India News

These two PSU stocks have zoomed 50% in last three days on heavy volumes

Shares of two public sector undertaking (PSUs)--Indian Railway Finance Corporation (IRFC) and MMTC--surged up to 20 per cent on the BSE in Tuesday’s intra-day trade on heavy volumes. In the past three trading days, the two have zoomed by up to 51 per cent.

Among the individual stocks, IRFC rallied 14 per cent to hit a new high of Rs 75.72 on the BSE. In the past three trading days, it has zoomed 51 per cent. The average trading volumes on the counter jumped over three-fold today.

Sebi likely to implement one-hour settlement of trades by March 2024

Markets regulator Sebi will introduce one-hour trade settlements by the end of this fiscal, in the run up to making such processes instantaneous, a top official said on Tuesday.

Amid concerns raised by certain foreign portfolio investors on the shortening of the settlement cycles citing forex-related worries, the official made it clear that faster settlements are optional and investors can opt out.

CBI arrests GAIL Exec Director KB Singh in Rs 50 lakh bribery case

The CBI has arrested an Executive Director of GAIL in connection with the alleged Rs 50 lakh bribery case in which money changed hands to favour some contractors in the gas pipeline projects, officials said Tuesday.

Along with Executive Director (Projects) K B Singh of GAIL, four others have also been arrested, including Director of Vadodara-based Advance Infrastructures Surender Kumar, they said.

Nazara Tech zooms 12% on plan to raise Rs 100 cr from Nikhil Kamath's firms

Shares of Nazara Technologies hit a 52-week high of Rs 853.25, as they surged 12 per cent on the BSE in Wednesday’s intra-day trade after the company announced plans to raise Rs 100 crore by issuing shares on preferential basis to Nikhil Kamath’s firms.

Nazara, diversified gaming and sports media platform, today said its board has approved preferential allotment of equity shares to raise up to Rs 100 crore, subject to necessary approvals.

GMR Power zooms 20% as Group wins contract worth of Rs 5,123 cr in UP

Shares of GMR Power and Urban Infra were locked in the 20 per cent upper circuit at Rs 34.24, also its 52-week high on the BSE on Monday at 10:11 AM; after the company said GMR Group received Letter of Award (LOA) worth Rs 5,123 crore for smart metering project from Purvanchal Vidyut Vitran Nigam Limited.

Assam to advertise 22,000 govt jobs in two months, says CM Himanta

Assam Chief Minister Himanta Biswa Sarma has announced that 22,000 posts will be advertised within the next two months in order to recruit one lakh people for government jobs under the present BJP-led regime.

At an official function, Sarma distributed appointment letters to 514 candidates of the last Assam Direct Recruitment Examination (ADRE) to fill up vacancies in Class-III and Class-IV posts under various departments.

BSE changes Jio Financial Services stock price band to 20% from 5%

Leading stock exchange BSE has revised the circuit limit of Jio Financial Services, the demerged non-banking financial services unit of Mukesh Ambani-led Reliance group, to 20 per cent from the existing 5 per cent.

The new limits will be effective from Monday, September 4, according to a notification issued by BSE.

Ikea enters 2nd phase of growth in India, to expand retail operations

Swedish furniture maker Ikea is looking for omnichannel expansion with diverse retail formats besides kicking off online operations in Delhi-NCR by the end of 2024 as it enters the second phase of growth in the Indian market.

According to company India CEO Susanne Pulverer, Ikea is now planning to expand its operations by adding more stores to its network and considering new locations such as Pune and Chennai and increasing local sourcing making products more affordable here.

Walmart increases stake in Flipkart, pays $3.5 bn to acquire further shares

US retail giant Walmart has increased its stake in Indian e-commerce subsidiary Flipkart as it paid USD 3.5 billion (around Rs 28,953 crore) to acquire shares from its non-controlling interest holders in six months to July 31, 2023.

Additionally, during the six months ended July 31, 2023, the company received USD 700 million related to new rounds of equity funding for the company's majority-owned PhonePe subsidiary, said the Bentonville-based retailer in a US Securities & Exchange Commission (US SEC) filing.

India's GST collection increases 11% to Rs 1.59 trn on better compliance

Goods and services tax (GST) collection in August grew 11 per cent to Rs 1.59 trillion annually on account of increased compliance and anti-evasion measures.

In August 2022, collection was Rs 1.43 trillion.

However, during the month, the tax collected by the Centre (CGST) and the states (SGST), and the revenue from imports and inter-state sales moderated over the previous month.