Kothari Industrial Corp to re-start trading on the bourses after 23 years
The shares of the Chennai-based Kothari Industrial Corporation Ltd (KICL), trading in which has been suspended since July 18, 2000, are set to be allowed for trading again on the BSE “very soon”, the company’s Vice Chairman and MD, J Rafiq Ahmed, told businessline today. He did not give more details. Set up in 1917 […]
Insider trading norms for MFs hang fire a year after notification
A year after market regulator brought mutual funds under the ambit of insider trading regulations, the norms are yet to get enforced. There are operational hurdles in setting up common industry standards, even as the Association of Mutual Funds in India has held several talks with SEBI on the matter, said two people in the […]
Copper: Roll over the longs to December futures
Copper futures on the Multi Commodity Exchange (MCX) broke out of resistance last week. This opened the outlook positive. Although the contract has largely stayed sideways post the breakout, it remains above key levels. Since the November series is set to expire on November 30, we are considering the December contract for analysis and trade […]
Thermal coal prices likely to weaken on surge in Chinese output, imports
Thermal coal prices are likely to rule weak for the remainder of the year and in 2024 in view of oversupply in the Chinese market owing to increased domestic production and surge in its imports. The World Bank Commodity Outlook said Australian coal prices fell by 8 per cent quarter-on-quarter in the third quarter of […]
SEBI board gives nod to small & medium REITs, defers decision on delisting norms
The SEBI board on Saturday approved a proposal to provide greater flexibility to social stock exchanges (SSEs) and introduce a framework for small & medium (SM) REITs. Also read: REIT portfolios see rejig as IT firms give up office space The board, however, did not take any decision on the much-anticipated delisting regulations. “Since the […]
Hybrid funds steal show on growing uncertainty over equity returns
Inflows into hybrid mutual fund schemes have zoomed in the last seven months to ₹72,081 crore against an outflow of ₹17,149 crore in the preceding seven months ended March, on the back of growing uncertainty in the equity market. Also read: Concern on market valuation unwarranted: Birla MF Hybrid schemes have also been attracting some […]
Rupee closes at a lifetime low
The Rupee closed at a lifetime low on Friday at 83.3675 per dollar amid weakness in Asian currencies and strong demand for the greenback from importers. The Indian unit closed about three paise down vis-a-vis Thursday’s close of 83.3425. Also read: The unending sideways crawl Rahul Kalantri, Vice President, Mehta Equities Ltd, attributed the Rupee’s weakness […]
LTIMindtree’s Quantum-Safe VPN launch lifts share price marginally on BSE
LTIMindtree Ltd.’s shares were up by 0.02 per cent after the company unveiled a Quantum-Safe Virtual Private Network (VPN) link at its London facility in collaboration with Quantum Xchange and Fortinet. This initiative is a step toward securing data transmission in anticipation of the quantum era’s challenges. The collaboration involves Quantum Xchange providing quantum hardware […]
SEBI sounds alarm on crowding of IPOs
The Securities and Exchange Board of India (SEBI) has expressed concerns on bunching up of initial public offerings (IPOs) this week and has asked investment bankers to be wary of the stress it could put on the infrastructure for intermediaries, particularly IPO registrars, said two people familiar with the matter. The regulator had issued a […]
Broker’s call: Finolex Cables (Reduce)
Target: ₹809 CMP: ₹901.90 Finolex Cables’ (FCL) Q2-FY24 consol. revenue/EBITDA/PAT stood at ₹1,180 crore/₹150 crore/₹140 crore, +9/48/156 per cent y-o-y, respectively, albeit on an eroded base quarter. EBITDA beat our estimate by 10 per cent owing to better gross margin. Electrical cable/communication cable revenue stood at ₹980 crore/₹140 crore, +13 per cent/(14 per cent) y-o-y, […]