Market,
Indian securities exchange will remain immovably in the grasp of bears as worldwide financial stocks will stay unpredictable. In the coming weeks, domestically, the markets will be influenced by RBI policy decisions. On April 3, the RBI will begin its three-day monetary policy meeting, and on April 6, the outcomes of key rates and the economic outlook will be made public.
29 March 2023, at 07:37:39 IST
Vedanta declares fifth interim dividend of ₹20.50 per share, record date fixed
Mining mogul Anil Agarwal’s Vedanta Ltd declared its fifth interim dividend on Tuesday 20.50 per equity share or 2050 per cent, for the financial year 2022-23 amounting to 7,621 crores. The company has fixed April 7, 2023 as the dividend record date.
approved the fifth interim dividend of 20.50 per equity share i.e. 2050 per cent on face value Amount of 1/- per share for the financial year 2022-23 7,621 crore,” the company said in a regulatory filing.
The interim dividend will be paid within the time limit prescribed under law, the exchange filing further noted.
it is in addition 81 per share in the dividend declared by the Anil Agarwal-led company for FY23 so far. (Read more)
SEBI imposes total penalty of ₹36 crore on PNB Finance & Industries, CCCL, other entities
SEBI imposed total penalty on Tuesday 35.67 crore on various other entities, including PNB Finance & Industries Ltd, Camac Commercial Company Ltd and promoters Sameer Jain and Meera Jain, who have also been barred from the securities market.
Apart from the market ban, Sameer Jain and Meera Jain have been barred from holding any key managerial position or being associated with any listed public company. These restrictions will be in place till both the companies comply with the minimum public shareholding requirement under SEBI norms, as per two separate orders. (Read more)
India asks PSBs to conduct more robust stress tests
India has asked state-owned banks to focus on stress testing because they haven’t developed models to deal with the risk of failure in time.
As per authorities acquainted with the matter, the matter was surveyed at a gathering of bank pioneers with Money Priest Nirmala Sitharaman on Walk 25 to examine the advancement of the loan specialists’ change plan.
In June, Sitharaman made the announcement that banks would implement stress-testing models to assist them in responding to customer requirements and competition.
29 March 2023, at 07:24:45 IST
RIL, ReNew, 9 others bag Solar PLI sops
Under the Production Linked Incentive Scheme, Reliance Industries Ltd., Tata Power Solar, and ReNew are among the companies selected to receive a government incentive of Rs 14,007 crore to encourage local manufacturing of solar modules.
11 businesses have received 38,600MW of capacity from the state-run Solar Energy Corporation of India, which was created to carry out the National Solar Mission.
By 2030, India wants to reach 500 gigawatts (GW) of renewable energy capacity, with solar power accounting for more than half of that. The government is attempting to lessen its reliance on imports from China, with which it has an uneasy relationship and a significant trade deficit, in order to achieve this lofty goal of producing solar modules domestically. Continue reading) March 29, 2023, 07:23:05 IST
Wall Street closed with Tech on Tuesday; Investors assess the bank comments
Investors weighed comments from a top US regulator on struggling banks and technology-related names sold shares after a recent strong run as US stocks closed slightly lower on Tuesday.
The top banking regulator at the Federal Reserve, Michael Barr, told a Senate panel that the Silicon Valley bank had done a “terrible” job of risk management before it collapsed.
Along with other technology-related stocks, shares of Apple and Microsoft ended lower, which was one of the biggest drags on the S&P 500.
“It’s a small continuation of the tech stock pullback that occurred yesterday.” Michael James, managing director of equity trading at Wedbush Securities in Los Angeles, stated, “You’re seeing a little profit.” There is a slight waning of enthusiasm.
Tuesday’s 0.5% decline in the S&P 500 technology index extended the week’s declines, but the quarter’s outlook remained positive.
The day’s KBW Regional Banking Index fell by 0.2 percent. A day after First Citizens Bankshare Inc. announced that it would acquire Silicon Valley Bank’s deposits and loans, the company’s shares rose slightly, rising by more than 50%.
Following issues at Silicon Valley and other banks, stock prices of banks fell dramatically.
The S&P 500 lost 6.26 points, or 0.16%, to 3,971.27, the Nasdaq Composite lost 52.76 points, or 0.45%, to 11,716.08, and the Dow Jones Industrial Average lost 37.83 points, or 0.12%, to 32,394.25.
James stated, “The level of concern for those who are currently struggling is rising with the prospect of tighter regulations for banks with more than $100 billion in deposits.” Reuters) Get the app and get 14 days of free, unlimited access to o2help Premium!
