Only 2 Sikkim traders churned $6 billion volumes on MCX; SEBI’s order raises further stink
Investigations by the market regulator SEBI showed that just two traders were generating a whopping $6 billion worth of trading volumes on the Multi Commodity Exchange (MCX) from Sikkim in 2022. SEBI has named Valley Distributors LLP and JMVD Market Solutions LLP as the two clients that generated over 99.6 per cent of MCX’s Sikkim-based […]
After ₹15,500-crore bet, Rajiv Jain says Adani Group is ‘irreplaceable’
At a time when bankers and investors have adopted a cautious approach to Adani Group companies, Rajiv Jain, Chairman and Chief Investment Officer of GQG Partners, believes the Indian conglomerate is not only a safe bet but also “fantastic” and “irreplaceable”. “About 25 per cent of India’s air traffic passes through their airports and 25 […]
Adani-Hindenburg issue: SC forms panel to probe regulatory failure that caused losses to investors
The Supreme Court on Thursday formed an expert committee headed by former apex court judge, Justice Abhay Manohar Sapre, to investigate the causal factors and existence, if any, of regulatory failure, which led to investors losing crores due to the volatility in the securities market, following Hindenburg Research’s report accusing the Adani Group of manipulation […]
SBI may look to cut Yes Bank stake once lock-in ends: Sources
Mumbai, March 2State Bank of India may look to lower its stake in Yes Bank after a lock-in period ends on March 6 which was put in place by the central bank as a part of the lender’s restructuring, two sources told Reuters. SBI does not want to permanently retain a stake in Yes Bank […]
BL impact: SEBI penalises MCX for allowing Sikkim-based trades
Market regulator SEBI has held the Multi Commodity Exchange (MCX) guilty for its failure to detect irregularities in the know your client (KYC) filings by trading members who were using the State of Sikkim to trade on the exchange platform. The story that the tax-free State of Sikkim was generating $6-billion worth of monthly volumes […]
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Stocks that will see action on March 1, 2023
Automobile stocks: Shares of automobile majors such as Tata Motors, M&M, Ashok Leyland, Escorts, Bajaj Auto, Eicher Motors, TVS Motors, Hero MotoCorp and others will remain in focus, as they will declare the monthly sales figures of February today. According to LKP Securities channel check, two wheeler sales except for the EVs to show weakness. […]
Broker’s Call: Bikaji Foods Intl (Buy)
Target: ₹440 CMP: ₹356.80 Bikaji, buoyed by its strong lineage, has become the 3rd largest player in India’s fast-growing organised ethnic snacks segment (pegged at INR 181bn, expected to grow at 15.6% over FY22-26) with a market share of 9 per cent. In the packaged snacks industry, brand equity, a wide portfolio, and supply chain […]
LIC hits record low as Adani exposure bruises sentiment
There is no respite for Life Insurance Corporation of India from sellers, as the stock continued its slide for the seventh day in a row to record an all-time low of ₹566 on the BSE on Monday. The insurance major’s stock closed at ₹567.75, down 2.9 per cent on the BSE, as its exposure to […]
Crude oil declines as market awaits Chinese PMI data
Crude oil futures traded lower on Monday morning as the market awaited for important economic data from China to assess the demand for the commodity in the global market. At 9.56 am on Monday, April Brent oil futures were down by 0.39 per cent at $82.50 and April crude oil futures on WTI were down […]