Stock Market Live: Sebi chief Buch refuses to comment on REITs

Italy posted a state sector budget surplus of 6.5 billion euros ($7.19 billion) in August compared to a surplus of 2.036 billions in the same month last year, the Treasury said in a statement on Monday.

Broadband technology firm Sterlite Technologies has agreed to pay $4,67,400 (about Rs 4 crore) to the Data Management Centre for dispute settlement, a regulatory filing said on Monday.

Data Management Centre had claimed damages worth $2.7 million (about Rs 23 crore) before Singapore International Arbitration Centre against Sterlite Technologies (STL) for delay and failure by the broadband technology to meet obligations under their agreement. 
 

Adani Green Energy on Monday said its board has approved binding documents, including a joint venture agreement, to be signed with TotalEnergies, which would pave the way for an additional $444 million investment by the French energy major in a new 50:50 JV entity.

The Definitive Agreements will be entered into between the Company, TotalEnergies and Adani Renewable Energy Sixty Four Limited (ARE64L), the company said in an exchange filing.

 ICICI Bank, one of India's leading private sector banks, has officially denied allegations that it continued to pay a salary or granted employee stock options to Madhabi Puri Buch, the current chief of the Securities and Exchange Board of India (SEBI), after her retirement.

The Centre on Monday modified the guidelines for transfer of government-owned salt lands, providing for online auction under which the private sector can participate in case there are no takers from CPSEs, or states at the applicable rates.

As per the revised guidelines, the land can be allocated for welfare measures, such as slum re-development, affordable housing and PM-Awas Yojana, and for the purpose of schools and colleges, lands can be transferred to CPSEs (central public sector enterprises), states and their enterprises at 25 per cent of the circle rate.
 

The Reserve Bank of India (RBI) on Monday said 97.96 per cent of the Rs 2000 denomination banknotes have returned to the banking system, and only Rs 7,261 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation.
 

State-owned NHAI will track around 100 toll plazas with GIS-based software for seamless movement of traffic at national highways, an official statement said on Monday. According to the statement, these toll plazas have been identified based on congestion feedback received through 1,033 national highway helpline.
 

Telecom operator Bharti Airtel, MediaTek and Nokia have achieved 300 megabits per second upload speed on a 5G network during a recently concluded trial, a joint statement said on Monday.

The trial comprised the combined use of a set of mid-band spectrums, utilising the latest generation chipset. "The trial aimed at maximising the uplink performance was conducted at Airtel's tech lab and achieved uplink speeds of 300 Mbps, setting a new benchmark in 5G network performance. It underscores Airtel's commitment to providing innovative solutions that meet the ever-growing demands of a connected world," the statement said.
 

Sebi chief Madhabi Puri Buch avoided speaking on Real Estate Investment Trusts-REITs, to avoid accusations of conflict of interest. The statement is against the backdrop of a recent accusation of US short-seller Hindenburg Research, which questioned her impartiality as her husband was a senior advisor with Blackstone-a leading player in the REIT market. 
 

Royal Enfield registered a decline in sales in August 2024. The retro-motorcycle manufacturer registered total sales of 73,629 units, including domestic sales and exports. This has resulted in a decline of 5.10 per cent on a year-on-year basis. On the contrary, the month-on-month sales witnessed a surge of 8.88 per cent, registering a surge of 6,004 units.

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Gold prices declined by Rs 250 to Rs 74,100 per 10 grams in the national capital on Monday due to tepid demand from local jewellers and retailers. The precious metal of 99.9 per cent purity had closed at Rs 74,350 per 10 grams in the previous session on Friday. Silver also tumbled by Rs 1,700 to Rs 85,500 per kg due to reduced offtake by industrial units and coin makers, according to the All India Sarafa Association.
 

The government has received about Rs 2,413 crore in dividends from oil PSU BPCL, the Department of Investment and Public Asset Management (DIPAM) said on Monday. "Government has received about Rs 2,413 crore from BPCL as dividend tranche," DIPAM Secretary Tuhin Kanta Pandey said in a post on X. In the current financial year 2024-25 so far, Rs 15,389.14 crore has been received through dividends from the CPSEs. This includes Rs 5,091 crore from Indian Oil Corp (IOC), Rs 40 crore from Electronics Corporation of India Ltd (ECIL), Rs 554 crore from Power Finance Corp, and Rs 3,443 crore from Telecommunications Consultants India Ltd (TCIL) as special dividend.
 

The Union Cabinet on Monday approved around Rs 14,000 crore outlay for seven big-ticket programmes related to the farming sector, including a Rs 2,817-crore digital agriculture mission and a Rs 3,979-crore scheme for crop science. These announcements were made by Union Minister Ashwini Vaishnaw after the meeting of the Union Cabinet chaired by Prime Minister Narendra Modi.
 

Ecommerce platform Meesho on Monday named Mohit Rajani as the Chief Product Officer (CPO). Rajani, who took charge with immediate effect, will lead Meesho's product organisation, overseeing the product management, design, and analytics teams, according to a release.
 

Union Minister Nitin Gadkari on Monday said state finance ministers should consider reducing Goods and Services Tax (GST) on flex-fuel vehicles to 12 per cent.

Infrastructure major Larsen & Toubro (L&T) on Monday said it has created a separate renewable business vertical.

A Ravindran, Senior Vice President - Larsen & Toubro, has been appointed as the head of renewable business, L&T said in a statement. 
 

Capital markets regulator Sebi Chief Madhabi Puri Buch on Monday said a single disclosure by listed companies on one stock exchange will soon be automatically uploaded on the other bourse.

This comes after the Securities and Exchange Board of India (Sebi) recently proposed sweeping changes to disclosure as well as listing requirements by listed companies based on recommendations from a committee led by S K Mohanty, former whole-time member of Sebi. 

Capital markets regulator SEBI Chief Madhabi Puri Buch on Monday said a single disclosure by listed companies on one stock exchange will soon be automatically uploaded on the other bourse.

Sterlite Power on Monday announced the acquisition of Khavda IV C Power Transmission Ltd, a Special Purpose Vehicle (SPV) for evacuation of renewable energy from Khavda RE park.

The Phase-IV transmission scheme aims to evacuate an additional 7 GW of renewable energy from this park with a scheduled COD (commissioning) of 24 months from the SPV acquisition, according to a company statement.

The company announced the acquisition of Khavda IV C Power Transmission Ltd, an SPV from REC Power Development and Consultancy Ltd, it said.

India has one of the brightest global economic growth prospects, Chief Economic Advisor (CEA) V Anantha Nageswaran said on Monday, cautioning that the country needs to avoid 'financialisation' as it marches towards the goal of becoming a developed nation by 2047.

Germany's 10-year bond yield rose to a one-month high on Monday as bond supply was set to pick up from the summer lull, while investors also watched the results of two German regional state elections that dealt a blow to the ruling coalition.

The dollar edged down on Monday but remained within striking distance of its highest level in almost two weeks, as investors' focus moved to a U.S. jobs report due at the end of this week.

U.S. payrolls, due on Friday, will be crucial after Federal Reserve chair Jerome Powell pivoted from a battle against inflation to a readiness to protect against job losses.

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The Congress party has raised serious allegations against Madhabi Puri Buch, Chairperson of the Securities and Exchange Board of India (SEBI), accusing her of a conflict of interest. 

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Dunzo, the hyperlocal and quick-commerce startup, has announced a fresh round of layoffs, impacting 150 employees. With a 75 per cent cut in its workforce, Dunzo will have just 50 employees in its core supply and marketplace teams, according to a report. 

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The Ministry of Finance conferred 'Navratna' status to four Central public sector enterprises-Railtel Corporation of India, SJVN, Solar Energy Corporation, and NHPC-with effect from August 30. Granted to companies with past classification as 'Miniratna' Category I, the Navratna upgrade is a prestigious recognition for exemplary financial and market performance. This addition takes the number of Navratna CPSEs in the country to 25.

Of the three newly minted Navratna companies, three-Railtel, SJVN and NHPC-are listed, and their shares jumped in a big way after the announcement. On September 2, shares of Railtel and SJVN rose over 5 per cent, while NHPC stock jumped 4.5 per cent in early trade.

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The dollar climbed to a two-week top against the euro on Monday as traders pared bets for aggressive policy easing by the Federal Reserve with the focus now moving to a crucial US jobs report at the end of this week.

The dollar advanced to its strongest since August 21 on the yen, buoyed by a rise in long-term Treasury yields to the highest since mid-August after a closely watched measure of US inflation held steady, reducing the imperative for the Fed to cut interest rates by a super-sized 50 basis points (bps) on Sept. 18.

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Lenders to debt-ridden Reliance Capital Ltd (RCAP) have alleged that IIHL is indulging in delaying tactics resulting in slowdown in the implementation of the resolution plan, but the Hinduja Group firm has refuted the allegations, saying it was following due process.

Mauritius-based IndusInd International Holdings Ltd (IIHL) emerged as a successful bidder for acquisition of Reliance Capital.

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A broadening rally in US stocks is offering an encouraging signal to investors worried about concentration in technology shares, as markets await key jobs data and the Federal Reserve's expected rate cuts in September.

As the market's fortunes keep rising and falling with big tech stocks such as Nvidia NVDA.O and Apple AAPL.O, investors are also putting money in less-loved value stocks and small caps, which are expected to benefit from lower interest rates. The Fed is expected to kick off a rate-cutting cycle at its monetary policy meeting on September 17-18.

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Japanese corporate spending on plant and equipment rose 7.4 per cent year-on-year in the second quarter, Ministry of Finance data showed on Monday, keeping alive expectations of a domestic-led recovery in economic growth.

The solid expenditure data, which will be used to calculate revised gross domestic product (GDP) figures due on Sep. 9, could support the case for the central bank to raise interest rates further in coming months.

Walt Disney and satellite TV provider DirecTV failed to reach a new distribution deal for ESPN, ABC and other Disney-owned networks, the companies said on Sunday, resulting in more than 11 million DirecTV subscribers losing access to those networks.

The programming blackout at the expiry of the prior deal on Sunday took effect days before the National Football League kicks off its season on Thursday, and ahead of ABC News' scheduled presidential debate on Sept. 10.

Japan's factory activity contracted at a slower pace in August thanks to a recovery in output and new orders, a private-sector survey showed on Monday, offering some hope for an economy that is starting to find its feet.

The final au Jibun Bank Japan manufacturing purchasing managers' index (PMI) rose to 49.8 in August versus 49.1 in July, and was up from 49.5 reported in the flash reading. It remained below the 50.0 threshold that separates growth from contraction for two straight months.