Top Stories | D-Street's winning streak, sovereign wealth fund talks, Congress vs SEBI chief, 'IC814' series controversy, and more
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It's the 13th day of gains on Dalal Street as Sensex and Nifty mark their longest winning streak on record, albeit with limited gains as bulls consolidate at record levels. In a CNBC-TV18 exclusive, the Centre has initiated preliminary discussion with RBI and SEBI for amending rules to allow the creation of a sovereign wealth fund with sources saying a $5 billion fund can create $10 billion worth investment opportunities every year.
Meanwhile, the Congress Party has levelled fresh conflict of interest allegations against SEBI chief Madhabi Puri Buch, accusing her of drawing a remuneration worth nearly ?17 crore from ICICI Bank while she was employed with the market regulator. ICICI Bank responded by saying it hasn't paid any salary or granted ESOPs to Buch after her retirement other than retiral benefits and all payments had accrued to her during her employment phase with the ICICI Group.
Amid the ongoing controversy over 'IC814' web series, the government has summoned the content head of Netflix, likely seeking an explanation over the representation of terrorist figures in the series.
1. Don't give steroids to SMEs when paracetamol can work, says Ashwini Bhatia of SEBI
SEBI's whole-time member, Ashwani Bhatia, emphasised the importance of a medical analogy when discussing the SME space. "Don’t give steroids to SMEs when paracetamol can work," he said.
Bhatia highlighted that more than ?14,000 crore has been raised through SME listings, with ?6,000 crore in the last year alone.
SEBI whole-time member also expressed caution regarding SME (small and medium enterprises) listings, noting that while bankers should learn to say no, they often do not when it comes to SME IPO applicants.
Veteran investor Vijay Kedia also believes that there is froth in many SME IPOs and that nine out of ten are being manipulated. He further stated that there is manipulation in both the SME (small and medium enterprises) board and the mainboard IPO segments.
2. India considering Sovereign Wealth Fund, govt in talks with RBI and SEBI: Sources
The Indian government has begun preliminary discussions with the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and GIFT City officials to explore the feasibility of establishing a sovereign wealth fund (SWF) for the country, sources told CNBC-TV18.
Sources privy to the matter have revealed that these discussions are part of a broader strategy to position India as a $30 trillion economy by 2047.
The concept of a sovereign wealth fund has gained traction following the swearing-in of Prime Minister Narendra Modi's third-term cabinet.
3. Nifty gains for record 13th session, nears 25,300
The benchmark Nifty 50 index closed at a record high for a 13th consecutive session on Monday, the longest on record, and inched near the 25,300 mark boosted by continued foreign fund inflows and a rally in the U.S. Wall Street.
The heavyweight IT sub-index led solid gains on the benchmark, closing up 0.4% to 42,975.60, as traders braced for a data-packed week in the world's largest economy.
4. India Approves ?17,300 Crore for Key Projects in Semiconductors and Agriculture
The Union Cabinet, on Monday, September 2 has approved seven major schemes totaling around ?14,000 crore to boost the agriculture sector. The initiatives focus on digital agriculture, crop science, sustainable livestock health, and more, aiming to enhance agricultural education, management, and development across the country.
India has also approved a new semiconductor manufacturing unit to be set up by Kaynes Semicon Pvt Ltd in Sanand, Gujarat, with an investment of ?3,300 crore.
The proposed facility in Sanand is projected to have a production capacity of 60 lakh chips per day. These chips are said to cater to a diverse range of industries, including automotive, industrial, electric vehicles, consumer electronics, telecom, and mobile phones.
5. Gujarat Gas earnings per share will jump nearly 77% thanks to the merger
Gujarat State Petroleum Corporation (GSPC), Gujarat State Petronet (GSPL) and GSPC Energy will merge into Gujarat Gas. Gujarat Gas's gas transmission business will also be carved out and be listed as GSPL Transmission.
According to Probal Sen, an Energy Analyst at ICICI Securities, this strategic restructuring is expected to significantly enhance Gujarat Gas's earnings per share (EPS) from ?21.5 to approximately ?38, driven by robust EBITDA growth and substantial tax loss benefits.
With these factors in play, the share price is likely to experience a notable upswing, making Gujarat Gas an attractive buy with a target price of ?755, reflecting significant upside potential.
6. Congress raises questions on SEBI chief pay from ICICI between 2017 and 2024, asks PM if he was aware
The Congress on Monday raised some questions regarding Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch on income from ICICI. Addressing a press conference, Senior Congress leader Pawan Khera claimed that Buch received ?16.80 crore received till date (September 2) from ICICI Bank, ICICI Prudential, and ESOPs while being a member of SEBI.
The party claimed that Buch drew regular income from ICICI Bank between 2017 and 2024 and even the TDS on ESOP was given by the bank. She also received ?2.17 lakh from ICICI Prudential in 2021-22 and ESOP began at ?2.66 crore, the party said.
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7. Railway track washed away causing diversions, flooding in Andhra and Telangana
Heavy rains lashed Andhra Pradesh and Telangana resulting in at least 16 deaths, flooding and waterlogging in several areas, and disruptions to road and rail traffic. In Telangana's Mahabubabad, a railway track near Intakanne railway station connecting Kesamudram and Intakanne was washed away on September 1. Several long-distance trains have been cancelled and a few are diverted.
Traffic on the Hyderabad - Vijayawada National Highway was diverted due to rainwater overflowing on the road. The Secunderabad-headquartered South Central Railway has cancelled train services, while diverting some others.
8. Ex-AAP Communications Head Vijay Nair gets bail, SC says right to liberty is sacrosanct
The Supreme Court on Monday (September 2) granted bail to former Aam Aadmi Party (AAP) Communications Head Vijay Nair in a money laundering case linked to the alleged Delhi excise policy scam. The apex court reiterated that the right to liberty is sacrosanct.?
The court cited bail to AAP leader Manish Sisodia and clarified that the right to liberty has to be respected even in case of stringent laws like Prevention of Money Laundering Act.
A bench comprising Justices Hrishikesh Roy and SVN Bhatti flagged that Nair is in jail 23 months without trial. The court added that incarceration without trial cannot be used as punishment. The court has reiterated that principles of - bail is the rule, jail an exception - cannot be violated.
Swati Maliwal Assault Case: Supreme Court grants bail to Delhi CM Kejriwal's aide Bibhav Kumar?
The Supreme Court on Monday, September 2, granted bail to Bibhav Kumar, the Personal Assistant to Delhi Chief Minister Arvind Kejriwal, in connection with the Swati Maliwal assault case.
A bench comprising Justices Surya Kant and Ujjal Bhuyan observed that the trial could take considerable time, as there are more than 51 witnesses proposed by the prosecution, and Kumar has already spent over 100 days in custody.
ED detains AAP MLA Amanatullah Khan hours after raid in money laundering case
The Enforcement Directorate (ED) on Monday (September 2) detained senior Aam Aadmi Party leader and MLA Amanatullah Khan from his house in New Delhi. Sources said the ED team reached his house in Okhla as part of a money laundering investigation.
9. Israel's main labour union calls general strike on September 2
The head of Israel’s Histadrut labour union called for a general strike beginning at 6 a.m. (0300 GMT) on Monday to pressure the government into reaching a deal to return Israeli hostages still held by Hamas in Gaza.
Arnon Bar-David, whose union represents hundreds of thousands of workers, called on all civilian workers to join the strike and said Ben Gurion Airport, Israel’s main air transport hub, would be closed from 8 a.m. (0500 GMT).
10. IC 814: The Kandahar Hijack: I&B ministry summons Netflix content head amid row over Anubhav Sinha's series
‘IC 814: The Kandahar Hijack’, a Netflix series directed by Anubhav Sinha based on the 1999 hijack of an India Airlines Flight by five terrorists from the terrorist group Harkat Ul Mujahideen, is drawing massive criticism. The Ministry of Information & Broadcasting has summoned Netflix's content head over the 'IC814' web series content row.
Sources said the ministry is likely to seek an explanation for the names of "Bhola", and "Shankar" assigned to terrorist hijackers. It is also likely to seek an explanation for the representation of terrorist figures in the series.
The series features an ensemble cast of Naseeruddin Shah, Pankaj Kapur, Vijay Varma, Dia Mirza and Arvind Swamy.
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