10:30 am
Sebi bans Poonawalla Fincorp MD, 7 other entities from securities market
Sebi has barred Poonawalla Fincorp Managing Director Abhay Bhutada and seven other entities from the securities market for alleged insider trading.PTI informed of.
As per an interim order, the regulator has ordered forfeiture of wrongful profits of over ₹13 crore.
In February 2021, the watchdog’s system generated insider trading alerts related to the company’s shares. This was also the time when the announcement was made about Rising Sun Holding Private Limited (RSHPL), part of the Poonawalla Group, acquiring a controlling stake in Magma Corp.
10:15 am
India expected to grow at 7.2% in 2021: UN report
India is expected to grow at 7.2% in 2021 but economic growth may decline next year, PTI Reported citing a United Nations report.
The report said the recovery in the country is hampered by the ongoing human and economic cost of the COVID-19 pandemic and the negative impact of food price inflation on private consumption.
After falling by 3.5% in 2020, the United Nations Conference on Trade and Development (UNCTAD) expects world output to increase by 5.3 percent this year, partly recovering ground lost in 2020.
10:00 am
Tata bids price for Air India
Tata Sons on Wednesday submitted financial bids for the acquisition of loss-making state airline Air India. PTI informed of.
Tuhin Kanta Pandey, secretary of the department that is running the privatization process, tweeted about the receipt of financial “bids”, but did not say how many companies were in the fray.
SpiceJet’s Ajay Singh was considered another interested party to buy the debt-ridden airline.
9:30 am
Sensex, Nifty open at new record highs
Indian benchmark equity indices, Sensex and Nifty all sectoral indices opened in the green at new record levels. At 9:15 am, Sensex opened 0.27% higher at 58,881.04, while Nifty opened 0.11% higher at 17,539.20.
Broader markets supported the rally as both smallcap and midcap indices rose half a per cent in morning trade.
9:15 am
Oil falls but stays on the rise
Oil prices fell after US crude stocks fell more than expected, but maintained the previous day’s gains, Reuters informed of.
Brent crude fell 0.2% to $75.33 a barrel after falling 2.5% the previous day, while US West Texas Intermediate fell 0.2% to $72.49, after being up 3.1% on Wednesday.
US crude oil and fuel reserves fell sharply last week as refiners in the US Gulf region were still recovering from Hurricane Ida, the Energy Information Administration said.
9:00 am
Asian stocks fall
Asian stocks fell as losses in Hong Kong and China led, despite strong gains from Wall Street. Reuters informed of.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.45%, Japan’s Nikkei was down 0.47%, and the Hong Kong benchmark dropped 0.42%. Chinese blue chips also fell 0.66% after economics data missed expectations.
Shane Oliver said, “It’s a bit choppy and uncertain at the moment, we’ve had a few soft days on the back of concerns about global growth and then suddenly the market, at least the US market, concludes it’s not so bad. ” Chief Economist of AMP Capital told Reuters.
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