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Currency derivatives trading reduced due to RBI order

Despite massive inflows by foreign portfolio investors into equity markets, trading volumes in currency derivatives on exchanges have declined sharply following the recent Reserve Bank of India order and have shifted to offshore centres, especially Singapore. The turnover of currency futures on NSE fell 83 per cent to Rs 2,073 crore in July from Rs 12,079 crore in April. Similarly, the turnover of options fell 98 per cent to Rs 2,018 crore in the same period from Rs 1.54 lakh crore on NSE. Turnover on BSE and Metropolitan Stock Exchange of India also declined. According to the Sebi annual report, the total turnover of all exchanges in the currency derivatives segment is expected to decline by 15 per cent to Rs 377.4 lakh crore in FY24 from Rs 445.9 lakh crore in FY23. Also read: FPIs continue aggressive selling post Budget: Withdraw Rs 20,919 crore since July 23 According to a Sebi report, in the last fiscal, the share of proprietary trading was 66 per cent on NSE, and as high as 90 per cent and 10 per cent on BSE and MSEI, respectively, while FPI share was 9 per cent, 3 per cent and 6 per cent on the three exchanges. In January, the banking regulator made it mandatory for investors to have valid unsecured underlying contract exposure to trade in the exchange traded currency derivatives market. In 2014, FPIs were allowed to trade in exchange-traded currency derivatives with a limit of $100 million, without the need to establish “underlying exposure” to equities, bonds, mutual funds or other acceptable financial instruments. Also read: RBI’s currency derivatives order leaves FPIs confused Offshore Variations However, most FPIs have shifted their rupee business to the overseas market following the RBI directive. Open interest in rupee/dollar futures on the Singapore Exchange has nearly quadrupled since the beginning of this year to 2.68 lakh contracts, worth over $6 billion. The average open interest in 2023 was 92,000 contracts. Narinder Wadhwa, managing director at SKI Capital, said the new RBI regulation has led to a reduction in speculative and arbitrage activities, as many traders found the new compliance requirements cumbersome. He said some market participants have shifted their trading activities to offshore markets such as Dubai and Singapore because there are fewer restrictions there. Jatin Trivedi, VP Research Analyst at LKP Securities, said the RBI weeded out speculators from the market by allowing positions in currency derivatives only for hedging purposes. He said the measure was aimed at preventing rapid rupee depreciation caused by speculators’ positions and due to strict norms, market participants reduced their participation in currency derivatives. share copy Link Email Facebook Twitter Telegram Linkedin WhatsApp reddit Published on 24 August 2024 Source link

Jeyyam Global Foods sets price band at ₹59-61 per share for ₹82 crore SME IPO

Jeyyam Global Foods Ltd, a Chennai-based food products company, has set a price band of ₹59-61 per share for its upcoming SME Initial Public Offering (IPO). The IPO will open for subscription on September 1, 2024, and close on September 4, 2024. The anchor investor bidding is scheduled for August 30, 2024. The company aims to raise between ₹79.25 crore and ₹81.94 crore, depending on the final price band, according to the company’s management. The IPO will consist of up to 1,34,32,000 equity shares with a face value of ₹5 each. This includes a fresh issue of up to 1,20,88,800 equity shares and an offer for sale (OFS) of up to 13,43,200 equity shares by promoter shareholder Sripal Veeramchand Sanghvi. The equity shares will be listed on the NSE’s SME platform. Investors can place bids for a minimum of 2,000 equity shares and in multiples of 2,000 thereafter. Corpwis Advisors is serving as the book-running lead manager for the offer. Utility of the proceeds The company plans to use the proceeds from the IPO, excluding the OFS portion and issue-related expenses, for capital expenditure (₹19 crore), working capital needs (₹35 crore), and other corporate purposes. Jeyyam Global Foods intends to establish two Bengal gram (chana) cleaning and grading units in Maharashtra and an integrated unit in Madhya Pradesh that will include a cleaning and grading plant, a fried gram plant, a gram dal plant, and a gram flour plant. Additionally, the company will expand its operations in Salem, Tamil Nadu, with a new 40,000 sq ft facility. The company plans to increase its fried gram production capacity by 30 per cent from the current 55,000 tonnes per annum, while the capacity for cleaned and graded chana will rise from 106,000 tonnes to 216,000 tonnes. The gram flour capacity will also expand to 50,000 tonnes from the current 10,000 tonnes. Founded in 2008, Jeyyam Global Foods Ltd specializes in the manufacturing and supply of chana, fried gram, and besan flour to B2B segments. The company is now moving into the B2C segment, initially introducing products like soya chunks and vermicelli, with plans to further expand into spices, masalas, ready-to-eat foods, salt, and sugar. Promoter holding The company’s promoters include Shripal Veeramchand Sanghvi, Amit Agarwal, Sujathaa Mehta, Shnti Guru Industries, Sarika Sangavji, Shripal Sanghvi, and Manipal Sanghvi. Amit Aggarwal serves as the Managing Director, while Shripal Veeramchand Sanghvi is the Whole Time Director. Post-IPO, the promoters’ holding will come down to 66-67 per cent from 92 per cent earlier. In FY24, the company reported revenues of ₹630 crore, up from ₹380 crore in FY23, with a net profit of about ₹16 crore. SHARE Copy link Email Facebook Twitter Telegram LinkedIn WhatsApp Reddit Published on August 24, 2024 Source link

After 9 years, there was a great fear in the market, there was not so much fear even during Corona, lower circuit in 500 shares

New Delhi. Monday was a nightmare for the stock market. Selling was seen in all the markets of the world including European and Asian markets. How could the Indian stock market remain untouched by it? Sensex has fallen by more than 2200 points and Nifty50 has fallen by about 700 points. The possibility of war in the Middle East and the fear of the decision of the US Fed weighed heavily on the Indian markets. Today, such a great fear was seen in the stock market, which was seen 9 years ago. India VIX is called the meter of fear in the stock market. It is an indicator that measures the fear prevailing in the market. The higher it is, the greater are the chances of a fall in the market. If it is below it, it is considered a sign of the stock market calming down or slowly going up. On Monday, it jumped 52 percent in a single day. Earlier, a similar scene was created in 2015. Even during Corona, the market fell very fast, but VIX did not jump so much in a single day. Also read – Market fell due to recession and threat of war, high-profile shares crashed, is this the right time to invest money? On Monday, the India VIX surged 52% to cross the 20 mark, the biggest single-day surge for the index since August 2015. “This week is going to be tough. And global markets are telling us that it would be better to focus on stock specific activity within our markets,” said market expert Prakash Dewan. Lower circuit imposed in 500 stocksSome of the BSE 500 stocks hit their lower circuit limits in Monday’s trade. These include big names like Reliance Power Limited, Jaiprakash Power Ventures Limited (JP Power), Cochin Shipyard Limited, Garden Reach Shipbuilders and Engineers Limited (GRSE), Wari Renewable Technologies Limited and Swan Energy Limited. It is believed that a delay in cutting the Federal interest rates will lead to a recession in the US and may lead to withdrawal of money from abroad. Amidst this fear, all the indices were seen trading in red, with the midcap and smallcap indices falling by up to 4 percent. Tags: share market, Stock Market, Stock Markets FIRST PUBLISHED : August 5, 2024, 15:25 IST Source link

Multibagger Stock: This power stock has been making a splash for a year, it has increased the money not one or two but five times

Highlights GE T&D India share is a multibagger stock. So far in the year 2024, this stock has given 225 percent return. The company’s revenue increased by 33.55% to Rs 958 crore in the first quarter. New Delhi. After the boom in the stock market in the last few years, investors now have a new question as to where to invest their profits. Almost every sector has given returns. Therefore, now there is more search for such a sector where the right stock can still be found at the right price. If you are also looking for such a profitable sector, then you should invest money in the power sector. BSE POWER Index has increased by 86 percent in the last one year and many stocks of this sector are growing rapidly. Power sector stock, GE T&D India Limited, has made investors rich in just one year and has given a return of about 400 percent in just 12 months. Even on the last trading session i.e. Friday, this multibagger stock closed with an upper circuit of 5 percent. GE T&D India Limited is the India-listed unit of GE’s Grid Solutions business. The company has recently announced the results for the first quarter of FY25. The company’s revenue and profits have seen a significant increase in the first quarter. The company’s revenue grew by 33.55% to Rs 958 crore. At the same time, the operating profit stood at Rs 182 crore, which is much higher than the same quarter last year. The company’s net profit also stood at Rs 135 crore in the first quarter, which is 380 percent higher on an annual basis. Also read- What is arbitrage fund, in which big people are continuously investing money, know everything from returns to risk Gave multibagger returns in one year GE T&D India Limited stock has given multibagger returns to investors in the last one year. A year ago, the price of this stock was Rs 350.25, which has now increased to Rs 1719.35. That is, the money has increased five times in just 12 months. If an investor had invested one lakh rupees in this multibagger stock a year ago and had maintained the investment till now, then today he would be getting Rs 491,142. In the last six months itself, the price of this stock has jumped by 97 percent. Whereas in the year 2024, till now GE T&D India Limited stock has given 225 percent return to the investors. Why is the power sector attractive? Strong Growth: The demand for electricity in India is continuously increasing. Government support: The government is promoting investment in the power sector. New technology: The growing interest in renewable energy is creating new opportunities in this sector. (Disclaimer: The information given here is based on the performance of the stock. Since investing in the stock market is subject to market risk, please consult a certified investment advisor before investing. News18 Hindi will not be responsible for any loss you may incur.) Tags: Business news, Money Making Tips, Multibagger stock, Stock Market FIRST PUBLISHED : August 24, 2024, 15:08 IST Source link

Learned to make Bhujia from grandfather, left school and jumped into business and built a company worth ₹ 21 thousand crores in 40 years

Highlights Bikaji is India’s 3rd largest traditional snack manufacturing company. Shivratan launched the Bikaji brand in the 1980s. Today his brother sells snacks and other products under the name Haldiram. New Delhi. Bikaji Foods International has acquired a 55 per cent equity stake in Ujjain-based Ariba Foods. This acquisition will help Bikaji to increase its frozen food production capabilities and expand its presence in the market. Bikaji’s market capitalization is currently Rs 21,380.13 crore. The Bikaji brand was started by Shivratan Agarwal in the year 1980. Initially, he used to make only Bhujia, which was his family’s ancestral work. The Bhujia business was started by Shivratan’s grandfather Gangabhishan Haldiram Agarwal in Bikaner, Rajasthan in the year 1940. After Shivratan’s grandfather, his father Moolchand Agarwal took over the business. He used to sell his products under the brand name Haldiram Bhujiawala. Moolchand Agarwal had four sons, Shivkishan Agarwal, Manohar Lal Agarwal, Madhu Agarwal and Shivratan Agarwal. Shivkishan, Manoharlal and Madhu together started a new brand of Bhujia and named it after their grandfather – ‘Haldiram’. But Shivratan Agarwal, instead of doing business with the three brothers, started a new brand in 1980 and named it Bikaji. Also read- Watch worth 72 lakhs, car worth 2.25 crores and house worth 5 crores, Shikhar Dhawan plays with money Shivratan has studied only till eighth standard Shivratan Agarwal had learnt the art of making Bhujia from his grandfather. He was more interested in business than studies. This was the reason that after passing the eighth grade, he left school and jumped into his family business. He helped his father for a few years. After separating from his brothers, he progressed a lot with his hard work and intelligence. The first person to make Bhujia using a machine Shivratan Agarwal was the first person to make Bhujia using a machine in India. Earlier, Bhujia was made by hand in India. He set up a factory in Bikaner to make Bhujia and started making Bhujia using machines. Bikaji, human hands are not used anywhere in making Bhujia. Made it the third largest snacks manufacturing company In 40 years, he made Bikaji India’s third largest traditional snack manufacturer. Shivratan Agarwal’s net worth today is $1.9 billion. Today, Bikaji manufactures more than 250 products. The products manufactured by them include western snacks and frozen items and today Bikaji’s products are available in more than 8 lakh shops across the country. Bikaji was awarded the National Award for Industrial Excellence in 1992. Tags: Business news, Success Story, Successful business leaders FIRST PUBLISHED : August 24, 2024, 11:28 IST Source link

Amazon India took a big decision before the festive season, now this fee will be deducted

The festive season has now begun in India. Amazon India has taken a big decision in view of this. Amazon India on Saturday announced a reduction in selling fees by up to 12 percent across various product categories on the marketplace ahead of the festive season. Amazon India has also issued a statement regarding the fee reduction. Amazon India said that the fee has been reduced which will be effective from September 9. This decision will enable sellers to expand their product portfolio on the platform and promote growth. The company said, “These changes will allow sellers on Amazon India to benefit from a reduction in selling fees by 3-12 percent across various product categories.” The statement said that the new rate card will especially benefit sellers selling products priced below Rs 500. Amit Nanda, Director, Selling Partner Services, Amazon India, said, “At Amazon, weWe invest in supporting businesses of all sizes, from small and medium businesses to emerging entrepreneurs and established brands. The fee reduction is directly in response to the feedback we have received from our sellers, especially small businesses.” The company said that although the timing of the fee reduction is in line with the festive season, these changes are not a temporary measure. The fee reduction will allow sellers to optimize their operations during the Diwali shopping season and even after the festivals. “Sellers, especially those selling affordable products, will experience a significant reduction in fees on Amazon. This will give them an opportunity to reinvest in their business to grow faster,” Nanda said. Source link

Vistara-Air India Merger: Final approval from FDI soon, final merger may happen after Diwali

The merger of Vistara Airlines with Air India has come a long way. Now this merger is ready to move forward with the final approval for Foreign Direct Investment (FDI) from Singapore Airlines (SIA). This approval will allow Singapore Airlines, which held a 49% stake in Vistara, to acquire a 25.1% stake in the merged airline by investing ₹2,059 crore. The Tata Group will hold the remaining 74.9% stake in Air India. According to a Times of India report, all the necessary approvals from regulatory bodies, including the Competition Commission of India and the Directorate General of Civil Aviation, are already in place. After the government’s FDI clearance, the merged entity is expected to announce the timelines for the merger to passengers, especially those who have booked tickets on Vistara flights after the merger date. These passengers will be informed about the new Air India flight numbers and timings. Sources told TOI’s Saurabh Sinha that the merger is likely to happen after Diwali, around November 1, to avoid potential disruptions during the peak festive travel season. The period between after Diwali and the onset of winter fog, which usually begins around December 20, is considered an ideal one for mergers. This timing will allow the airline to address any initial merger-related issues before the complications of the winter season set in. Vistara’s fleet of 70 aircraft will continue to operate under their current livery until they undergo heavy maintenance checks, at which point they will be repainted into Air India’s new livery. Sources suggest that grounding aircraft for complete repaint is not practical, especially since Vistara’s aircraft offer a better cabin product than Air India’s older planes. The merger process has already seen some major developments, including the transfer of Vistara’s frequent flyer miles to Air India’s loyalty program and the relocation of many Vistara employees to Air India’s new headquarters in Gurgaon. Concerns had been raised about possible downgrades of Vistara passengers, such as those booked in business or premium economy classes, being moved to economy on Air India flights due to limited availability in those classes. However, sources have assured that such incidents will be rare. Initially, Air India’s management had considered delaying the merger until its fleet was upgraded, maintaining Vistara as a premium product carrier in the meantime. However, this plan was abandoned amid growing concerns from Vistara employees about key positions in the merged airline being filled by Air India executives. As a result, the merger is now set to go ahead before the end of this year, even as Air India’s sweeping transformation remains a work in progress. Source link

you have sent money from upi to wrong account you can complain like this

ANI Image Many times people make payments on the wrong UPI ID. In such a situation, it is important that there is no need to panic if such a mistake occurs, rather this mistake can be corrected. In view of such mistakes, the Reserve Bank of India has issued some guidelines regarding UPI. Sending money through Unified Payments Interface (UPI) has become quite common and easy in the country. UPI has spread in the country like a revolution, due to which the habits of financial transactions have changed a lot. Now sending money several kilometers away has become a matter of just a few seconds. However, in this method of sending money with just one click, people sometimes make mistakes. Many times people make payments on the wrong UPI ID. In such a situation, it is important that there is no need to panic if such a mistake occurs, rather this mistake can be corrected. In view of such mistakes, the Reserve Bank of India has issued some guidelines regarding UPI. Through this, if a user transfers money to a wrong UPI ID, then the user can get his money back within 24 to 48 hours. Especially in those cases when the bank of the sender and receiver is the same. If the banks of both are different then the refund may take a little longer. For information, let us tell you that if money has been transferred to the wrong user ID, then the person to whom the money has been sent by mistake should be contacted. Money can be demanded back from the recipient by sending the transaction details. On the other hand, in case of wrong payment through UPI transaction, there is a customer care number on UPI as well. This number can also be contacted and information about the transaction can be given. Apart from this, one should contact by calling on toll free number 18001201740 and complaint can be made. Let us tell you that these days many apps are available, through which payment is possible. In such a situation, complaint can also be made by contacting the customer care number of these apps. This complaint can also be registered on the NPCI portal, so that customers can get their money back on time. Share it Other News Source link

government cuts duty drawback rates on export of gold silver jewelery

pattern photo ANI The duty drawback rates on export of gold and silver jewellery have been reduced by more than half. The Revenue Department has issued a notification in this regard. The import duty on these precious metals was reduced significantly in the general budget, for which the said reduction was made to adjust. New Delhi. The government has cut the duty drawback rates on export of gold and silver jewellery by more than half. The Revenue Department has issued a notification in this regard. The said reduction has been made to adjust the import duty on these precious metals which was reduced significantly in the general budget. The duty drawback rate on export of gold jewellery has been reduced from Rs 704.1 per gram of pure gold content to Rs 335.5 per gram. The rate for silver jewellery and silver items has been reduced to Rs 4,468 per kilogram of pure silver content. The duty drawback scheme refunds import duty and internal taxes paid on exported goods. Import duty on gold and silver was reduced to six per cent from 15 per cent in the Budget. Ajay Sahai, director general of Federation of Indian Export Organisations, said duty drawback on gold and silver jewellery has been reduced due to reduction in duty on gold and silver in the Budget. Gems and jewellery exports declined 7.45 per cent to USD 9.1 billion during April-July in the current fiscal. Disclaimer: Prabhasakshi has not edited this news. This news has been published from PTI-language feed. Share it Other News Source link

cabinet approves assured pension for government employees makes nps attractive

pattern photo ANI The Union Cabinet has approved a guaranteed pension of 50 per cent of the salary for 23 lakh government employees joining service under the National Pension System (NPS). The National Pension System is applicable for government employees joining service after April 1, 2004. New Delhi. The Union Cabinet has approved a guaranteed pension of 50 per cent of the salary for 23 lakh government employees joining service under the National Pension System (NPS). The National Pension System is applicable to government employees joining service after April 1, 2004. This pension scheme provides benefits based on contributions instead of the defined benefit applicable to employees before NPS. Announcing the Cabinet decisions, Information and Broadcasting Minister Ashwini Vaishnav said that under the Unified Pension Scheme (UPS), government employees will now be entitled to get 50 per cent of the average basic salary received in the last 12 months before retirement as pension. He said that the minimum service period to get 50 per cent of the salary as pension should be 25 years. He said that however, pension will be given proportionately for a minimum service period of up to 10 years. NPS account holders can now opt for UPS, which will give assured pension from the beginning of the next financial year. Last year, the Finance Ministry had constituted a committee headed by Finance Secretary T V Somanathan to review the pension scheme for government employees and suggest any changes in the existing structure of the National Pension System. Many non-BJP ruled states have decided to revert to the old pension scheme (OPS) linked to dearness allowance and employee unions have raised the demand in some other states as well. Cabinet Secretary-designate T V Somanathan said the new scheme is effective from April 1, 2025. Disclaimer: Prabhasakshi has not edited this news. This news has been published from PTI-language feed. Share it Other News Source link