India’s markets regulator on Tuesday fined BSE Rs 3 crore and the National Stock Exchange (NSE) Rs 2 crore for “laxity” in detecting misconduct by Karvy Stock Broking (KSBL).

The Hyderabad-based brokerage misused securities worth Rs 2,300 crore belonging to more than 95,000 clients by pledging them without authorisation, said the Securities and Exchange Board of India (Sebi). The firm and its group entities used funds the to raise Rs 851 crore from eight banks.

SINGAPORE (Reuters) - Indian Oil Corp, the country's top refiner, has purchased a total of 4 million barrels of crude via tenders for May and June loading, traders said on Wednesday.

The refiner bought 2 million barrels of Murban crude and another 2 million of West African crude, they added. It was not immediately clear which West African grades IOC had purchased.

The Enforcement Directorate has summoned Manu Kumar Jain, Xiaomi's former India managing director, to appear before it in a probe linked to the firm's business practices conformed with Indian foreign exchange laws, said sources on Wednesday.

Jain has been asked to appear before the investigators by 11 am on Wednesday at its Delhi headquarters.

Private sector lender HDFC Bank is hopeful that the proposed merger with the parent HDFC Ltd will pave the way for its entry into global indices such as the MSCI and FTSE.

The country’s largest bank in terms of market value—and the world’s seventh largest—is currently not part of any major global indices due to limited investment legroom for foreign portfolio investors (FPIs).

Bharti Airtel fought difficult battles and emerged stronger as a "very stable organisation", after a five-year storm in the telecom industry that was marked by falling revenue and high debt, the company's Chairman Sunil Mittal said on Tuesday.

Speaking at an event organised by the All India Management Association (AIMA), Airtel's top honcho said an important inflection point in his life came with the first mobile licence in 1992 against very stiff odds.

The global coronavirus caseload has topped 499.8 million, while the deaths have surged to more than 6.18 million and vaccinations to over 11.11 billion, according to Johns Hopkins University.

In its latest update on Tuesday morning, the University's Center for Systems Science and Engineering (CSSE) revealed that the current global caseload and the death toll stood at 499,748,065 and 6,181,560 respectively, while the total number of vaccine doses administered has increased to 11,110,770,965.

Shares of Lloyds Metals & Energy hit the upper circuit for the fourth straight day, up 5 per cent at Rs 183.30 on the BSE in Tuesday’s trade. It has surged 24 per cent in past one week, compared to 3 per cent fall in the S&P BSE Sensex during this period. The stock of this iron & steel products company is currently trading at its highest level on the BSE.

The trading volumes have more than doubled, with 323,000 shares changing hands on the BSE till 11:30 am, as against an average of less than 150,000 shares that were traded daily in past two weeks.

Defence Minister Rajnath Singh on Monday (local time) said that India has a critical role to play in the Indian Ocean Region and wider Indo-Pacific following Act East and Neighbourhood First policies, adding a major defence partnership is one of the most important pillars of India-US strategic relations.

Speaking at the fourth India-US 2+2 ministerial dialogue here, he highlighted that India played a pre-eminent role in the Indo-Pacific region.

India's HDFC Bank and some foreign banks have stopped offering trade credit for oil imports to Nayara Energy, a Russian-backed refiner, and some suppliers are seeking payment upfront to avoid potential problems resulting from western sanctions against Moscow, four banking and industry sources said.

Nayara has not been sanctioned as part of the international response to Russia's invasion of Ukraine, but Russian energy giant Rosneft, which owns 49% of the Indian refiner, has been.

Shares of LT Foods were up 4 per cent to Rs 89.40 on the BSE in Tuesday’s intra-day trade. The stock rallied 14 per cent in past two trading days in an otherwise a weak market on the back of heavy volumes.

In comparison, the S&P BSE Sensex was down 0.37 per cent at 58,508 points at 10:37 am. The trading volumes on the counter nearly doubled as a combined 8.9 million equity shares changed hands on the NSE and BSE. The stock quoted close to its 52-week high level of Rs 90.40, touched on May 24, 2021. Earlier, it had hit a record high of Rs 110 on January 9, 2018.

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