WhatsApp Financial News

Axis Bank on Wednesday increased its holding in Max Life to 19.99 per cent for Rs 336 crore. The acquisitions, divestments and merger Committee of the board of directors of the bank at its meeting held on June 19, 2024, has approved a proposal for acquisition of additional equity shares of Max Life by the bank for an amount of up to Rs 336 crore, Axis Bank said in a regulatory filing. With this, the aggregate shareholding of Axis Entities increased from 19.02 per cent to 19.99 per cent, it said.

Bank of Maharashtra is likely to raise up to Rs 1,000 crore through the issuance of 10-year tier-II bonds at the end of June as the state-owned lender looks to garner long-term funds at a time when credit growth is stronger than deposit growth. The bank’s bond issuance is likely to have a base size of Rs 250 crore and a greenshoe option worth Rs 750 crore, market sources said.

forensic infrastructure in the country, Prime Minister Narendra Modi-led Union Cabinet on Wednesday approved a new scheme 'Central Sector Scheme “National Forensic Infrastructure Enhancement Scheme” (N.F.l.E.S.)' with financial outlay of Rs.2254.43 crore. The Cabinet has approved the following components under this Scheme:

Vedanta Ltd is planning to spend $5 billion over the next decade as it looks to cut its carbon emissions by a fourth by 2030. The natural resources major eventually aims to be net neutral on carbon emissions by 2050. It will have 2.5 GW of renewable energy round-the-clock by 2030, of which 838 MW is currently under construction. The company is also targeting decarbonizing its complete light motor vehicle fleet by 2030, and three-fourth of its mining fleet by 2035, it shared in its annual report for 2023-24 (Apr-Mar). Last year, the company has invested $210 million on decarbonisation, and 7% of its light motor vehicle fleet was decarbonized. The company aims to achieve 50% decarbonization by the end of the current fiscal.

AGS Transact is looking to raise Rs 200 crore to expand its operations. While the promoter group, led by founder Ravi Goyal, will invest Rs 150 crore the remaining will be brought in by non-promoter investors led by marquee high networth individuals including Ayush Mittal, Ashit M Mehta and Rajiv Mehta. In an exchange filing the company had said that its board of directors had approved fund raise by way of preferential warrants to promoter and promoter group along with Non-Promoters at a price of Rs. 79.25 per share.

Reserve Bank of India net sold $3.6 billion in the foreign exchange market in April — marking the first net dollar sale in four months — as escalating tensions in the Middle East likely prompted the central bank to intervene in the market to curb volatility in the rupee’s exchange rate. Latest RBI data showed that on a gross basis, the central bank sold $11.65 billion in the currency market in April while making purchases worth $8 billion.

Union Cabinet led by Prime Minister Narendra Modi on Wednesday approved MSP for 14 kharif crops. Announcing the decision, Ministry of Information and Broadcasting Ashwini Vaishnaw said, «The Cabinet has approved Minimum Support Price (MSP) on 14 Kharif season crops including Paddy, Ragi, Bajra, Jowar, Maize and Cotton.»

heatwave situation and preparedness of central government hospitals. Nadda directed officials to ensure that all hospitals are prepared for providing the best care to those affected. He also ordered that special heatwave units be started in the central government-run hospitals. Earlier this month, the Union health ministry urged states and Union Territories to conduct follow-up reviews for ensuring dedicated heatstroke rooms, ORS corners and strengthening surveillance, besides implementing critical fire and electrical safety measures at all healthcare facilities.

Naveen Patnaik has been appointed as Leader of Opposition in Odisha assembly by Biju Janata Dal. , «We just had a meeting of the BJD MLAs who have been elected to the recent elections. I congratulated and thanked them. They have elected me as the LoP and the leader of the Biju Legislative Party. I have also announced the new post of Prasanna Acharya as the Deputy Leader of the BJD in the legislature, Pramila Mallik as the Chief Whip and Pratap Keshari Deb as the Deputy Chief Whip of the BJD...» said Patnaik on being appointed as LoP in Odisha assembly. The narrative of Patnaik's defeat was twofold. Not only had he lost his chief minister's chair, held firmly since 2000, but he also faced an unexpected defeat in Kantabanji, which he contested alongside his traditional Hinjili assembly seat.

applications for recognition of Self-Regulatory Organisations (SROs) for the NBFC sector under the central bank's omnibus framework. The applicant should achieve a minimum net worth of Rs 2 crore within a period of one year after recognition as an SRO, or before commencement of operations. A maximum of two SROs for the NBFC sector will be recognised. In March, RBI had issued the framework for recognising SROs for its regulated entities. SROs would be required to establish minimum benchmarks for their members. The framework specified broad parameters, like objectives, responsibilities, eligibility criteria, governance standards, and application process for SROs.

Reliance Jio continued to outpace rivals Bharti Airtel and Vodafone Idea in active wireless subscriber and high-paying 4G/5G users, telecom regulator data for April showed. Reliance Jio added more active subscribers during the period, adding 3.06 users, while Bharti Airtel and Vodafone Idea lost 2.09 million and 0.63 million active subscribers respectively, according to the data released by the telecom regulatory authority of India (TRAI) on Wednesday. Active, or visitor location register (VLR) data put out every month by Trai indicates the number of mobile users regularly using a mobile network.

DK Shivakumar on Wednesday said he may have little or no option but to contest from Channapatna in the bypolls if the party and people decided that way. The seat in Ramanagara district has fallen vacant after the resignation of HD Kumaraswamy, who won from Mandya in the recent Lok Sabha election and became a union minister. Shivakumar, who is also the president of Karnataka Pradesh Congress Committee (KPCC), told media persons that Channapatna had always been at the centre of his heart as it was part of the erstwhile Sathanur assembly constituency he had won from. “My political career started from there. The people of Channapatna have been with me through my tough times and, I have a debt to repay.”

low reservoir levels. This issue is likely to impact the central bank's fight against inflation, which it says has been interrupted by volatile and elevated food prices. «The exceptionally hot summer season and low reservoir levels may put stress on the summer crop of vegetables and fruits. The rabi arrivals of pulses and vegetables need to be carefully monitored,» RBI Governor Shaktikanta Das said in the June edition of its Bulletin.

General Atlantic and Asia Opportunities V (Mauritius) are likely to sell shares worth Rs 830 crore in the housing finance firm PNB Housing Finance through open market transactions on Thursday, according to the term sheet issued by the bankers. These two funds propose to sell 1.08 crore shares, or 4.16% of the total equity, according to the term sheet.

The NSE Nifty index closed 41.91 points down at 23516.0, while BSE Sensex ended up 36.45 points at 77337.59.

The NSE Nifty index ended the session 41.91 points down at 23516.0, while BSE Sensex rose 36.45 points to 77337.59.

Thermal power plants (TPPs) had coal stocks of over 45 million tonne on June 16, higher by 32 per cent as compared to the same day last year, an official statement said on Wednesday. Ministry of Coal said it is working round-the-clock to ensure a consistent supply of coal to TPPs. As a result of enhanced production, efficient management of logistics and smooth inter-agency coordination, the highest ever coal stock has been reported at TPPs, the ministry statement said.

India's aviation regulator, Directorate General of Civil Aviation (DGCA), on Wednesday issued an advisory circular focusing on gender equality within the sector. The circular, called “Gender Equality in Civil Aviation Sector”, was issued in line with the principle of gender equality that is enshrined in the Constitution of India and ICAO’s vision for promoting equal opportunities to achieve gender equality in aviation. With this move, the DGCA aims to increase the number of women in various positions to a desirable representation of 25 per cent by 2025 within the aviation industry in India, said the circular.

ZF Group on Wednesday said it has sold a 7.5 per cent stake in its Indian subsidiary ZF Commercial Vehicles Control System (CVCS) India to increase liquidity and financial flexibility for growth. The sale of shares has no effect on ZF's control over ZF CVCS India, the company said in a statement. «ZF Group has sold 1,425,000 shares, equalling 7.5 per cent stake, in its listed Indian subsidiary ZF CVCS India to increase liquidity and financial flexibility for its growth plans. The transaction will strengthen the financial flexibility of ZF, allowing it to invest in its further growth, and in the dynamically developing Indian market,» it said. The Friedrichshafen (Germany)-headquartered firm had commenced the commercial vehicle control system business in January 2022 following the acquisition of WABCO in 2020.

Coming to the buildup of fresh short positions, When the stock prices move downward and open interest on the counter increases, it is taken as a sign of a short build-up. The signal is considered more reliable if the volume on the counter has also seen an increase as the stock price was declining.

Bannari Amman Sugars Ltd.(up 3.16%) and EID Parry(India)Ltd.(up 0.52%) were among the top gainers.