Business

Sebi slaps Rs 45 lakh penalties on 9 entities for non-genuine trades-Telangana Today

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Capital market regulator Sebi levied penalties totalling Rs 45 lakh on nine entities for indulging in non-genuine trades in the illiquid stock options segment on BSE.

Published Date – 10:32 PM, Tue – 29 August 23


Sebi slaps Rs 45 lakh penalties on 9 entities for non-genuine trades



New Delhi: Capital market regulator Sebi on Tuesday levied penalties totalling Rs 45 lakh on nine entities for indulging in non-genuine trades in the illiquid stock options segment on BSE.

In nine separate orders, the regulator imposed a fine of Rs 5 lakh each on Vivek Company, Soundlight Projects, S R Realbuild, Srijan Dealers, Manomay Dealmark, Zodiac Vanijya, VKJ Trexim, Hans Homes and Guruteg Bahadur Rice Mill.

The orders came after Sebi observed large-scale reversal trades in the illiquid stock options segment on BSE, leading to artificial volumes on the exchange.

Thereafter, it conducted an investigation into the trading activities of certain entities engaged in the segment from April 2014 to September 2015.

The nine entities fined on Tuesday were among those who indulged in the execution of reversal trades.

Reversal trades are alleged to be non-genuine in nature as they are executed in the normal course of trading, which leads to a false or misleading appearance of trading in terms of generating artificial volumes, the regulator said.

By indulging in these acts, the entities have violated the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms.

In a separate order on Monday, the regulator disposed of show-cause notices issued against 10 individuals as the allegation of violation of insider trading rules was not established in the Titan Company Ltd (TCL).

The order came after the Securities Appellate Tribunal (SAT) in its ruling on July 12, had set aside Sebi’s orders against 10 individuals for violating insider trading norms in the shares of TCL and directed the capital markets watchdog to pass a fresh order.

Business

Sensex jumps 322 points in early trade-Telangana Today

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Sensex jumped 322.09 points or 0.49 per cent to 65,397.91 points while the broader Nifty rose 84.30 points or 0.44 per cent to 19,426.95 points.

Updated On – 10:54 AM, Wed – 30 August 23


Sensex jumps 322 points in early trade



Mumbai: Continuing the positive momentum, benchmark stock indices jumped in early trade on Wednesday, with Sensex surging more than 322 points amid positive global cues.

Sensex jumped 322.09 points or 0.49 per cent to 65,397.91 points while the broader Nifty rose 84.30 points or 0.44 per cent to 19,426.95 points.

In the Sensex pack, majority of the stocks were trading in the positive territory.

M&M, Tech Mahindra, Tata Steel, Axis Bank, Infosys and Reliance Industries were among the gainers.

Asian markets, including Japan and Hong Kong, were trading marginally higher on Wednesday.

On Tuesday, European and US indices closed in the green.

Sensex gained 79.22 points to close at 65,075.82 points while Nifty rose 36.60 points to settle at 65,229.03 points on Tuesday.

In a pre-market open note, Deepak Jasani, Head of Retail Research at HDFC Securities, said Asian stocks rose as China’s largest banks reportedly prepare to cut interest rates and investors speculate that the US Federal Reserve is nearing the end of its tightening campaign.

“US stocks closed sharply higher on Tuesday, posting the third consecutive trading day of gains, following July job openings data that added more evidence of a cooling labour market and potentially more support for an eventual easing of interest rates by the US Federal Reserve,” he said.

Brent crude futures rose 0.33 per cent to USD 85.77 per barrel.

Foreign Portfolio Investors (FPIs) were the net buyers, purchasing shares worth Rs 61.51 crore, as per BSE data.

Business

Rupee rises 7 paise to 82.73 against US dollar in early trade-Telangana Today

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Rising crude oil prices and strengthening dollar, however, weighed on the Indian currency, according to forex traders.

Published Date – 11:00 AM, Wed – 30 August 23


Rupee rises 7 paise to 82.73 against US dollar in early trade



Mumbai: The rupee rose by 7 paise to 82.73 against the US dollar on Wednesday amid a positive sentiment in equity markets.

Rising crude oil prices and strengthening dollar, however, weighed on the Indian currency, according to forex traders.

At the interbank foreign exchange, the domestic unit opened stronger at 82.67 and hit the level of 82.74 against the greenback.

Later, the rupee was trading at 82.73 against the dollar, registering a gain of 7 paise from its previous close.

On Tuesday, the rupee closed at 82.80 against the US dollar.

“Yesterday, in the latter part of the day, dollar fell sharply and that led to gains not only in major crosses but also in commodities,” Gaurang Somaiya, Forex and Bullion Analyst at Motilal Oswal Financial Services, said.

On the domestic front, GDP numbers will be important to watch and better-than-expected numbers could support the rupee, he said. GDP numbers are scheduled to be released on Thursday.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.08 per cent to 103.61.

Brent crude futures, the global oil benchmark, rose 0.33 per cent to USD 85.77 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 291.53 points or 0.45 per cent higher at 65,367.35 points. The broader NSE Nifty advanced 78.20 points or 0.40 per cent to 19,420.85 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday as they bought equities worth Rs 61.51 crore, according to exchange data.

Business

Zomato stock rises as SoftBank reportedly sells 100 million shares for INR 947 Crore-Telangana Today

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Japanese company SoftBank’s SVF Growth Fund is the likely seller in this mega transaction, according to CNBC TV18.

Published Date – 12:40 PM, Wed – 30 August 23


Zomato stock rises as SoftBank reportedly sells 100 million shares for INR 947 Crore



New Delhi: Around 10 crore shares of online food delivery platform Zomato, amounting to an 1.17 per cent of the company’s equity, changed hands on Wednesday at a total deal value of around Rs 947 crore.

Japanese company SoftBank’s SVF Growth Fund is the likely seller in this mega transaction, according to CNBC TV18.

The report had earlier said that SVF Growth Fund may sell 10 crore shares of the company or 1.17 per cent of the total equity via block deals at Rs 94 per share.

SVF Growth (Singapore) Pte. Ltd. had 3.35 per cent stake in Zomato, totalling around 28 crore shares.

Zomato shares reached near Rs 100 after the block deal, and were hovering around Rs 98.45 in morning.

The fresh block sale came after another foreign institutional investor, Tiger Global Management, offloaded its entire shareholding of 1.44 per cent in Zomato on Monday.

The deal earned Tiger Global a total of Rs 1,123.85 crore.

US-based investment major, via its VC fund Internet Fund III Pte Ltd, exited online food delivery platform Zomato.

The VC firm sold around 12.34 crore shares or 1.44 per cent stake in Zomato at an average price of Rs 91.01 per share.

Brokerage firm HSBC maintained its buy rating on Zomato and raised its price target to Rs 120 from Rs 102 earlier.

The note said that hyperlocal can become a much bigger business for Zomato in the long-term. Zomato’s stock is likely to be volatile in the near term on account of market speculation around possible exits by some pre-IPO shareholders (VC/PE/Chinese investors) of the company as well as erstwhile shareholders of Blinkit who had received it under a share swap deal, JM Financial Institutional Securities had said in its recent report.

Business

Gold futures rise Rs 79 to Rs 59,345/10 gms-Telangana Today

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Gold price rose Rs 79 to Rs 59,345 per 10 grams in futures trade as speculators created fresh positions on firm spot demand.

Published Date – 01:30 PM, Wed – 30 August 23


Gold futures rise Rs 79 to Rs 59,345/10 gms



New Delhi: Gold price on Wednesday rose Rs 79 to Rs 59,345 per 10 grams in futures trade as speculators created fresh positions on firm spot demand.

On the Multi Commodity Exchange, gold contracts for October delivery traded higher by Rs 79 or 0.13 per cent at Rs 59,345 per 10 grams in a business turnover of 12,422 lots.

Fresh positions built up by participants led to the rise in gold prices, analysts said.

Globally, gold was trading 0.07 per cent lower at USD 1,963.70 per ounce in New York.

Business

Sensex, Nifty pares early gains to end on flat note-Telangana Today

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In the Sensex pack, majority of the shares closed in the positive territory. Among the main gainers were Jio Financial Services which jumped 4.99 per cent, Tata Steel (2.09 per cent), Maruti Suzuki (1.87 per cent), M&M (1.31 per cent) and Infosys (1.19 per cent).

Published Date – 04:17 PM, Wed – 30 August 23


Sensex, Nifty pares early gains to end on flat note



Mumbai: Benchmark equity indices Sensex and Nifty closed on a flat note on Wednesday amid weak global cues.

Shedding most of the gains made during the day, the 30-share BSE Sensex ended 0.02 per cent or 11.43 points higher at 65,087.25 points.

Similar trends were witnessed on the NSE too where the broader 50-share Nifty inched up 0.02 per cent or 4.80 points to settle at 19,347.45 points.

Most of the European stocks were trading in the negative territory while Asian shares ended the day on a mixed note.

Vinod Nair, Head of Research at Geojit Financial Services, said positive sentiment initially propelled domestic equities, buoyed by softer US labour market data that caused a retreat in US bond yields, alleviating concerns about rate hikes.

“This positive outlook was reinforced by Chinese banks’ move to reduce existing mortgage rates, favourably impacting Indian metal stocks. However, gains were tempered as the day progressed, primarily due to weakness in global markets attributed to lacklustre economic data from Europe.

“Banking stocks bore the brunt of this downturn, while mid- and small-cap segments displayed resilience amid the market dynamics,” he said.

In the Sensex pack, majority of the shares closed in the positive territory. Among the main gainers were Jio Financial Services which jumped 4.99 per cent, Tata Steel (2.09 per cent), Maruti Suzuki (1.87 per cent), M&M (1.31 per cent) and Infosys (1.19 per cent).

Sensex had reached an intra-day low of 65,052.74 points.

During intra-day trade, Nifty had touched a high of 19,452.80 points and a low of 19,334.75 points.

Jio Financial Services (4.99 per cent), Tata Steel (2.09 per cent), Maruti Suzuki (1.75 per cent), Eicher Motors (1.24 per cent) and M&M (1.19 per cent) were among the gainers in the broader index.

Brent crude futures rose 0.55 per cent to USD 85.96 per barrel.

On Tuesday, Foreign Portfolio Investors (FPIs) were the net buyers, purchasing shares worth Rs 61.51 crore, as per BSE data.

Business

1st-ever ‘Global IndiaAI 2023’ event to boost AI innovations in ChatGPT era-Telangana Today

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After the huge success of the SemiconIndia conference, the Global IndiaAI event will also catalyse India’s AI landscape, said Union Minister of State for Electronics and IT, Rajeev Chandrasekhar.

Updated On – 06:39 PM, Wed – 30 August 23


1st-ever ‘Global IndiaAI 2023’ event to boost AI innovations in ChatGPT era



New Delhi: The IT Ministry on Wednesday said that it will organise the first-ever ‘Global IndiaAI 2023’ event in October this year that will see participation from leading AI players, researchers, startups and investors in India and worldwide.

After the huge success of the SemiconIndia conference, the Global IndiaAI event will also catalyse India’s AI landscape, said Union Minister of State for Electronics and IT, Rajeev Chandrasekhar.

“The Global IndiaAI 2023 conference is tentatively planned for October 14-15 and it will bring together the best and brightest in AI from India and around the world. This summit is expected to evolve and become a must attend event on the annual calendar of the global AI industry, startups, practitioners, researchers and students,” said the minister.

The success of the past two editions of the SemiconIndia conference by Prime Minister Narendra Modi firmly put India on the global semicon map.

“This enabled India to become a catalyst for investments and growth within the sector. The Global IndiaAI summit will also catalyze India’s AI landscape and innovation ecosystem,” Chandrasekhar added.

The conference is poised to cover topics like next-generation learning and foundational AI models, AI’s applications in healthcare, governance, and next-gen electric vehicles, future AI research trends, AI computing systems, investment opportunities, and nurturing AI talent.

The conference will also serve as a showcase for key government initiatives such as DI Bhashini, India Datasets Programme, IndiaAI Futuredesign programme for startups, and IndiaAI FutureSkills programme dedicated to nurturing world-class AI talent.

“What we want is that AI should be responsible so that user harm is curbed and innovation is encouraged. Our primary aim is to ensure a collaborative and participatory approach, steering AI to enhance governance and transforming lives while building global partnerships and actively shaping the world’s technology landscape,” said the minister.

Business

Gold, silver trade flat in line with global trends-Telangana Today

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Gold prices remained flat at Rs 60,000 per 10 grams in the national capital on Tuesday, according to HDFC Securities.

Published Date – 07:29 PM, Tue – 12 September 23


Gold, silver trade flat in line with global trends



New Delhi: Gold prices remained flat at Rs 60,000 per 10 grams in the national capital on Tuesday, according to HDFC Securities.

Silver also ruled flat at Rs 74,400 per kg in line with global trends ahead of inflation data.

“Gold traded flat on Tuesday, with spot gold prices (24 carats) in the Delhi markets trading flat at Rs 60,000 /10 grams, unchanged from its previous close,” Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

In the global market, gold was quoting lower at USD 1,922 per ounce while silver was flat at USD 23.12 per ounce ahead of the US consumer inflation data for August.

Gold stuck in range as traders awaited a US Consumer Price Index (CPI) report due midweek, which will help inform the outlook on the Federal Reserve’s interest-rate path, Gandhi said.

Business

Axis Bank launches ‘Infinity Savings Account’  -Telangana Today

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Axis Bank will not impose any penalty on customers for non-maintenance of minimum balance in their accounts. Additionally, the third largest private sector bank in India will waive off all domestic charges, including debit card and ATM charges.

Published Date – 07:02 PM, Wed – 30 August 23


Axis Bank launches ‘Infinity Savings Account’  

Source: Axis Bank

Hyderabad: Are you fed up with different charges imposed by banks, including for non-maintenance of minimum balance? Then, look for Axis Bank. Yes, you heard it right! In order to revolutionise the banking experience and give its customers peace of mind, particularly digital savvy customers, Axis Bank has introduced ‘Infinity Savings Account’

The new saving account is a zero balance account, which comes at a monthly fee of Rs 150 (inclusive of GST), and a minimum subscription period of 6 months.

Axis Bank will not impose any penalty on customers for non-maintenance of minimum balance in their accounts. Additionally, the third largest private sector bank in India will waive off all domestic charges, including debit card and ATM charges.

Besides monthly subscription, the bank is also offering an annual subscription of Rs 1650. Customer can avail upfront discount of Rs 150 if they opt for annual subscription.

The new account enables customers to open accounts and complete the KYC process online.

What’s interesting is that customers can also avail flat 10% cashback on Amazon and Flipkart e-commerce platforms.

No charges on any domestic transactional fees

Free debit card

Unlimited ATM withdrawals

No charges on cheque book usage, transactions, and withdrawals above limits

To know more details about the new account, visit official Axis Bank site.

Business

RBI Guv calls for stronger measures to recover bad loans in urban co-op banks-Telangana Today

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He also stressed that the Board’s role is pivotal in establishing a robust IT and cybersecurity infrastructure and availability of requisite skills at the bank level.

Published Date – 08:37 PM, Wed – 30 August 23


RBI Guv calls for stronger measures to recover bad loans in urban co-op banks

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Mumbai: Reserve Bank Governor Shaktikanta Das on Wednesday asked urban cooperative banks to go for rigorous follow-up of large NPA borrowers for effective recovery, and not to camouflage their actual financial position by innovative accounting practices.

In a statement, the RBI said the Governor held a conference of directors on the boards of select large urban cooperative banks (UCBs) in Mumbai Zone.

The Reserve Bank has started engaging with the directors of its regulated entities functioning in different segments of the financial system. Two separate conferences were held with directors on boards of public sector banks and private sector banks in May 2023.

The governor reinforced the need for board’s involvement in upholding rigorous credit risk management including robust underwriting standards, effective post sanction monitoring, timely recognition and mitigation of incipient stress, rigorous follow-up of large NPA borrowers for effective recovery, and maintaining adequate provisioning.

“He emphasised that the role of Directors is very significant in ensuring the integrity and transparency of financial statements, and cautioned against use of innovative accounting practices to camouflage the actual financial position,” the central bank said.

Das urged the Boards to be more proactive in asset liability management and the necessity of managing liquidity risk in a more systematic manner.

He also stressed that the Board’s role is pivotal in establishing a robust IT and cybersecurity infrastructure and availability of requisite skills at the bank level.

He emphasied the management of the UCBs should enjoy the required autonomy in their functioning.

The RBI further said the governor stressed that the quality of governance was the most important aspect in ensuring stability of individual banks and urged the Directors of UCBs to further strengthen governance practices Going forward, the Reserve Bank would be convening similar Conferences of Directors on Boards of other Urban Cooperative Banks in other regions of the country.

Deputy governors M Rajeshwar Rao and Swaminathan J, along with executive directors representing the RBI’s Departments of supervision, regulation and enforcement, and other senior officials, also participated in the Conference.