Posts in category Business Standard
Indian Energy Exchange trade volume grows 8% to 8,251 mn units in May (05-06-2023)
The total trade volume of the Indian Energy Exchange grew by 8 per cent year-on-year to 8,251 million units (MU) in May.
The average spot power price during May 2023 was 30 per cent lower at Rs 4.74 per unit against Rs 6.76 per unit in May 2022, due to an improving supply-side scenario, leading to increased liquidity, and cooler weather conditions.
"Indian Energy Exchange achieved 8,251 MU overall volume in May 2023, including green market trade of 358 MU, 1.42 lakh RECs (equivalent to 142 MU) and 2.02 lakh ESCerts (equivalent to 202 MU). The overall volume during the month was higher by 8 per cent on YoY (Year-on-Year) basis," an IEX statement said.
While an increase in power demand is expected in the coming months, the supply-side liquidity is likely to further improve due to enhanced coal supply, reduction in e-auction coal prices and consistently declining imported coal and gas prices.
This will lead to competitive prices and higher clearance for Discoms and Open Access consume
US SEC sues Binance, founder Zhao alleging securities law violations (05-06-2023)
The agency on Monday sued Binance and Zhao for failing to restrict U.S. customers from its platform and misleading investors about its market surveillance controls
Heavyweights lift benchmarks; Sensex less than 1% away from all-time high (05-06-2023)
Shares of oil marketing companies fell close to a per cent, while oil producer ONGC gained 0.5 per cent, while RIL gained 0.9 per cent
IKIO Lighting IPO collects Rs 182 cr from anchor investors at Rs 285 apiece (05-06-2023)
LED lighting solution provider IKIO Lighting Ltd on Monday said it has mobilised Rs 182 crore from anchor investors ahead of its initial share sale that opens for public subscription on Tuesday.
The company has allotted 63.84 lakh equity shares to 16 funds at Rs 285 apiece, aggregating the transaction size to Rs 182 crore, according to a circular uploaded on the BSE website.
Societe Generale, Citigroup Global Markets Mauritius, Goldman Sachs, Malabar India Fund, Quant Mutual Fund (MF), HDFC MF and ICICI Prudential MF are among the anchor investors.
The issue, with a price band of Rs Rs 270-285 per share, will be open for public subscription during June 6-8.
The IPO of the Noida-based firm consists of a fresh issue of equity shares worth up to Rs 350 crore and an offer-for-sale (OFS) of up to 90 lakh equity stocks by promoters Hardeep Singh and Surmeet Kaur.
At the upper end of the price band, the initial share sale will fetch Rs 606.5 crore.
Proceeds from the fresh issuance worth
Indices near record fresh lifetime highs as buoyancy returns to markets (05-06-2023)
The laggards include realty, power and IT stocks
Wipro shareholders approve Rs 12,000 cr share buyback at Rs 445 apiece (05-06-2023)
IT company Wipro shareholders have approved a share buyback programme worth Rs 12,000 crore, according to a scrutinizer report released on stock exchanges on Monday.
The Wipro board had approved the buyback of 26.96 crore equity shares at a price of Rs 445 apiece.
According to the Scrutinizer's report on the special resolution by way of postal ballot and e-voting process, 99.9 per cent voted in favour of the share buyback resolution.
"The Chairman noted the results of voting as stated above and it was declared and recorded that the special resolution as set out in the Notice of Postal Ballot dated April 27, 2023, was duly passed by the shareholders on June 01, 2023, with requisite majority," the report said.
The e-voting period commenced at in the morning of May 3 and ended at 5 pm on June 1.
The Board of Wipro had approved a proposal to buyback up to 26,96,62,921 equity shares, being 4.91 per cent of the total paid-up equity shares of the company for an aggregate amount not ...
Vinsys IT Services files draft IPO papers with NSE Emerge to get listed (05-06-2023)
Vinsys IT Services India on Monday said it has filed preliminary papers with NSE Emerge to raise funds through an initial public offering (IPO).
The Pune-headquartered company plans to offer 38.9 lakh equity shares of Rs 10 each through the book-building process. The firm will be listed on NSE Emerge, a platform for small and medium enterprises, it said in a statement.
Proceeds from the public issue will be utilised to meet working capital requirements, repayment of loan to subsidiary and for other general corporate purposes.
The company has appointed Beeline Capital Advisors as merchant bankers to the issue.
Marquee investors led by overseas funds, including NAV Capital Emerging Star Fund and xMultiplied, and domestic players, such as Nova Global Opportunities Fund, Aegis Investment Fund and Sambhavnath Investments, have invested in the company's pre-IPO funding.
Vinsys provides a full suite of software service offerings, including ERP solutions, architectural consulting, ...
Vinsys IT Services files draft IPO papers with NSE Emerge to get listed (05-06-2023)
Vinsys IT Services India on Monday said it has filed preliminary papers with NSE Emerge to raise funds through an initial public offering (IPO).
The Pune-headquartered company plans to offer 38.9 lakh equity shares of Rs 10 each through the book-building process. The firm will be listed on NSE Emerge, a platform for small and medium enterprises, it said in a statement.
Proceeds from the public issue will be utilised to meet working capital requirements, repayment of loan to subsidiary and for other general corporate purposes.
The company has appointed Beeline Capital Advisors as merchant bankers to the issue.
Marquee investors led by overseas funds, including NAV Capital Emerging Star Fund and xMultiplied, and domestic players, such as Nova Global Opportunities Fund, Aegis Investment Fund and Sambhavnath Investments, have invested in the company's pre-IPO funding.
Vinsys provides a full suite of software service offerings, including ERP solutions, architectural consulting, ...
Can leverage learnings from India on crypto regulations: WEF research (05-06-2023)
From fragmented monitoring and enforcement to differing classifications of crypto assets, many barriers hinder global coordination on crypto-asset regulation efforts, a global study said on Monday while calling for leveraging learnings from India.
The report published by the World Economic Forum (WEF) emphasised that while full global coordination for crypto regulation would be ideal, varying ecosystem maturity in different jurisdictions, evolving use cases, capacity of regulators and other factors make it difficult to achieve.
As such, regulators and industry players should explore alternative regulatory pathways to collaborate and regulate the crypto-asset ecosystem through a principle-based, agile approach, taking into consideration the local context.
In its section on recommendations, the report argued that the framework for crypto-asset regulations could leverage learnings from existing frameworks in financial services.
In this context, it cited the inter-operable regulatory .
Can leverage learnings from India on crypto regulations: WEF research (05-06-2023)
From fragmented monitoring and enforcement to differing classifications of crypto assets, many barriers hinder global coordination on crypto-asset regulation efforts, a global study said on Monday while calling for leveraging learnings from India.
The report published by the World Economic Forum (WEF) emphasised that while full global coordination for crypto regulation would be ideal, varying ecosystem maturity in different jurisdictions, evolving use cases, capacity of regulators and other factors make it difficult to achieve.
As such, regulators and industry players should explore alternative regulatory pathways to collaborate and regulate the crypto-asset ecosystem through a principle-based, agile approach, taking into consideration the local context.
In its section on recommendations, the report argued that the framework for crypto-asset regulations could leverage learnings from existing frameworks in financial services.
In this context, it cited the inter-operable regulatory .