Sebi orders Vedanta to pay Cairn Rs 77.6 cr; bars Navin & Priya Agarwal from mkt
Sebi on Tuesday ordered mining moghul Anil Agarwal’s Vedanta Ltd to pay Rs 77.62 crore to Scottish explorer Cairn for delay in payment of dividends, and also barred the firm’s entire board, including his brother Navin and daughter Priya, from accessing the capital market for the same.
The Securities and Exchange Board of India (Sebi) in a 76-page order said Vedanta must make the payment within 45 days or face further action.
Vedanta had in 2011 bought Cairn Energy PLC’s majority stake in its Indian arm, Cairn India Ltd. Cairn continued to hold a minority stake in Cairn India, which was subsequently merged into its parent and Mumbai-listed Vedanta Ltd.
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Stocks To Watch- Infosys, LTIM, CEAT, Tata Power, Zydus Lifesciences
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a gap down opening on Friday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded lower as the index was down 26 points or 0.10% at 24,828 indicating a lower start for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 rose 188 points or 0.76% to settle at 24,801, while the BSE Sensex advanced 627 points or 0.78% to close at 81,343.
Stocks to watch on July 19, 2024
Infosys
Infosys on Thursday reported a better-than-expected earnings of Rs 6,368 crore for the June quarter and also surprised the street by upping its sales forecast for FY25 to 3-4% in constant currency terms from 1-3% earlier. The higher forecast indicates clients are starting to spend more on technology in a resilient global environment. Infosys net profits, which…
Will Nifty climb over 19500 or fall in trade- See GIFT Nifty, FII data, F&O ban, crude, more before market opens
GIFT Nifty traded flat at 19,463.5 down merely 4 points or 0.02%, indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously on Monday, the NSE Nifty 50 soared 181.15 points or 0.94% to settle at 19,411.75, while the BSE Sensex added as much as 594.91 points to 64,958.69.
“Markets started the week on a firm note and gained nearly a percent, in continuation of the recent rebound. After the gap-up start, Nifty oscillated in a narrow range for most of the day and finally settled around the day’s high at 19398 levels. All the key sectors contributed to the move wherein metal, energy and pharma gained over a percent each. The broader indices also traded in tandem and rose in the range of 0.9%-1.3%,” said Ajit Mishra, SVP – Technical Research, Religare Broking.
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“Markets are l…
SpiceJet shares slump over 3 per cent
Shares of crisis-hit SpiceJet fell over 3 per cent on Wednesday amid concerns over the airline’s financial position.
The scrip dropped 3.44 per cent to close at Rs 63.37 on the BSE on a day when the overall market ended on a positive note.
On Wednesday, benchmark BSE Sensex reversed its losses and closed in the positive territory at 71,822.83 points, a gain of 267.64 points.
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In a statement, SpiceJet said it is currently at its s…
Will Nifty show trend reversal or sink further in trade- See GIFT Nifty, FII data, F&O ban, crude, more before market opens
GIFT Nifty traded up merely 4 points, or 0.02%, at 19,815, indicating a tepid opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously on Monday, the NSE Nifty 50 slipped 0.10% to settle at 19,731.75, while the BSE Sensex shed 115.81 points to 66,166.93.
“Markets mostly wavered in Monday’s trade amidst volatility and ended in the red for the third straight session. Cautious mood prevailed in the wake of the intensifying Israel-Hamas conflict, and the geopolitical turmoil had an outsized effect on U.S. crude futures which soared to $87.69 per barrel. If today’s uninspiring session is any indication, then the market will waver and trade choppy in Tuesday’s session as well. Technically, the confirmation of strength for Nifty only above its biggest hurdles at the 19,887 mark, while the index has the biggest support at the 19,509 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
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TCS stock down nearly 2% following Q2 results; Should you buy, sell the stock-
Tata Consultancy Services (TCS) share price tumbled 1.78% to Rs 3,545.40 today, a day after the IT major reported 8.7% growth to Rs 11,342 crore in its consolidated net profit in the second quarter of FY24. TCS had reported a profit of Rs 10,431 crore in the same period a year ago. The IT major’s net profit jumped 2.4% on-Quarter. The company also announced a share buyback for Rs 17,000 crore at a price of Rs 4,150 a share on October 11, 2023. TCS stock price has slipped 0.71% in the last one month and has surged over 14% in the past one year.
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Should you buy, sell or hold TCS shares?
Jefferies: HOLD – Target Price: Rs 3,690
“TCS’s 2Q results do not inspire confidence on demand recovery in the near term, though large deal wins are likely to lead to better growth in 2H. We tweak our EPS estimates to …
Tata Steel Q2 loss at 6196 crore; should you buy, sell or hold stock-
Tata Steel’s stock price advanced by 0.94% to Rs 117.70 a day after the company posted a surprising net loss of Rs 6,196 crore on a consolidated basis for the second quarter of FY24, also missing street estimates, impacted by weak performance of its European operations. In comparison, the steel major had posted a net profit of Rs 1,514.42 crore in the comparable year-ago period. During the quarter review, the Tata Group firm’s consolidated revenue fell 7% to Rs 55,682 crore from Rs 59,878 crore recorded in the year-ago quarter.
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Tata Steel’s stock has delivered a mixed performance in the last one year. The stock price dropped 3% in the last five days and 8.59% in the last one month. The stock, however, has offered returns of 6% in the last six months and over 15% in the last one year to its investors.
Should you buy, sell or hold Ta…
Will Nifty continue its winning streak to trade above 19000- See GIFT Nifty, FII data, F&O ban, crude, more before market opens
GIFT Nifty traded flat at 19,348 down merely 12 points or 0.06%, indicating a tepid opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously on Thursday, the NSE Nifty 50 soared 144.10 points or 0.76% to settle at 19,133.25, while the BSE Sensex added as much as 489.57 points to 64,080.90.
“A pause with dovish commentary from the Fed led to a rebound in the global and domestic market sentiment. Further, the fall in US bond yields indicates a prolonged pause in interest rates hike. And the domestic macros are favourable with positive auto numbers, a surge in GST collection, good factory data and better than estimated Q2 quarter earnings,” said Vinod Nair, Head of Research at Geojit Financial Services.
Stocks to watch: Adani Enterprises, Tata Motors, Vedanta, Lupin, IRFC
Key thing…
The Big Business of Spooky Season
Vaughn Hazen is committed to Halloween. Though his annual cemetery-themed yard display in Montreal, Canada begins at the start of October, planning it is a much longer affair. The production includes decorations both purchased and homemade, and features a mausoleum, pumpkin patch, and a Nightmare Before Christmas section complete with a 13-foot Jack Skellington.
“We don’t consider Halloween to be a day of the year,” says Hazen, who began going all out for the holiday when he and his wife became empty nesters. “It’s kind of a way of life.”
Hazen is not alone in this. Halloween seems to come earlier each year: from grocery store aisles filled with costumes in July to viral decorations selling out the first week of October, shoppers and retailers alike are no longer waiting to embrace the holiday spirit.
For many the holiday is an excuse to indulge in outlandish outfits and Instagram-worthy home items—but the festivities come with a high cost. …
Stricter process, higher ticket size likely for SME IPOs
The over-a decade-old SME platform, which has seen a notable exuberance over the past few years, may need to undergo significant changes in regulations to deal with manipulation and liquidity issues. The recent NSE circular capping the opening price of SME IPOs at 90% of the issue price may just be the beginning of a slew of changes that may be on the way, according to experts.
In fact, this is not the first time that the exchanges have tightened the screws on the SME platform. In September 2023, additional surveillance measures and trade-for-trade frameworks were extended to the SME segment to discourage speculative trading.
The SME segment has seen a tremendous growth in the last few years. The number of issues has risen from 59 in 2021 to 182 in 2023, and 117 in just over six months this year, according to PRIME Database. However, there have also been allegations of price manipulation, with a number of stocks getting listed at unimaginable returns of 300-400%.