Sebi on Wednesday imposed a penalty of Rs 1.5 crore on Karvy Computershare (presently known as KFin Technologies) for redeeming its units in Taurus Mutual Fund on the basis of privileged information, pertaining to Ballarpur Industries default, available to it as RTA.

By redeeming all units in Taurus Liquid Fund and Taurus Ultra Short Term Bond Fund in February 2017, Karvy Computershare made unlawful gain of about Rs 1.2 crore, Sebi said in an order.

Bharat FIH, a subsidiary of Foxconn group, has filed its draft red herring prospectus (DRHP) for its initial public offering (IPO). The Rs 5,004-crore IPO comprises a fresh issue of Rs 2,502 crore and an offer for sale (OFS) of Rs 2,502 crore. The offer for sale is by its promoter, Wonderful Stars.

Wonderful Stars and FIH Mobile are its promoters, its prospectus stated. Wonderful Stars, together with its nominees, holds 99.97 per cent of the company’s shares.

Private equity (PE) major Advent International has acquired a majority stake in Encora, a global digital engineering services company with innovation labs in India and the US, for $1.5 billion. As part of the agreement, Warburg Pincus, the existing majority shareholder of Encora, has sold its stake and now retains a minority shareholding.

We are thrilled to enter into this partnership with Advent as we continue to scale our differentiated software engineering service offerings, said Venu Raghavan, chief executive officer (CEO), Encora.

Indian telecom companies (telcos) are set to see a 40 per cent boost in their operating profits next fiscal, which will give them some room to invest in rolling out their 5G services. Operating profit is expected to surge to Rs 1 trillion from Rs 72,000 crore in the next fiscal, on the back of higher tariffs, better ARPU, and the government’s deferred payment option.

The recent 20-25 per cent tariff hikes announced by telcos and ongoing customer upgrades, led by continuous rise in data consumption will improve average revenue per user/month (ARPU) by 20 per cent to Rs 160-165 next fiscal year from Rs 135 in the previous fiscal year.

Shares of Minda Industries hit a record high of Rs 1,179, on rallying 7 per cent on the BSE in Wednesday’s intra-day trade on healthy outlook. The stock of auto ancillary company was quoting higher for the fifth straight trading day, gaining 18 per cent during the period. Thus far in the calendar year 2021, the stock has zoomed 196 per cent, as compared to 18.9 per cent rise in the S&P BSE Sensex.

In past 11 trading days, the stock has surged 37 per cent, after the company announced a fresh round of capex and investment spends.

The price of 10 gram of gold decreased by Rs 230 on Wednesday, with 24 carat gold trading at Rs 48,410 and 22 carat at Rs 47,410.

The price of 1 kg of silver decreased by Rs 500 and the precious metal is selling at Rs 61,400.

The Reliance General Insurance Company said on Tuesday that it will soon come out with nine sandbox products to meet evolving consumer needs.

The company has already received approval for the same from the Insurance Regulatory and Development Authority of India (IRDAI).

This announcement is in line with the company's long-term goal of re-innovating and redefining the insurance sector to cater to the fast-transforming customer expectations in the digital age.

Online recruitment firm Monster.com, a Quess company, announced that it has raised Rs 137.5 crore in a funding round led by prominent industry leaders – Akash Bhanshali (Volrado Venture Partners) and Mohandas Pai (Meridian Investments) with participation from Quess.

Post the funding round, the company is valued at close to $100 million. The current close has been done at Rs 112.5 crore with an option built-in to expand the round to Rs 137.5 crore.

Swega Swaminathan from Kasipalayam village in Erode district, who is the daughter of a farmer has received a full scholarship of Rs 3 crore to pursue a bachelor's degree in Chicago University in the United States of America.

Chicago University stands among the first ten ranked universities globally.

Shares of India Cements surged 9 per cent to Rs 192.35 on the BSE in Wednesday’s intra-day trade after billionaire investor Radhakishan S Damani (RK Damani), Gopikishan Shivkishan Damani & family increased their stake in the company to 22.76 per cent at the end of December 20, 2021, according to disclosure made by the company to the stock exchanges.

Since March 30, 2020, they have acquired an additional 6.30 million equity shares or 2.03 per cent stake in India Cements via open market purchases, the company said.

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