BUSINESS
NSE seeks explanation from member for Nifty futures trades at higher than prevailing prices
In a statement issued on Tuesday, the exchange said that it has received some enquiries about certain Nifty futures trades that were higher than the prevailing price on July 5, 2021. "An explanation has been sought from the member as to why the order was placed at a price higher than prevailing price in the market which could have misled the market," it said.
SEBI defines 'same line of business' under delisting norms
The capital market regulator, defining 'same line of business', said that at least 50 per cent of revenue from the operations of the listed holding and listed subsidiary company must come from the same line of business. Further, not less than 50 per cent of the net tangible assets of the listed holding and listed subsidiary must have been invested in the same line of business.
Tata Motors shares hit 10% lower circuit
At 3 p.m., its shares on the BSE were at Rs 321.40, lower by Rs 24.65 or 7.12 per cent from its previous close. It has touched an intra-day low of Rs 311.45 per share. After a positive trend for a large part of the day, the decline started around 2 p.m. Retail sales for the first quarter ending June 30 were 1,24,537 vehicles, 68.1 per cent higher than the 74,067 vehicles sold in Q1 last year.
Amount of cash held up between companies and suppliers at record high
This is among the key findings of the 2021 edition of JP Morgan's Working Capital Index report published this month, Global Trade Review reported. "Covid-19 has further exposed the vulnerabilities of global supply chains, which were already under pressure in recent years as a result of the geopolitical trade tensions," said Gourang Shah, global head of treasury for wholesale payments at JP Morgan.
Rolls-Royce welcomes support from Jaguar Land Rover for world record attempt
The exciting project will be carbon neutral and to support this ground-breaking innovation, Jaguar Land Rover is loaning all-electric zero emission Jaguar I-PACE cars as towing and support vehicles. The aircraft has been created by the ACCEL programme, short for ‘Accelerating the Electrification of Flight', which includes key partners YASA, the electric motor and controller manufacturer.
Gold futures near Rs 48K/10 gm, silver above Rs 70K/kg
Currently, the August contract of gold on MCX is at Rs 47,882 per 10 gram, higher by Rs 583 or 1.23 per cent from its previous close. Tapan Patel, Senior Analyst (Commodities), HDFC Securities, said that international gold prices rallied, giving breakout of short term resistance above $1,800 per ounce. The weaker dollar and economic growth concerns over higher oil prices.
NCLAT issues notices to CoC, DHFL and Piramal on 63 moons plea
The NCLAT agreed to hear the petition by 63 moons technologies, challenging the NCLT's nod for Piramal's resolution plan. Seeking interim protection from NCLAT, in its plea, 63 moons said the resolution plan execution is subject to the NCLAT nod. It must be noted that 63 moons technologies has described the current resolution plan as disappointing for NCD holders.
Domestic air pax traffic expected to grow 41-42% sequentially
Besides, ICRA said the airlines' capacity deployment for June 2021 was around 46 per cent higher than June 2020. .According to Kinjal Shah, Vice President & Co-Group Head, ICRA: "For June 2021, the average daily departures were at 1,100, significantly higher than average daily departures of 700 in June 2020, and higher than 900 in May 2021, though remains significantly lower than 2,000 in April 2021."
Covid hits housing supply, launches down 59% in April-June
A total of 21,839 new units were launched in these markets during April-June, lower by 59 per cent compared to the launches in January-March. New launches show an increase of 74 per cent. With most states announcing relaxations in travel movements amid a dip in the number of daily new infections, the month of June has seen a pick-up in demand in real estate, showed the report by PropTiger.com.
NSE Midcaps, Smallcaps generate consecutive positive monthly returns
According to the India Strategy report of Motilal Oswal Financial Services, "The NSE Midcap 100/NSE Smallcap 100 indices have generated consecutive positive monthly returns of 102 per cent/67 per cent in the last 13 months/8 months." Nifty's underperformance in comparison to the midcap index on a 12-month rolling basis is at the highest levels since the global financial crisis (GFC).
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