONGC and HDFC Bank. NSE Nifty surged 194 points to 14,504.80.
Ace investor Rakesh Jhunjhunwala on Thursday said real estate developers are afflicted with very low return on capital as compared to bluechip stocks. Jhunjhunwala, who runs RARE Enterprises and is set to be a major shareholder in an upcoming airliner, said only the affordable housing developers can look at listing because of the volumes which they can deliver. It can be noted that very few developers like Macrotech Developers formerly Lodha, and DLF are listed on the bourses. Jhunjhunwala cited the case of DLF, saying the stock price plummeted to Rs 80 from Rs 1,300 per piece to illustrate the risks associated.
The RBI on Wednesday asked banks to provide an option to jewellery exporters and domestic manufacturers of gold jewellery to repay a part of Gold (metal) Loans (GML) in physical gold. As per the extant instructions, banks authorised to import gold and designated banks participating in Gold Monetisation Scheme, 2015 (GMS) can extend GML to jewellery exporters or domestic manufacturers of gold jewellery. GML are repaid in Indian rupees, equivalent to the value of the yellow metal borrowed.
November 8 marks 6 years after demonetisation. A K Bhattacharya reveals how the prime minister and the RBI worked together for months before Modi's 8 pm speech. A riveting excerpt from The Rise Of Goliath: Twelve Disruptions That Changed India.
M&M was the top loser in the Sensex pack, shedding around 4 per cent, followed by SBI, ICICI Bank, Axis Bank, IndusInd Bank, ITC and NTPC. NSE Nifty declined 265.35 points to 14,549.40.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Reliance Industries was the top gainer in the Sensex pack, rising over 1 per cent, followed by M&M, HCL Tech, Axis Bank, ICICI Bank and HUL. On the other hand, Bharti Airtel, Maruti, SBI, PowerGrid, NTPC and Tata Steel were among the laggards.
Markets regulator Sebi has reduced the minimum lock-in period for promoters' investment post an initial public offering (IPO) to 18 months from three years, under certain conditions. The move comes at a time when many companies are looking to list on the stock exchanges. In addition, the Securities and Exchange Board of India (Sebi) has streamlined disclosures requirements of group companies.
Rakesh Jhunjhunwala's holding value in Nazara Technologies crossed the Rs 1,000-crore mark. In the past one month, the market price of Nazara, a diversified gaming and sports media platform, has zoomed 78 per cent. In comparison, the Sensex was up 3 per cent during the same period.
Skills and democracy are the main drivers of sustainable growth, ace investor Rakesh Jhunjhunwala said on Friday, adding that he is bullish on the Indian market. "If you examine history, democracy creates chaos and forces people to think and act. "Therefore, skills and democracy are the main drivers of sustainable growth...It is most needed..," Jhunjhunwala said at the 'India Today Conclave 2021'. On markets, he said he is inherently bullish and India is coming to a phase economically that it has never seen before.
L&T was the top gainer in the Sensex pack, rallying over 4 per cent, followed by Dr Reddy's, Sun Pharma, NTPC, IndusInd Bank, PowerGrid, ONGC and M&M. NSE Nifty jumped 119.20 points to 14,942.35.
Sebi on Monday barred total 85 entities, including Sunrise Asian Ltd, from the capital markets for up to one year for manipulating the company's share price. In its order, the regulator restrained Sunrise Asian and its then five directors from the capital markets for one year and the 79 connected entities for six months. The Securities and Exchange Board of India (Sebi) had conducted an investigation in the scrip of Sunrise Asian for the period from October 16, 2012 to September 30, 2015, based on a reference received from the Principal Director of Income Tax (Investigation), Kolkata.
Start-ups don't care that mad-money funding comes to a hard stop after an IPO, observes Debashis Basu. As a listed entity, corporate actions have to take the interests of all shareholders, especially minority shareholders, into account. So far, we are not seeing any sign of it, observes Debashis Basu.
On the Sensex chart, Bajaj Auto, HDFC, Infosys, Tech Mahindra and ICICI bank emerged as the prominent gainers. NSE Nifty ended with a gain of 106.95 points at 14,724.80.
Legendary Indian badminton player Prakash Padukone has tested positive for COVID-19 and is recovering from the infection at a hospital in Bengaluru.
Bajaj Finance was the top gainer in the Sensex pack, rising around 2 per cent, followed by Sun Pharma, Tech Mahindra, Axis Bank, Bajaj Auto and Infosys. NSE Nifty rose 76.40 points to 15,174.80.
Reliance Jio has paid about Rs 10,700 crore to the telecom department towards outstanding amount for spectrum acquired in 2016 auction, sources said. The payment was made by Jio last week, sources added. With this, the company has made full payment with regard to spectrum bought in 2016 auction, and the outstandings now pertain to 2014, 2015 and 2021 auction.
HDFC twins were the top losers in the Sensex pack, shedding over 4 per cent, followed by ICICI Bank, Kotak Bank, Asian Paints, M&M, HUL, TCS and Maruti. NSE Nifty tanked 263.80 points to 14,631.10.
Axis Bank was the top gainer in the Sensex pack, rallying over 4 per cent, followed by ICICI Bank, UltraTech Cement, HUL, SBI, PowerGrid, Bajaj Auto and Reliance Industries. NSE Nifty jumped 143.65 points to 14,485.
'If Covid peaks at around 250,000 cases, I don't see the market fall much. If it becomes uncontrollable and goes up to 600,000 a day, then the market may fall.'
The farmers' union had been camping at the Dalit Prerna Sthal since December 2, demanding withdrawal of the three new farm laws, legalisation of minimum support price (MSP) for crops and implementation of the recommendation of Swaminathan Committee's report.
Maruti was the top loser in the Sensex pack, shedding around 4 per cent, followed by Bharti Airtel, HUL, NTPC, Bajaj Finance, UltraTech Cement, ONGC and Reliance Industries. NSE Nifty declined 224.50 points to 14,324.90.
The 30-share BSE Sensex surged by 477.24 points or 0.83 per cent to close at more than one-week high of 57,897.48. As many as 28 of its constituents closed with gains while two declined. The broad-based Nifty of the National Stock Exchange rose by 147.20 points or 0.86 per cent to settle 17,233.45, tracking gains in Sun Pharma, Asian Paints, and Reliance Industries.
Bharatiya Janata Party MLA in Chhattisgarh and former state minister Brijmohan Agrawal has stoked a controversy as he said that those who call inflation a national calamity should stop eating food and using petrol.
Somaiya had on Sunday claimed he was barred from entering Kolhapur with the district authorities citing law and order as well as security concerns following his allegations of corruption against Maharashtra Rural Development Minister Hasan Mushrif.
'You may put hundreds of checks and balances but human beings are ingenious.'
Days after the government went public with its intent to examine a Sebi order in the NSE matter, its outgoing chairman Ajay Tyagi on Wednesday made it clear that the markets regulator did not "dilute" any of the quasi-judicial verdicts. The comments assume significance as they come after Finance Minister Nirmala Sitharaman, as per reports, recently said the government is examining if Sebi has taken "necessary punitive" action in the case. In a media interview, the FM had said the government was analysing if there had been "enough application of mind in dealing with this" and if after applying its mind, Sebi took adequate corrective steps.
Gold loan is currently the fastest-growing loan category (among the various types disbursed to individuals). On February 26, 2021, the outstanding loan against gold jewellery stood at Rs 56,596 crore. By February 25, 2022, it had risen to Rs 71,408 crore, a year-on-year growth of 26.2 per cent, according to the Reserve Bank of India's (RBI's) data. Several factors are driving the demand for gold loans.
Among the gainers, RIL was followed by Sun Pharma, PowerGrid, Bajaj Finance, Nestle India and HCL Tech. On the other hand, Titan, L&T, ONGC, HDFC Bank and ITC were among the laggards.
The People's Bank of China has picked up a 0.006 per cent stake in ICICI Bank by investing Rs 15 crore in the private sector lender's Rs 15,000 crore qualified institutional placement (QIP) exercise which concluded last week.
The country's largest lender SBI on Friday reported an 80 per cent surge in standalone net profit at Rs 6.450.75 crore for the fourth quarter ended March 2021, aided by decline in bad loans. State Bank of India (SBI) had registered a profit of Rs 3,580.81 crore during January-March period of 2019-20, the lender said in a regulatory filing. Total income of the bank during the March quarter of the last financial year rose to Rs 81,326.96 crore, from Rs 76,027.51 crore in the same period of 2019-20.
The country's largest private sector lender HDFC Bank on Saturday reported a 23 per cent jump in standalone net profit to Rs 10,055.20 crore for the March quarter, led by growth in loan demand across categories and lower provisioning as bad loans were trimmed. The bank's net profit during the corresponding period of the previous fiscal stood at Rs 8,186.51 crore. "After providing Rs 2,989.5 crore for taxation, the bank earned a net profit of Rs 10,055.20 crore, an increase of 22.8 per cent over the quarter ended March 31, 2021," HDFC Bank said in a regulatory filing.
With the banking regulator lifting restrictions on HDFC Bank's digital initiatives, the largest private sector lender is now girding up to launch a clutch of customer-facing applications (apps), which will act as stepping stones in its journey to morph into a technology (tech)-led bank from a conventional one. Following repeated outages in its digital offerings, the Reserve Bank of India (RBI) had barred HDFC Bank from issuing new credit cards in December 2020 and prevented it from going ahead with its digital launches. The embargo on issuing credit cards was lifted in August 2021 and the ban on digital launches was lifted last week.
IndusInd Bank was the top laggard, tumbling over 7 per cent, followed by Bajaj Finance, M&M, Tech Mahindra, TCS and Tata Steel.
Tata Motors on Wednesday forayed into the CNG segment with the launch of Tiago and Tigor trims, priced between Rs 6.09 lakh and Rs 8.41 lakh respectively (ex-showroom Delhi). The Tiago iCNG range is priced between Rs 6.09 lakh and Rs 7.64 lakh while the three variants of Tigor iCNG are tagged at Rs 7.69 lakh, Rs 8.29 lakh and Rs 8.41 lakh respectively. With the launch, the homegrown auto major plans to strengthen its position in the CNG market which has been growing at a fast pace. "It is very clear that the CNG segment is going to witness a steep growth over the next few years.
Total wireless subscribers increased from 1.1 billion, in January to 1.2 billion in February, thereby registering a monthly growth rate of 0.72 per cent.
Defying trends, the country's largest private sector lender, HDFC Bank, has shifted its asset mix significantly towards high-rated segments. As a result, its wholesale-to-retail mix has tilted heavily in favour of wholesale, even at the cost of margins. Further, it is even looking to ramp up its branch network, with an aim to service clients within a 1-2 km radius rather than the current 5-6 km radius.
'Just the fact that the biggest language at the box office was Telugu and not Hindi is startling.'
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