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ALERT:: Sensex rises 400 pts in pre-open deals; Nifty atop 24,200
The Sensex settled at 79,860 in pre-open trades on Tuesday; the NSE Nifty 50 index quoted at 24,225.
Market regulator Sebi directs exchanges, other MIIs to levy same fees
The Securities and Exchange Board of India (Sebi) on Monday directed stock exchanges and other market infrastructure institutions (MIIs) to discontinue with the practice of levying slab-wise fee structures. MIIs will now have to charge uniform fees, irrespective of the size of market participants, essentially the brokers.
Currently, exchanges charge trading members (brokers) a slab-wise fee structure for both cash and derivatives segments. The structure is aimed at incentivising brokers that generate higher turnover. The market regulator said the current structure goes against the principle of equal, fair and transparent access to all market participants. Read more
M&A deal value slows 9% to $38 billion in the first half of 2024
The deal value of mergers and acquisitions (M&A) in the first half of calendar 2024, despite the rising stock markets, slowed 9 per cent to $38 billion as against $41.74 billion in the same period of 2023.
The Bloomberg data says this is the lowest since 2017, when it had touched $37.48 billion (see chart). Read more
Mutual fund investors ease off buying pedal as FPIs make comeback
Mutual funds’ (MFs’) equity buying hit a four-month low in June at Rs 20,359 crore as stocks extended their winning streak from election-day lows, providing fewer opportunities for money managers to bargain hunt.
Positive inflows from foreign portfolio investors (FPIs) after two months and a potential go-slow in net inflows into equity schemes may have contributed to the moderation in MF buying in June. Read more
Stocks to watch on July 2: Patanjali Foods, CSB Bank, DCX Systems, NMDC
Hero MotoCorp: Total June sales rose 15 per cent YoY to 5.03 lakh units. Domestic sales up 16 per cent to 4.91 lakh units. To expand its EV portfolio with new products in the mid and mass segments in CFY. Global business sales up 44 per cent during the June quarter led by expansion of Nepal operations, growth in Columbia and Mexico and increased market penetration in Turkey. Exports in June fell to 12,032 units from 14,236 units last year.
DCX Systems: Gets order worth Rs 1,250 crore from L&T for the manufacture and supply of electronic modules. The order has to be executed over a three-year period.
IOL Chemicals: Gets China’s drug regulatory authority NMPA’s nod for Fenofibrate, allowing the company to export it to the Chinese market. Fenofibrate is used in the treatment of high cholesterol and triglyceride levels in the blood. Read more
Trading turnover climbs to new record highs in June, shows data
After three months of decline, the ADTV for the futures and options (F&O) segment rose 18 per cent MoM to Rs 494.7 trillion, toppling the previous record of Rs 483.2 trillion in February. Read more
Hindenburg receives show cause notice from Sebi over Adani issue
US-based short seller Hindenburg Research has said that it received a “show cause” notice from the Securities and Exchange Board of India (Sebi) on June 27 “outlining suspected violations of Indian regulations” and alleged that the regulator came to Adani Group’s aid after the January 2023 report was released.
“Our understanding from discussions with sources in the Indian market is that Sebi’s surreptitious aid of Adani commenced almost immediately post-publication of our January 2023 report,” it said in a blog post on Tuesday. Read more
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