Posts in category Business Standard
Sebi bans individual from securities mkt for flouting regulatory norms (22-10-2023)
Capital markets regulator Sebi has barred an individual from the securities markets for a period of five years as well as slapped a fine of Rs 30 lakh for flouting regulatory norms.
Besides, the regulator restrained Mohit Manghnani (proprietor of Wealthit Global) from associating himself as a director or key managerial personnel with any listed public company or any Sebi-registered intermediary for a period of five years.
Sebi also directed Manghnani to resolve all complaints received through the regulator's SCORES portal within a period of three months.
The order came after the markets watchdog had passed an ex parte order against Manghnani and the latter approached the Securities Appellate Tribunal (SAT), which remanded the matter back to Sebi and directed the regulator to pass a fresh order.
In its order passed on Friday, the regulator found that the noticee (Manghnani) did not cooperate with Sebi during the inspection and deceived its clients by not disclosing the information a
SLMC plans to raise about Rs 700 cr IPO by mid-2024 for business expansion (22-10-2023)
Sohan Lal Commodity Management Pvt Ltd (SLCM) is planning to launch an initial public offering (IPO) in mid-2024 to raise about Rs 700 crore for business expansion, according to people familiar with the matter.
SLCM is in talks with bankers and will seek approval for the IPO plan from the board, the people said, asking not to be identified as the information is private.
It is a niche IPO in the agriculture sector. The company is looking at raising funds for the expansion of its NBFC (non-banking financial company) and warehousing business. The funds will be raised from both primary and secondary markets, they said.
A representative for SLCM couldn't comment immediately.
SLCM's Kissandhan Agri Financial Services Pvt Ltd, established in 2017, has Rs 350 crore of assets under management (AUM) at present and aims to double this in the next 10 years. It has disbursed loans of Rs 2,700 crore so far since inception and aims to reach Rs 5,000 crore-plus by the end of the next fiscal.
On t
M-cap of 10 valued firms plunge Rs 1.52 trn; Reliance, TCS biggest laggards (22-10-2023)
The combined market valuation of the top 10 valued companies plunged Rs 1,52,979.78 crore last week, with Reliance Industries and Tata Consultancy Services (TCS) taking the biggest hit in an overall weak trend in equities.
Last week, the BSE benchmark fell 885.12 points or 1.33 per cent.
The market valuation of Reliance Industries plummeted Rs 34,876.78 crore to Rs 15,55,531.53 crore.
The valuation of TCS plunged Rs 27,827.08 crore to Rs 12,78,564.03 crore.
Hindustan Unilever's market valuation eroded by Rs 18,103.6 crore to Rs 5,86,223.02 crore and that of Bajaj Finance fell by Rs 17,171.75 crore to Rs 4,70,574.90 crore.
The market capitalisation (mcap) of ICICI Bank dived Rs 13,518.4 crore to Rs 6,53,120.67 crore and that of ITC dropped Rs 12,533.27 crore to Rs 5,46,537.83 crore.
State Bank of India's valuation declined by Rs 11,512.75 crore to Rs 5,02,678.77 crore and that of HDFC Bank fell by Rs 10,387.09 crore to Rs 11,54,748.49 crore.
The mcap of Bharti Airtel slipped Rs .
FPIs pull out Rs 12,000 cr from equities so far in Oct; invest Rs 5,700 cr (22-10-2023)
Foreign portfolio investors (FPIs) have withdrawn over Rs 12,000 crore from Indian equities this month so far, mainly due to a sustained rise in US bond yields and the uncertain environment resulting from the Israel-Hamas conflict.
However, the story takes an intriguing turn on observing FPI activity in Indian debt as they have infused over Rs 5,700 crore into the debt market during the period under review, data with the depositories showed.
Going ahead, the trajectory of FPIs' investments in India will be influenced not only by global inflation and interest rate dynamics but also by the developments and intensity of the Israel-Hamas conflict, Himanshu Srivastava, Associate Director - Manager Research, Morningstar Investment Adviser India, said.
Geopolitical tensions tend to elevate risk, which typically hurts foreign capital inflows into emerging markets like India, he added.
According to the data with the depositories, foreign portfolio investors (FPIs) sold shares worth Rs 12,14
Favourable mkt conditions push 139 SMEs to mobilise Rs 3,540-cr via IPO (22-10-2023)
Strong participation of family offices as well as high-net-worth individuals (HNIs), adequate market liquidity, and optimistic investor sentiment have amplified interest in small and medium enterprise (SME) IPOs, with 139 such firms garnering Rs 3,540 crore through initial share sales in 2023 so far.
This was higher than 109 companies that raised Rs 1,875 crore through initial public offerings (IPOs) in the entire 2022, according to data provided by primedatabase.com.
Looking ahead, the fundraising environment for SME IPOs is anticipated to remain favourable, experts said.
"The primary determinants include the growth potential of specific sectors, market liquidity levels, investor sentiment, and potential regulatory changes. The robust fundraising momentum is expected to persist, buoyed by the convergence of these influential factors," Abhishek Jain, Head of Research at Arihant Capital Markets Ltd, told PTI.
Going by the industry data, a total of 139 IPOs have debuted on the SME ..
RBL Bank Q2 results: Net profit increases 46%, aided by rise in core income (21-10-2023)
Provisions rise amid strategic shift in advances
Cryptocurrency worth $930,000 seized by CBI from Ahmedabad-based man (21-10-2023)
The CBI has seized cryptocurrency worth more than USD 930,000 (around Rs 7.7 crore) from an Ahmedabad-based man who allegedly cheated a US-citizen posing as a senior executive of a multi-national company's fraud department, officials said.
Based on inputs from the Federal Bureau of Investigation (FBI) of the United States, the CBI filed an FIR against Ramavat Shaishav, who allegedly contacted the US citizen over the phone and introduced himself as "James Carlson" from the fraud department of Amazon, they said.
During searches, the CBI found 28 Bitcoin, 55 Ethereum, 25,572 Ripple and 77 USDT in Shaishav's e-wallet. These were transferred to the government's wallet at the time of the seizure, the officials said.
He allegedly convinced the victim that his account on Amazon was being accessed by unscrupulous elements, and that his social security was being used from four different states to open accounts on the e-commerce platform.
"It was also alleged that the accused induced the vict
Softbank sells 1.09% stake in Zomato worth Rs 1,040 cr via open market (20-10-2023)
Japanese conglomerate Softbank on Friday divested a 1.09 per cent stake in online food delivery platform Zomato for Rs 1,040 crore through an open market transaction.
Softbank through its affiliate SVF Growth (Singapore) Pte Ltd offloaded shares of Zomato on the National Stock Exchange (NSE).
Bandhan Mutual Fund (MF), Motilal Oswal MF, Axis MF, Max Life Insurance Company, Abu Dhabi Investment Authority, Fidelity Investments, Goldman Sachs (Singapore), Societe Generale, and Morgan Stanley Asia Singapore, among others were the buyers of shares of Zomato.
According to the block deal data available with the NSE, SVF Growth (Singapore) sold 9,35,69,368 shares, amounting to a 1.09 per cent stake in Zomato.
The shares were disposed of at an average price of Rs 111.20 apiece, taking the transaction value to Rs 1,040.49 crore.
After the transaction, Softbank's shareholding in Zomato declined to 1.08 per cent from 2.17 per cent stake.
Shares of Zomato rose 1.84 per cent to close at Rs 113.
IRM Energy’s Rs 545 crore IPO subscribed 27 times on last day of offer (20-10-2023)
The Initial Public Offering (IPO) of city gas distribution company IRM Energy was subscribed 27.05 times on the last day of subscription on Friday.
The Rs 545.40 crore-initial share sale received bids for 20,62,70,910 shares against 76,24,800 shares on offer, as per NSE data.
The category for non-institutional investors was subscribed 48.34 times while the portion for Qualified Institutional Buyers (QIBs) received 44.73 times subscription and Retail Individual Investors (RIIs) quota got subscribed 9.29 times.
The IPO was a fresh issue of up to 1.08 crore equity shares.
The price range for the offer was Rs 480-505 a share.
IRM Energy Ltd on Tuesday said it has raised over Rs 160 crore from anchor investors.
Proceeds from the issue to the tune of Rs 307.26 crore will be used to fund capital expenditure requirements for the development of the city gas distribution network at Namakkal and Tiruchirappalli in Tamil Nadu and Rs 135 crore for payment of debt.
Besides, a portion will be
IRM Energy’s Rs 545 crore IPO subscribed 27 times on last day of offer (20-10-2023)
The Initial Public Offering (IPO) of city gas distribution company IRM Energy was subscribed 27.05 times on the last day of subscription on Friday.
The Rs 545.40 crore-initial share sale received bids for 20,62,70,910 shares against 76,24,800 shares on offer, as per NSE data.
The category for non-institutional investors was subscribed 48.34 times while the portion for Qualified Institutional Buyers (QIBs) received 44.73 times subscription and Retail Individual Investors (RIIs) quota got subscribed 9.29 times.
The IPO was a fresh issue of up to 1.08 crore equity shares.
The price range for the offer was Rs 480-505 a share.
IRM Energy Ltd on Tuesday said it has raised over Rs 160 crore from anchor investors.
Proceeds from the issue to the tune of Rs 307.26 crore will be used to fund capital expenditure requirements for the development of the city gas distribution network at Namakkal and Tiruchirappalli in Tamil Nadu and Rs 135 crore for payment of debt.
Besides, a portion will be