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Zomato To Replace JSW Steel Tn Sensex From December 23, BSE Announces Major Index Rebalancing

November 22, 2024, 8:26 pm

BSE Ltd. announced on November 22 that Zomato will replace JSW Steel in the benchmark Sensex index, effective December 23. Along with this change, BSE revealed a reconstitution of several other indices, including BSE SENSEX 50, BSE SENSEX NEXT 50, and BSE 100.

In its rebalancing of the BSE 100 index, BSE will remove Ashok Leyland, PI Industries, IDFC First Bank, IRCTC, UPL, and APL Apollo Tubes, while adding Jio Financial Services, Suzlon Energy, Adani Green Energy, Adani Power, Samvardhana Motherson, and PB Fintech. This change will also take effect from December 23.

Additionally, BSE will drop HDFC Life, BPCL, and LTI Mindtree from the BSE SENSEX 50 index, replacing them with Zomato, Jio Financial, and HAL. Meanwhile, the BSE SENSEX NEXT 50 index will see Zomato, HAL, Ashok Leyland, PI Industries, IDFC First Bank, IRCTC, UPL, and APL Apollo Tubes removed, with Adani Green Energy, HDFC Life, BPCL, LTIMindtree, Samvardhana Motherson, PB Fintech, Suzlon Energy, and Adani Power taking their places.

Also Read: ‘One-Dish’ Scandal: Zomato Unmasks Fake Restaurants Selling Suspicious Items

BSE also confirmed that the Securities and Exchange Board of India (SEBI) has approved the appointment of Subhasis Chaudhuri as the Chairman of the exchange’s Governing Board, effective from the SEBI approval letter dated November 21, 2024.

In addition, BSE revealed plans to introduce futures and options (F&O) contracts for 43 stocks, set to be available for trading starting December 13, 2024.

TCS Fined Rs 1,600 Crore By US Court After CSC Complaint – Details In BSE Filing

June 16, 2024, 8:29 pm

A US District Court has fined Tata Consultancy Services (TCS) $194.2 million (approximately Rs 1,600 crore) for alleged misappropriation of trade secrets. The order stems from a case filed by Computer Sciences Corporation (CSC), now part of DXC Technology Company (DXC), in the United States District Court for the Northern District of Texas.

TCS disclosed the court order to the Stock Exchange Board of India (SEBI) in a BSE filing, stating it will appeal the decision and file a review petition. “Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that the Company has received an adverse judgment passed by the United States District Court, Northern District of Texas, Dallas Division, details of which are provided in Annexure A,” the filing read.

According to TCS’s BSE filing, CSC/DXC accused TCS of misappropriating its trade secrets, resulting in the following penalties:

– $56,151,583 in compensatory damages.
– $112,303,166 in exemplary damages.
– $25,773,576.60 in prejudgment interest through June 13, 2024.
– Additional injunctions and other reliefs.

Responding to the court’s ruling, TCS stated that the judgment would not significantly impact its financials or operations. The company expressed confidence in its legal position and plans to appeal. “The Company believes that it has strong arguments against the judgment and is taking necessary steps to protect its interest through review/appeal. The Company believes that the judgment has no major adverse impact on its financials and operations,” TCS stated in the filing.

The trade secret case dates back to 2019 when CSC, which later merged with DXC, accused TCS of misusing its software after it was licensed to a Transamerica subsidiary. TCS had secured a $2 billion contract with Transamerica the previous year. The suit alleged that TCS exploited the software access granted to 2,200 Transamerica employees, who were transferred to TCS, to understand CSC’s software internals and develop a competing insurance platform. The court found that TCS had improperly accessed and used confidential data from DXC’s insurance management software, resulting in a $70 million penalty for trade secret misappropriation and an additional $140 million for deliberate infringement.

Furthermore, Transamerica prematurely terminated its decade-long agreement with TCS in June 2023. Following a legal defeat and a claim from Epic Systems, TCS accounted for a $125 million provision in the December quarter.

BSE And RBI Deny Technical Glitch Allegations On Election Results Day, Causing Mutual Funds To Loose Money

June 7, 2024, 10:18 pm

Broking platforms have alleged a potential glitch in the mutual fund system of the Bombay Stock Exchange (BSE) on the day of the national elections, which caused orders to be processed the following day after the market had rebounded, according to a report by ANI. Despite these allegations, BSE has denied any fault on its part.

Numerous users reported on social media platform X (formerly Twitter) that they purchased mutual funds through online apps on June 4, but the Net Asset Value (NAV) reflected for June 5, ANI reported. Investors using platforms such as Zerodha, Groww, Upstox, and Angel One expressed their frustration on social media over their inability to square off positions in equities or futures and options (F&O), according to the report.

On June 4, the Indian stock market experienced its largest decline in four years, coinciding with the announcement of the 2024 Lok Sabha election results, which revealed the Bharatiya Janata Party (BJP) winning fewer seats than predicted by exit polls. The sharp drop in share prices prompted many investors to place purchase orders to capitalize on the low prices. However, these orders were executed the next day when the market had already recovered by 3%, the report stated.

“There was no technical glitch at the exchange end on June 4. However, there was some lag in receiving payments from the UPI channel for a few customers,” said a BSE spokesperson.

The Reserve Bank of India (RBI) declined to comment on the issue during a monetary policy press conference but mentioned efforts to reduce downtime for UPI transactions. The RBI noted that daily UPI transactions range between Rs. 40 to 45 crore, putting significant pressure on the system. They clarified that while there is no delay from the National Payments Corporation of India’s (NPCI) end, there might be delays at the banking end, which the central bank is working to address in coordination with specific banks.

How to Check Your Odisha Class 10 Results, Here’s How to Check

May 26, 2024, 9:30 am

The anticipation mounts as the Board of Secondary Education (BSE) Odisha prepares to unveil the Class 10 results on May 26, stirring excitement among students eagerly awaiting their scores. The official website, bseodisha.ac.in, will serve as the platform for students to access their scorecards.

To view their results, students will need to input their registration number or roll number along with their password on the website. The board has slated a press conference to announce the Class 10 results at 10:30 am, with the result link set to go live on the website at 11:30 am. School authorities will also have the ability to download and verify the results using their respective user IDs and passwords from 12:30 pm onwards.

This year, over 5.5 lakh students participated in the Board of Secondary Education Odisha Class 10 examinations, conducted across 3,047 examination centers statewide. Following the result declaration, students dissatisfied with their scores will have the option to apply for result revaluation.

In the previous year, the Odisha Board witnessed commendable performance, with 2,53,633 male and 2,58,827 female students passing the HSC exams, resulting in an overall pass percentage of 96.04 percent. This marked a significant improvement from the previous year, where the overall pass percentage stood at 90.55 percent.

As students eagerly await their results, the board’s announcement is anticipated to bring clarity and direction for their academic pursuits.

The steps to follow to check the results once they are declared are as follows:

Visit the official website of BSE, Odisha: bseodisha.ac.in
Look for the link “BSE Odisha Class 10 Results 2024”. This link will be activated after the announcement of the results.
Enter your details, including your Roll number, Date of Birth (DOB), and the Security PIN provided.
After entering the required information, click on the “Submit” button.
Your Class 10 result will be displayed on the screen.
Make sure to download the result for future reference and print a copy if necessary.

By following these simple steps, students can swiftly access their Class 10 results and plan their next steps accordingly. Best wishes to all the students awaiting their results!

NSE/BSE market cap to cross USD 10 trillion by 2030- Experts

May 24, 2024, 3:28 pm

In an unprecedented feat, the Indian stock market indices BSE and NSE have entered the exclusive USD 5 trillion club, generating USD 1 trillion in wealth in just six months, despite foreign institutional investors (FIIs) withdrawing funds ahead of the Lok Sabha election results on June 4.

BSE and NSE soared from USD 4 trillion in November 2023 to USD 5 trillion by this week, marking the fastest wealth creation in Indian market history. Data indicates that this surge was driven by domestic institutional investors, retail investors, and high net worth individuals (HNIs), even as FIIs pulled out at least Rs 28,000 crore from the market this month.

Market experts suggest that if current trends continue, and with India projected to become the third-largest economy by 2027, the market cap of BSE and NSE could reach USD 10 trillion by 2030. Ajay Bagga, a market expert, noted that increased scale attracts more investment, initiating a virtuous cycle of growth. He stated, “There is a good chance of both NSE and BSE listed companies’ market cap crossing USD 10 trillion by or before 2030 amid huge growth in FDI and FPI flows on the back of the favourable economy.”

Bagga further predicted that by the end of 2024, the Indian markets might reach USD 5.5 to 5.75 trillion, with key sectors like Financials and IT gaining momentum. He highlighted the potential impact of listing more unlisted companies, noting that India’s 130 Unicorns could significantly boost market cap.

The journey of market capitalization reveals rapid growth: it took 10 years to go from USD 1 trillion to USD 2 trillion, but less than six months to leap from USD 4 trillion to USD 5 trillion. Key milestones in Indian stock market capitalization include:

USD 1 Trillion: May 2007
USD 2 Trillion: July 2017 (10 Years)
USD 3 Trillion: May 2021 (4 Years)
USD 4 Trillion: November 2023 (2.5 Years)
USD 5 Trillion: May 2024 (6 Months)

India’s stock market, now the fifth largest globally by market cap, has instilled new confidence in retail investors. Harsha Upadhyaya, CIO – Equity, Kotak Mutual Fund, remarked, “India’s aggregate market capitalization crossing the USD 5 trillion mark is driven primarily by continuing strong economic growth and robust corporate performance. India is now the world’s 4th largest in terms of aggregate market capitalization, signifying the breadth and depth of Indian listed equity space and its long-term potential.”

Comparatively, the US leads with a market cap of almost USD 55.65 trillion, followed by China at USD 9.4 trillion, Japan at USD 6.42 trillion, and Hong Kong at USD 5.47 trillion.

Market predictions are optimistic. Shrikant Chauhan, Head of Equity Research at Kotak Securities, foresees the Nifty index reaching 24,500-25,000 and the Sensex touching 80,000-81,000 by FY26. Despite recent volatility due to election-related speculations, investor confidence has been bolstered by reassurances from Prime Minister Narendra Modi and Home Minister Amit Shah about a comfortable majority for the ruling alliance.

Rajesh Palviya, SVP Research (Head Technical & Derivative) at Axis Securities, is also optimistic, predicting new market heights by the year’s end. “The broader market is showing bullishness, and we believe this rally can extend further. Nifty likely reaches 24,000 in 2024. There is buying interest in most core sectors, and macro data is improving. Corporate earnings are on an upward trajectory, and tax collections are showing a good uptick. Money flow into the equity market is quite encouraging. We expect the Sensex to extend its gains, and we could see the Sensex reach 78,000-79,000 by the end of 2024,” he said.

Experts believe that with a stable government, ongoing reforms, new listings, and rising retail investor participation, Indian markets will continue to reach new heights.

Ram Navami Holiday – Is Indian Stock Market Closed on April 17?

April 17, 2024, 1:26 am

The stock market holidays in April will witness both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) closed on two distinct occasions. Trading on Wednesday, April 17, will halt in observance of Ram Navami. Moreover, the market remained closed on Thursday, April 11, for Eid-Ul-Fitr (Ramzan Eid).

Stock markets will be closed on various days throughout May, June, July, August, October, and December, as well as twice in November, apart from the scheduled closures in April.

On November 1, a Friday coinciding with the festival of Diwali (Laxmi Pujan), Muhurat Trading will take place, with timings to be announced at a later date. Any adjustments to the holiday calendar will be communicated in advance through a separate circular.

According to an ET report, the Multi Commodity Exchange of India (MCX) will suspend trading on April 17 during the morning session from 9 AM to 5 PM. However, trading will resume in the evening from either 5 PM to 11:30 PM or 5 PM to 11:55 PM. Additionally, the National Commodity and Derivatives Exchange (NCDEX) will also remain closed on that day.

As per the BSE holiday calendar for 2024, there are a total of 14 trading holidays scheduled. Up to now, the indices have been closed four times this year, which include Republic Day, Maha Shivratri, Holi, and Good Friday in March.

Pannun threatens to hit BSE, NSE in latest video

January 2, 2024, 2:15 am

Khalistan terrorist Gurpatwant Singh Pannun, who has been making incendiary provocation of violence against India, has called for the country’s “economic destruction” by targeting the Bombay Stock Exchange and the National Stock Exchange from March 12.

The day coincides with the 31st anniversary of the serial blasts in Mumbai in 1993.
“Unlike 1993 which damaged the BSE buildings, the call to target BSE/NSE from 12th March is aimed at destroying India’s economic system,” Pannun said in a video statement.

The US-based Khalistani leader has been designated as a terrorist under the Unlawful Activities (Prevention) Act by the Home Ministry. He is wanted by Indian security agencies in at least two dozen cases, including terrorism and sedition.
In his latest video message, Pannun urged people to dump Indian stocks and buy American stocks before March 12.

Last month, he had exhorted the “Muslims of Uttar Pradesh” to target Prime Minister Narendra Modi when he came to Ayodhya to inaugurate a new airport and unveil many other developmental projects.
Pannun has been making open calls for violence against India ever since the US government alleged the hands of an Indian agent in a failed attempt to kill the Khalistan leader on the American soil.

Last month, he put out a video in which he said Indian parliament would be targeted on or before December 13, sending the Delhi Police into tizzy.

In the previous month, Pannun had urged Sikhs to stop flying on Air India planes on and after November 19, claiming threat to their lives. He also threatened that the airline would not be allowed to operate its flights.
In September this year, the National Investigation Agency had confiscated his house and land in Amritsar and Chandigarh.

An NIA Special Court had issued non-bailable warrants against him in February 2021 and he was declared a ‘Proclaimed Offender’ in November 2022.

BSE Sensex Inches Closer to the 70,000 Mark, Currently at 69,800

December 8, 2023, 1:52 pm

The BSE Sensex is on the verge of crossing the significant threshold of 70,000, with the index presently hovering around 69,800. This notable ascent comes amid growing market optimism, supported by various factors influencing investor sentiment. According to online sources and financial reports, the market’s upward trajectory is attributed to positive economic indicators, expectations of stable interest rates, and insights from financial experts. As the Sensex nears this historic milestone, investors are closely monitoring developments in the global and domestic economic landscape for potential implications on market dynamics.

In a recent interview with Moneycontrol, Shradha Sheth, the Head of Equities at Neo Wealth and Asset Management, expressed her outlook on interest rates, market sentiment, and sectoral growth for the fiscal year 2024. Sheth expects interest rates to remain steady throughout FY24, with the possibility of initiating a gradual reduction cycle starting in June 2024.

“We expect market sentiment to continue strengthening,” Sheth stated, highlighting her positive outlook on the market. She anticipates that the BSE Sensex may soon surpass the psychological threshold of 70,000. Further gains, potentially reaching 75,000, are expected to be driven by robust demand, earnings growth, and macroeconomic factors. Sheth also emphasized the impact of the upcoming Lok Sabha elections and the current government’s victory on market dynamics.

Providing insights into sectors poised for growth in 2024, Sheth drew on her 15 years of experience in Indian equity markets. She identified financials, automotive, capital goods/industrials, utilities, cement, healthcare, pharmaceuticals, and consumer discretionary as sectors expected to benefit from economic strength.

Examining the Nifty’s current valuation, which stands at 19.3x FY25 EPS, slightly below its long-term average of 20x, Sheth highlighted the recent electoral win by the BJP in major state elections. This victory, along with growing expectations of an impending rate-cut cycle in the US, is seen as contributing to the sustained favourable valuations in the Indian market.

Sheth’s optimism is grounded in historical trends, pointing out that the six months following general election results (November to May) in previous instances (1999 to 2019) have yielded positive returns for the Nifty, ranging from 9 per cent to 36 per cent. As the market braces for potential positive outcomes, Shradha Sheth remains optimistic about the continued strengthening of market sentiment.

Jio Financial Services lists on BSE

August 21, 2023, 2:30 pm

Today, Jio Financial Services Limited made its BSE debut. Prominent financial dignitaries were present for the listing ceremony. The BSE Chairman Subhash S. Mundra and the esteemed directors of Jio Financial Services Limited lit the traditional lamp to start the BSE Listing ceremony.

“JFS will seek to optimize all that India provides. India is the growth momentum of what we have not seen in our history. In the next 8 or 9 years we should double our GDP from where it is. Along with that, the achievements in the digital field are already visible, whether it is in straight-through processing, the financial sector, or real-time transactions,” said veteran banker KV Kamath, an independent director.
The dignitaries present on the stage included Kamath, BSE Chairman Mundra, Anshuman Thakur (Senior Vice President of Jio Platform Limited), Bimal Tanna (Independent Director), Jagannath Kumar (CEO of Reliance Foundation), Hitesh Setia (CEO and President), Sunil Mehta (CEO of the Indian Banks Association), K Seturaman (President, Group Cooperative Secretarial and Governance of Reliance Industries Ltd), and Jaishree Rajesh.

JFSL’s stocks were formally made available for trading on the BSE during the listing ceremony, which was marked by a sense of anticipation and excitement. Jio Financial Services Limited (JFSL), which was first established in 1999 as Reliance Strategic Investments Private Limited, has undergone a number of changes to become the formidable organization it is today.

Sensex rises 156 points in morning trading, closing in on the 62k milestone

May 22, 2023, 10:31 am

On Monday morning, key domestic equity market indices rose as investors bought IT stocks, bucking the weak global indications that were pervasive at the time.
In the first hour of trading on Monday, the BSE 30-share Sensex rose 156 points to 61,909.79 and the NSE Nifty 50 climbed 69 points to 18,272.60. In the Asian markets, the Hang Seng in Hong Kong rose 237 points, the Nikkei in Japan fell 5 points, the Shanghai in China rose 16 points, the Philippines Stock Exchange was trading in the red, and the Thailand Set was in the green.In the US stock markets, the Nasdaq fell 30 points, the Dow Jones fell 109 points, the NYSE fell 21 points, and the S&P/BMV fell 967 points.
The US Federal Reserve is unlikely to hike rates again in June, experts appear to agree, according to CNN Business. “The absence of any such preparation [for a raise] is the signal and gives us additional confidence that the Fed is not going to hike in June absent a very big surprise in the remaining data, though we should expect a hawkish pause,” Evercore ISI strategists wrote in a May 19 note.
Amsterdam, Deustche, CAC, and BEL were trading in the green on the European market, while the FTSE rose 14 points and the IBEX 35 climbed 38 points.

According to preliminary data made available on the NSE, domestic institutional investors (DII) were net purchasers on Friday and bought shares worth Rs 1,071.35 crore, while foreign institutional investors (FII) sold shares worth Rs 113.46 crore. Inching closer to USD 600 billion, India’s foreign exchange reserves have risen to a level not seen in nearly a year.

The reserves increased to USD 599.529 billion in the week that ended on May 12 for which data is available.The Indian rupee opened 13 paise lower at 82.79 against the US dollar as compared to Friday’s close of 82.66 per dollar.

High hopes with Budget 2023: Sensex at 60K level today

February 1, 2023, 10:46 am

The domestic equity market opened with gains as Budget expectations lifted investors’ sentiment while the stocks seemed to have recovered from last week’s volatility from Adani Group stocks’ decline.

Most of the global markets’ indices were also trading in the green as investors looked ahead to the US Federal Reserve meeting on Wednesday.

Key indices of the domestic markets — BSE’s Sensex recovered its 60,000 level and went up 470 points to 60,001.17 while NSE’s Nifty surged 105 to 17,766.40 in the opening of Wednesday session.

In Asian markets, Japan’s Nikkei was trading in the green as it went up 49 points and Hong Kong’s Hang Seng surged 63 points. In American markets, Dow Jones had closed with 368 points up, Nasdaq surged 190 points in its closing, NYSE rose and settled 217 points higher while S&P surged 58 points while it closed on Tuesday. US stocks edged higher on Tuesday on the back of strong earnings and encouraging inflation data.

In European markets, FTSE went down 13 points while CAC and Deutsche Borse were trading in the green.

Union Finance Minister Nirmala Sitharaman will present the Union Budget 2023-24 in Parliament today, the last full Budget of the Modi government in its second term. It is expected that taxpayers will get more relief as the government might put some money in the common man’s pockets. There are expectations that the government might raise import duties on certain items to encourage domestic manufacturing.