Top Stories | D-Street winning streak ends, SEBI's next moves on F&O, Byju's Ravindran back in charge, Ola Electric IPO, and more
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Sensex and Nifty ended the week with losses, breaking their eight-week winning streak. About 60% of Nifty stocks ended the week in the red, with real estate and IT stocks taking the biggest hit. SEBI is hinting at more actions to curb F&O volumes beyond what is outlined in the consultation paper. Ananth Narayan, SEBI's whole-time director, even compared trading on expiry day to a casino machine. Ola Electric launched its massive ?6,000 crore IPO, getting off to a strong start with a 35% subscription on day one. The retail portion is already fully subscribed.
The Company Law Appellate Tribunal has cleared Byju's to pay BCCI ?158 crores by August 9, settling their dispute and overturning the insolvency proceedings. This paves the way for Byju Raveendran to retake control of the company. Meanwhile, the death toll from the landslides in Kerala's Wayanad has tragically crossed 300. Rescue operations are continuing for the fourth day despite the bad weather, with around 300 people still missing.
1. Benchmark indices plunge amid global uncertainty; Sensex falls below 81,000
The equity benchmark indices BSE Sensex and NSE Nifty closed sharply lower on Friday (August 2), tracking global market cues. The benchmark Sensex tumbled 886 points to end at 80,982, while the Nifty slipped 293 points to settle at 24,718.
The Midcap Index declined for the second consecutive session, falling over 1% to 57,914. The Nifty Bank also dropped 214 points to close at 51,350. The sell-off was broad-based, with all sectoral indices except Nifty Pharma ending in the red.
From the Sensex basket, HDFC Bank, Sun Pharmaceutical Industries, Kotak Mahindra Bank, Nestle India and Asian Paints were the major gainers. Maruti Suzuki India, Tata Motors, Wipro, JSW Steel, Tata Steel and Mahindra & Mahindra were the biggest laggards.
2. Trading in F&O on or near expiry is a casino-like gamble, the brain behind the Sebi consultation paper says
The brain behind the recent consultation paper from India's securities market regulator on Futures & Options has called trading in F&O on or closer to expiry a casino-like gamble. Ananth Narayan, a whole-time member of the Securities and Exchange Board of India (SEBI), also hinted at more action to curb speculation.
"Trading in F&O on or closer to expiry seems like a casino machine... People are looking to hit a jackpot by trading closer to or on expiry day. If there was a black swan-like event on expiry day, it could be disastrous," he said at FICCI's 21st Annual Capital Markets Conference (CAPAM2024) in Mumbai.
He said the F&O lot size has been "reset just keeping in mind how the markets have grown in size".
Why SEBI rejects IPO documents: SEBI Chairperson explains
India currently leads in the number of IPOs, though the quantum of fundraising has yet to match the levels seen in the US and China. But why does the Securities and Exchange Board of India (SEBI) often return Initial Public Offering (IPO) documents?
In a recent address at a FICCI CAPAM event, SEBI Chairperson Madhabi Puri Buch provided some answers.
Buch highlighted several key reasons for SEBI's rejection of IPO documents, dismissing some murmurs she said she heard that claimed rejections are due to the use of "active versus passive voice".
Additionally, Buch addressed why the securities markets regulator is issuing a growing number of consultation papers.
Highlighting a shift in regulatory approach, Buch said the SEBI's goal is to engage with stakeholders rather than react to issues after they arise.
Recent consultation papers cover various crucial areas, including derivatives regulations, insider trading rules, F&O trades, and new asset class rules.
Buch added that SEBI will soon release a consultation paper on the base for Rights Issues and Preferential Allotments. Additionally, the regulator plans to introduce a demystified filing document to simplify the process for companies.
3. Reliance Capital: Lenders warn of action against Hindujas for not complying with NCLT order
Lenders to bankrupt Reliance Capital have warned of legal action against Hinduja Group’s IndusInd International Holdings Limited (IIHL) for failing to comply with the National Company Law Tribunal’s (NCLT) orders dated July 23, CNBC-TV18 has learned from three people directly aware of the matter.
The orders required depositing Rs 2,750 crore in escrow and submitting term sheets. The Committee of Creditors issued a default notice, warning of potential consequences, including the cancellation of the Letter of Intent.
4. Byju Raveendran back in control of Byju's as NCLAT accepts BCCI settlement
The National Company Law Appellate Tribunal (NCLAT) has approved a settlement between Byju Raveendran and the Board of Control for Cricket in India (BCCI), effectively removing Byju's parent company, Think and Learn, from the insolvency resolution process as of August 2.
"The settlement is approved based on the undertaking given and affidavit filed. The appeal succeeds, and the impugned order is set aside. However, if there is a breach in the undertaking, the insolvency order shall be revived," stated the NCLAT.
This decision grants Byju's a significant reprieve, resolving a ?158 crore payment dispute with the BCCI. The NCLAT's ruling overturns a previous order from the National Company Law Tribunal (NCLT) that had initiated insolvency proceedings against Byju's.
The appellate tribunal has clarified that if Byju's fails to fulfill its undertaking to pay the dues by August 9, the insolvency proceedings will be reinstated.
5. Wayanad landslides: Search operations enter fourth day as death toll crosses 300
Rescue operations continued on the fourth day on Friday, August 2, with 40 rescue teams searching for missing persons in the landslide-hit Wayanad district of Kerala.
The operations, which began early in the morning, received a boost with the completion of a 190-foot Bailey bridge, facilitating the movement of heavy machinery, including excavators and ambulances, to the hardest-hit Mundakkai and Chooralmala hamlets.
The devastating landslides that struck Wayanad on July 30 have claimed at least 300 lives and left 206 people missing.
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121-member mental health team to provide psychosocial support to Wayanad landslide survivors
A Mental Health Disaster Management team has been formed in Kerala to provide psychosocial support to survivors of the devastating landslide at Wayanad, where over 200 people lost their lives and almost as many are still missing, state Health Minister Veena George said on Friday.
George said a 121-member team of psychiatrists, clinical psychologists, psychiatric social workers and counsellors was formed on Tuesday, soon after the disaster struck the hilly district of Kerala.
She said only the special team members with ID cards issued by the health department will be allowed to provide mental health support to the survivors in relief camps and to those admitted in various hospitals.
The team has set up help desks at all the hospitals and relief camps.
6. Ola Electric IPO subscribed 0.35 times on Day 1; retail portion fully booked
Investors made bids for 16.34 crore equity shares, or 0.35 times, compared to the 46.51 crore shares offered for the subscription, as per the data available on the exchanges. The three-day bidding for the issue will close on August 6.
The IPO was booked 0.35 times, led by retail investors, whose category was subscribed 1.57 times. The non-institutional investor (NII) portion was subscribed 0.20%, while there were no bids from qualified institutional buyers. The employee quota was subscribed 4.88 times.
The electric vehicle (EV) player is selling its shares in the range of ?72-76 apiece, where investors can bid for a minimum of 195 equity shares and its multiples thereafter.
The ?6,146 crore issue comprises a fresh share sale of ?5,500 crore and offer for sale of 8.49 crore shares worth ?645.56 crore. Promoter Bhavish Aggarwal is also among the selling shareholders, along with investors like SoftBank, Temasek, Matrix Partners India etc.
7. NEET Row: SC prescribes mandate for the Expert Committee overseeing systematic issues
In a bid to improve the integrity and administration of the National Eligibility cum Entrance Test (NEET), the Supreme Court had prescribed a mandate for the Expert Committee. It seeks to overhaul various aspects of the exam's security and management, ensuring a more robust and transparent process.
The scope of the Expert Committee, constituted in June, includes strengthening exam security and improving administrative practices.
Key reforms include - implementing rigorous checks and balances, establishing Standard Operating Procedures (SOPs) for registration, city changes, and other procedural aspects, which must be strictly adhered to once adopted.
8. Paris 2024: India's men's hockey team beat Australia at Olympics for the first time in 52 years
India's men's hockey team came out all guns blazing against Australia in their final group stage game at the Paris Olympics on Friday. India played a good mix of attacking and defensive hockey as they beat the Tokyo Olympics silver medalist 3-2 at Yves-du-Manoir Stadium.?
It is India's first win over Australia at the Olympics in 52 years.?
The previous victory at this stage was during the 1972 Munich Olympics when India recorded a 2-1 win.
The Harmanpreet Singh led side started the match on right note as they took a two-goal lead in the first quarter. Forward Abhishek scored India's first goal in the 12th minute. A minute later Harmanpreet converted a penalty corner to take his side 2-0 up.
9. 'Stay close to safety shelters': Indian Embassy in Israel issues advisory for citizens
The Indian Embassy in Israel on August 2 advised its citizens in the country to exercise caution and remain in contact with the mission, amidst growing tensions between Israel and the Lebanese militant group Hezbollah.
The advisory read: "In view of the prevailing situation in the region, all Indian nationals in Israel are advised to stay vigilant and stay close to safety shelters. The Embassy is closely monitoring the situation and remains in regular touch with Israeli authorities to ensure the safety of all our nationals. In case of emergency, please contact the 24x7 helpline of the embassy on the following telephone numbers: +972543278392 or +972547520711.”
10. Govt braces for lower mop up under small savings, hints Mahila Samman Savings Scheme may not be extended beyond March 2025
Government is budgeting lower mop up under small savings schemes this financial year, as it expects more savers to turn towards less traditional options like mutual funds and equities.
Sources indicate the trend probably caught on from last financial year when the government missed meeting its small savings target by over ?20,000 crore.
Accordingly, FY25’s small savings estimate is lower by close to 11% at ?4.20 lakh crore against ?4.71 lakh crore budgeted last fiscal.
Not just this, government also expects inflows to start tapering under the Senior Citizen Savings Scheme , after a “very , very huge” mop up of ?1.12 lakh crore in FY24.
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3 个月https://www.dhirubhai.net/posts/piyush-kumar-288421318_byjus-divyagokulnath-byjuravendran-activity-7225789199969366016-XU-x?utm_source=share&utm_medium=member_android
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3 个月Very informative
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3 个月Great advice! ??