SEBI Details Policy Initiatives On Investor Charters
Source: SEBI press release
In an indication that vehicle sales may remain subdued in the upcoming festival season, Maruti Suzuki India ltd – the country’s largest passenger vehicle manufacturer- will not push inventories at dealerships. This comes as most dealer partners are financially stressed and as the overall slowdown in the economy continues keep customers away from showrooms.
Gold Silver Reports (GSR) – Salzer Electronics Limited, which offers electrical solutions, on Monday signed a deal to acquire a 72.32 per cent stake in Kaycee Industries Limited in an all cash deal. Salzer will make an offer to purchase a 26 per cent additional stake from public for a total equity value of Rs 22 crores.
The Nifty 50 traded near 10,900. Asian stocks began the week on a cautious note after soft economic data from China and Europe added to evidence of cooling global growth. US equity futures edged up with stocks in Japan and Australia, while shares slipped in Shanghai and Hong Kong. Oil prices climbed after US drilling activity fell to its lowest level in about two months.
The Indian rupee (INR) fell sharply against the US dollar (USD) today after the shock exit of RBI governor Urjit Patel, who announced his resignation on Monday. The rupee was trading at 72.46 against the US dollar, down 1.5%, as compared to yesterday’s close of 71.32. The dollar also gained other currencies, putting further pressure on the rupee. The abrupt resignation of RBI chief has raised worries about further outflows from Indian markets. The counting of votes in five states began today from 8 am. Early trends indicate a tight race between BJP and Congress in Madhya Pradesh while Congress ahead in Rajasthan.
Future Retail-Amazon deal likely in 10 days, in which Amazon will buy around 9.5 percent stake in Kishor Biyani-led company and both the parties are in advanced stage of talks for the deal.
PC Jeweller Falls Most In 4 Months On Cut In Export Sales Target – “The export business is a credit based business and the company wants to rationalize exports business as the credit availability is getting squeezed,” the company said in a statement on Thursday.