Securities and Exchange Board of India (SEBI), in an order dated December 6, 2019, revealed charging a show-cause notice on stakeholders of UTI Asset Management Company (AMC) - State Bank of India, Life Insurance Corporation, and Bank of Baroda on July 19, 2019, towards regulatory action.The market regulator directed three public sector financial institutions -- LIC, SBI, and Bank of Baroda -- to dilute their stakes to below 10 percent in by December next year.In the case of non-compliance with directions, the shareholding and voting rights of these entities in UTI AMC and UTI Trustee in excess of 9.99 percent and corporate benefits will be frozen till the time they comply with the orders.Close The stakeholding of SBI, BoB, and LIC in UTI AMC is in contravention of an amendment to SEBI MF Regulations on March 13, 2018, requiring an asset management company (AMC) to be a sponsor and stakeholder holding 10 percent or more, of only one mutual fund, thereby reducing cross-holding in any … [Read more...] about UTI AMC-PSUs-SEBI Saga: Is it a special case treatment of SEBI relenting with extension for stakeholders SBI, LIC and BoB?
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Market Update: 170 stocks hit new 52-week low as Nifty PSU bank plunges over 3%; SBI top loser
The Indian benchmark indices were trading on a negative note on Wednesday afternoon with the Nifty shedding 73 points at 10,175 while the Sensex was down 200 points.The Nifty metal Index was down 1.7 percent dragged by Bhushan Steel, Hindalco Industries, NALCO, Vedanta and Welspun Corp among others.The PSU banking index was also trading in the red, plunging 3.2 percent as stocks like Canara Bank dipped over 7 percent while Bank of India and Andhra Bank were down over 4 percent. State Bank of India, Punjab National Bank, Bank of Baroda and Allahabad Bank were all down over 3 percent each.Close From the Nifty the stocks which gained the most were HCL Tech which gained 1.3 percent while Tata Motors was up 1 percent. Bharti Infratel, Zee Entertainment and ITC were the other top Nifty gainers. related news Sebi orders LIC, SBI, Bank of Baroda to reduce stake to … [Read more...] about Market Update: 170 stocks hit new 52-week low as Nifty PSU bank plunges over 3%; SBI top loser
Market Update: PSU bank index falls 1% dragged by Allahabad Bank, SBI; Vedanta, Airtel top gainers
The Indian benchmark indices were trading in the green on Friday morning with the Nifty gaining 21 points at 10,267 while the Sensex was up 69 points.The Nifty PSU banking index was down over 1 percent dragged by Allahabad Bank which fell over 3 percent followed by Canara Bank, State Bank of India and Syndicate Bank.From the Nifty the stocks which gained the most were Vedanta which was up 1.8 percent while Bharti Airtel gained 1.3 percent. Adani Ports, Tata Steel and Bajaj Auto were the other top gainers.Close The most active Nifty stocks included Vedanta, Tata Steel, SBI, Ashok Leyland and IDBI Bank. related news Bajaj Auto brings Husqvarna premium motorcycle brand to India Sebi orders LIC, SBI, Bank of Baroda to reduce stake to below 10% in UTI AMC by December 2020 Corporate Buzz podcast | Birla warns Vodafone Idea may shut; relief for Yes Bank; auto sales and more The top losers included NTPC and State Bank of India, each shedding … [Read more...] about Market Update: PSU bank index falls 1% dragged by Allahabad Bank, SBI; Vedanta, Airtel top gainers
Market Update: CNX metal down over 1% dragged by Tata Steel & SAIL; SBI, HDFC most active
The Indian benchmark indices were trading in the green on Friday afternoon with the Nifty gaining 18 points at 10,262 while the Sensex was up 63 points.The Nifty metal index was down 1.4 percent dragged by Bhushan Steel which plunged over 6 percent followed by Jindal Steel which fell 4 percent. SAIL and Tata Steel were the other losers.The Nifty PSU banking index was down over 1 percent dragged by Canara Bank, IDBI Bank, Allahabad Bank and Andhra Bank, each shedding 2-5 percent.Close From the Nifty the stocks which gained the most were Bajaj Finance which was up 1.9 percent while Tech Mahindra gained 1.7 percent. HDFC, Mahindra & Mahindra and Zee Entertainment were the other top gainers. related news Sebi orders LIC, SBI, Bank of Baroda to reduce stake to below 10% in UTI AMC by December 2020 D-Street Buzz: Banks bleed led by YES Bank, RBL Bank, SBI; Omaxe tanks 20% Shakti Pumps shares fall 3% … [Read more...] about Market Update: CNX metal down over 1% dragged by Tata Steel & SAIL; SBI, HDFC most active
Market Update: Broader indices in red despite Nifty PSU banks outperforming; JP Associates jumps 8%
The Indian markets on Wednesday morning were trading on a negative note with the Nifty shedding 48 points or 0.47 percent while the Sensex was down 129 points.The Nifty PSU banking index was trading higher by 0.8 percent led by IDBI Bank, Oriental Bank of Commerce, Bank of Baroda and Allahabad Bank.The top Nifty gainers included Tech Mahindra which added over 2 percent followed by Ambuja Cements, Yes Bank, UltraTech Cements and HCL Tech.Close The top Nifty losers included IOC which fell close to 3 percent followed by Bharti Infratel, HPCL, ONGC and HDFC. related news Sebi orders LIC, SBI, Bank of Baroda to reduce stake to below 10% in UTI AMC by December 2020 Enforcement Directorate set to confiscate Nirav Modi’s assets for auction Corporate Buzz podcast | Birla warns Vodafone Idea may shut; relief for Yes Bank; auto sales and more The most active Nifty stocks included PNB, State Bank of India, Reliance … [Read more...] about Market Update: Broader indices in red despite Nifty PSU banks outperforming; JP Associates jumps 8%
