Stocks to watch- Wipro, ICICI Bank, Kotak Mahindra Bank, Tata Elxsi
时间:2024-06-26 17:45:13 阅读(143)
Stocks in Focus: GIFT Nifty traded down marginally 18 points, or 0.09%, at 19,793.50, indicating a tepid opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously on Tuesday, NSE Nifty 50 gained 0.40% to settle at 19,811.50, while BSE Sensex added 261.16 or 0.39% to 66,428.09.
“Markets snapped a 3-day losing streak on broad-based buying even as participants remained worried about rising tensions in the Middle East. All eyes will be on Federal Reserve Chair Jerome Powell who is also scheduled to speak on Thursday (October 19) for further insights into the central bank’s next steps and guidance on US interest rate policies. Technically, while the market will waver and trade choppy, the biggest support for Nifty is placed at 19,509 mark while confirmation of strength only above the 19,887 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 12.19 crore on ICICI Bank for contravention of Section 20(1) of the Banking Regulation Act, 1949 (the BR Act).
“This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) of the BR Act and emanates from statutory inspections for supervisory evaluation for fiscal 2020 and fiscal 2021. The Bank has taken necessary corrective action in this regard. The press release issued by RBI is attached herewith,” said the Bank in a regulatory filing on NSE.
Kotak Mahindra Bank“The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 3.95 crore on the Bank for non-compliance with RBI Directions on ‘Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks’, ‘Recovery Agents engaged by Banks’, ‘Customer Service in Banks’, and ‘Loans and Advances – Statutory and Other Restrictions’, according to the information available on the NSE.
IDFC, IDFC First BankInfrastructure Development Finance Company (IDFC) on Tuesday said that it has received approval from the Competition Commission of India (CCI) for its merger with IDFC First Bank. “The CCI vide its letter dated today, i.e. October 17, 2023 has communicated that it has considered and approved the combination under Green Channel Route, pursuant to the notice jointly filed by IDFC FHCL, IDFC Limited, and IDFC FIRST Bank, in terms of Section 6(2) of the Competition Act, 2002 read with Regulations 5 and SA of the Competition Commission of India (Procedure in regard to the transactions of business relating to combinations) Regulations, 2011,” IDFC Limited said in a regulatory filing.
Tata ElxsiThe technology & design company’s sequential profit is up 5.9% QoQ while it reported revenue growth of 3.7%. Manoj Raghavan, CEO and Managing Director, Tata Elxsi, said, ” “We are happy to report a healthy performance in the second quarter with a top-line growth of 3.7% QoQ and 15.5% YoY in a challenging quarter for the industry. Our EBITDA has grown 4.8% QoQ and 16.3% YoY and our EBITDA margin has improved by 31 bps to 29.9%. This underlines our strong focus on delivery and operational excellence, key account management and differentiated offerings.”
Bajaj FinanceBajaj Finance on Tuesday announced that it plans to acquire 26% stake in Pennant Technologies Private Limited for a total of Rs 267.50 crore. “We wish to inform you that the Company has entered into a binding term sheet with Pennant Technologies Private Limited on 16 October 2023 for acquisition of up to 26% equity stake in Pennant,” the company said in a regulatory filing.
Companies scheduled to report their Q2 earnings today;LTIMindtree
Baja Auto
IndusInd Bank
Polycab India
Persistent Systems
Bandhan Bank
Oracle Financial Services Software
IIFL Finance
Titagarh Rail Systems
(With agency inputs.)
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- AMC”.
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In its consultation paper, Sebi has suggested that trustees of mutual funds should focus on market abuse by AMC, its employees and mis-selling by the AMC to increase the asset base.
Also, trustees should be responsible for fairness of fees and expenses charged by the AMC, compare its performance with peers and ensure that AMC’s sponsor is not getting any undue advantage.
In addition to the core areas, the trustees should be responsible for periodically reviewing the steps taken by AMCs for the folios which do not contain all KYC attributes with bank details.
Further, Sebi has suggested that trustees and their resource persons should independently evaluate the extent of compliance by AMC and not merely rely on AMC’s assurances.
To facilitate trustees’ supervision, AMCs should provide them with analytical information.
Presently, the trustees primarily rely on the AMCs for ensuring compliance with the applicable rules.
Under the rules, trustees hold the property of the mutual fund in trust for the benefit of the unitholders. The trustees appoint an AMC to float schemes for the mutual fund and manage the funds mobilised under various schemes, in accordance with the investment objectives.
“In view of the increasing scale and reach of the mutual fund industry, trustees’ role in respect of unitholders’ protection assumes even greater significance,” Sebi said on Friday.
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Over the past decade there has been a five-fold increase in the size of the mutual fund industry. The assets under management (AUM) has surged from Rs 7.93 lakh crore in November 2012 to Rs 39.89 lakh crore in December 2022.
To ensure that trustees devote time and attention to their core responsibilities, Sebi has suggested that for fulfilling other responsibilities, trustees may rely on professional firms such as audit firms, legal firms, merchant bankers for carrying out due diligence on their behalf.
The Sebi also listed some duties trustees can delegate to AMCs. This include ensuring that all systems are in place prior to the launch of any scheme by the AMC, and calculating any income in the mutual fund due to the fund and any income received in the mutual fund for unitholders.
The regulator has proposed to provide a one year time to existing trustees with board of trustee structure to convert into a trustee company, from governance point of view.
Presently, two structures for trustees are permitted — corporate and board of trustees structure. Moreover, there are a few mutual funds which have the board of trustees structure while the trustees of all other mutual funds have adopted the structure of a trustee company.
Considering the enhanced role of trustees over the period of time, Sebi has suggested to increase the minimum number of trustees to adequately perform their functions. Presently, the minimum number of trustees prescribed is four.
Also, it has been proposed that the chairperson of the trustee company should be an independent director.
Sebi has suggested that apart from the meeting of the audit committee of AMCs and trustees (which mostly comprises of independent directors), the board of AMCs and the board of trustees may be mandated to meet at least once a year to discuss the issues concerning the mutual funds.
The regulator proposed that the existing MF Regulations on AMC and its obligations may be amended to include additional clauses with respect to the obligations of the board of AMC.
The proposed amendment may include a clause which casts an obligation on the board of AMC to ensure that all the activities of the asset management company are in accordance with the provisions of these regulations.
The Securities and Exchange Board of India (Sebi) has sought comments from public till February 24 on these proposals.
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