With Sensex below 567.98 points (1.02%) equity benchmark declined for the third consecutive day on June 7. Notably, the 30-share Bombay Stock Exchange (BSE) Sensex settled at 55,107.34, whereas the National Stock Exchange (NSE) Nifty fell by 153.20 (0.92%) and ended at 16,416.35. Furthermore, international oil benchmark Brent crude dipped 0.26% to USD 119.2 per barrel. The points fell a day ahead of the new RBI-policy announcement, on June 8… read-more
Courtesy: Press Trust of India
As a result of US Sanctions on Russia, around 400 firms have decided to curtail their business activities in the country. Founder of Exterro, Bobby Balachandran, expressed his grief towards the people of Ukraine. To date, several Ukrainians have fled the country as war hits the second month. Describing the situation in Ukraine as "very sad", Balachandran said, "our heart goes to people who are impacted by the conflict."
Hong Kong will exclude the large supermarkets, pharmacies, and chain businesses from the next round of government wage subsidies, who remain “unaffected” from the fifth-wave of the Covid-19 outbreak, stated Hong Kong Chief Executive Carrie Lam. In addition, people earning over Hong Kong Dollar 30,000 per month won't be benefited from the scheme. Notably, the three-month scheme is targeted to aid about 1.3 million workers.
Courtesy: ANI News
Tech Mahindra is set to acquire 100% stakes of Allyis India, and 'Green Investments' with over $125 million. The huge investment will boost Tech Mahindra's capabilities in digital experience solutions, enhancing learning, marketing, development, special devices and instructional designing. The Tech Mahindra issued a statement in a BSE filing and confirmed the proposal of acquisition of the 100% equity shares.
Courtesy: The Free Press Journal
Out of the top ten domestic firms, six of them contributed a total of Rs 69,611.59 crore to their market valuation. Further, Reliance Industries gained the most as the valuation jumped to reach Rs 13,38,763.60 crore. Meanwhile, HDFC Bank, HDFC, SBI, ICICI, and Kotak Mahindra Bank were the gainers. However, TCS, Infosys, Hindustan Unilever Limited, and Bajaj Finance suffered a decline in their market cap.
Courtesy: The Free Press Journal
Indian equity mutual funds have recorded an inflow of Rs 9,115 crore in March. Witnessing inflows for the first time in nine months, the Association of Mutual Funds in India data reported Rs 4,534-crore outflow from the equity and the equity-linked schemes in February. Reportedly, the overall outflow stood at Rs 29,745 crore for the period studied. Meanwhile, gold exchange-traded funds witnessed an inflow of Rs 662 crore in March.
Courtesy: Business Standard
Securities market regulator SEBI has urged the fund houses to contribute to Limited Purpose Clearing Corporation (LPCC) in a newly revised formula framed in FY 2020-21. Reportedly, the contributions now includes assets in conservative hybrid funds while excluding assets in gilt funds and overnight funds. Earlier, the formula was in accordance to the rules framed in FY 2019-20. Notably, contributions to LPCC improves liquidity in corporate… read-more
The Indian Railway Finance Corporation Ltd has reported a 16% surge of Rs 2,934 crore in its Q3 of FY21 profit ending December 2020. Additionally, the company witnessed a 10.76% rise in its total revenue that stood at Rs 11,315.51 crore. Interestingly, allowing interim dividend, the IRFC also revealed having no NPAs and credited government linkages, strong Capital Adequacy Ratio and positive credit ratings behind the growth.