Finshorts
Gensol Engineering announced it has won a Rs 463 crore order to establish a solar plant at Khavda RE Power Park in the Rann of Kutch, Gujarat. The project includes engineering, design, procurement, erection, testing, and commissioning of the facility with a fixed tilt module mounting structure. Shilpa Urhekar, CEO of Solar EPC (India), emphasized … Read more
Paresh Mohanlal Parekh and Vijay Mohanlal Parekh sold a 4.2% stake in Jyoti CNC Automation for Rs 1,079 crore through open market transactions. They divested 96.05 lakh shares at prices between Rs 1,123-1,125.15 each. Buyers included Axis Mutual Fund, Morgan Stanley, Societe Generale, and others. Post-sale, the shares dropped 1.35% on the NSE to Rs … Read more
The Directorate General of Foreign Trade (DGFT) announced that new norms for gold, silver, and platinum wastage in jewellery exports are in abeyance until August 31, 2024. This decision follows a request from the Gems and Jewellery Export Promotion Council (GJEPC) due to industry concerns. The May 27 notice tightening these norms is paused for … Read more
The Securities and Exchange Board of India (SEBI) proposed revisions to the definitions of ‘connected person’ and ‘relative’ under insider trading regulations. The aim is to avoid increased compliance burdens by retaining the term ‘immediate relative’ solely for disclosures and conduct codes. The proposed changes include adding relatives of connected persons and those influencing connected … Read more
Tata Steel announced acquiring 557 crore equity shares in its Singapore-based arm, T Steel Holdings Pte Ltd (TSHP), for USD 875 million (Rs 7,324.41 crore). This follows the board’s approval in May to infuse funds into TSHP. The shares have a face value of USD 0.157 each. Post-acquisition, TSHP remains a wholly-owned subsidiary of Tata … Read more
On July 29, Reserve Bank of India (RBI) report stated that India’s digital economy will grow from 10% to 20% of GDP by 2026. RBI Governor Shaktikanta Das emphasized that digitalization is revolutionizing banking and financial services. Innovations like UPI, India Stack, and digital lending are driving this growth. India has the world’s lowest data … Read more
On Monday, July 29, the Indian rupee fell to a record low of 83.74 against the U.S. dollar, before closing at 83.7275, unchanged from Friday. Month-end corporate dollar demand and outflows from local equities contributed to the rupee’s weakness. The Reserve Bank of India (RBI) likely intervened by selling dollars through state-run banks to prevent … Read more
On Monday, July 29, the Indian stock market benchmarks, Nifty 50 and Sensex, reached new highs but ended flat. The Nifty 50 hit 24,999.75 and the Sensex reached 81,908.43 during the day. At the close, the Nifty 50 was up 1 point at 24,836.10, and the Sensex was up 23 points at 81,355.84. The market … Read more
The US Federal Reserve meeting will take place from July 30 to July 31. Investors are watching for clues about future rate cuts. While a 25 basis point cut in July is unexpected, it could boost markets. The Fed has paused rate changes since July 2023, maintaining a rate of 5.25-5.50%. Inflation is easing but … Read more
Shares of Bharat Electronics Ltd. surged 5% after releasing its April-June results. Net profit rose 46% year-on-year to ₹776 crore, beating the ₹706 crore estimate. Revenue increased 19.6% to ₹4,199 crore. EBITDA grew 41% to ₹937 crore, with a margin of 22.3%. The order book stood at ₹76,705 crore. Shares are up 74% in 2024 … Read more