BUSINESS
SEBI bars Kotak Mahindra AMC from launching new FMP schemes for 6 months
The capital market regulator has also imposed a penalty of Rs 50 lakh on the the AMC, along with asking the company to refund a part of the investment management and advisory fees collected from the unitholders of the six FMP schemes. The refund would be equivalent to the percentage of exposure to the Zero Coupon Non-Convertible Debentures.
Pandemicproof: India's Q1FY22 GDP growth seen ranging above 14% in Q1FY22
Accordingly, the period from April-June 2021 had less stringenet lockdown norms than the same period of 2020. These partial lockdowns were mainly regional in nature. Besides, a steady growth in exports as well as robust performance of agricultural sector is expected to give a push to GDP growth.
SC to SEBI: Don't take coercive steps against NDTV promoters
At the beginning of the hearing, Solicitor General Tushar Mehta, representing SEBI, requested a bench headed by Chief Justice N.V. Ramana to adjourn the matter for next Friday and the other side has also given consent for it. Justice Ramana said: "But, do not take coercive steps" Mehta said yes, there is an order. Justice Ramana queried, "What is the stage of the appeal?"
Sensex trades flat, financial stocks fall
Selling pressure was witnessed in financial stocks, while IT stocks rose. Around 10.50 a.m., Sensex was trading at 55,997.10, higher by 48 points or 0.09 per cent from its previous close of 55,949.10. It opened at 55,862.93 and has so far touched an intraday high of 56,003.77 and a low of 55,675.87 points.
With crude fluctuating around $70 a barrel-mark, OMCs keep fuel rates static
Still in the wait and watch mode, OMCs decided to keep fuel prices static on Friday, the third consecutive day of no price revision. Accordingly, in the national capital, petrol continued to be sold for Rs 101.49 per litre and diesel Rs 88.92 a litre. Across the country as well fuel prices remained unchanged on Friday .
Underground Unitech office found, SC orders brothers' transfer from Tihar to Mumbai jails
A bench of Justices D.Y. Chandrachud and M R Shah passed the order following a report by the Enforcement Directorate claiming it has found a "secret underground office", which was being operated by their father and Unitech founder Ramesh Chandra, and both his sons Sanjay and Ajay visited the office, when on parole or bail. The agency has alleged that it was done in collusion with the Tihar Jail authorities.
Domestic gas producers allowed to sell 10% output on exchanges
As per an office memorandum of the Petroleum and Natural Gas Ministry, domestic gas producers who have been granted marketing and pricing freedom after recent changes in the policy, will now be permitted to sell 500 million standard cubic metre (MSCM) or 10 per cent of annual production from the contract area through exchanges authorised by downstream regulator PNGRB.
Global energy giants may join BPCL privatisation race
Along with Anil Agarwal-led Vedanta, Apollo Global Management, and Think Gas (promoted by I Squared Capital) are reportedly among parties who have submitted bids for the state-run energy major. Major energy giants including Reliance Industries, Saudi Aramco, the UAE's Adnoc, and the UK's BP, have not placed interest for the state-run oil major so far.
India grants permission for restart of 737Max ops
Aviation regulator DGCA granted the safety permission to operators of Boeing 737Max to restart operations. "This rescission enables operation of Boeing Company Model 737-8 and Boeing Company Model 737-9 airplanes only upon satisfaction of applicable requirements for return to service," the DGCA said in its order. At present, only SpiceJet has 737Max in their fleet.
FPIs sold stocks in financial, IT sectors in July
FPIs pulled out $1,535 million from financial stocks last month, according to a report by Kotak Institutional Equities. IT and industrials witnessed an outflow of $465 million and $218 million, respectively, worth of foreign portfolio investments. Net FPI outflow from the equities stood at Rs 11,308 crore in July, as per NSDL data. NSDL data shows that FPI assets under custody increased marginally in July.
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