Business

Stock Market Updates: Reliance, Axis, Wipro News Today

Top Stock Highlights: Reliance, Axis, Wipro, and More Updates

Here are some stocks to keep an eye on today:

Reliance Industries:
Reliance Industries and Walt Disney Co are expected to finalize a merger agreement for their media operations in India through a cash-and-stock deal, possibly as early as Monday.

Mankind Pharma:
Chrys Capital has sold shares worth Rs 3,282 crore in Mankind Pharma through a block deal on December 12.

Force Motors:
The automobile company has received approval to acquire a 12.21 percent stake in TP Surya, a wholly-owned subsidiary of Tata Power Renewable Energy.

Shilpa Medicare:
Shilpa Medicare’s Bengaluru unit has received approval from TGA, Australia, for the labeling, packaging, and testing of medicinal oral mouth-dissolving films.

Ultratech Cement:
The cement company has received an order from the Deputy Commissioner in Maharashtra, demanding GST payment of Rs 5.72 lakh, along with applicable interest and a penalty of Rs 57,298.

Indian Bank:
The public sector lender has initiated its qualified institution placement (QIP) issue with a floor price of Rs 414.44 per share.

Pearl Global:
Norp Knit Industries, a subsidiary in Bangladesh, has appointed Rahman Rahman Huq (Member firm of KPMG) as the statutory auditor for the year ending March 31, 2024.

Laurus Labs:
The US FDA has issued five observations in Form 483 for Laurus Labs’ manufacturing facility in Visakhapatnam, Andhra Pradesh.

Wipro:
The IT firm has signed a new agreement with RSA, one of the world’s leading general insurance companies.

Axis Bank:
Bain Capital is reportedly planning to sell a further stake in Axis Bank through a fresh block deal worth $444 million, with an offer floor price of Rs 1,109 per share.

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Business

Market Insights: Factors Driving Sensex and Nifty Fluctuations

Market Turbulence: Sensex Drops, Nifty Slips – Key Factors Unveiled!

Stocks in India faced a bit of a rough day as the Sensex, a collection of 30 major stocks, dropped by 123 points (about 0.18%) to 69,428. The Nifty, which includes more stocks, also went down by 24 points (0.11%) to 20,882. This decline was mainly because of issues with bank, financial, and information technology (IT) stocks.

Despite this, smaller companies, known as mid-cap and small-cap shares, were doing okay. The Nifty Midcap 100 went up by 0.02%, and small-cap stocks climbed by 0.15%. However, the fear index, called India VIX, rose by 0.53% to 12.78.

Overnight in the US, the stock market did well, but in Asia, many markets were down. People are now waiting to hear from the US Federal Reserve about its policy decision, which is set to be announced on Thursday at 12:30 am.

In India, inflation, or the increase in prices of goods and services, went up to 5.55% in November, mostly because food prices increased.

Foreign investors bought shares worth Rs 76.86 crore, and domestic investors bought shares worth Rs 1,923.32 crore during the previous session.

Out of 15 sector measures, eight were down. Sectors like banking, financial services, and IT were not doing as well, falling by 0.25%, 0.26%, and 0.72%, respectively. On the positive side, the auto and FMCG sectors were up by 0.32% and 0.34%.

Looking at individual stocks, Infosys was the biggest loser in the Nifty group, falling by 1.31% to Rs 1,456.75. Other companies like TCS, ONGC, HDFC Life, and Axis Bank also fell. On the flip side, companies like Eicher Motors, NTPC, BPCL, ITC, and Hero MotoCorp were among the top gainers.

Among the 30 stocks in the BSE index, HDFC Bank, Infosys, TCS, Axis Bank, Bajaj Finance, and Kotak Mahindra Bank were the biggest losers.

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Certain stocks, like Bank of India, Adani Total Gas, Sonata Software, Suntech Realty, and Paytm, took a hit, falling by up to 5.57%. On the other hand, stocks like Vaibhav Global, PFC, Tanla Platforms, Equitas Small Finance Bank, Motilal Oswal Financial Services, Chalet Hotels, and KPIT Tech rose by up to 6.97%.

Overall, more stocks were gaining (1,852) than declining (1,080) on the BSE, showing a positive market breadth.

Source.

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Business

Sebi Suspends Religare Commodities: Illegal Paired Contracts on NSEL

Sebi Suspends Religare Commodities Registration Over Alleged Illegal Paired Contracts on NSEL

The Securities and Exchange Board of India (Sebi) has suspended the registration of Religare Commodities, a brokerage firm, over its alleged involvement in illegal paired contracts on the now-defunct National Spot Exchange Ltd (NSEL). The suspension comes after Sebi found that the brokerage provided access for taking exposure to ‘paired contracts,’ exposing its clients to the risks associated with trading in a product lacking regulatory approval.

According to Sebi’s order, the trading activities of Religare Commodities in ‘paired contracts’ for its clients on the NSEL platform raised serious concerns, jeopardizing the competence and integrity of the brokerage in the securities market.

The suspension of Religare Commodities’ registration as a commodities derivative broker is effective immediately and will last for three months from the date of the order. Alternatively, it will continue until the FIR (First Information Report) filed against the broking firm by the Economic Offences Wing (EOW) ceases to be pending or until the notice is acquitted by a court regarding the FIR, whichever occurs later.

Sebi emphasized that the immediate implementation of the order aims to address the potential risks associated with Religare Commodities’ actions. The brokerage allegedly facilitated trading in paired contracts on the NSEL platform, a practice introduced in September 2009, allowing the buying and selling of the same commodity through two different contracts at different prices.

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The Sebi order highlighted that the scheme of paired contracts on NSEL resulted in a substantial loss of Rs 5,500 crore to investors. The regulatory body is taking decisive action to ensure the integrity and stability of the securities market and protect the interests of investors.

Investors and market participants are advised to exercise caution and stay informed about regulatory compliance when engaging in commodity trading, particularly in light of Sebi’s actions against Religare Commodities. The case underscores the importance of adherence to regulatory guidelines and the potential consequences for those who fail to comply.

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Newsbeat

CM Revanth Reddy Wants TSPSC Improvements

CM Revanth Reddy Pushes for Transparent TSPSC Recruitment: Calls for Examining Best Practices and Ensuring Secure Arrangements for Class 10, Inter Exams.

Chief Minister Revanth Reddy had a meeting about TSPSC recruitments on Tuesday in Hyderabad. He told officials to look into how other public service commissions conduct exams and recruitments and report back.

During the meeting, the Chief Minister asked officials to make TSPSC recruitments more transparent. He emphasized the need for necessary technology and staff support for TSPSC.

The Chief Minister also wanted guidelines for appointing the TSPSC Chairman and members to align with Supreme Court guidelines. He instructed officials to send a team to study recruitment processes at UPSC and other state PSCs.

The meeting included Chief Secretary A Santhi Kumari, TSPSC Secretary Anitha Ramachandran, and other senior officials.

Secure Arrangements for Class 10, Inter Exams

In another meeting, the Chief Minister instructed officials to ensure secure arrangements for upcoming Class 10 and Intermediate exams. He emphasized avoiding any inconvenience for students and preventing paper leaks.

The Chief Minister wanted a detailed report on government and private university functioning in the state. He also sought information on locations needing new junior colleges, with a focus on places for girls’ junior colleges.

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Newsbeat

Hyderabad Police Shake-Up: New Commissioner Takes Charge

Changes in Hyderabad Police Leadership: Kothakota Sreenivasa Reddy Appointed Commissioner

In Hyderabad, there’s a change in the police leadership. Kothakota Sreenivasa Reddy is now the new Police Commissioner of Hyderabad, taking over from Sandeep Shandhilya. Shandhilya has been assigned a new role as the Director of Telangana State Narcotics Bureau.

The Telangana government made these appointments on Tuesday, not just in Hyderabad but also in other zones. G Sudheer Babu, from the IPS batch of 2001, is now the Rachakonda Police Commissioner and Avinash Mohanthy is the new Commissioner of Police Cyberabad. Meanwhile, M Stephen Raveendra and D S Chauhan have been directed to report to the DGP office as part of the changes.

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Newsbeat

Hyderabad-Bijapur Corridor: Road Safety Success

Hyderabad-Bijapur Corridor’s Safety Success Highlighted in New Report

A 118-kilometer stretch on the Hyderabad-Bijapur State Highway has caught the spotlight in the recent ‘Road Safety Good Practices in India’ report from the Ministry of Road Transport and Highways. The study, done in partnership with SaveLIFE Foundation and the World Bank, reveals a 38.1% reduction in crash severity on this road between 2014 and 2018. The success is attributed to a comprehensive approach involving engineering, enforcement, education, and emergency services, collectively known as the 4Es.

The Hyderabad-Bijapur State Highway runs through Rangareddy and Vikarabad districts, starting from the APPA Junction where it meets the ORR and extending up to the Karnataka border. Passing through villages like Moinabad, Chevella, Manneguda, and Parigi, the route saw 143 crashes and 84 fatalities. To address this, a collaborative effort invested Rs 29.79 crore, contributed by the State government and the World Bank.

In terms of engineering, intersections and curves along the route were widened and enhanced. Mobile barriers, fluorescent cones, and upgraded street lights were also installed. To enforce road safety, outposts, and patrolling vehicles increased, especially in critical areas like Manneguda and Kodangal. The installation of two electronic weighbridges targeted the issue of overloaded trucks. School zones witnessed a reduction in crashes through outreach programs in educational institutions and an effective ‘No Helmet-No Petrol’ campaign was launched in Adilabad.

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Emergency medical care received attention with the establishment of a well-equipped Level-III Trauma Care Centre at Tandur District Hospital, along with the procurement of necessary medical equipment. The collaborative effort involving the Roads and Buildings, Police, Transport, and Health Departments of Telangana, overseen by an Empowered Committee headed by the Principal Secretary of the Transport Department, played a crucial role in reducing crash severity and fatalities on this stretch.

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Newsbeat

Sikh Couple Shot in Canada: Mistaken Identity Suspected in Tragic Incident

Possible Case of Mistaken Identity: Sikh Couple’s Shooting in Ontario Raises Questions

A couple from India, Jagtar Singh (57) and Harbhajan Kaur (55), were shot last month in Ontario, Canada, and it’s possible that they were not the intended targets, according to the police. The incident occurred on November 21 on Mayfield Road near Airport Road.

Jagtar Singh died at the scene, while his wife Harbhajan Kaur, and their daughter were rushed to the hospital with life-threatening injuries. Sadly, Kaur succumbed to her injuries, and their daughter is still fighting for her life.

The Ontario Provincial Police (OPP) are investigating the case, considering all aspects, including whether the victims were targeted or not. Detective Inspector Brian McDermott mentioned that it’s too early to determine the motive.

The OPP launched a homicide investigation, believing that multiple suspects were involved. Witnesses reported seeing an individual entering a black pickup truck and heading westbound on Mayfield Road.

The couple’s son and daughter had come to Canada as students a few years ago and sponsored their parents as visitors. The family was preparing to sleep when unidentified gunmen fired more than 30 bullets into their rented house in Caledon.

Kaur sustained over 20 gunshot wounds, affecting various organs, according to information on a fundraising platform. Doctors stated that even if the daughter survives, her recovery will take a long time, as she is deeply traumatized and severely wounded.

A family friend mentioned on GoFundMe that the family was not involved in any criminal activity, emphasizing their innocence. The source close to the family told the Toronto Star that they believe the attackers mistakenly targeted them, thinking they were someone else’s family.

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Former MP Urges Action Against Congress for MLA Office Vandalism

Former MP Calls for Action Against Congress Activists for Vandalizing MLA Camp Offices

Hyderabad: Former Member of Parliament (MP) B Vinod Kumar expressed strong disapproval on Monday regarding the defacement of MLA camp offices in various Assembly constituencies across Telangana. He accused Congress activists of carrying out these attacks and urged Chief Minister A Revanth Reddy to take necessary action against the assailants.

Calls for Legal Action

Kumar highlighted the lack of common sense among the Congress activists, emphasizing that the targeted camp offices are public properties meant for the newly elected MLAs. He called for the registration of criminal cases against the assailants and demanded the immediate restoration of the plaques.

Rising Incidents of Attacks

In recent days, incidents have been reported where Congress activists attacked camp office-cum-residences of local MLAs, destroying plaques that featured the names of former Chief Minister K Chandrashekhar Rao and other BRS leaders during building inaugurations. These camp office-cum-residences, constructed by the previous BRS government, are present in all 119 constituencies.

Eyewitness Accounts at Telangana Bhavan

Accompanied by former MLAs D Vinay Bhaskar and Guvvala Balaraju at Telangana Bhavan, Vinod Kumar shared accounts of Congress activists storming into camp offices in Hanamkonda and Atchampet. The activists attempted to ransack the premises, armed with hammers, breaking down plaques and causing damage to the buildings. Kumar expressed concern about the unprecedented nature of such attacks, questioning whether the Chief Minister is aware of the situation.

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“Revanth Reddy’s Power Review in Telangana”

Telangana’s New Chief Minister Revanth Reddy Takes Charge: A Closer Look at State’s Power Situation and Initiatives

New Chief Minister Revanth Reddy of Telangana took a look at the state’s power situation a day after starting his role. He discussed electricity usage, distribution, and production details with officials. The meeting included top officials and ministers, but no official statement was released about what was discussed, and the media was not allowed in.

During the meeting, the Energy Department and Discom officials gave a presentation on the power sector. The Chief Minister also talked about the Gruha Jyothi scheme, which offers free electricity for up to 200 units monthly to domestic consumers.

There were reports that D Prabhakar Rao, the Chairman and Managing Director of TSGenco and TSTransco, didn’t attend the meeting. However, Rao clarified that he wasn’t aware of the meeting and had no intention of skipping it. He mentioned that he would have attended if he had been informed.

In response, the Telangana State Power Engineers Association expressed their willingness to cooperate with the government in implementing the 24-hour free power supply to farmers and uninterrupted power supply to all consumers.

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KCR’s Hip Surgery Success

Former CM KCR’s Successful Hip Replacement Surgery at Yashoda Hospitals

Former Chief Minister K Chandrashekhar Rao has successfully had surgery to replace his left hip at Yashoda Hospitals in Somajiguda, according to a hospital update on Friday evening.

The surgery was carried out by a team of experienced orthopedic surgeons, anesthesiologists, and nurses. The bulletin mentioned that Rao tolerated the surgery well and remained stable throughout.

After the hip replacement procedure, Rao has been moved to a room where he is currently recovering. He is receiving standard post-operative care, which includes intravenous fluids, preventive antibiotics, and pain relief medication. The plan for activities like walking, physiotherapy, and nutrition will be decided after an assessment tomorrow. The usual recovery time for such surgeries is expected to be six to eight weeks, as stated in the health bulletin.

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Newsbeat

Telangana Launches Maha Lakshmi & Rajiv Arogyasri Schemes

Telangana CM Revanth Reddy Launches Maha Lakshmi and Rajiv Arogyasri Schemes

Telangana’s Chief Minister A Revanth Reddy has initiated two significant schemes aimed at benefiting women and ensuring quality healthcare for the state’s underprivileged population. The Maha Lakshmi scheme offers free travel for women in TSRTC buses, while the Rajiv Arogyasri scheme provides a Rs 10 lakh insurance cover.

The launch, coinciding with Congress Parliamentary Party president Sonia Gandhi’s birthday, marked a commitment to fulfil promises made to the people within a 100-day timeline. Notably, zero tickets were issued to Ministers D Anasuya (Seethakka), Konda Surekha, and Chief Secretary A Santhi Kumari under the Maha Lakshmi scheme, showcasing its immediate implementation.

Chief Minister Revanth Reddy emphasized the increase in assistance under the Rajiv Arogyasri Scheme to ensure better healthcare access for the economically challenged sections. He highlighted Sonia Gandhi’s commitment to Telangana, recalling her promise fulfilled in 2014 regarding statehood, and emphasized the six guarantees pledged to the Telangana people on September 17.

Proudly announcing the fulfilment of two promises on December 9, the Chief Minister assured the completion of the remaining commitments within the stipulated 100-day period. To symbolize the importance of the initiative, the Chief Minister and his cabinet colleagues took a bus ride to the BR Ambedkar Statue at Tank Bund before returning to the Assembly.

MLA Yeshashwani Reddy of Palakurthy welcomed the Maha Lakshmi scheme, highlighting its potential benefits for women, especially college students and rural residents. The launch signifies a step towards fulfilling electoral commitments and empowering women in Telangana while ensuring better healthcare access for the less privileged.

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KCR Chosen as Leader by BRS

KCR Chosen as Leader by BRS Legislative Party in Telangana

In a gathering held at Telangana Bhavan before the third Assembly session, the BRS Legislative Party picked K Chandrashekhar Rao, the former Chief Minister, as their leader. The decision was made unanimously during the meeting, chaired by K Keshava Rao, the BRS Parliamentary Party leader.

The proposal to nominate Chandrashekhar Rao was put forth by former Speaker Pocharam Srinivas Reddy, with backing from former ministers T Srinivas Yadav and Kadiyam Srihari.

Additionally, a resolution endorsing Chandrashekhar Rao’s election as the BRS LP leader was passed unanimously during the meeting.

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