Page 6 - Stock Exchange

Jio Financial Services reels under selling pressure, loses 5% again

Stock sheds Rs 16K cr in market value in two days; exclusion from Sensex, Nifty deferred

NSE announces five additions, deletions each to Nifty Next 50 Index

CHOP & CHANGE: Potential Rs 2,100 crore one-way churn on stock performance of 10 companies

Pak's KSE-100 gains over 900 points; crosses 48K-point mark after 2 years

The Pakistan Stock Exchange's benchmark KSE-100 index saw a significant upsurge on Monday as it closed after breaching the 48,000-point mark for the first time in almost two years after it gained more than 900 points during trading hours. The State Bank of Pakistan (SBP) also capped off a stable day for Pakistan's cash-strapped economy by maintaining the status quo and keeping its key policy rate unchanged at 22 per cent. According to a Pakistan Stock Exchange (PSX) spokesperson, the KSE-100 index recorded an increase of 1010.93 points around mid-day from the previous close of 47,076.99 points. The market eventually closed 957.60 points, or 2.03 per cent, up at 48,034.59 points. He said the KSE-100 index had crossed the 48,000 level after 24 months as the last time it breached the mark was in August 2021. Meanwhile, in a press conference on Monday, SBP Governor Jameel Ahmed said the decision to maintain the policy rate was taken after reviewing inflation and external ...

Dubai's stock market hits an 8-year high, lifted by a real estate boom

Buoyed by a surge in real estate activity, the Dubai Financial Market has reached its highest point in nearly eight years and extended year-to-date gains to nearly 25 per cent. The city-state's bourse peaked at 4,022 on Tuesday before pulling back to 3,986 on Thursday. It's trading at the highest levels since August 2015. This year the Dubai Financial Market has outperformed the S and P 500, which is up nearly 20 per cent, and the MSCI All Country World Index, a benchmark for global equities, which is up 16 per cent. Dubai, a global business hub home to 3.5 million people, weathered the pandemic while keeping its vital tourism industry afloat. The latest real estate boom is driven in part by an influx of Russian investors following Moscow's invasion of Ukraine. Shares of Emaar Properties and Emaar Development led the recent gains following a four-day break for the Muslim holiday of Eid al-Adha at the end of last month. The state-backed developers are behind dozens of high-rise ...

Exchanges revise enhanced surveillance measures for micro small cap cos

Leading stock exchanges BSE and NSE have relaxed enhanced surveillance measures (ESM) framework for micro small cap companies that have a market cap of less than Rs 500 crore. This came over a month after rules were put in place by the bourses to curb volatility in the counters of such firms. The new framework would be applicable from July 24, according to circulars issued by the exchanges on Tuesday. Earlier, the stocks under ESM Stage-II were permitted to trade only once a week under the periodic call auction. Now, this has been revised to all trading days. "Trading permitted with +/- 2 per cent price band on all trading days under periodic call auction," the exchanges said. However, the norms of 100 per cent margin and trade-for-trade settlement remain unchanged. Besides, rules remain unchanged for stocks that remain under ESM Stage-I. "In joint discussion of exchanges and Sebi, the current surveillance actions under the ESM framework were reviewed," the circulars noted. The

BSE board to consider buyback of shares on July 6, stock surges 7%

Leading stock exchange BSE on Monday announced that its board will meet on July 6 to consider a proposal on the buyback of shares. Following the announcement, shares of BSE rose 7 per cent in intra-day trade to Rs 651.65 apiece on the National Stock Exchange (NSE). In a regulatory filing to the NSE, Asia's oldest bourse said, "meeting of the board of directors is scheduled to be held on Thursday, July 6, 2023, to inter alia, consider and approve proposal for Buy back of fully paid equity shares of the company". Under a share buyback or repurchase, a firm buys back its own shares from investors or shareholders. The purpose of the buyback is price stability and ensuring investor confidence in the stock. Earlier in 2018, BSE repurchased over 20 lakh shares for nearly Rs 166 crore under its buyback programme.

Mcap of BSE-listed firms at record high of Rs 297.94 trn; Sensex at peak

The market capitalisation of BSE-listed firms reached a record high of Rs 297.94 lakh crore in early trade on Monday as the benchmark Sensex hit the 65,000 mark for the first time ever amid bullish investor sentiments. The BSE benchmark jumped 514.08 points to hit its record high of 65,232.64 in early trade. The benchmark has been rallying for the fourth straight trading session on Monday. Thanks to the ongoing rally in equities, the market capitalisation (mcap) of BSE-listed companies jumped to Rs 2,97,94,780.47 crore in early trade. On Friday, the market capitalisation of BSE-listed firms touched an all-time high of Rs 296.48 lakh crore. From the Sensex pack, HDFC, HDFC Bank, UltraTech Cement, Tata Steel, Bajaj Finance, ICICI Bank, Mahindra & Mahindra, State Bank of India, Reliance Industries and Bajaj Finserv were the major gainers. Power Grid, Maruti, Larsen & Toubro, Tech Mahindra, Axis Bank, Hindustan Unilever and Asian Paints were among the laggards. In Asian markets, ..

Sebi asks bourses to identify money laundering risks from new product

Sebi on Friday asked the stock exchanges and market intermediaries to identify and assess the money laundering and terror financing risks that may arise from the development of new products and new business practices. In addition, they have been directed to undertake such risk assessments before the launch or use of such products, practices, services and technologies, Sebi said in its updated guidelines on anti-money laundering standards and combating the financing of terrorism obligations of securities market intermediaries. The development comes after the government amended the Prevention of Money Laundering (Maintenance of Records) Rules or PMLA rules in March. In its guidelines, Sebi said that every intermediary will have to register the details of a client, in case of the client is a non-profit organisation, on the DARPAN portal of Niti Aayog and maintain the records for five years after the business relationship between a client and the intermediary has ended or the account ha

Succession planning: Shashwat Goenka to become chairman of Spencer's Retail

Spencer's on Monday reported a loss after tax of Rs 61.22 crore in Q4FY23 compared to a loss of Rs 42.47 crore in the year-ago period

Market regulator proposes halving IPO listing time on stock exchanges

India's market regulator proposed halving the time needed to list shares on the nation's stock exchanges from the closure of initial public offerings (IPOs) to three days.

Indian shares end flat on caution ahead of key data, earnings rush

Analysts expect the benchmark to witness consolidation in the near term, ahead of the domestic retail inflation data for April, due on Friday

Sebi comes out with testing framework for IT systems of stock exchanges

Capital markets regulator Sebi on Friday put in place a comprehensive testing framework for the information technology (IT) systems of the stock exchanges and other market infrastructure institutions (MIIs). The framework will be for the IT systems of MIIs -- stock exchanges, clearing corporations, and depositories -- throughout their lifecycle, which can assist the MIIs in performing thorough risk assessment before deploying any IT systems in production or live environment. Under the framework, all MIIs have been asked to do extensive testing, validation, and documentation whenever new systems or changes to existing systems are introduced before the deployment in the production/live environment, according to a circular. Further, they have to set up a comprehensive methodology for system testing, functional testing, and application security testing, and the same need to be approved by the Standing Committee on Technology (SCOT) of respective MIIs. The scope of testing includes ...

India Grid Trust to consider raising of debt through various sources

The outcome of the board meeting will be communicated to the stock exchanges after conclusion of the board meeting on May 12, 2023

NSE tweaks index inclusion rules for spun-off entities to reduce churn

The change will apply to any such spin-offs approved by shareholders of the parent companies on or after April 30, the NSE said in a circular late on Wednesday

Exchanges must comply with Weapons of Mass Destruction Act: Sebi

Capital markets regulator Sebi on Wednesday asked stock exchanges and intermediaries to comply with the rules, which deal with the prevention of financing related to weapons of mass destruction and their delivery systems. Under this, stock exchanges and intermediaries will have to maintain a record of designated persons, according to a Sebi circular. In addition, they will have to keep a check and prevent financial transactions with individuals and entities in the designated list. Further, they have been asked to immediately inform about such transactions to Chief Nodal Officer and file a suspicious transaction report with FIU-IND (Financial Intelligence Unit - India). This came after the Ministry of Finance issued an order in January detailing the procedure for implementation of the Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act (WMD Act). The Act bans funding of weapons of mass destruction and also empowers the Centre to freeze, s

Bourses approves transfer of NCDs from HDFC Ltd to Bank as part of merger

HDFC Ltd on Wednesday said both stock exchanges BSE and NSE have approved the transfer of NCDs from the mortgage firm to HDFC Bank as part of the amalgamation process. BSE and NSE vide their letters dated April 26, 2023, granted their in-principle approval for the transfer of additional NCDs (non-convertible debentures) issued by HDFC Limited post receipt of the earlier approval on December 13, 2022, to HDFC Bank, the mortgage firm said in a regulatory filing. The proposed amalgamation is subject to receipt of final approvals from the Securities and Exchange Board of India (Sebi) in respect of change in control of certain subsidiaries of HDFC Limited, it added. This approval will help pave the way for the merger of HDFC into HDFC Bank, expected to be finalised by the third quarter of this financial year. Termed as the biggest transaction in India's corporate history, HDFC Bank on April 4 last year agreed to take over the biggest domestic mortgage lender in a deal valued at about US

BSE products to get nip-and tuck-treatment under Sundararaman Ramamurthy

Asia's oldest bourse gets battle-ready under new chief

Fund raise via IPO more than halves to Rs 52,116 cr in FY23 from FY22

The total amount raised through initial public offerings (IPOs) more than halved to Rs 52,116 crore in FY23 from an all-time high collection of Rs 1,11,547 crore in the previous fiscal, according to an analysis. According to Prime Database, just 37 companies hit the main board listing process in FY23, much lower than 53 IPOs in FY22. Pranav Haldea, managing director of Prime Database Group, said Rs 20,557 crore which is 39 per cent of the total amount raised in FY23 was by LIC alone, without which the IPO fundraising would have been just Rs 31,559 crore in the year. Yet, FY23 is still the third highest in terms of IPO fund-raise, he said. Overall public equity fundraising also dropped by 56 per cent to Rs 76,076 crore in the reporting year from Rs 1,73,728 crore in FY22. While IPOs were worth Rs 54,344 crore (including SME issues) in the year, total fund raising through the capital markets stood at Rs 85,021 crore, of which Rs 11,231 crore were from the OFS (offer for sale) route,

Fear of financial crisis keeps investors away from stock exchanges

A number of American banks had failed recently or came under pressure

Stock exchanges freeze promoter shareholding of Patanjali Foods

Action after co fails to meet 25% public float