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04th Jul, 2022

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Umang Papneja to be the new CEO of Julius Baer India

Published on: 3:17 pm

Ashish Gumashta will become executive chairman at Julius Baer India, and Mr. Papneja will report to Rahul Malhotra, head of global India and developed markets.
Umang Papneja transferred from IIFL Wealth Management, where he was chief investment officer, to the international wealth management firm. At IIFL Wealth Management, Papneja dealt with a variety of asset classes, including equities, real estate, fixed income, commodities, and alternatives.
Umang was the head of investments at Societe Generale private banking in Mumbai before joining IIFL Wealth in 2009.
Rahul Malhotra, head of global India, stated that Umang would be able to drive our growth plan and focus on developing a significant local presence by expanding our reach into more important cities in India. Read more

CIL Nova Petrochemicals's manufacturing plant shuts down for maintenance of power plant

Published on: 3:16 pm

CIL Nova Petrochemicals Ltd has announced that the operations of company's Manufacturing Plant located at Moraiya, Village, Sarkhej - Bavla, Highway Tal. Sanand, Ahmedabad has been temporarily shut down due to maintenance work of Captive Power Plant from July 01, 2022.
"There would not be any material impact, as it is a temporary shutdown of the Company's plant and there is sufficient inventory to service the sales orders in hand", the company in a regulatory filing. Read more

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As it prepares for long-haul flights and expand its reach, Air India is continuing its recruiting dr

Published on: 3:05 pm

Another recruiting drive for Air India has been scheduled in Bangalore, suggesting that the company's hiring binge under the new management is still going strong.
"Your zeal is what Air India needs. Join the #WingsOfChange crew and fly with us, "The drive was announced in a tweet by the airline on Saturday.
The Tata Group recently reacquired the formerly state-run airline, and according to sources, it will shortly place an order for some 300 aircraft to extend its services. This is taking place against the backdrop of the Tata Group's ongoing effort to combine the four airlines that the corporation currently flies—Air India, Vistara, Air Asia, and Air India Express. Read more

V-Mart Retail opens eleven new stores across India during Q1FY23; Stock gains 3.3%

Published on: 2:53 pm

V-Mart Retail Limited has informed that the Company has opened eleven new stores in the April - June quarter of FY 2022-23.
These include four stores in South India under the Unlimited Brand in the below states : Telangana (1), Andhra Pradesh (1), and Tamil Nadu (2) and,
Seven stores in rest of India under the V-Mart Brand, in the states : Bihar (1), Rajasthan (2), Uttar Pradesh (2), Madhya Pradesh (1) and Uttarakhand (1). Read More

To reduce CO2 emissions, Government orders the steel industry to create a time-bound action plan

Published on: 2:38 pm

The Ministry of Steel has asked the stakeholders to create a time-bound action plan to reduce emissions in the steel industry in accordance with the government's COP26 pledges.
A government document says that whereas the iron and steel sector generally generate 8% of the world's yearly carbon dioxide (CO2) emissions, it makes up 12% of the total CO2 emissions in India. Keeping in mind the agreements made at the COP26 climate change summit, the Indian steel sector must significantly reduce its emissions.
At the COP26 international climate summit in November 2021, Prime Minister Narendra Modi declared that India would achieve a goal of net-zero emissions by 2070. Read more

Ashoka Buildcon JV emerges lowest bidder for Rs611 crore project; Stock rises 3%

Published on: 2:27 pm

Ashoka Buildcon Limited had submitted its bid in Joint Venture (the Company is a Lead Member) with Cube Construction Engineering Limited to Department of Information Technology & Communication, Govt. of Rajasthan ("Authority") for the Project viz. 'Request for Proposal for Selection of Agency for Construction and Maintenance of Rajiv Gandhi Fintech Digital Institute, Jodhpur' (Project).
As per the filing, the Joint Venture emerged as "the Lowest Bidder" at the Financial Bid opening meeting held on July 1, 2022.
The awarded Bid Project Cost for the Project is Rs611 crore and the share of the Company in JV is 65%. Read more

India's growth rate would be too sluggish without changes: Raghuram Rajan

Published on: 2:06 pm

Former Reserve Bank of India governor Raghuram Rajan cautioned that if the urgently required changes are not carried out, the rate of economic development will sharply drop down.
"I believe that India can accelerate growth with the appropriate set of reforms. It will expand too slowly for its own benefit without that and more of the political unrest and faction warfare that always occur in India. We will have to examine how you implement changes at a faster speed "On July 4, Rajan spoke at a Standard Chartered event in Singapore. Read more

Oil prices recover from losses and increase due to supply concerns

Published on: 1:51 pm

On Monday, oil prices reversed their losses and began to rise as worries about a shortage due to lower OPEC production, turmoil in Libya, and sanctions against Russia outweighed worries about a possible global recession.
After dropping more than $1 in early trade, September Brent crude futures were up 55 cents, or 0.5 percent, at $112.18 a barrel.
Following a $1 earlier decline, U.S. West Texas Intermediate (WTI) oil futures for August delivery increased by 44 cents, or 0.4%, to $108.87 per barrel. Read more

Dollar's rise may be putting downward pressure on gold prices in US market

Published on: 1:36 pm

Gold prices remained over $1,800 on Monday (04-07-2022) despite bumpy trading as pressure from the strong U.S. dollar was somewhat countered by a fall in Treasury rates.
By 03:19 GMT, spot gold was up 0.1 %, trading at $1,811.99 an ounce. American gold futures increased by 0.6% to $1,812.10. On Friday, gold prices fell to a five-month low of $1,783.50 before rising to close the day almost unchanged.
When gold broke below $1,800 on Friday, "we saw buyers support it once again, and with U.S. rates continuing to retrace, it gives the opportunity for gold to advance over the near term," said Matt Simpson, senior market analyst at City Index. Read more

Ami Organics forms new wholly-owned subsidiary; Stock marginally up

Published on: 1:22 pm

Ami Organics Limited has informed that the Company has incorporated a Wholly Owned Subsidiary namely, “AMI ORGANICS ELECTROLYTES PRIVATE LIMITED” on June 30, 2022 under the provisions of Companies Act, 2013.
As per the filing, Ami Organics Electrolytes Private Limited shall commence its business operations in Chemical industry.
Ami Organics Electrolytes Private Limited is incorporated with the object to venture into manufacturing of Electrolytes for cells used in energy storage devices and other chemical substances and is in line with the business of Ami Organics Limited. Read more

Yellow metal will stay weak amid concerns about the global economy

Published on: 1:01 pm

On Monday (04-07-2022), gold prices inched down in global markets as a strong US dollar reduced demand for metals priced in US dollars and offset support from falling Treasury rates. As of 01:01 GMT, spot gold was down 0.2% at $1,807.19 per ounce after falling to a five-month low of $1,783.50 on Friday. The price of US gold futures dropped by 0.5% to $1,809.50.
On the Multi-Commodity Exchange (MCX), gold contracts were up 0.49 percent at Rs 52,172 for 10 grams at 9:36 am, while silver prices were up 0.1 percent at Rs 57,800 for a kilogram. Read More

Q1FY23 advances of HDFC Bank grow 1.9% sequentially, stock marginally up

Published on: 12:59 pm

As of June 30, 2022, HDFC Bank's advances totalled Rs13,950 billion, up 1.9% from the Rs13,688 billion earned during the January-March 2022 quarter.
Gross of transactions made using rediscounted interbank participation certificates and bills, advances increased by almost 22.5% on a YoY basis and 2.8% sequentially, the bank updated the stock exchanges on July 4.
Compared to the year-ago quarter, retail loans increased by 21.5%, commercial and rural banking loans by about 29.0%, and corporate and other wholesale loans by about 15.5%. Sequentially, loans of these segment grew 5.0%, 3.0% and remained flattish, respectively. Read more

Asian Granito's arm Future Ceramics begins work on Glazed Vitrified plant at Morbi

Published on: 12:26 pm

Future Ceramic Pvt Ltd - a wholly owned subsidiary of Asian Granito India Limited (AGL), one of the largest Luxury Surfaces and Bathware Solutions brands in the country has commenced work on the large format glazed vitrified tiles (GVT) plant at Morbi.
Land acquisition of the plant was completed in the month of May 2022. Bhoomi Poojan of the plant was completed on the auspicious day of Rath Yatra on Friday July 01, 2022.
To tap the vast potential in the GVT space, Future Ceramic Pvt Ltd is setting up a plant to manufacture value added large format GVT tiles in 1200x1200 mm, 1200x1800 mm, 1200x2400 mm, 800x1600 mm and 800x2400 mm formats. Installed capacity of the plant is 6.60 million sq. mtrs. per annum. Total estimated cost for setting up the unit is around Rs174 crore. The plant is expected to generate revenue of around Rs300 crore at optimum capacity. Read more

In early trading, the Indian rupee falls 9 paise to 79.03 against the US dollar

Published on: 12:04 pm

In the first transaction of the day on Monday (04-07-2022), the rupee fell 9 paise to 79.03 versus the US dollar as ongoing withdrawals of foreign capital dampened investor confidence.
The Indian rupee depreciated by 9 paise from the previous close to quote 79.03 at the interbank foreign exchange from an opening price of 78.97 versus the US dollar. Read more

Va Tech Wabag resumes operation of AGCC Russia project; Stock surges 2.5%

Published on: 12:00 pm

Va Tech Wabag Ltd stocks rally during Monday's afternoon session after intimation of resumption of AGCC Russia Project.
As per the filing, the Company has secured an Engineering and Procurement ('EP') order from Amur Gas Chemical Complex LLC. in Russia in August 2021.
Further, the company informed that the project has been progressing well and based on the progress achieved, the Company has invoiced and collected USD 21.61 Million. Read More

Easy Trip Planners incorporates wholly-owned subsidiary in New Zealand; Stock rises

Published on: 11:37 am

Easy Trip Planners Limited has informed to the exchanges regarding incorporation of wholly-owned foreign subsidiary.
As per the filing, the Company has incorporated a Wholly Owned foreign subsidiary at New Zealand on June 30, 2022 namely EaseMyTrip NZ Limited.
Further, "We will operate all three activities i.e. Inbound/Domestic, Outbound & E Commerce (Air Tickets, Hotel etc) and will commence its business operations in dues course", the company said. Read more

Market forecast for this week

Published on: 11:11 am

Indian equity markets are likely to see more net selling by FPIs this week. There is a very strong likelihood that rupee will breach the Rs 80/ dollar mark. This will cause more selling by FPIs. So markets are likely to remain under pressure this week too. Volatility may remain there in the market as it swings between short term value buying followed by quick profit-booking. Most market participants are now moving with a short term perspective as uncertainty hovers around everywhere.
US Federal Reserve Chairman Jerome Powell accepted on Friday that the risk of a recession, because of central banks increasing interest rates, is now very high. The trend in oil prices will also affect Indian equity markets this week. Some analysts are predicting that economic recession by the end of this year will be so severe that by January next year, central banks will have to reverse course and start cutting down interest rates, instead of raising it. If the economic recession at the ground level is much more than expected then oil prices willl go down. Read more

Ashoka Metcast appoints Hiren T Makwana as Chief Financial Officer

Published on: 11:09 am

Ashoka Metcast Limited has informed that Hiren Tribhovandas Makwana is appointed as the Chief Financial Officer of the Company with effect from July 02, 2022.
According to the regulatory filing, Hiren T. Makwana aged about 27 years is commerce graduate. He possesses more than five years of experience in the field of accountancy. He is capable to organize competent financial reporting.
"His appointment will not only aid the Company to fruitful investment of existing resources but also benefit the Company by providing strategic recommendation to the Management t eam to generate more assets for the Company", said Ashoka Metcast. Read more

JP Morgan changes rating on ONGC from Buy to Neutral

Published on: 11:07 am

Oil & Natural Gas Corporation (ONGC) shares continued to plummet on July 4 after dropping more than 13% on Friday as a result of brokerage firm JPMorgan India downgrading the stock in response to the new windfall tax.
Investors were taken aback on Friday when the government increased the country's crude oil output excise levy by $240 per tonne. The implementation of the special tax follows the recent surge in global crude oil prices to levels not seen in eight years.
J PMorgan, a brokerage firm, lowered the stock's recommendation from 'buy' to 'neutral' and lowered its price objective from Rs185 to Rs155 because it expects future profit estimates to be sharply reduced. Read more

Ripple adds 2% as Bitcoin declines amid mixed trends shown by the cryptocurrency market

Published on: 10:58 am

Early on July 4, major cryptocurrencies showed no movement. Over the past day, the market capitalization of all crypto assets increased marginally by 0.60% to $871.80 billion. On the other hand, over the past 24 hours, the overall volume of the crypto market fell by 2.72% to $40.12 billion.
DeFi's entire 24-hour volume was $4.10 billion, or 10.23% of the total crypto market volume. All stable coin volume was $36.64 billion, or 91.33% of the 24-hour volume of the whole crypto market.
Bitcoin was trading at about Rs15.61 lakh. Early today, the market domination of the biggest cryptocurrency in the world decreased slightly by 0.19% to 42.06%. Read more

Valuation of HDB Financial Services halves in the year gone by

Published on: 10:55 am

In the previous year, HDB Financial Services' (HDB) market value decreased by 50%, amid weak financial performance. Even while shares of competitors like Bajaj Finance have rebounded from their pandemic lows, shares of HDB are currently trading at roughly Rs625 per share in the private unlisted market, down from Rs1,200 at the pre-pandemic level.
A wholly-owned subsidiary of HDFC Bank, HDB Financial Services is owned by the latter to the tune of 95% of the business. Individuals, start-up companies, and small businesses can choose from a variety of loans and asset finance options from HDB. Read more

Venture Intelligence data: PE-VC funding grew 11% to $26.5 billion in the first half of 2022

Published on: 10:43 am

Private equity and venture capital (PE-VC) deal value increased 11% to $26.5 billion in the first half of 2022 from $23.9 billion in the same time the previous year, according to data from Venture Intelligence, amid concerns about a financing winter.
Even though the number of transactions signed increased by 27% to 667, the average check size has shrunk by 12.5% to $39.5 million. The largest startup funding rounds this year to date have been raised by Dailyhunt ($805 million), Byju's ($665 million), and ShareChat ($255 million) as part of a $520 million round that began in December of last year. Read more

Early-stage VC investments grew 30% year over year in the first quarter of FY23

Published on: 10:39 am

According to data gathered by analytics company Tracxn Technologies, late-stage investments decreased by almost 11% to $9.1 billion during the first quarter of 2022–23 from $10.3 billion a year earlier.
In the first quarter of 2022–23 (FY23), early-stage venture capital (VC) investments in India increased by almost a third compared to the same period in the previous year as investors became more cautious and placed smaller but longer-lasting commitments.
The previous three months have seen a decline in the value of global financial markets as central banks around the world have increased interest rates to rein in skyrocketing inflation. Large investors are reducing their exposure to high-growth technology businesses as a result, which has had the most impact on tech valuations globally. Read more

Bharat Forge successfully completes acquisition of JS Autocast at Rs489 crore

Published on: 10:37 am

Bharat Forge Limited has announced that it has successfully completed the previously announced acquisition of JS Autocast Foundry India Private Limited ("JS Auto"). The Enterprise Value of the transaction is Rs489.63 crore.
As per the regulatory filing, this acquisition significantly enhances our capabilities and addressable market segments both domestically and in export markets, especially in niche industrial segments. This transaction also brings with it significant synergies that particularly strengthen Bharat Forge’s positioning as a preferred ‘Industrial Solutions’ provider.
Recently, JSA has been granted Environmental Clearance to expand its existing foundry operations at SIPCOT from 21,768 TPA to 72,000 TPA. This coupled with 28,800 TPA foundry capacity at Coimbatore, provides a significant growth platform for the company. Read More

SEBI seeks information on companies whose ratings are enhanced with promoter or parent guarantees an

Published on: 10:36 am

Credit rating companies have been directed by the Securities and Exchange Board of India (SEBI) to submit information on all corporates whose ratings are supported by promoter or parent guarantees and share pledges. The capital market regulator has also asked for information on businesses that have consistently refused to disclose data with rating agencies, frequently for years.
Through techniques like "letters of comfort," "letters of undertaking," and stock collaterals, businesses can cut the cost of borrowing on bank loans and bonds while also raising their credit ratings a few notches. After the Reserve Bank of India (RBI) expressed its concerns about these arrangements, describing them as "diluted and non-prudent support systems," Sebi sought data from the companies. Read more

Sales of FMCG, electronic products decline in June as compared to May

Published on: 10:33 am

The value of the fast-moving consumer goods (FMCG) market in India decreased by 1%, while sales of electronic items like air conditioners and refrigerators plummeted by 25% from May to June, showing that demand is still being harmed by increased pricing.
According to the most recent study by Bizom and industry estimates, FMCG and consumer electronics have declined twice in a row.
Due to a low base from the prior year and the impact of the Covid second wave-led demand, the June quarter experienced an increase of 14%. Shrinkflation, or decreasing pack sizes without cutting prices, has assisted businesses in achieving value growth while volume has decreased over the previous year. Experts believe that both value and volume of consumption have been impacted by increasing costs, nevertheless. Read more

A technical glitch affects HDFC Bank's ability to recover money transferred erroneously

Published on: 10:23 am

Due to a technological glitch, HDFC Bank is having difficulty recovering money that was mistakenly transmitted to some clients.
The bank is reportedly attempting to collect money worth Rs100 crore from over 4,468 client accounts, according to a Mint report. According to a BQ Prime investigation, the unrecovered funds are between Rs35 and Rs40 crore.
Some of the clients who haven't been helping with the recovery process, according to BQ Prime, have complained of harassment from the bank. According to the story, which cited a source, the bank could need to take legal action to recoup the money. Read more

Online aggregators may have to disclose insurance commission received by firms: Report

Published on: 10:23 am

The Insurance Regulatory and Development Authority of India (IRDAI) is considering a proposal that makes mandatory for online platforms such as Policybazar, as well as other corporate agents to disclose their commissions they receive from insurance companies for selling their policies. to have a single limit for expenses made by insurance companies.
According to the report, IRDAI may soon consider a proposal that seeks to have a single limit for expenses made by insurance companies including operating expenses, commissions, rewards etc. Moreover under the proposed rules, web aggregators will have to disclose its charged commission rates and rewards that they are qualified to receive from insurance companies for selling their policies, products and plans. Read more

Volumes on crypto sites plunge as TDS rule takes effect

Published on: 10:17 am

Even though the rule requiring the deduction of tax at source on every transaction went into force on July 1, spot trade volumes on the cryptocurrency exchanges CoinDCX, WazirX, and Zebpay decreased by at least 70% on July 3 compared to June 30.
82% of WazirX's volumes were down, according to information from the crypto research and consultancy firm Crebaco. On CoinDCX, the fall was approximately 70%, while on ZebPay, it was 76%.
Since trading volumes are normally lower on the weekends, according to crypto exchanges, it is still too early to determine the exact impact of tax deducted at source (TDS), but other industry analysts predicted that pressure will likely continue on trade. Read more

TVS Motor Company sales grows by 22% yoy in June 2022; Stock plunges 3.4%

Published on: 9:44 am

TVS Motor Company has registered a growth of 22% in June 2022 with sales of 308,501 units as against 251,886 units in the month of June 2021.
Two-Wheeler Total two-wheelers registered a growth of 23% in June 2022 with sales increasing from 238,092 units in June 2021 to 293,715 units in June 2022. Domestic two-wheeler registered growth of 33% with sales increasing from 145,413 units in June 2021 to 193,090 units in June 2022.
Further, Motorcycle registered sales of 146,075 units in June 2022 as against 146,874 units in June 2021. Scooter sales of the Company grew from 53,956 units in June 2021 to 105,211 units in June 2022, informed the company. Read more

Markets trade flat as metal stocks extend losses; Nifty around 15,700 levels

Published on: 9:39 am

Indian markets trade on a flat note but in red tracking mixed Asian counterparts on Friday. The bulls were cast away as metal stocks extended their losses despite other sectoral indices were broadly in the green. IT, auto and oil & gas stocks were on the subdued level. Also, market movementes will be majorly influenced by the Q1 results starting with TCS's result on July 8.
In the early deals, Sensex has touched an intraday high and low of 53,067.49 and 52,744.57 respectively. Nifty 50 clocked the day's high and low of 15,797.45 and 15,695.05 respectively.
At around 09.36 AM, Sensex was trading at 52,832.49 down by 75.44 points or 0.14%. Nifty 50 was performing at 15,705.45 lower by 46.60 points or 0.30%. Read more

HDFC-HDFC Bank proposed merger receives green signal from stock exchanges

Published on: 9:33 am

According to a regulatory filing by HDFC, the stock exchanges received the email on Saturday.
According to the filing, HDFC Limited has obtained observation letters with "no adverse observations" from BSE Limited and "no objection" from the National Stock Exchange of India Limited, both dated July 2, 2022.
The statement said that the amalgamation plan is still awaiting permission from a number of statutory and regulatory bodies, including the Reserve Bank of India, the National Company Law Tribunal, the Competition Commission of India, and the respective shareholders and creditors of the companies. Read More

USFDA conducts inspection at Glenmark Pharma's Aurangabad manufacturing facility

Published on: 9:19 am

Glenmark Pharmaceuticals Ltd has informed that the U.S. FDA has issued Form 483 with one observation after an inspection at the Company’s formulation manufacturing facility based out of Aurangabad, India between June 27, 2022 and July 1, 2022.
As per the filing, the company is committed to undertake all necessary steps required to address their observation at the earliest.
The Company is committed to maintaining the highest quality manufacturing standards at all of its facilities across the globe. Read more

Hero MotoCorp sells 13.9 lakh units in Q1FY23; Stock climbs 1%

Published on: 9:17 am

Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters has sold 13.90 lakh units in the first quarter of the Financial Year (April-June) 2022-23. This is a robust double-digit growth of 35.7% over the corresponding quarter of the previous fiscal (FY’22), when the Company had sold 10.25 lakh units.
Sequentially, this translates into a growth of 17% over the last quarter of the fiscal year (January-March) 2021-2022, when the Company had sold 11.89 lakh units.
The growth in volumes indicate the continuously improving consumer sentiment and the company expects the positive trend to continue in the coming months, on the back of a decent monsoon, and encouraging farm activity. Read more

WardWizard clocks 127% yoy growth for June 2022; Sells 2,125 units of electric two-wheelers

Published on: 9:16 am

WardWizard Innovations and Mobility Ltd, manufacturers of the country’s leading electric two-wheeler brand, "Joy e-bike" has clocked a growth of 127% in June’22 over the last year. The company sold 2,125 units of low-speed and high-speed electric two-wheelers in June’22 as against 938 units in June’21.
As per the press release statement by the company, "It is noteworthy that the company has already sold more than 8,000 units (8,267) of electric scooters and motorcycles in the first quarter of this financial year (April - June 2022), logging a growth of 338% as compared to the same period of last financial year (April- June 2021)."
Speaking on the sales performance and deliveries, Yatin Gupte, Chairman & Managing Director, Wardwizard Innovations & Mobility Ltd., said, “Electric two-wheelers are becoming part of a large number of households in both the urban and semi-urban cities. However, due to varied challenges related to the unavailability of raw materials, we are unable to meet the growing market demand. Read more

Export duty increase on refined oil products may recover loss from excise duty cuts

Published on: 9:16 am

According to industry insiders, the government will recover more than three-fourths of the money it lost when it reduced the excise duty on gasoline and diesel to lower the skyrocketing inflation, through the windfall tax on export of domestically produced oil and refined petroleum products.
India joined a narrow group of countries on July 1 that tax oil firms' windfall earnings as a result of rising energy prices. As of July 1, the government levied taxes of Rs. 6 per liter on the export of gasoline and jet fuel (ATF) and Rs. 13 per liter on the export of diesel.
Additionally, locally produced crude oil was subject to a levy of Rs 23,250 per tonne. Read more

Hindustan Motors planning to enter into a JV with a European company for electric two wheelers produ

Published on: 9:16 am

According to a senior official, Hindustan Motors (HM), the former manufacturer of the legendary "Ambassador" automobiles, plans to establish a new joint venture with a European partner to produce electric two-wheelers by the end of the year. At a later time, it might consider producing electric four-wheelers, he said.
According to Hindustan Motors Director Uttam Bose, the financial due diligence of both firms would begin in July and take two months to complete. After that, the technical components of the joint venture will be examined, which will take another month.
Only after that will decisions about investment structuring and the creation of the new company be made, which is anticipated to be finished by February 15th. Read more

FY22 witnessed sharp decline in banking frauds above Rs100 crore

Published on: 8:49 am

With banks reporting cases of Rs41,000 crore in 2021–22 compared to Rs 1.05 lakh crore the year before, frauds in the banking sector involving amounts over Rs100 crore have drastically decreased. 118 fraud instances were reported in private and public sector banks in FY22, down from 265 in FY21, according to government data.
According to the report, the total number of fraud cases involving over Rs100 crore in private sector lenders decreased to 38 in FY22 from 98 in FY21, while it decreased to 80 for public sector banks (PSBs). The total amount for PSBs has decreased from Rs65,900 crore in FY21 to Rs28,000 crore. In FY22, the decrease for private sector banks is from Rs39,900 crore to Rs13,000 crore.
The RBI has been taking several actions in an effort to stop fraud, including enhancing the effectiveness of the Early Warning System (EWS) framework, strengthening the governance and response system for fraud, enhancing data analysis for transaction monitoring, and establishing a special Market Intelligence (MI) Unit for frauds. Read more

In June, equity losses reached Rs50,203 crore as the FPI crisis continues after nine months

Published on: 8:31 am

Foreign investors continued their relentless selling spree for the ninth month in a row in June, selling Indian shares worth Rs50,203 crore — the highest net outflow in more than two years — as a result of the US Federal Reserve's aggressive rate hike, high inflation, and the relatively higher valuation of domestic equities.
The first half of 2022 saw foreign portfolio investors' greatest net withdrawal from domestic stocks (FPIs), totalling almost Rs2.2 lakh crore. Prior to that, statistics from depositories showed that FPIs withdrew Rs52,987 crore over the entire 2008 year.
The significant capital flight has also led to the weakening of the rupee, which last week for the first time crossed the 79-mark versus the US dollar. FPI flows are likely to remain unstable in the near future, analysts warn. Read more

Markets may start the day today in red

Published on: 8:21 am

Indian markets are likely to begin the day in Red. Many are now expecting the rupee to breach the Rs 80/ $ mark. Further decline in rupee may trigger further sell-off by Foreign Portfolio Investors. SGX Nifty too is in the red today. It is down by 0.19% since morning. Reliance and ONGC stocks may see some buying today after the declines that they saw on Friday. This may push up the prices of these stocks.
US markets ended the Friday session at day's highs with Dow Jones gaining over 320 points. Nasdaq gained 100 points.This as bond yields hit 2.87%, the lowest in over 2 months with the market pricing in Federal Reserve action on rates later this month.Crude oil prices eased further to US$107 as demand concerns ease.
Asian markets have opened in the green, led by the Japanese 'Nikkei' and the ASX which were up nearly 1-1.5% in early trade after the US markets closed higher on Friday.This also as today being US Independence Day, the US markets will remain closed.Chinese stocks will see action as markets react to growth numbers which matched expectations. Read More

Top 10 stocks for today

Published on: 8:16 am

Here are the top 10 stocks for today which are likely to see movement in their prices:
HDFC:
One of the largest business deals in Indian history, the proposed merger of HDFC and its banking arm HDFC Bank, has been approved by stock exchanges. Both stock markets have given HDFC and HDFC Bank their approval. Read More