Sebi to curb finfluencers to help investors get accurate, unbiased info

The rise of financial influencers or finfluencers, who charge as high as Rs 7.5 lakh for a post on social media, introduced a new way for people to access and interpret financial information, and now they will soon come under the regulatory purview as Sebi proposed measures to curb their mushrooming numbers. The proposed move by Sebi not only ensures that investors receive accurate and unbiased information but also helps in preserving authenticity and reducing fraud, Anand Rathi Wealth Deputy CEO Feroz Azeez told PTI. Under the proposal, finfluencers need to be registered with Sebi and adhere to specific guidelines. Also, it has been proposed to ban unregistered finfluencers from partnering with mutual funds and stockbrokers for promotional activities. While many finfluencers provide valuable insights, there has been a growing concern over the potential risks associated with unregulated finfluencers who might offer biased or misleading advice. They usually work on a commission-based

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BSE changes Jio Financial Services stock price band to 20% from 5%

Leading stock exchange BSE has revised the circuit limit of Jio Financial Services, the demerged non-banking financial services unit of Mukesh Ambani-led Reliance group, to 20 per cent from the existing 5 per cent. The new limits will be effective from Monday, September 4, according to a notification issued by BSE. The move would ensure stock prices do not fluctuate beyond a prescribed level during a session. Further, market experts believe that the stock will be out of the trade-to-trade segment next week. Apart from Jio Financial, the price band for nine companies, including RailTel and India Pesticides, has been revised to 10 per cent. A circuit filter mechanism is used by BSE to keep in check excessive volatility in a scrip. It is the maximum fluctuation that is allowed in a stock in a day. Additionally, the stock of Jio Financial was removed from all the BSE Indices, including the benchmark Sensex, on September 1. Shares of Jio Financial got listed on the stock exchanges on

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Mcap of seven of top 10 firms falls Rs 62,279 cr; Reliance biggest laggard

The combined market valuation of seven of the top 10 valued firms eroded by Rs 62,279.74 crore last week, with Reliance Industries taking the biggest hit. While Reliance Industries, Tata Consultancy Services (TCS), ICICI Bank, Hindustan Unilever, ITC, State Bank of India and Bharti Airtel were the laggards from the top 10 pack, HDFC Bank, Infosys and Bajaj Finance were the gainers. The market valuation of Reliance Industries fell by Rs 38,495.79 crore to Rs 16,32,577.99 crore. Hindustan Unilever's valuation tumbled Rs 14,649.7 crore to Rs 5,88,572.61 crore and that of Bharti Airtel declined by Rs 4,194.49 crore to Rs 4,84,267.42 crore. The market capitalisation (mcap) of ITC went lower by Rs 3,037.83 crore to Rs 5,50,214.07 crore and that of ICICI Bank dipped Rs 898.8 crore to Rs 6,78,368.37 crore. The mcap of TCS diminished by Rs 512.27 crore to Rs 12,36,466.64 crore and that of State Bank of India dropped by Rs 490.86 crore to Rs 5,08,435.14 crore. However, the valuation of HDF

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Rice prices in Asia hit 15-yr high after India's 6-week campaign of curbs

Rice is vital to the diets of billions and contributes as much as 60% of the total calorie intake for people in parts of Southeast Asia and Africa

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Gold prices fell by Rs 110, silver down by Rs 500, trades at Rs 77,100/1 kg

The price of 22-carat gold fell by Rs 100, with the yellow metal selling at Rs 55,050

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Rishabh Instruments IPO subscribed 31.65 times on last day of bidding

The Initial Public Offering (IPO) of global energy efficiency solution company Rishabh Instruments was subscribed 31.65 times driven by heavy demand from institutional buyers on the last day of bidding on Friday. The IPO received bids for 24,65,71,162 shares against 77,90,202 on offer, as per the NSE data. The category for Qualified Institutional Buyers (QIBs) received a whopping 72.54 times subscription, while the quota for non-institutional investors got subscribed 31.29 times and Retail Individual Investors (RIIs) 8.44 times. The IPO comprises a fresh issue of equity shares aggregating up to Rs 75 crore and an Offer For Sale (OFS) of up to 94.3 lakh equity shares by its promoter group shareholders and an existing investor. The company has fixed a price band for the IPO at Rs 418-441 per share. On Tuesday, the company said it raised Rs 147.23 crore from anchor investors. Proceeds from the issue worth Rs 59.50 crore will be used towards financing the expansion of its manufacturi

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Metal stocks shine; Tata Steel, Hindustan Copper, SAIL surge up to 5%

The key steel consuming sectors are expected to perform well in FY24, supported by a rise in infrastructure spend by the Government and gradually improving semiconductor supply

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Genus Power freezes 5% upper circuit on order wins worth Rs 2,247 crore

The company has received a letter of award (LOA) of Rs 2,247.4 crore for appointment of Advanced Metering Infrastructure Service Providers (AMISPs)

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Wall Street shows mixed response, dollar gains after inflation data

The tech-laden Nasdaq was modestly higher, the S&P 500 was essentially flat, while the Dow turned negative

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NSE starts onboarding MF platforms as EOPs; shares of Aeroflex gain 50%

Shares of Aeroflex Industries rose over 50 per cent over their issue price in their stock market debut on Thursday

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Gokaldas Exports crashes 10% as investors book out post 42% rally in 2 days

On Tuesday, the readymade garment manufacturer and exporter entered into an agreement to acquire Atraco Group for $55 million

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Adani stocks retreat on OCCRP report; Adani Energy, Adani Power slide 4-5%

Adani Group today categorically rejected allegations of hidden foreign investors in a report by the George Soros-owned Organised Crime and Corruption Reporting Project.

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Aeroflex makes stellar debut, lists at 83% premium over its issue price

Backed by famous investor Ashish Kacholia, Aeroflex made a strong debut on exchanges as shares listed at 83% premium of Rs 197.4 over its issue price of Rs 108 per share on the BSE

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Gold rallies to Rs 60,000, silver prices appreciate to reach Rs 77,600

The price of ten grams of 24-carat gold in Delhi, Bengaluru, and Chennai is Rs 60,150, Rs 60,000, and Rs 60,330, respectively

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Stocks to Watch, Aug 31: Sula Vineyard, RVNL, Natco Pharma, Kamat Hotels

Stocks to Watch on today, August 31, 2023: Verlinvest Asia PTE is seeking to divest up to a 12.56 per cent stake in Sula Vineyards Ltd through a block deal today

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Stock Market Live: Global shares exhibit strength; Brent above $86/barrel

Stock market live updates: At 6:50 am, the Gift Nifty Futures rose 35-odd points to quote at 19,480 levels, a against Nifty Futures' Wednesday close

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Gokaldas Exports shares settle 18% higher; hit 52-week high for 2nd day

Extending its rally for the second straight session, shares of Gokaldas Exports on Wednesday settled more than 18 per cent higher a day after the company said it has entered into an agreement through its wholly-owned subsidiaries to acquire UAE-based Atraco Group. The stock of the company opened on a bullish note at Rs 780, then gained further ground and rallied 18.68 per cent to close at Rs 873.85 apiece on the BSE. On the NSE, it zoomed 14.78 per cent to end at Rs 844 per share. During the day, it touched a 52-week high of Rs 883.55 and 882.40 per piece on the BSE and NSE, respectively, for the second consecutive day. On the volume front, 8.46 lakh shares were traded on the BSE, while more than 1.21 crore shares were traded on the NSE, during the day. The company commanded a market valuation of Rs 5,300.03 crore on the BSE. The 30-share BSE Sensex and Nifty closed on a flat note at 65,087.25 and 19,347.45 points, respectively. On Tuesday, Readymade garment manufacturer and exp

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Sensex, Nifty shed early gains to end flat; decline in banking, power share

The 30-share BSE Sensex ended 0.02 per cent or 11.43 points higher at 65,087.25 points, marking its third straight day of gains

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Stocks to Watch, Aug 30: Zee Ent, Zomato, Suzlon, Lupin, Airtel, Unichem

Stocks to Watch today, August 30, 2023: Billionaire Sunil Mittal's backed telecom services provider Airtel Uganda Ltd plans to raise $216 million in an initial public offering (IPO)

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Nifty FMCG, Metal: Guide to plan your trading strategy

According to Ravi Nathani, an independent technical analyst, the Nifty FMCG index seems range-bound, while the Metal index looks bullish.

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PG Electroplast soars 14% as Rs 500 cr QIP issue opens

The consumer electronics proposed to raise around Rs 500 crore through QIP, fixed the floor price of Rs 1641.09 per equity share for the issue.

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Gokaldas Exports hits 20% upper circuit on Atraco acquisition

With this acquisition company will gain access to low-cost duty-free locations for manufacturing.

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Silver remains unchanged, gold falls by Rs 50, trading at Rs 59,400/10g

The price of 22-carat gold fell by Rs 50, with the yellow metal selling at Rs 54,450

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Stock Market Live: Gift Nifty flat; RIL, Adani Group, NBCC top stocks eyed

Stock market live updates: At 7:00 am, Gift Nifty Futures was up 31-odd points to quote at 19,352 levels, as against Nifty Futures' Monday close.

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Nifty Private Bank index may spurt up to 25,525; Look to buy the dips

According to Ravi Nathani, an independent technical analyst, traders can keep a stop at 22,800 while taking a long position in the Nifty Private Bank index.

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University of Notre Dame sells 3% stake; Vishnu Prakash IPO subscribed 88x

The company was looking to issue Rs 309 crore in fresh capital through the IPO

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B20 summit: PM Modi calls for framework on crypto, ethical use of AI

Prime Minister Narendra Modi on Sunday called for a global framework on cryptocurrencies, and an ethical usage of artificial intelligence (AI). Addressing the B20 Summit India 2023, organised by CII here, the prime minister also called for observing 'International Consumer Care Day' once a year and switch over to 'green credit' from the current practice of carbon credit trading. Modi also said India has become the face of digital revolution in the era of Industry 4.0, and also holds an important place in building an efficient and trusted global supply chain. "There is a challenge associated with cryptocurrencies. In this matter maximum integrated approach is needed. I think there is a need for preparing a global framework which should take care of interests of all stakeholders," the prime minister said. Modi further said a similar approach is needed regarding AI. Making a strong pitch for focus on 'consumer care', he asked global businesses to consider observing 'International ...

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FPIs invest Rs 10,689 cr on inflation risks in Aug; pace of investment slow

The next Federal Open Market Committee (FOMC) meeting is scheduled for September 19-20

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FDI equity inflows into India dip 34% to $10.94 bn in April-June 2023

Inflows dipped in segments including computer hardware and software, trading, automobile and pharma

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Fine slapped on IOC, ONGC, GAIL for failure to meet listing regulations

Stock exchanges have slapped fines on state-owned oil and gas firms including IOC, ONGC and GAIL for their failure to meet listing requirements of having a requisite number of independent directors and women directors. In separate filings, the companies detailed the fines imposed by the BSE and NSE but were quick to point out that appointment of directors was done by the government and they had no role in it. Oil and Natural Gas Corporation (ONGC) was slapped a Rs 3.36 lakh fine, while Indian Oil Corporation (IOC) was asked to pay Rs 5.36 lakh fine. Gas utility GAIL was slapped Rs 2.71 lakh fine, Hindustan Petroleum Corporation Ltd (HPCL) Rs 3.59 lakh, Bharat Petroleum Corporation Ltd (BPCL) Rs 3.6 lakh, Oil India Ltd Rs 5.37 lakh and a fine of Rs 5.37 lakh was imposed on Mangalore Refinery and Petrochemicals Ltd (MRPL). Except for IOC which was slapped with the fine for not having the required one woman director on the board, all the companies were fined for violating the norm of

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M-cap of 3 of 10 firms erodes by Rs 82,082.91 cr, Reliance biggest laggard

The combined market valuation of three of the top-10 most valued firms eroded by Rs 82,082.91 crore last week, with Reliance Industries taking the biggest hit. From the top-10 pack, Reliance Industries, HDFC Bank and State Bank of India were the three laggards, while Tata Consultancy Services (TCS), ICICI Bank, Hindustan Unilever, Infosys, ITC, Bharti Airtel and Bajaj Finance were the gainers. The combined gain of the seven firms stood at Rs 67,814.1 crore. Last week, the BSE benchmark declined 62.15 points or 0.09 per cent. The market valuation of Reliance Industries fell by Rs 58,690.9 crore to Rs 16,71,073.78 crore. HDFC Bank's valuation eroded by Rs 20,893.12 crore to Rs 11,81,835.08 crore and that of State Bank of India declined by Rs 2,498.89 crore to Rs 5,08,926 crore. However, the market capitalisation (mcap) of Bajaj Finance jumped Rs 21,025.39 crore to Rs 4,36,788.86 crore. The valuation of ICICI Bank rallied Rs 13,716.34 crore to Rs 6,79,267.17 crore and that of Infos

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