The current law says an FPI cannot hold more than 10% of the total paid-up equity capital as portfolio investment in an Indian company. The investment is categorised as foreign direct investment (FDI) if the holding exceeds the 10% limit. Until now, there was lack of clarity on how the offshore portfolio manager could go about classifying and reporting the stake once the holding crosses 10%.
Posts in category Economic Times
Videocon case: Sebi orders attachment of bank, demat accounts of Venugopal Dhoot, Electroparts (11-11-2024)
India’s market regulator, Sebi, has taken action against Venugopal Dhoot and Electroparts (India), freezing their assets to recover unpaid dues of Rs 68.5 lakh. This follows a 2021 Sebi penalty for insider trading in Videocon Industries shares, where Dhoot and the promoter entities allegedly traded based on insider information about the company’s loan classification as NPA.
Akums Drugs adj. net profit rises 16% YoY to Rs 66.7 crore in Q2FY25 (11-11-2024)
Akums Drugs and Pharmaceutical, a Delhi-based company, reported a 16% rise in profits compared to the same period last year. The company achieved this through improved operational efficiency. However, revenue decreased by 11.9% due to lower prices of active pharmaceutical ingredients and fluctuating demand.
Shree Cement Q2 Results: Profit plunges over 80% to Rs 93 crore on weak demand, prices (11-11-2024)
Shree Cement reported a significant drop in profit for the September quarter. The company’s profit fell by over 80% compared to the same period last year. This decline was attributed to weak demand and lower prices for cement. Shree Cement’s sales volume also decreased by 7% during the quarter.
SC dismisses Sebi’s appeals against SAT relief for Reliance, promoters (11-11-2024)
The Supreme Court dismissed SEBI’s appeals against penalties on Reliance Industries and its promoters, which were quashed by the Securities Appellate Tribunal (SAT). However, the court agreed to hear Reliance’s cross-appeal regarding the price manipulation case involving RPL shares
Bandhan Bank, small finance banks see higher slippages as microfinance lending persists (11-11-2024)
Bandhan Bank and other small finance banks that transitioned from microfinance faced higher slippages in Q2. Despite efforts to reduce micro-ticket lending and increase secured portfolios, 75-80% of fresh slippages originated from the microfinance business
Ahead of Market: 10 things that will decide stock action on Tuesday (11-11-2024)
Indian benchmark indices closed flat on Monday, with IT and financials offsetting concerns over weak earnings and foreign outflows. The Nifty oscillated within the 24,000-24,350 range. Analysts suggest a potential bullish reversal with support at 24,000 and resistance at 24,500-24,550. A break below 23,970 could weaken the structure.
Welspun Corp arm sells 5% stake in associate entity for about Rs 480 crore (11-11-2024)
“Our wholly-owned subsidiary WMHL has divested a 5 per cent equity stake in EPIC in favour of identified financial investors in a series of negotiated trades on the Tadawul Stock Exchange, KSA on November 11, 2024, for an overall consideration of (Saudi Riyal) SAR 218.9 million (approximately USD 58 million),” Welspun Corp said in an exchange filing.
ONGC Q2 Results: Profit up 17% to Rs 11,984 crore on lower levies (11-11-2024)
ONGC reported a 17% YoY rise in Q2FY25 profit to Rs 11,984 crore, aided by lower levies. Revenue fell 3.6% to Rs 33,881 crore due to lower oil prices. The company declared a dividend of Rs 6 per share. ONGC shares closed 2% lower on Monday ahead of the earnings announcement.
Market Trading Guide: HAL among 2 stock recommendations for Tuesday (11-11-2024)
Indian equity markets closed flat due to FII actions, weak earnings, and expectations from Trump’s policies. CPI data expectations remain muted, with higher food prices likely.