Manas ChakravartyAt last, we know why the central government was so keen on trying to get the Reserve Bank of India (RBI) to part with its reserves or to speed up bank lending. It was a bit of a mystery why the government of the fastest-growing large economy on the planet was so concerned about growth. The results of the state elections tell us that huge sections of the population were being left out of that growth and the ruling party knew that and was terribly worried about it.The signs of disenchantment have been visible for quite some time. As we pointed out a few days ago, the Reserve Bank of India’s consumer confidence survey showed widespread pessimism about the economy, which has now been translated into votes against the government.Close Is there reason for concern? These were state elections, where local issues dominate and things may well be different in the national elections. More fundamentally, as some economic commentators point out, do governments really make all … [Read more...] about Opinion | What the results of the state elections mean for Modi’s Brave New India
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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
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?
Here are some stocks that are in the news today:CSB Bank: The lender is to make a debut on bourses on December 4, final issue price at Rs 195 per share.Close Ujjivan Small Finance Bank IPO closes today related news This stock has gained 77% in the last 14 consecutive sessions Shakti Pumps shares fall 3% after CARE revises credit rating BPSL insolvency: NCLAT asks ED, Centre to file affidavits on JSW Steel immunity plea on Dec 12 Crompton Greaves Consumer Electricals: SBI Mutual Fund bought 30,096,000 shares of the company through a bulk deal on BSE.Max India - IRDAI approves divestment of its 51% stake in Max Bupa Health Insurance Company to True NorthIFCI - ICRA revised ratings of fund based Bank limits, long term bonds (including Subordinated Debt) and bonds / NCD (Public Issue) from ICRA BBB to ICRA BBB-Future Consumer: CARE Ratings has re-affirmed its rating assigned to the company's commercial paper worth Rs 100 crore.Natco Pharma: The company had completed the … [Read more...] about Stocks in news: Max India, CSB Bank, CG Consumer, HDFC AMC, Bajaj Finance, Natco Pharma, NBCC
The Indian markets on Monday afternoon continued to trade on a positive note with the Nifty jumping 133 points at 10,360 while the Sensex zoomed 431 points.The Nifty FMCG Index jumped 2.1 percent led by stocks including ITC which gained 3 percent while United Spirits added 4.2 percent. The other FMCG gainers included Tata Global Beverage and United Breweries.The Nifty IT index gained 1.5 percent led by HCL Tech which was up close to 3 percent while Infosys was up 2 percent. Wipro and Cyient were the other top IT gainers.Close The Nifty PSU banking index was however down 2.4 percent dragged by Andhra Bank which plunged close to 12 percent after the Enforcement Directorate filed a charge sheet against a former bank director in an alleged Rs 5,000-crore bank fraud case involving a Gujarat-based pharma firm. related news CLSA remains bullish on Bharti Airtel as fund-raising plan assuages AGR-risk concerns D-Street … [Read more...] about Market Update: CNX FMCG up 2% led by ITC, United Spirits; Bharti Airtel up 3.5%; PSU banks drag