Posts in category Business Standard
Sebi settles case of alleged unfair trade practices with individual (09-07-2023)
Markets regulator Sebi has settled a case with an individual on payment of nearly Rs 46 lakh as settlement amount in relation to alleged violation of certain norms related to prohibition of unfair trade practices.
Sebi had received a complaint from Finsec Law Advisors alleging that Pawan N Agarwal and two others had violated certain provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations with respect to trades of its client Aequitas.
Aequitas is a Mumbai-based boutique investment firm.
"Pursuant to the investigation, it was observed that Pawan N Agarwal... had mirrored certain trades of Aequitas and thereby violated the provisions... PFUTP Regulations," the watchdog said while modifying a recent order through a corrigendum.
Earlier, it was alleged that the individual had violated provisions of PFUTP by engaging in front running/ mirror trading of trades.
The individual paid Rs 45,99,600 as the settlement amount.
Earlier, Sebi order had said the ...
IT cos to log muted Q1 as macro woes persist; recovery to be slow: Analysts (09-07-2023)
Indian IT services companies are expected to log a muted show in June quarter with wage hikes keeping margins under pressure amid weak macro overhang, cuts in discretionary spends, and project delays, say analysts.
Some brokerages, in fact, have cautioned that pain will continue for the tech pack up ahead, as recovery is likely to be more gradual, only around Q4 FY24 or in FY25.
As tech companies head into Q1 earnings season this week, experts will also be keeping a close watch on any management commentary on the revision of the growth outlook for FY24, the spread of demand deterioration beyond BFSI (banking, financial services and insurance), hi-tech, telecom and retail verticals, net hiring, project ramp downs and pricing pressures, as key monitorables.
Tata Consultancy Services (TCS) and HCL Tech are scheduled to declare their results on July 12, followed by Wipro's report card a day later (July 13). Infosys will announce its Q1 numbers on July 20, while LTIMindtree is slated to
Union MF expects 50% growth in AUM, to reach Rs 15,000 cr mark by March (09-07-2023)
Union Mutual Fund, which has been an also-ran since its launch in 2012, is on a growth path now and is looking at adding at least 50 per cent more to the AUM this fiscal, sniffing at Rs 15,000 crore by March.
Despite having 22 funds (21 open-ended and one close-ended funds), the fund house sponsored by Union Bank of India and Japanese major Daiichi Life could not reach anywhere in the pecking order in the 43-player scattered industry that controls more than Rs 43 lakh crore of public money in its over 11 years of operations..
In the year to March 2023, it had an AUM of just Rs 9,853 crore across 4.96 lakh live folios from 21 cities. Daiichi picked a 39.64 per cent stake in the MF in May 2018.
But in terms of its presence in small towns, Union MF does reasonably well with 32 per cent of the AUM coming in from the B30 (beyond top 30) cities and the rest from the T30 (top 30) cities.
"As of June our AUM stood at Rs 10,700 crore, up from Rs 9,853 crore in March 2023. We hope to take th
HDFC Bank to sell 2% stake in NSDL IPO; IDBI Bank to sell 22.2 mn shares (09-07-2023)
In its draft red herring prospectus (DRHP) dated July 7, the depository said the IPO will see sales of 57.3 million shares by its six shareholders
M-cap of 6 of top-10 most valued firms jump Rs 1.19 trn; Reliance leads (09-07-2023)
Six of the top-10 most valued firms together added Rs 1,19,763.25 crore in market valuation last week, with Reliance Industries Limited and ITC emerging as the major gainers, driven by an overall positive trend in domestic equities.
Last week, the 30-share BSE benchmark jumped 561.89 points or 0.86 per cent. The Sensex hit its all-time high of 65,898.98 on July 7.
The valuation of Reliance Industries jumped Rs 57,338.56 crore to Rs 17,83,043.16 crore, the most among the top-10 firms.
ITC added Rs 21,291.04 crore taking its market valuation to Rs 5,82,602.46 crore.
The market capitalisation (mcap) of State Bank of India rallied Rs 18,697.06 crore to Rs 5,29,898.83 crore and that of Tata Consultancy Services zoomed Rs 9,220.81 crore to Rs 12,16,890.72 crore.
ICICI Bank's valuation climbed Rs 8,998.26 crore to Rs 6,62,702.30 crore and that of Hindustan Unilever Limited advanced Rs 4,217.52 crore to Rs 6,33,532.04 crore.
However, the mcap of HDFC Bank fell by Rs 22,926.37 crore to Rs
Sebi’s SCORES platform disposes of 3,079 complaints in June: Data (08-07-2023)
A total of 3,079 complaints against companies and market intermediaries have been disposed of through Sebi's SCORES platform in June.
At the beginning of June, as many as 3,141 complaints were pending, and 3,967 fresh complaints were received, according to the data released by markets regulator Sebi.
The regulator also noted that as of June 2023, 12 complaints were pending for more than three months, the data showed.
These complaints were related to investment advisers and research analysts.
The average resolution time for a complaint was 31 days, as per the data.
In a separate public notice, the markets watchdog mentioned eight entities against whom complaints have been pending for more than three months on SCORES as of June 2023.
The entities included Research Guru, Umesh Kumar Pandey Prop. Aurostar Investment Advisory Services, Dharmesh Parmar, Grovalue Financial Services, Highlight Investment Research, Wealth Factor, Rajiv Kumar Singh Proprietor Elite Investment Advisory Serv
National Securities Depository files DRHP with Sebi to float IPO (08-07-2023)
As of June 2023, NSDL handled 32.3 million demat accounts with underlying assets of Rs 338 trillion
IPO-bound Yatharth Hospital raises Rs 120 cr from institutional investors (08-07-2023)
Yatharth Hospital & Trauma Care on Saturday said it has raised Rs 120 crore from institutional investors in a pre-IPO placement round, leading to a reduction in the fresh issue size in the upcoming initial share-sale.
"Our company, in consultation with the book running lead managers, has undertaken a pre-IPO placement of 40 lakh equity shares for cash for Rs 300 per equity share aggregating to Rs 1,200 million (pre-IPO placement)," Yatharth Hospital said in a public notice.
In the pre-IPO placement round, the company has allotted 20 lakh equity shares amounting to Rs 60 crore to Plutus Wealth Management LLP and 10 lakh equity shares worth Rs 30 crore to Think India Opportunities Master Fund LP.
In addition, shares to the tune of Rs 13 crore have been allotted to Rosy Blue Diamonds Pvt Ltd, and shares worth Rs 10 crore and Rs 7 crore allocated to Vikas Vijaykumar Khemani and Viraj Russell Mehta , respectively.
Following this, the size of the fresh issue has been reduced by Rs 120 ..
Jack Ma-backed Ant to buy back shares at 70% lower valuation than at IPO (08-07-2023)
The limited partners also committed to retaining the two dividends in 2022 with Hangzhou Junhan and Hangzhou Junao to enhance the operation's capital strength
Jack Ma-backed Ant to buy back shares at 70% lower valuation than at IPO (08-07-2023)
The limited partners also committed to retaining the two dividends in 2022 with Hangzhou Junhan and Hangzhou Junao to enhance the operation's capital strength