The next Federal Open Market Committee (FOMC) meeting is scheduled for September 19-20
Posts in category Business Standard
FDI equity flows into India declined 34% to $10.94 bn in April-June 2023 (27-08-2023)
Inflows dipped in segments including computer hardware and software, trading, automobile and pharma
B20 summit: PM Modi calls for framework on crypto, ethical use of AI (27-08-2023)
Prime Minister Narendra Modi on Sunday called for a global framework on cryptocurrencies, and an ethical usage of artificial intelligence (AI).
Addressing the B20 Summit India 2023, organised by CII here, the prime minister also called for observing ‘International Consumer Care Day’ once a year and switch over to ‘green credit’ from the current practice of carbon credit trading.
Modi also said India has become the face of digital revolution in the era of Industry 4.0, and also holds an important place in building an efficient and trusted global supply chain.
“There is a challenge associated with cryptocurrencies. In this matter maximum integrated approach is needed. I think there is a need for preparing a global framework which should take care of interests of all stakeholders,” the prime minister said.
Modi further said a similar approach is needed regarding AI.
Making a strong pitch for focus on ‘consumer care’, he asked global businesses to consider observing ‘International …
Fine slapped on IOC, ONGC, GAIL for failure to meet listing regulations (27-08-2023)
Stock exchanges have slapped fines on state-owned oil and gas firms including IOC, ONGC and GAIL for their failure to meet listing requirements of having a requisite number of independent directors and women directors.
In separate filings, the companies detailed the fines imposed by the BSE and NSE but were quick to point out that appointment of directors was done by the government and they had no role in it.
Oil and Natural Gas Corporation (ONGC) was slapped a Rs 3.36 lakh fine, while Indian Oil Corporation (IOC) was asked to pay Rs 5.36 lakh fine.
Gas utility GAIL was slapped Rs 2.71 lakh fine, Hindustan Petroleum Corporation Ltd (HPCL) Rs 3.59 lakh, Bharat Petroleum Corporation Ltd (BPCL) Rs 3.6 lakh, Oil India Ltd Rs 5.37 lakh and a fine of Rs 5.37 lakh was imposed on Mangalore Refinery and Petrochemicals Ltd (MRPL).
Except for IOC which was slapped with the fine for not having the required one woman director on the board, all the companies were fined for violating the norm of
M-cap of 3 of 10 firms erodes by Rs 82,082.91 cr, Reliance biggest laggard (27-08-2023)
The combined market valuation of three of the top-10 most valued firms eroded by Rs 82,082.91 crore last week, with Reliance Industries taking the biggest hit.
From the top-10 pack, Reliance Industries, HDFC Bank and State Bank of India were the three laggards, while Tata Consultancy Services (TCS), ICICI Bank, Hindustan Unilever, Infosys, ITC, Bharti Airtel and Bajaj Finance were the gainers.
The combined gain of the seven firms stood at Rs 67,814.1 crore.
Last week, the BSE benchmark declined 62.15 points or 0.09 per cent.
The market valuation of Reliance Industries fell by Rs 58,690.9 crore to Rs 16,71,073.78 crore.
HDFC Bank’s valuation eroded by Rs 20,893.12 crore to Rs 11,81,835.08 crore and that of State Bank of India declined by Rs 2,498.89 crore to Rs 5,08,926 crore.
However, the market capitalisation (mcap) of Bajaj Finance jumped Rs 21,025.39 crore to Rs 4,36,788.86 crore.
The valuation of ICICI Bank rallied Rs 13,716.34 crore to Rs 6,79,267.17 crore and that of Infos
Markets to focus on macro data, foreign investors activity: Analysts (27-08-2023)
Macroeconomic data announcements, global trends and trading activity of foreign investors would dictate the equity markets this week, analysts said.
Marketmen will also focus on the Annual General Meeting of Reliance Industries Ltd which will be held on Monday.
“This week’s focal point is the eagerly awaited Reliance Annual General Meeting (AGM) on Monday, August 28. This event is poised to have some impact on the market’s trajectory. Shifting to the macroeconomic landscape, India is set to reveal its Q2 GDP figures on Thursday, shedding light on the nation’s economic performance.
“Manufacturing Purchasing Managers’ Index (PMI) data will be disclosed on Friday,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
He further added that Friday will feature the disclosure of the US unemployment rate and nonfarm payroll statistics.
Cues from China, foreign investor activities, and fluctuations in the dollar index and US bond yields will play a pivotal role in shaping market
Medi Assist files IPO papers with Sebi again; public issue entirely an OFS (26-08-2023)
Medi Assist Healthcare Services has filed preliminary papers with the capital markets regulator Sebi to raise funds through an initial share sale.
This is the company’s second attempt to go public.
Earlier, it had filed draft papers with the Securities and Exchange Board of India (Sebi) in May 2011, for floating an IPO but deferred the maiden public issue amid pandemic-induced rough market conditions.
According to the fresh draft red herring prospectus (DRHP) filed on Friday, the initial public offering (IPO) is entirely an offer for sale of up to 2.8 crore equity shares of Medi Assist by promoters and existing shareholders.
Those selling shares in the offer for sale include Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer India Capital Holdings II Ltd, Bessemer Health Capital LLC, and Investcorp Private Equity Fund I.
Since the issue is completely an OFS, the company will not receive any proceeds and all the funds will go to the selling shareholders.
Explaining
Shares trade in green as Fed weighs inflation risks, yields steady (26-08-2023)
Gains on Wall Street lifted global stocks, and the MSCI All Country stock index edged 0.12% higher
Jio Financial’s exclusion from BSE indices postponed by another 3 days (25-08-2023)
Jio Fin was expected to sell worth over Rs 7,300 crore from exchange-traded funds and global depository receipt holders
Crypto exchange BitOasis raises funds from investors including CoinDCX (25-08-2023)
BitOasis earlier this year said it received the first of Dubai’s “minimum viable product operational licenses,” allowing it to offer broker-dealer services for digital assets to qualified investors