Market Value Of BSE-Listed Firms Hit All-Time High Of Rs 296 Lakh Crore

The market capitalisation of BSE-listed firms touched an all-time high of Rs 296.48 lakh crore on Friday as the benchmark Sensex hit its new lifetime peak amid bullish investor sentiments.

Rallying for the third straight session, the 30-share Sensex surged 803.14 points or 1.26 per cent to settle at its life time closing high of 64,718.56 points. During the day, it zoomed 853.16 points or 1.33 per cent to reach its record intra-day peak of 64,768.58 points.

In three days, the BSE benchmark has surged 1,748.56 points or 2.77 per cent.

Thanks to the rally in equities, the market capitalisation (m-cap) of BSE-listed companies jumped to Rs 2,96,48,153.59 crore. In three days, investors wealth increased by Rs 5,80,740.05 crore.

On June 21, the market capitalisation of BSE-listed firms had hit an all-time high of Rs 2,94,36,594.50 crore.

From the Sensex pack, Mahindra & Mahindra was the biggest gainer as it jumped 4.14 per cent. Infosys, IndusInd Bank, Tata Consultancy Services, Maruti, Larsen & Toubro, Power Grid, Tech Mahindra, Wipro, HDFC Bank, HDFC, Tata Motors, HCL Technologies, Axis Bank, Bajaj Finance and Reliance Industries were the other gainers.

On the other hand, ICICI Bank and NTPC were the laggards.

In Asian markets, Seoul and Shanghai ended in the green while Tokyo and Hong Kong settled lower.

Equity markets in Europe were trading with gains. The US markets ended largely with gains in the overnight trade on Thursday.

BSE benchmark had surged 499.39 points or 0.79 per cent to settle at its lifetime closing high of 63,915.42 points on Wednesday. The Nifty climbed 154.70 points or 0.82 per cent to end at a record high of 18,972.10 points.

Markets were closed on Thursday on account of Eid al-Adha also known as Bakrid.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Market Value Of BSE-Listed Firms Hit All-Time High Of Rs 296 Lakh Crore

The market capitalisation of BSE-listed firms touched an all-time high of Rs 296.48 lakh crore on Friday as the benchmark Sensex hit its new lifetime peak amid bullish investor sentiments.

Rallying for the third straight session, the 30-share Sensex surged 803.14 points or 1.26 per cent to settle at its life time closing high of 64,718.56 points. During the day, it zoomed 853.16 points or 1.33 per cent to reach its record intra-day peak of 64,768.58 points.

In three days, the BSE benchmark has surged 1,748.56 points or 2.77 per cent.

Thanks to the rally in equities, the market capitalisation (m-cap) of BSE-listed companies jumped to Rs 2,96,48,153.59 crore. In three days, investors wealth increased by Rs 5,80,740.05 crore.

On June 21, the market capitalisation of BSE-listed firms had hit an all-time high of Rs 2,94,36,594.50 crore.

From the Sensex pack, Mahindra & Mahindra was the biggest gainer as it jumped 4.14 per cent. Infosys, IndusInd Bank, Tata Consultancy Services, Maruti, Larsen & Toubro, Power Grid, Tech Mahindra, Wipro, HDFC Bank, HDFC, Tata Motors, HCL Technologies, Axis Bank, Bajaj Finance and Reliance Industries were the other gainers.

On the other hand, ICICI Bank and NTPC were the laggards.

In Asian markets, Seoul and Shanghai ended in the green while Tokyo and Hong Kong settled lower.

Equity markets in Europe were trading with gains. The US markets ended largely with gains in the overnight trade on Thursday.

BSE benchmark had surged 499.39 points or 0.79 per cent to settle at its lifetime closing high of 63,915.42 points on Wednesday. The Nifty climbed 154.70 points or 0.82 per cent to end at a record high of 18,972.10 points.

Markets were closed on Thursday on account of Eid al-Adha also known as Bakrid.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Interest Rates On Select Small Saving Schemes Raised By Up To 0.3%

The government on Friday raised interest rates on select saving schemes by up to 0.3 per cent for the July-September quarter in line with the high-interest rates in the banking system.

The highest increase of 0.3 per cent was for the five-year recurring deposit (RD). During the second quarter of the current fiscal, RD holders would get 6.5 per cent against the existing 6.2 per cent, as per the finance ministry notification.

With the revision, a one-year term deposit with post offices will now earn 0.1 percentage higher point at 6.9 per cent and for the two years tenor -- 7 per cent (up from 6.9 per cent).

However, interest rates on term deposits for three years and five years have been retained at 7 per cent and 7.5 per cent. The interest rates for popular PPF and savings deposits are retained at 7.1 per cent and 4 per cent, respectively.

The interest rate on the National Savings Certificate (NSC) remained unchanged at 7.7 per cent for July 1 to September 30, 2023, period.

The new rate for the girl child savings scheme Sukanya Samriddhi too stood at the existing level of 8 per cent.

The interest rate on the senior citizen savings scheme and Kisan Vikas Patra (KVP) is 8.2 per cent and 7.5 per cent, respectively.

Interest rates were increased in the last (January-March) quarter as well as the April-June quarter.

Interest rates for small savings schemes are notified on a quarterly basis.

There is no increase in interest rate for Monthly Income Scheme, and this will earn 7.4 per cent for the investors.

The Reserve Bank since May has raised the benchmark lending rate by 2.5 per cent to 6.5 per cent, prompting banks to raise interest rates on deposits as well.

The RBI has maintained the status quo on policy rate in the last two consecutive Monetary Policy Committee meetings.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Interest Rates On Select Small Saving Schemes Raised By Up To 0.3%

The government on Friday raised interest rates on select saving schemes by up to 0.3 per cent for the July-September quarter in line with the high-interest rates in the banking system.

The highest increase of 0.3 per cent was for the five-year recurring deposit (RD). During the second quarter of the current fiscal, RD holders would get 6.5 per cent against the existing 6.2 per cent, as per the finance ministry notification.

With the revision, a one-year term deposit with post offices will now earn 0.1 percentage higher point at 6.9 per cent and for the two years tenor -- 7 per cent (up from 6.9 per cent).

However, interest rates on term deposits for three years and five years have been retained at 7 per cent and 7.5 per cent. The interest rates for popular PPF and savings deposits are retained at 7.1 per cent and 4 per cent, respectively.

The interest rate on the National Savings Certificate (NSC) remained unchanged at 7.7 per cent for July 1 to September 30, 2023, period.

The new rate for the girl child savings scheme Sukanya Samriddhi too stood at the existing level of 8 per cent.

The interest rate on the senior citizen savings scheme and Kisan Vikas Patra (KVP) is 8.2 per cent and 7.5 per cent, respectively.

Interest rates were increased in the last (January-March) quarter as well as the April-June quarter.

Interest rates for small savings schemes are notified on a quarterly basis.

There is no increase in interest rate for Monthly Income Scheme, and this will earn 7.4 per cent for the investors.

The Reserve Bank since May has raised the benchmark lending rate by 2.5 per cent to 6.5 per cent, prompting banks to raise interest rates on deposits as well.

The RBI has maintained the status quo on policy rate in the last two consecutive Monetary Policy Committee meetings.

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Sensex Nifty Reach New All-Time Closing High Today

Benchmark equity indices scaled fresh all-time closing highs on Friday, propelled by foreign fund inflows and a firm trend in the global markets.

Intense buying in index heavyweights Infosys, HDFC twins, Reliance Industries and TCS further bolstered sentiment, traders said.

Rallying for the third straight day, the 30-share BSE Sensex jumped 803.14 points or 1.26 per cent to settle at its lifetime closing high of 64,718.56. During the day, it zoomed 853.16 points or 1.33 per cent to reach its record intra-day peak of 64,768.58.

The NSE Nifty climbed 216.95 points or 1.14 per cent to end at a record high of 19,189.05. During the day, it rallied 229.6 points or 1.21 per cent to hit its all-time intra-day peak of 19,201.70.

Mahindra & Mahindra was the best performer in the Sensex pack, rising over 4 per cent, followed by IndusInd Bank, Infosys, Tata Consultancy Services, Maruti, Larsen & Toubro, Tech Mahindra, Wipro, Power Grid, HDFC Bank, HDFC, Bajaj Finance and Reliance Industries.

On the other hand, ICICI Bank and NTPC were the laggards.

In Asian markets, Seoul and Shanghai ended in the green while Tokyo and Hong Kong settled lower.

Equity markets in Europe were trading with gains.

The US markets ended largely with gains in the overnight trade on Thursday.

"The lack of global support had restrained the Indian indices from pursuing their record highs earlier, despite the presence of a resilient domestic macroeconomic background.

"With positive surprises assisting buoyancy in the global market and the advance of the southwest monsoon, the domestic market succeeded in marching to new highs with renewed strength. Global investor sentiments were uplifted by a favourable revision in Q1 GDP, a fall in jobless claims, and the positive outcome of the Fed's US bank stress test," said Vinod Nair, Head of Research at Geojit Financial Services.

Global oil benchmark Brent crude climbed 0.61 per cent to USD 74.79 a barrel.

Foreign institutional investors (FIIs) bought equities worth Rs 12,350 crore on Wednesday, according to exchange data.

The BSE benchmark had surged 499.39 points or 0.79 per cent to settle at its lifetime closing high of 63,915.42 on Wednesday. The Nifty climbed 154.70 points or 0.82 per cent to end at a record high of 18,972.10.

Markets were closed on Thursday on account of Eid al-Adha also known as Bakrid. 

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Sensex Nifty Reach New All-Time Closing High Today

Benchmark equity indices scaled fresh all-time closing highs on Friday, propelled by foreign fund inflows and a firm trend in the global markets.

Intense buying in index heavyweights Infosys, HDFC twins, Reliance Industries and TCS further bolstered sentiment, traders said.

Rallying for the third straight day, the 30-share BSE Sensex jumped 803.14 points or 1.26 per cent to settle at its lifetime closing high of 64,718.56. During the day, it zoomed 853.16 points or 1.33 per cent to reach its record intra-day peak of 64,768.58.

The NSE Nifty climbed 216.95 points or 1.14 per cent to end at a record high of 19,189.05. During the day, it rallied 229.6 points or 1.21 per cent to hit its all-time intra-day peak of 19,201.70.

Mahindra & Mahindra was the best performer in the Sensex pack, rising over 4 per cent, followed by IndusInd Bank, Infosys, Tata Consultancy Services, Maruti, Larsen & Toubro, Tech Mahindra, Wipro, Power Grid, HDFC Bank, HDFC, Bajaj Finance and Reliance Industries.

On the other hand, ICICI Bank and NTPC were the laggards.

In Asian markets, Seoul and Shanghai ended in the green while Tokyo and Hong Kong settled lower.

Equity markets in Europe were trading with gains.

The US markets ended largely with gains in the overnight trade on Thursday.

"The lack of global support had restrained the Indian indices from pursuing their record highs earlier, despite the presence of a resilient domestic macroeconomic background.

"With positive surprises assisting buoyancy in the global market and the advance of the southwest monsoon, the domestic market succeeded in marching to new highs with renewed strength. Global investor sentiments were uplifted by a favourable revision in Q1 GDP, a fall in jobless claims, and the positive outcome of the Fed's US bank stress test," said Vinod Nair, Head of Research at Geojit Financial Services.

Global oil benchmark Brent crude climbed 0.61 per cent to USD 74.79 a barrel.

Foreign institutional investors (FIIs) bought equities worth Rs 12,350 crore on Wednesday, according to exchange data.

The BSE benchmark had surged 499.39 points or 0.79 per cent to settle at its lifetime closing high of 63,915.42 on Wednesday. The Nifty climbed 154.70 points or 0.82 per cent to end at a record high of 18,972.10.

Markets were closed on Thursday on account of Eid al-Adha also known as Bakrid. 

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Adani-Total Gas To Invest Rs 20000 Crore In 8-10 Years To Expand City Gas

Adani Total Gas Ltd, the joint venture of billionaire Gautam Adani's group and French energy giant TotalEnergies, will invest Rs 18,000 crore to Rs 20,000 crore in the next 8 to 10 years to expand infrastructure for retailing CNG to automobiles and piping gas to households and industries, its CFO said.

The company retails CNG to automobiles and pipes gas to household kitchens for cooking purposes in 52 licences that cover 124 districts of the country. It has 460 CNG stations in the country and about 7 lakh consumers of its piped cooking gas.

It is looking to expand its network of CNG stations as well as pipeline network that takes the gas to household kitchens and industries, to tap into the country's growing appetite for cleaner fuel.

In the company's latest annual report, Adani Total Gas Ltd (ATGL) chief financial officer Parag Parikh said the company invested over Rs 1,150 crore in 2022-23 (April 2022 to March 2023) for creating additional infrastructure.

"From a long-term perspective, we continue to be optimistic of gas prospects. There is a larger priority to moderate pollution as gas remains a preferred clean energy source with high user safety, customer trust and delivery convenience," Mr Parikh said.

The firm is looking at investing more in creating infrastructure and expanding its network.

"For our city gas distribution (CGD) business, we intend to invest around Rs 18,000-20,000 crore in the next to 8-10 years to build infrastructure that widens our customer base and sustains revenue growth," he said.

AGTL CEO Suresh P Manglani said the firm's strategy is to fast-track steel pipeline laying and build CNG stations faster across the licenses where it operates for early monetization.

"I am happy to share that your company is going to build over 1,800 CNG stations in the next 7-10 years and committed to connecting every home across all our geographical areas (GAs) desiring to have cleaner and greener piped natural gas in their kitchen," he said.

Besides scaling core business of gas distribution, the firm has embarked on diversifying its bouquet of choice - CNG, compressed biogas (CBG) and EV charging.

"The time is coming when we will have widened our portfolio of service to a range of clean fuels that address different applications for different consumers, reinforcing our positioning as a one-stop comprehensive service provider," he said.

India is targeting to increase the share of natural gas, which is less polluting than liquid fuels, in the economy to 15 per cent of its energy mix by 2030 from the current 6 per cent. And city gas is an area the government is prioritising for this.

He said the government's move to cap the cost of natural gas will bring stability in prices and prioritise availability to the city gas distribution network. "This price stability and supply predictability will empower companies like yours to enhance services around this stable pricing and accelerate the country's fuel preference in line with the stated policy." On new opportunities, Manglani said ATGL has formed two separate units for e-mobility and biomass.

"Foraying into the rapidly growing segment of e-mobility, ATGL has formed a wholly owned subsidiary, Adani TotalEnergies E-mobility Limited (ATEL). Presently, ATEEL is engaged in setting up EV charging infrastructure for two, three and four-wheelers (including bus) at various locations across the country".

EV charging is a natural fit in ATGL's existing business of CNG retail outlets and is a step towards offering alternative fuel choices to consumers, he said.

ATGL already has 104 charging points at 26 locations across the country. This it intends to scale it up to over 3,000 EV charging points across the country.

He said the floor and ceiling set by the government for the majority of the gas produced within the country will "ensure a stability in domestic gas prices and get India beyond the gas volatility of FY 2022-23."

Adani TotalEnergies Biomass Limited (ATBL) is ATGL's wholly owned subsidiary to tap into India's huge potential of biomass derived energy. ATEBL is currently building one of India's largest Compressed Biogas (CBG) plants at Barsana near Mathura in UP with eventual 600 tonnes per day feedstock processing capacity.

In addition to utilizing agricultural and livestock waste as feedstock, the company is also actively seeking opportunities in the municipal solid waste (MSW) segment to expand its CBG production footprint. CBG is suitable for transportation and utilization in the CGD network.

"ATGL is at the right place, right time and in the right business to capitalise on economies and generate healthy financials across the foreseeable future," the CFO said.
 

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Why Mutual Funds May Not Get More Time To Realign Portfolios In HDFC Twins

The market regulator Sebi does not see any need for giving more time to mutual fund houses with large holdings in the merger-bound HDFC twins, to realign their portfolios post-merger since there's no material data and given the highly liquid nature of these stocks demanding such an extension.

In the biggest merger in the history of India Inc, HDFC in April 2022 said it would merge with its own banking subsidiary in a $40-billion all-stock deal -- after 46 years of being a home loan financier and in between creating the country's largest private sector bank and four other financial sector brands in the insurance, AMC and brokerage businesses.

And this Tuesday, HDFC chairman Deepak Parekh said the boards of the Corporation and HDFC Bank will meet on June 30 to finalise the last contours of the merger which is expected to be effective July 1.

He has also said that would be the last meeting of HDFC board and also his as the chairman after working in the company from day one of its inception in October 1978.

After a marathon board meeting, Sebi chairperson Madhabi Puri Buch told reporters late last night at her headquarters that "available data do not demand that mutual funds should be given more time to realign their portfolios after the merger of the HDFC twins."

"There is no material evidence to suggest that the merger and the resultant increase in their holdings in the much larger HDFC Bank needs any special attention since only a few schemes will have marginally larger than the permissible 10 per cent holding," she said, adding "and none of them will have more than 12 per cent holdings in the merged bank."

She further said, another reason is that the HDFC twin stocks are so liquid there is no worry about market demand. Moreover, there are already existing exceptions in place and fund houses already have three months to realign.

She admitted that mutual funds umbrella body Amfi had sought some special dispensation to realign their portfolios and on checking the holding structure data we found that there is no room for any concerns in terms of market volatility due to merger-driven selloff in the bank stock.

The reverse merger of HDFC into the bank will create a financial services titan with a combined asset of Rs 31.9 lakh crore and a loan book of Rs 22.2 lakh crore as of March 2023 numbers. The entities combined booked a net income of Rs 60,348 crore for FY23 (Rs 44,109 crore by the bank and Rs 16,239 crore by the Corporation).

The combined shares of the HDFC twins will have the highest weighting on the indices at over 14 per cent, much higher than the present index heavyweight Reliance Industries with a tad more than 10 per cent weighting.

Post merger, HDFC Bank will be 100 per cent owned by public shareholders, and the existing shareholders of HDFC will own 41 per cent of the bank. Every HDFC shareholder will get 42 shares of HDFC Bank for every 25 shares they hold.

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Why Mutual Funds May Not Get More Time To Realign Portfolios In HDFC Twins

The market regulator Sebi does not see any need for giving more time to mutual fund houses with large holdings in the merger-bound HDFC twins, to realign their portfolios post-merger since there's no material data and given the highly liquid nature of these stocks demanding such an extension.

In the biggest merger in the history of India Inc, HDFC in April 2022 said it would merge with its own banking subsidiary in a $40-billion all-stock deal -- after 46 years of being a home loan financier and in between creating the country's largest private sector bank and four other financial sector brands in the insurance, AMC and brokerage businesses.

And this Tuesday, HDFC chairman Deepak Parekh said the boards of the Corporation and HDFC Bank will meet on June 30 to finalise the last contours of the merger which is expected to be effective July 1.

He has also said that would be the last meeting of HDFC board and also his as the chairman after working in the company from day one of its inception in October 1978.

After a marathon board meeting, Sebi chairperson Madhabi Puri Buch told reporters late last night at her headquarters that "available data do not demand that mutual funds should be given more time to realign their portfolios after the merger of the HDFC twins."

"There is no material evidence to suggest that the merger and the resultant increase in their holdings in the much larger HDFC Bank needs any special attention since only a few schemes will have marginally larger than the permissible 10 per cent holding," she said, adding "and none of them will have more than 12 per cent holdings in the merged bank."

She further said, another reason is that the HDFC twin stocks are so liquid there is no worry about market demand. Moreover, there are already existing exceptions in place and fund houses already have three months to realign.

She admitted that mutual funds umbrella body Amfi had sought some special dispensation to realign their portfolios and on checking the holding structure data we found that there is no room for any concerns in terms of market volatility due to merger-driven selloff in the bank stock.

The reverse merger of HDFC into the bank will create a financial services titan with a combined asset of Rs 31.9 lakh crore and a loan book of Rs 22.2 lakh crore as of March 2023 numbers. The entities combined booked a net income of Rs 60,348 crore for FY23 (Rs 44,109 crore by the bank and Rs 16,239 crore by the Corporation).

The combined shares of the HDFC twins will have the highest weighting on the indices at over 14 per cent, much higher than the present index heavyweight Reliance Industries with a tad more than 10 per cent weighting.

Post merger, HDFC Bank will be 100 per cent owned by public shareholders, and the existing shareholders of HDFC will own 41 per cent of the bank. Every HDFC shareholder will get 42 shares of HDFC Bank for every 25 shares they hold.

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IndiGo Parent Firm InterGlobe Aviation's Valuation Reaches Rs 1 Lakh Crore

The market valuation of InterGlobe Aviation, the parent of IndiGo, reached Rs 1 lakh crore mark on Wednesday and became the first airline to achieve this milestone.

On Wednesday, the stock rallied 3.55 per cent to settle at Rs 2,619.85 apiece on the BSE. In intra-day trade, shares of the company jumped 4.12 per cent to hit its 52-week high of Rs 2,634.25.

On the NSE, shares of the company climbed 3.61 per cent to end at Rs 2,621.10 per piece.

Helped by a rally in the stock price, the company's market valuation surged to Rs 1,01,007.56 crore on the BSE.

The stock has been rallying since Tuesday this week.

So far this year, the airline stock has rallied 30.53 per cent on the BSE, against a 5 per cent jump in the benchmark Sensex.

An overall optimistic trend in the equity market also helped the rally in the stock.

The 30-share BSE Sensex surged 499.39 points or 0.79 per cent to settle at its lifetime closing high of 63,915.42 on Wednesday. During the day, the index jumped 634.41 points or 1 per cent to hit its all-time intra-day peak of 64,050.44.

The NSE Nifty climbed 154.70 points or 0.82 per cent to end at a record high of 18,972.10 in the previous trade. During the day, it zoomed 193.85 points or 1 per cent to reach its lifetime intra-day high of 19,011.25.

Last week on Monday, IndiGo announced placing a firm order to buy 500 narrow-body planes from Airbus as the airline embarks on an ambitious long-term growth path.

The latest order by IndiGo is the largest-ever aircraft order placed by any airline with Airbus.

IndiGo is the country's largest domestic carrier and is expanding its international operations as well. It had a domestic market share of 61.4 per cent in May.
 

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Sebi To Strengthen Investor Grievance Handling Mechanism

Markets watchdog Sebi on Wednesday decided to revamp its complaint redressal system as part of efforts to strengthen the investor grievance handling mechanism.

At its meeting here, the Sebi board cleared various measures to boost the investor grievance handling mechanism and linking SCORES (Sebi Complaint Redress System) with the Online Dispute Resolution Mechanism.

It would also look at reducing timelines, introducing auto-routing of the complaint to concerned regulated entities, and auto-escalation of complaints in case of non-adherence to the prescribed timelines by the regulated entity.

Among others, Sebi, in a release after the board meeting, said it would also provide two levels of review. The first review would be by the designated body if the investor is dissatisfied with the resolution provided by the regulated entity concerned.

The second review would be done by Sebi if the investor is still dissatisfied after the first review.

Linking SCORES with Online Dispute Resolution (ODR) platform would provide an additional option for investors of all regulated entities.

A new portal for collection of market intelligence inputs will also be put in place, Sebi said.

To facilitate transparency in price discovery, Sebi has decided to amend the regulations pertaining to Non-Convertible Debt Securities (NCDs).

The revised norms will come into effect from January 1, 2024.

The board has cleared amendments to Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015 requiring listed entities having outstanding listed NCDs (as on December 31, 2023) to list their subsequent issuances of NCDs at the stock exchanges.

Certain issuances, including capital gains tax debt securities, will be exempted from the revised framework.

"Non-convertible securities issued pursuant to an agreement entered into between the listed entity of such securities and multilateral institutions, subject to the condition that such non-convertible debt securities shall be locked-in and held till maturity and accordingly shall be unencumbered," the release said.

According to Sebi, if an entity with listed debt securities has outstanding unlisted NCDs as on December 31, 2023, the entity will have the option to list them, but it would not be mandatory to do so.

Subject to certain conditions, entities will be allowed to delist their debt securities.

"Unlike equity, wherein approval by a threshold majority is sufficient for approval of delisting, approval of 100 per cent of the debt security holders is mandated for delisting of debt securities. This is because, unlike equity which is a perpetual instrument, listed debt securities have a finite term to maturity," Sebi said.

Entities having privately placed, listed debt securities wherein the number of debt security holders is less than 200, shall be eligible to delist their debt securities under this framework, it added.

As part of efforts to boost the corporate bond market, Sebi has decided to enable direct participation by clients in the Limited Purpose Clearing Corporation (LPCC).

"Since timely availability of funds and securities is critical in a repo market, direct participation of both borrowers and lenders can widen the market.

"Accordingly, the board has approved the proposal to additionally facilitate participation by entities desiring direct participation (not through a clearing member) in repo transactions in corporate bonds of the LPCC," the release said.

The launch of LPCC is expected to facilitate active trading, especially by market makers, by enabling them to finance their inventory of bond holdings through an active repo market. This in turn is expected to improve liquidity in the corporate bond market, it added.

Meanwhile, the board also approved Sebi's annual report for 2022-23.

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Apple Stock Hits Record On Cusp Of $3 Trillion Market Value

Apple's stock climbed to a record high close on Wednesday and was on the cusp of a $3 trillion market capitalization.

The iPhone maker's stock rose 0.6% to end the day at $189.25, putting Apple's market value at $2.98 trillion, according to Refinitiv data. It was the second straight record high close for Apple's shares.

Apple has yet to end a trading session with a stock market value above $3 trillion. It briefly peaked above $3 trillion in intra-day trading on Jan. 3, 2022 before closing the session just below that mark.

The latest gains in shares of the world's most valuable company follow strong rebounds this year from several of Wall Street's technology-related heavyweights, fueled by bets that the Federal Reserve is nearing the end of its campaign of U.S. interest rate hikes, and by optimism about the potential for artificial intelligence.

"There hasn't really been any new information fundamentally that would be supportive of the stock move," said Thomas Martin, Senior Portfolio Manager at Globalt Investments. "What you're left with is, you know, the market itself."

Apple has jumped 46% in 2023, while Nvidia has surged 185%, making it the first chipmaker with a stock market value over $1 trillion. Tesla and Meta Platforms have more than doubled this year, and Microsoft has added 40%.

Apple's approach toward its $3 trillion milestone follows the June 5 launch of a pricey augmented-reality headset, its riskiest bet since the introduction of the iPhone more than a decade ago.

As well, Apple's most recent quarterly report in May showed a drop in revenue and profits, but still beat analysts' expectations. Along with a steady track record of stock buybacks, those financial results reinforced its reputation among investors as a safe investment at a time of global economic uncertainty.

Recent gains in Apple's shares have outpaced analysts' estimates for the company's future earnings. The stock is now trading at about 29 times expected earnings, its highest multiple since February 2022, according to Refinitiv data.

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Apple Stock Hits Record On Cusp Of $3 Trillion Market Value

Apple's stock climbed to a record high close on Wednesday and was on the cusp of a $3 trillion market capitalization.

The iPhone maker's stock rose 0.6% to end the day at $189.25, putting Apple's market value at $2.98 trillion, according to Refinitiv data. It was the second straight record high close for Apple's shares.

Apple has yet to end a trading session with a stock market value above $3 trillion. It briefly peaked above $3 trillion in intra-day trading on Jan. 3, 2022 before closing the session just below that mark.

The latest gains in shares of the world's most valuable company follow strong rebounds this year from several of Wall Street's technology-related heavyweights, fueled by bets that the Federal Reserve is nearing the end of its campaign of U.S. interest rate hikes, and by optimism about the potential for artificial intelligence.

"There hasn't really been any new information fundamentally that would be supportive of the stock move," said Thomas Martin, Senior Portfolio Manager at Globalt Investments. "What you're left with is, you know, the market itself."

Apple has jumped 46% in 2023, while Nvidia has surged 185%, making it the first chipmaker with a stock market value over $1 trillion. Tesla and Meta Platforms have more than doubled this year, and Microsoft has added 40%.

Apple's approach toward its $3 trillion milestone follows the June 5 launch of a pricey augmented-reality headset, its riskiest bet since the introduction of the iPhone more than a decade ago.

As well, Apple's most recent quarterly report in May showed a drop in revenue and profits, but still beat analysts' expectations. Along with a steady track record of stock buybacks, those financial results reinforced its reputation among investors as a safe investment at a time of global economic uncertainty.

Recent gains in Apple's shares have outpaced analysts' estimates for the company's future earnings. The stock is now trading at about 29 times expected earnings, its highest multiple since February 2022, according to Refinitiv data.

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Beyond The Bronze Age: Exploring The Dawn Of The Crypto Era

Humanity has witnessed enormous technical advancements throughout history that have moved society ahead in remarkable ways. Each epoch, from the invention of agriculture through the Industrial Revolution, has offered new advances that have shaped the history of civilization. You are now standing at the dawn of the Crypto Era, on the verge of yet another transformational era.

The bull run then and now

But now, the term bull run or bull market is used to describe a situation in which the price of assets or securities, such as cryptocurrency or stocks, rapidly rises. A crypto bull run is similar to what happens in traditional markets. It often denotes the optimistic hopes of investors seeking to profit from the asset's price appreciation, with the goal of generating big returns on their initial investment. During a bull run, there is a general sense of optimism in the market and an expectation of big gains.

In the context of the financial markets, the term bull run is metaphorically derived from the behavior of an actual bull. It represents a period when prices of assets, such as stocks, experience a sustained upward trend. This analogy can be traced back to Spain, where bullfighting and bullish symbolism became prominent.

During a bull run, investors are bullish and confident, expecting prices to rise further, much like the charging nature of a bull. This symbolic association has persisted throughout history and is widely used to describe periods of rising prices and market optimism.

Technological shifts that shaped civilization

Throughout history, the trajectory of human civilization has been shaped by remarkable technological shifts. From the dawn of agriculture, which brought about settled societies and surplus food production, to the Industrial Revolution that ushered in the age of machinery and mass production, these pivotal moments have propelled society forward in profound ways.

Technological advancements such as the development of writing systems, the harnessing of steam power, the discovery of electricity and the advent of the internet have all played significant roles in shaping the course of human history. Each era of technological progress has brought forth new possibilities, transforming the ways people live, work, communicate and connect with the world.

Money redefined

In the digital age, the concept of money is undergoing a profound transformation, challenging traditional notions of currency and reshaping the way people exchange value. With the rise of cryptocurrencies and digital payment systems, money is no longer confined to physical cash or centralized financial institutions.

Cryptocurrencies like Bitcoin and Ethereum operate on decentralized networks, utilizing cryptography and blockchain technology to secure transactions and verify ownership. These digital currencies offer benefits like enhanced security, increased efficiency and global accessibility.

Furthermore, digital payment systems, mobile wallets and contactless transactions have revolutionized the way people engage in everyday financial activities. The convenience and speed of digital transactions have made traditional payment methods seem cumbersome in comparison.

Shaping the future

The advancements in blockchain technology and the proliferation of cryptocurrencies have opened up new avenues for innovation, transparency and financial inclusivity. Decentralized finance, smart contracts and tokenization are just a few examples of the transformative applications emerging within the crypto space.

By embracing the Crypto Era, you can reshape traditional industries, democratize access to financial services and foster greater trust in transactions. As the world becomes more interconnected, decentralized and digital, the Crypto Era holds the promise of empowering individuals, stimulating economic growth and forging a path towards a more equitable and efficient financial landscape.

In conclusion, the Crypto Era represents a significant shift in the way finance, technology and trust are perceived and engaged with. The redefinition of currency, the emergence of decentralized networks and the potential for innovative applications signal a transformative journey ahead.

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Sensex Breaches Record 64000 Mark Nifty Scales 19000 Peak. Here's Why

Benchmark equity indices hit their record high levels on Wednesday, with the Sensex hitting the record 64,000 mark and the Nifty scaling the 19,000 peak amid a rally in the US and European markets and fresh foreign fund inflows.

Buying in market heavyweight stocks like Reliance Industries and HDFC Bank also aided the positive momentum.

Extending its previous day's rally, the 30-share BSE Sensex jumped 621.07 points to hit its all-time high of 64,037.10 during afternoon trade. The NSE Nifty climbed 193.85 points to reach its lifetime peak of 19,011.25.

"Nifty made a new all-time high on June 28, triggered by buying from institutions and retail/HNI segments. Improving US economic data and hints from China about fresh stimulus measures have helped improve sentiments," said Dhiraj Relli, MD & CEO, HDFC Securities Ltd.

From the Sensex pack, NTPC, Tata Motors, Titan, Larsen & Toubro, Reliance Industries, IndusInd Bank, Infosys, HDFC Bank and Power Grid were among the major gainers.

Wipro and Tech Mahindra were the laggards.

In Asian markets, Tokyo and Hong Kong quoted in the green while Seoul and Shanghai were trading lower. European markets in trading in the positive territory. The US markets ended significantly higher on Tuesday.

"After making several attempts in the past few days, Nifty finally managed to cross its previous highs. Strong institutional flows, healthy macros and robust earnings growth drove domestic market towards its new highs," said Siddhartha Khemka, Head of Retail Research, Broking and Distribution, MOFSL.

Global oil benchmark Brent crude climbed 0.08 per cent to USD 72.32 a barrel.

Foreign institutional investors (FIIs) bought equities worth Rs 2,024.05 crore on Tuesday, according to exchange data.

The BSE benchmark jumped 446.03 points or 0.71 per cent to settle at 63,416.03 on Tuesday. The Nifty climbed 126.20 points or 0.68 per cent to end at 18,817.40.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Sensex Breaches Record 64000 Mark Nifty Scales 19000 Peak. Here's Why

Benchmark equity indices hit their record high levels on Wednesday, with the Sensex hitting the record 64,000 mark and the Nifty scaling the 19,000 peak amid a rally in the US and European markets and fresh foreign fund inflows.

Buying in market heavyweight stocks like Reliance Industries and HDFC Bank also aided the positive momentum.

Extending its previous day's rally, the 30-share BSE Sensex jumped 621.07 points to hit its all-time high of 64,037.10 during afternoon trade. The NSE Nifty climbed 193.85 points to reach its lifetime peak of 19,011.25.

"Nifty made a new all-time high on June 28, triggered by buying from institutions and retail/HNI segments. Improving US economic data and hints from China about fresh stimulus measures have helped improve sentiments," said Dhiraj Relli, MD & CEO, HDFC Securities Ltd.

From the Sensex pack, NTPC, Tata Motors, Titan, Larsen & Toubro, Reliance Industries, IndusInd Bank, Infosys, HDFC Bank and Power Grid were among the major gainers.

Wipro and Tech Mahindra were the laggards.

In Asian markets, Tokyo and Hong Kong quoted in the green while Seoul and Shanghai were trading lower. European markets in trading in the positive territory. The US markets ended significantly higher on Tuesday.

"After making several attempts in the past few days, Nifty finally managed to cross its previous highs. Strong institutional flows, healthy macros and robust earnings growth drove domestic market towards its new highs," said Siddhartha Khemka, Head of Retail Research, Broking and Distribution, MOFSL.

Global oil benchmark Brent crude climbed 0.08 per cent to USD 72.32 a barrel.

Foreign institutional investors (FIIs) bought equities worth Rs 2,024.05 crore on Tuesday, according to exchange data.

The BSE benchmark jumped 446.03 points or 0.71 per cent to settle at 63,416.03 on Tuesday. The Nifty climbed 126.20 points or 0.68 per cent to end at 18,817.40.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Investment Firm GQG Partners Others Buy $900 Million Stake In Adani Group

US-based investment firm GQG Partners and other investors have bought stake worth over $900 million in Adani Enterprises Ltd. and Adani Green Energy, according to sources.

The investors acquired stake from the Adani family, people familiar with the matter said.

Adani Enterprises, the flagship of billionaire Gautam Adani, saw 1.8 crore shares traded in a single block on Wednesday. Adani Green Energy had a total of 11.4 lakh shares change hands in 24 large trades.

The block deal for Adani Enterprises was transacted at Rs 2,300. For Adani Green, the trades were priced at Rs 920 rupees.

Adani Group stocks were among the top gainers as both Sensex and Nifty achieved an all-time high in early trade today.

Earlier this year, GQG Partners had invested $1.9 billion in the Adani Group. The investment firm has increased its stake by over 400 million since then, according to sources.  

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Investment Firm GQG Partners Others Buy $900 Million Stake In Adani Group

US-based investment firm GQG Partners and other investors have bought stake worth over $900 million in Adani Enterprises Ltd. and Adani Green Energy, according to sources.

The investors acquired stake from the Adani family, people familiar with the matter said.

Adani Enterprises, the flagship of billionaire Gautam Adani, saw 1.8 crore shares traded in a single block on Wednesday. Adani Green Energy had a total of 11.4 lakh shares change hands in 24 large trades.

The block deal for Adani Enterprises was transacted at Rs 2,300. For Adani Green, the trades were priced at Rs 920 rupees.

Adani Group stocks were among the top gainers as both Sensex and Nifty achieved an all-time high in early trade today.

Earlier this year, GQG Partners had invested $1.9 billion in the Adani Group. The investment firm has increased its stake by over 400 million since then, according to sources.  

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

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Sensex Snaps 3-Day Losing Run HDFC Twins Shine

Equity benchmark index Sensex ended a three-session losing streak to close nearly 450 points higher on Tuesday, helped by intense buying in index majors HDFC twins, ICICI Bank and Axis Bank amid a mixed trend in the global markets.

Besides, a firm trend in financial, realty, teck and IT counters also supported the domestic equities, traders said.

The 30-share BSE Sensex jumped 446.03 points or 0.71 per cent to settle at 63,416.03 points. During the day, it advanced 497.54 points or 0.79 per cent to 63,467.54 points.

NSE Nifty climbed 126.20 points or 0.68 per cent to end at 18,817.40 points.

"Short covering ahead of Wednesday's F&O expiry may have triggered a sharp rebound in key benchmark indices despite a lacklustre trend in Asian and European indices.

"Investors have once again bet big on India's sound economic fundamentals by latching to banking and realty shares and shrugged off negative catalysts like hawkish Fed, mounting Chinese growth concerns, Russian crisis and erratic monsoon so far," said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.

State Bank of India was the best performer in the Sensex chart, rising 1.59 per cent, followed by HDFC, Axis Bank, HDFC Bank, Bharti Airtel, Kotak Mahindra Bank, ICICI Bank, Tata Motors, NTPC and Bajaj Finserv.

The merger of housing finance major HDFC with the country's largest private lender HDFC Bank will be effective from July 1, HDFC Chairman Deepak Parekh said on Tuesday.

The stock of HDFC climbed 1.59 per cent to settle at Rs 2,762.50 apiece on the BSE. During the day, it jumped 2.26 per cent to Rs 2,781.

Shares of HDFC Bank advanced 1.38 per cent to end at Rs 1,658 per piece after gaining 2.23 per cent to Rs 1,672 during the day.

Maruti, ITC and Hindustan Unilever were the laggards.

In the broader market, the BSE smallcap gauge climbed 0.61 per cent, and the midcap index advanced 0.38 per cent.

Among the indices, financial services jumped 1.35 per cent, realty climbed 1.27 per cent, bankex (1.20 per cent), metal (0.97 per cent), teck (0.66 per cent), IT (0.61 per cent) and healthcare (0.55 per cent).

FMCG and oil & gas were the laggards.

"The domestic market rallied, primarily supported by banking and finance stocks, which received a boost from the merger updates from HDFC. Meanwhile, global trends were mixed as the Chinese market showed signs of recovery, driven by hopes of additional policy stimulus, whereas European markets traded with declines in response to hawkish commentary from the President of the ECB," said Vinod Nair, Head of Research at Geojit Financial Services.

In Asian markets, Shanghai and Hong Kong settled in the green, while Seoul and Tokyo ended lower.

Equity markets in Europe were trading on a mixed note. The US markets ended in the negative terrain on Monday.

Global oil benchmark Brent crude declined 1.12 per cent to USD 73.35 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 409.43 crore on Monday, according to exchange data.

In a lacklustre trading on Monday, the BSE benchmark dipped 9.37 points or 0.01 per cent to settle at 62,970 points, logging its third straight session of decline. The Nifty had edged up 25.70 points or 0.14 per cent to settle at 18,691.20 points.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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Sensex Snaps 3-Day Losing Run HDFC Twins Shine

Equity benchmark index Sensex ended a three-session losing streak to close nearly 450 points higher on Tuesday, helped by intense buying in index majors HDFC twins, ICICI Bank and Axis Bank amid a mixed trend in the global markets.

Besides, a firm trend in financial, realty, teck and IT counters also supported the domestic equities, traders said.

The 30-share BSE Sensex jumped 446.03 points or 0.71 per cent to settle at 63,416.03 points. During the day, it advanced 497.54 points or 0.79 per cent to 63,467.54 points.

NSE Nifty climbed 126.20 points or 0.68 per cent to end at 18,817.40 points.

"Short covering ahead of Wednesday's F&O expiry may have triggered a sharp rebound in key benchmark indices despite a lacklustre trend in Asian and European indices.

"Investors have once again bet big on India's sound economic fundamentals by latching to banking and realty shares and shrugged off negative catalysts like hawkish Fed, mounting Chinese growth concerns, Russian crisis and erratic monsoon so far," said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.

State Bank of India was the best performer in the Sensex chart, rising 1.59 per cent, followed by HDFC, Axis Bank, HDFC Bank, Bharti Airtel, Kotak Mahindra Bank, ICICI Bank, Tata Motors, NTPC and Bajaj Finserv.

The merger of housing finance major HDFC with the country's largest private lender HDFC Bank will be effective from July 1, HDFC Chairman Deepak Parekh said on Tuesday.

The stock of HDFC climbed 1.59 per cent to settle at Rs 2,762.50 apiece on the BSE. During the day, it jumped 2.26 per cent to Rs 2,781.

Shares of HDFC Bank advanced 1.38 per cent to end at Rs 1,658 per piece after gaining 2.23 per cent to Rs 1,672 during the day.

Maruti, ITC and Hindustan Unilever were the laggards.

In the broader market, the BSE smallcap gauge climbed 0.61 per cent, and the midcap index advanced 0.38 per cent.

Among the indices, financial services jumped 1.35 per cent, realty climbed 1.27 per cent, bankex (1.20 per cent), metal (0.97 per cent), teck (0.66 per cent), IT (0.61 per cent) and healthcare (0.55 per cent).

FMCG and oil & gas were the laggards.

"The domestic market rallied, primarily supported by banking and finance stocks, which received a boost from the merger updates from HDFC. Meanwhile, global trends were mixed as the Chinese market showed signs of recovery, driven by hopes of additional policy stimulus, whereas European markets traded with declines in response to hawkish commentary from the President of the ECB," said Vinod Nair, Head of Research at Geojit Financial Services.

In Asian markets, Shanghai and Hong Kong settled in the green, while Seoul and Tokyo ended lower.

Equity markets in Europe were trading on a mixed note. The US markets ended in the negative terrain on Monday.

Global oil benchmark Brent crude declined 1.12 per cent to USD 73.35 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 409.43 crore on Monday, according to exchange data.

In a lacklustre trading on Monday, the BSE benchmark dipped 9.37 points or 0.01 per cent to settle at 62,970 points, logging its third straight session of decline. The Nifty had edged up 25.70 points or 0.14 per cent to settle at 18,691.20 points.

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Merger Of HDFC And HDFC Bank Effective From July 1: Chairman Deepak Parekh

The merger of housing finance major HDFC with the country's largest private lender HDFC Bank will be effective from July 1, HDFC Chairman Deepak Parekh said today.

The boards of HDFC and the private bank will meet on June 30 post to clear and approve the merger, Parekh told reporters here.

The merger of the corporation with HDFC Bank will be effective July 1, Mr Parekh said.

HDFC vice-chairman and CEO Keki Mistry said that the stock delisting of the corporation will be effective from July 13.

Termed as the biggest transaction in India's corporate history, HDFC Bank on April 4 last year agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion, creating a financial services titan.

The proposed entity will have a combined asset base of around Rs 18 lakh crore.

Once the deal is effective, HDFC Bank will be 100 per cent owned by public shareholders, and existing shareholders of HDFC will own 41 per cent of the bank.

Every HDFC shareholder will get 42 shares of HDFC Bank for every 25 shares they hold.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Merger Of HDFC And HDFC Bank Effective From July 1: Chairman Deepak Parekh

The merger of housing finance major HDFC with the country's largest private lender HDFC Bank will be effective from July 1, HDFC Chairman Deepak Parekh said today.

The boards of HDFC and the private bank will meet on June 30 post to clear and approve the merger, Parekh told reporters here.

The merger of the corporation with HDFC Bank will be effective July 1, Mr Parekh said.

HDFC vice-chairman and CEO Keki Mistry said that the stock delisting of the corporation will be effective from July 13.

Termed as the biggest transaction in India's corporate history, HDFC Bank on April 4 last year agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion, creating a financial services titan.

The proposed entity will have a combined asset base of around Rs 18 lakh crore.

Once the deal is effective, HDFC Bank will be 100 per cent owned by public shareholders, and existing shareholders of HDFC will own 41 per cent of the bank.

Every HDFC shareholder will get 42 shares of HDFC Bank for every 25 shares they hold.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Rupee Slips 9 Paise To 82.05 Against US Dollar Amid Geopolitical Worries

The rupee declined by 9 paise to close at 82.04 (provisional) against the US dollar on Monday amid geopolitical concerns and firming crude oil prices.

Volatility in equity markets and FII outflows also weighed on the market sentiment, analysts said.

After opening lower, the rupee staged a recovery to hit the day's high of 81.94 in morning trade amid early gains in equities and a weaker greenback in the overseas markets.

However, the local currency retreated from early highs amid volatile stock markets and touched a low of 82.05 in afternoon trade at the interbank foreign exchange market.

The rupee closed at the day's low level of 82.05, showing a loss of 9 paise over the previous close of 81.96 against the US dollar.

Analysts said that geopolitical concerns after a short-lived armed rebellion in Russia eroded the appeal of riskier assets.

The dollar index, which gauges the greenback's strength against a basket of six currencies, eased 0.15 per cent to 102.75.

Crude oil price benchmark Brent crude was up 0.53 per cent at USD 74.24 per barrel.

In the domestic equity market, the 30-share BSE Sensex retreated from early highs to close almost flat at 62,970, showing a loss of 9.37 points. The broader Nifty advanced 25.70 points to close at 18,691.20.

Foreign Portfolio Investors (FPIs) were net sellers in the capital market on Friday as they offloaded shares worth Rs 344.81 crore, according to exchange data.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Rupee Slips 9 Paise To 82.05 Against US Dollar Amid Geopolitical Worries

The rupee declined by 9 paise to close at 82.04 (provisional) against the US dollar on Monday amid geopolitical concerns and firming crude oil prices.

Volatility in equity markets and FII outflows also weighed on the market sentiment, analysts said.

After opening lower, the rupee staged a recovery to hit the day's high of 81.94 in morning trade amid early gains in equities and a weaker greenback in the overseas markets.

However, the local currency retreated from early highs amid volatile stock markets and touched a low of 82.05 in afternoon trade at the interbank foreign exchange market.

The rupee closed at the day's low level of 82.05, showing a loss of 9 paise over the previous close of 81.96 against the US dollar.

Analysts said that geopolitical concerns after a short-lived armed rebellion in Russia eroded the appeal of riskier assets.

The dollar index, which gauges the greenback's strength against a basket of six currencies, eased 0.15 per cent to 102.75.

Crude oil price benchmark Brent crude was up 0.53 per cent at USD 74.24 per barrel.

In the domestic equity market, the 30-share BSE Sensex retreated from early highs to close almost flat at 62,970, showing a loss of 9.37 points. The broader Nifty advanced 25.70 points to close at 18,691.20.

Foreign Portfolio Investors (FPIs) were net sellers in the capital market on Friday as they offloaded shares worth Rs 344.81 crore, according to exchange data.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Sensex Nifty Climb In Early Trade After Falling In 2 Previous Sessions

Equity benchmark indices gained in early trade on Monday after falling in the previous two trading sessions, amid buying in index heavyweights ITC, ICICI Bank and Infosys.

The 30-share BSE Sensex climbed 91.03 points to 63,070.40 points in early trade. The NSE Nifty advanced 39.30 points to 18,704.80 points.

From the Sensex pack, ITC, Hindustan Unilever, Tata Motors, IndusInd Bank, Mahindra & Mahindra, HCL Technologies, Titan, Nestle, ICICI Bank and Infosys were the biggest gainers.

Tata Consultancy Services, Bharti Airtel, HDFC, Tata Steel, HDFC Bank and NTPC were among the laggards.

In Asian markets, Seoul quoted in the green while Tokyo, Shanghai and Hong Kong traded lower.

The US markets ended in negative territory on Friday.

"Intra-day, the market may witness a choppy ride as the recent interest rate hike by the BoE and the US Fed hinting at two more rate hikes this year coupled with mounting Chinese growth fears point towards a challenging environment for the global economic recovery path," Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.

Global oil benchmark Brent crude climbed 0.05 per cent to USD 73.89 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 344.81 crore on Friday, according to exchange data.

On Friday, Sensex fell 259.52 points or 0.41 per cent to settle at 62,979.37 points while Nifty declined 105.75 points or 0.56 per cent to end at 18,665.50 points.

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Sensex Nifty Climb In Early Trade After Falling In 2 Previous Sessions

Equity benchmark indices gained in early trade on Monday after falling in the previous two trading sessions, amid buying in index heavyweights ITC, ICICI Bank and Infosys.

The 30-share BSE Sensex climbed 91.03 points to 63,070.40 points in early trade. The NSE Nifty advanced 39.30 points to 18,704.80 points.

From the Sensex pack, ITC, Hindustan Unilever, Tata Motors, IndusInd Bank, Mahindra & Mahindra, HCL Technologies, Titan, Nestle, ICICI Bank and Infosys were the biggest gainers.

Tata Consultancy Services, Bharti Airtel, HDFC, Tata Steel, HDFC Bank and NTPC were among the laggards.

In Asian markets, Seoul quoted in the green while Tokyo, Shanghai and Hong Kong traded lower.

The US markets ended in negative territory on Friday.

"Intra-day, the market may witness a choppy ride as the recent interest rate hike by the BoE and the US Fed hinting at two more rate hikes this year coupled with mounting Chinese growth fears point towards a challenging environment for the global economic recovery path," Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.

Global oil benchmark Brent crude climbed 0.05 per cent to USD 73.89 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 344.81 crore on Friday, according to exchange data.

On Friday, Sensex fell 259.52 points or 0.41 per cent to settle at 62,979.37 points while Nifty declined 105.75 points or 0.56 per cent to end at 18,665.50 points.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Adani Group Eyes Rs 90000 Crore Pre-Tax Income In 2-3 Years

Adani group is eyeing a 20 per cent year-on-year growth in pre-tax profits to reach Rs 90,000 crore EBITDA in 2-3 years on the back of robust growth in businesses ranging from airports to energy, according to notes in an investor presentation.

Earlier this month, the group repaid loans aggregating USD 2.65 billion to complete a prepayment programme to cut overall leverage in an attempt to win back investor trust post a damning report of a US short seller.

The ports-to-energy conglomerate is now looking at robust growth in sectors such as airports, cement, renewables, solar panels, transportation and logistics, and power and transmission, it said adding several of Adani's new infrastructure investments will also begin to fructify and generate cash in the coming years.

Adani is expected to see an increase of more than 20 per cent in EBITDA on a consolidated basis in the coming years as it drives robust and sustainable growth across its business portfolio. Its target EBITDA of over Rs 90,000 crore is expected by FY23, the note said.

In recent years, the group has made substantial investments in ports and completed significant projects across renewables, transportation and ports.

Businesses such as airports and renewables are also exhibiting improved cash flows. Its solid asset base, built over three decades, supports resilient critical infrastructure and ensures high asset performance throughout their life cycles.

The group's listed portfolio EBITDA increased 36 per cent yoy to Rs 57,219 crore in FY23 (April 2022 to March 2023 fiscal). Core infrastructure businesses, which constitute 82.8 per cent of the portfolio including energy, transport, logistics, and flagship Adani Enterprise Ltd's infrastructure ventures, registered a robust 23 per cent yoy growth in EBITDA to Rs 47,386 crore.

AEL's existing businesses also delivered a strong performance with a 59 per cent yoy growth to Rs 5,466 crore. AEL's existing businesses comprise 10 per cent of its portfolio.

With about 83 per cent of its EBITDA being generated from core infrastructure businesses, the Adani Group's portfolio operates in utility and infrastructure sectors, providing assured and consistent cash flows. The group has set its sights on growth across diverse sectors such as airports, cement, renewables, solar panels, ports, power, and transmission.

Last year marked a period of significant progress for Adani as its portfolio's robust growth of 36 per cent was simultaneously complemented by an effective deleveraging strategy as can be seen from its improved net debt to EBITDA ratio.

The portfolio's combined net debt to EBITDA improved to 3.27 times in FY23 from 3.8 times in FY22. The net debt to run-rate EBITDA improved to 2.8 times in FY22 from 3.2 times FY23 which highlights the group's strong financial discipline amidst the strong growth, the note said.

Management of the Adani Group affirms that there is no significant debt maturity looming in the near-term, indicating no material refinancing risk or near-term liquidity requirement.

The net asset value of gross assets stands at Rs 3,91,000 crore. Over time, the group has diversified its long-term debt portfolio and reduced its exposure to banks while expanding its funding sources. The current debt is distributed among bonds (39 per cent), global international banks (29 per cent), PSU and private banks and NBFC (32 per cent).

The group's exposure remains less than 1 per cent of total bank exposures in India, and leading Indian banks, including SBI and other PSUs have expressed comfort with its debt/equity to EBITDA of 3.2 per cent.

The group's dollar debt is also perfectly hedged, and the recent ECB interest rate hikes are expected to have minimal impact on debt costs and servicing as most of the ECBs are at a fixed rate, the note added.

Adani Group has made a full prepayment of USD 2.15 billion of loans that were taken by pledging shares in the conglomerate's listed firms and also another USD 700 million in loans taken for the acquisition of Ambuja Cement.

Further, the note states that the promoters completed the sale of shares in four listed group entities to GQG Partners, a leading global investment firm, for USD 1.87 billion (Rs 15,446 crore).

Recently, Adani Connex, the datacentre business has tied up the largest datacentre project financing in India, with USD 213 million tied up from six international banks - SMBC, MUFG, Mizuho, ING, Natixis, SCB.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

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Adani Group Eyes Rs 90000 Crore Pre-Tax Income In 2-3 Years

Adani group is eyeing a 20 per cent year-on-year growth in pre-tax profits to reach Rs 90,000 crore EBITDA in 2-3 years on the back of robust growth in businesses ranging from airports to energy, according to notes in an investor presentation.

Earlier this month, the group repaid loans aggregating USD 2.65 billion to complete a prepayment programme to cut overall leverage in an attempt to win back investor trust post a damning report of a US short seller.

The ports-to-energy conglomerate is now looking at robust growth in sectors such as airports, cement, renewables, solar panels, transportation and logistics, and power and transmission, it said adding several of Adani's new infrastructure investments will also begin to fructify and generate cash in the coming years.

Adani is expected to see an increase of more than 20 per cent in EBITDA on a consolidated basis in the coming years as it drives robust and sustainable growth across its business portfolio. Its target EBITDA of over Rs 90,000 crore is expected by FY23, the note said.

In recent years, the group has made substantial investments in ports and completed significant projects across renewables, transportation and ports.

Businesses such as airports and renewables are also exhibiting improved cash flows. Its solid asset base, built over three decades, supports resilient critical infrastructure and ensures high asset performance throughout their life cycles.

The group's listed portfolio EBITDA increased 36 per cent yoy to Rs 57,219 crore in FY23 (April 2022 to March 2023 fiscal). Core infrastructure businesses, which constitute 82.8 per cent of the portfolio including energy, transport, logistics, and flagship Adani Enterprise Ltd's infrastructure ventures, registered a robust 23 per cent yoy growth in EBITDA to Rs 47,386 crore.

AEL's existing businesses also delivered a strong performance with a 59 per cent yoy growth to Rs 5,466 crore. AEL's existing businesses comprise 10 per cent of its portfolio.

With about 83 per cent of its EBITDA being generated from core infrastructure businesses, the Adani Group's portfolio operates in utility and infrastructure sectors, providing assured and consistent cash flows. The group has set its sights on growth across diverse sectors such as airports, cement, renewables, solar panels, ports, power, and transmission.

Last year marked a period of significant progress for Adani as its portfolio's robust growth of 36 per cent was simultaneously complemented by an effective deleveraging strategy as can be seen from its improved net debt to EBITDA ratio.

The portfolio's combined net debt to EBITDA improved to 3.27 times in FY23 from 3.8 times in FY22. The net debt to run-rate EBITDA improved to 2.8 times in FY22 from 3.2 times FY23 which highlights the group's strong financial discipline amidst the strong growth, the note said.

Management of the Adani Group affirms that there is no significant debt maturity looming in the near-term, indicating no material refinancing risk or near-term liquidity requirement.

The net asset value of gross assets stands at Rs 3,91,000 crore. Over time, the group has diversified its long-term debt portfolio and reduced its exposure to banks while expanding its funding sources. The current debt is distributed among bonds (39 per cent), global international banks (29 per cent), PSU and private banks and NBFC (32 per cent).

The group's exposure remains less than 1 per cent of total bank exposures in India, and leading Indian banks, including SBI and other PSUs have expressed comfort with its debt/equity to EBITDA of 3.2 per cent.

The group's dollar debt is also perfectly hedged, and the recent ECB interest rate hikes are expected to have minimal impact on debt costs and servicing as most of the ECBs are at a fixed rate, the note added.

Adani Group has made a full prepayment of USD 2.15 billion of loans that were taken by pledging shares in the conglomerate's listed firms and also another USD 700 million in loans taken for the acquisition of Ambuja Cement.

Further, the note states that the promoters completed the sale of shares in four listed group entities to GQG Partners, a leading global investment firm, for USD 1.87 billion (Rs 15,446 crore).

Recently, Adani Connex, the datacentre business has tied up the largest datacentre project financing in India, with USD 213 million tied up from six international banks - SMBC, MUFG, Mizuho, ING, Natixis, SCB.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

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Two-Thirds Of Rs 2000 Notes Back Within Month Of Withdrawal: RBI Governor

Reserve Bank Governor Shaktikanta Das has said that within a month of the recall order, more than two-thirds of the Rs 2,000 currency notes have returned to the system.

In a surprise move, but as part of the clean note policy, the Reserve Bank had on May 19 ordered the recall of the Rs 2,000 banknotes worth around R 3.62 lakh crore.

On June 8, announcing the second monetary policy review of the fiscal, Das had said around Rs 1.8 lakh crore worth of the Rs 2,000 notes have been returned, accounting for approximately 50 per cent of the notes in circulation as of March 31, of which 85 per cent were in deposits and the rest in exchange.

"More than two-thirds or Rs 2.41 lakh crore worth of the Rs 3.62 lakh crore (as of March 31, 2023) of the now-recalled 2000 banknotes have come back to the system as of mid-last week," Governor Das told PTI Bhasha in an interview at the RBI headquarters last week.

Of the total money that has come back to the system, as much as 85 per cent are in deposits and the rest in currency exchanges, he explained.

Though the central bank has set September 30, 2023, as the last day for exchange/deposits, Mr Das said the deadline is not something cast in stone and that, people need not rush to claim their money.

Mr Das also said the note recall will have no impact on the monetary stability but refused to comment on a recent analyst report that claimed that the move would lead to higher consumer spending, which has been under stress for some time, and which in turn would help prop the economy up and grow over the projected 6.5 per cent.

"I don't see any negative impact of the note recall on the economy at all," Das said.

The central bank and the government project the GDP to clip at 6.5 per cent this fiscal, with Q1 printing in at 8.1 per cent and then tapering off in the subsequent quarters.   After issuing the recall order on May 19 and asking banks to open special counters to collect the notes from the public from May 23, the central bank said the existing 2,000 denomination banknotes would continue to be legal tender.

Later, Das said he was not sure whether he would ask the government to cancel the legal tender status of these notes after the September 30 deadline.

The 2000 banknotes were introduced in November 2016 (under Section 24(1) of The RBI Act, 1934) within days of the November 8 demonetisation wherein the government had withdrawn the legal tender status of all the 500 and 1000 banknotes to meet the currency requirements in an expeditious manner.

About 89 per cent of the 2,000 banknotes were issued prior to March 2017 and are at the end of their estimated life span of four-five years.

The total value of these banknotes in circulation has declined from Rs 6.73 lakh crore at its peak as of March 31, 2018 (37.3 per cent of notes in circulation) to Rs 3.62 lakh crore, constituting only 10.8 per cent of the notes in circulation as of March 31, 2023.

The central bank's mints had stopped printing the 2,000 notes way back in 2018-19 itself.

The clean note policy seeks to give the public good-quality currency notes and coins with better security features, while soiled notes are withdrawn from circulation.

The RBI had earlier decided to withdraw from circulation all banknotes issued prior to 2005, as they have fewer security features compared to banknotes printed after 2005.

However, the notes issued before 2005 continue to be legal tender. They have only been withdrawn from circulation in conformity with the standard international practice of not having notes of multiple series in circulation at the same time. PTI RRM BEN AA BAL BAL

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Two-Thirds Of Rs 2000 Notes Back Within Month Of Withdrawal: RBI Governor

Reserve Bank Governor Shaktikanta Das has said that within a month of the recall order, more than two-thirds of the Rs 2,000 currency notes have returned to the system.

In a surprise move, but as part of the clean note policy, the Reserve Bank had on May 19 ordered the recall of the Rs 2,000 banknotes worth around R 3.62 lakh crore.

On June 8, announcing the second monetary policy review of the fiscal, Das had said around Rs 1.8 lakh crore worth of the Rs 2,000 notes have been returned, accounting for approximately 50 per cent of the notes in circulation as of March 31, of which 85 per cent were in deposits and the rest in exchange.

"More than two-thirds or Rs 2.41 lakh crore worth of the Rs 3.62 lakh crore (as of March 31, 2023) of the now-recalled 2000 banknotes have come back to the system as of mid-last week," Governor Das told PTI Bhasha in an interview at the RBI headquarters last week.

Of the total money that has come back to the system, as much as 85 per cent are in deposits and the rest in currency exchanges, he explained.

Though the central bank has set September 30, 2023, as the last day for exchange/deposits, Mr Das said the deadline is not something cast in stone and that, people need not rush to claim their money.

Mr Das also said the note recall will have no impact on the monetary stability but refused to comment on a recent analyst report that claimed that the move would lead to higher consumer spending, which has been under stress for some time, and which in turn would help prop the economy up and grow over the projected 6.5 per cent.

"I don't see any negative impact of the note recall on the economy at all," Das said.

The central bank and the government project the GDP to clip at 6.5 per cent this fiscal, with Q1 printing in at 8.1 per cent and then tapering off in the subsequent quarters.   After issuing the recall order on May 19 and asking banks to open special counters to collect the notes from the public from May 23, the central bank said the existing 2,000 denomination banknotes would continue to be legal tender.

Later, Das said he was not sure whether he would ask the government to cancel the legal tender status of these notes after the September 30 deadline.

The 2000 banknotes were introduced in November 2016 (under Section 24(1) of The RBI Act, 1934) within days of the November 8 demonetisation wherein the government had withdrawn the legal tender status of all the 500 and 1000 banknotes to meet the currency requirements in an expeditious manner.

About 89 per cent of the 2,000 banknotes were issued prior to March 2017 and are at the end of their estimated life span of four-five years.

The total value of these banknotes in circulation has declined from Rs 6.73 lakh crore at its peak as of March 31, 2018 (37.3 per cent of notes in circulation) to Rs 3.62 lakh crore, constituting only 10.8 per cent of the notes in circulation as of March 31, 2023.

The central bank's mints had stopped printing the 2,000 notes way back in 2018-19 itself.

The clean note policy seeks to give the public good-quality currency notes and coins with better security features, while soiled notes are withdrawn from circulation.

The RBI had earlier decided to withdraw from circulation all banknotes issued prior to 2005, as they have fewer security features compared to banknotes printed after 2005.

However, the notes issued before 2005 continue to be legal tender. They have only been withdrawn from circulation in conformity with the standard international practice of not having notes of multiple series in circulation at the same time. PTI RRM BEN AA BAL BAL

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Sensex Falls 248 Points In Early Trade; Nifty Declines To 89 Points

Sensex falls 248.57 points to 62, 990.32 in early trade; Nifty declines 89.3 points to 18,681.95.

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Sensex Falls 248 Points In Early Trade; Nifty Declines To 89 Points

Sensex falls 248.57 points to 62, 990.32 in early trade; Nifty declines 89.3 points to 18,681.95.

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Byju's Ropes In New Auditor After Deloitte Resigns

Audit firm Deloitte has resigned as auditors of Byju's citing a delay in submission of financial statements while almost simultaneously three of the edtech firm's board members have quit in what is being seen as a deepening crisis at the decacorn.

Deloitte Haskins & Sells, which was slated to audit Byju's until 2025, stepped down with "immediate effect" mid-term stating that "the financial statements of the company are long delayed."

In a letter sent to the board of Think & Learn Pvt Ltd (known as Byju's), Deloitte said it has not been able to start an audit due to the delays and that will have a "significant impact" on its ability to "plan, design perform and complete" the audit as per standards.

Byju's, in a statement, said it has appointed BDO as its new auditor, adding this would help it "uphold the highest standards of financial scrutiny and accountability."

Separately, three of Byju's board members, including GV Ravishankar, MD of early-backer Peak XV Partners (formerly Sequoia Capital India), Russell Dreisenstock of Prosus and Chan Zuckerberg's Vivian Wu have resigned, sources said.

The reasons for the resignation of the directors were not immediately known. The Byju's board now comprises the founder family - chief executive Byju Raveendran, his wife Divya Gokulnath, and brother Riju Raveendran.

When contacted, a Byju's spokesperson said that media reports suggesting the resignations of board members from Byju's are entirely speculative.

"BYJU'S firmly denies these claims and urges media publications to refrain from spreading unverified information or engaging in baseless speculation. Any significant developments or changes within our organization are shared through official channels and announcements.

"We request media outlets to rely on verified sources and official statements for accurate information regarding BYJU'S," the spokesperson said.

The developments have come at a time when the company is dealing with a $1.2 billion loan payment issue.

Byju's, which skipped a $40 million repayment due earlier this month, has sued its lenders over alleged harassment in the recovery of the loan.

In a letter to the Byju's board, Deloitte Haskins and Sells said that it is resigning as auditor of Think & Learn three years prior to the expiry of its contract due to a long delay in the edtech firm's financial statement for the fiscal year ending March 31, 2022, the audit firm said in a regulatory filing.

The edtech firm separately announced that it has appointed BDO (MSKA & Associates) as its statutory auditors for the year commencing from the financial year 2022 for the next five years.

Deloitte said it frequently wrote to Byju's Managing Director Byju Raveendran with a copy to the board of directors but it has not been able to commence the audit as on date and hence decided to quit.

"We have not been able to comment on the audit as on date. As a result, there will be a significant impact on our ability to plan, design, perform, and complete the audit in accordance with the applicable auditing standards. In view of the aforesaid, we are tendering our resignation as statutory auditors of the company with immediate effect," Deloittee Haskins & Sells said in a letter to the Byju's board.

Deloitte has been working with Byju's since 2016 and it was re-appointed as statutory auditor of Think and Learn Private Limited, which operates under Byju's brand, for a five-year period starting April 1, 2020.

"The financial statements of the company for the year ended March 31, 2022, are long delayed. In accordance with the Companies Act, 2013, the audited financial statements for the year ended March 31, 2022 were due to be laid before shareholders in the Annual General Meeting by September 30, 2022," Deloitte said.

The audit firm said that it had written an email to Byju's Managing Director Byju Raveendran with a copy to the board of directors on September 30, 2022, and November 5, 2022, and thereafter to the board on November 12, 2022, December 24, 2022, and a letter on March 29, 2023, for statutory audit for the year ended March 31, 2022.

The audit firm said that it did not receive any communication on the resolution of the audit report modifications for the financial year 2021 and the status of audit readiness of the financial statements and related documents for FY 2022.

Sources privy to the development at Byju's on the condition of anonymity said that the company's audit process got delayed as it was waiting for a new chief financial officer to take charge.

Byju's new group CFO Ajay Goel joined the company about a month ago and the company is now set to start the audit process from next week onwards.

"BDO's experience as an auditor for BYJU'S subsidiaries ensures their familiarity with the organization's operations, enabling a streamlined completion of the group-level audit anticipated to be finalized in the upcoming quarter," BYJU'S said.

BDO will cover the holding company - Think and Learn Pvt Ltd, its material subsidiaries such as Aakash Education Services Limited as well as the overall group consolidated results.

"This comprehensive audit coverage will provide a holistic view of BYJU'S financial performance and ensure transparency across the organization," Byju's said.

It said that the selection of BDO as Byju's auditors was finalized after a rigorous selection process by Mr Goel.

"We have chosen BDO as our auditors with great confidence following a well-structured selection process. Their exceptional capabilities and expertise in providing audit services to globally diversified large-scale companies make them the perfect fit for our organization. We are excited to collaborate with BDO to uphold the highest standards of financial scrutiny and accountability," Mr Goel said.

BDO at present audits firms like ICICI, Cisco, IndusInd Bank etc and is considered to be among top five global audit firms in terms of turnover.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Byju's Ropes In New Auditor After Deloitte Resigns

Audit firm Deloitte has resigned as auditors of Byju's citing a delay in submission of financial statements while almost simultaneously three of the edtech firm's board members have quit in what is being seen as a deepening crisis at the decacorn.

Deloitte Haskins & Sells, which was slated to audit Byju's until 2025, stepped down with "immediate effect" mid-term stating that "the financial statements of the company are long delayed."

In a letter sent to the board of Think & Learn Pvt Ltd (known as Byju's), Deloitte said it has not been able to start an audit due to the delays and that will have a "significant impact" on its ability to "plan, design perform and complete" the audit as per standards.

Byju's, in a statement, said it has appointed BDO as its new auditor, adding this would help it "uphold the highest standards of financial scrutiny and accountability."

Separately, three of Byju's board members, including GV Ravishankar, MD of early-backer Peak XV Partners (formerly Sequoia Capital India), Russell Dreisenstock of Prosus and Chan Zuckerberg's Vivian Wu have resigned, sources said.

The reasons for the resignation of the directors were not immediately known. The Byju's board now comprises the founder family - chief executive Byju Raveendran, his wife Divya Gokulnath, and brother Riju Raveendran.

When contacted, a Byju's spokesperson said that media reports suggesting the resignations of board members from Byju's are entirely speculative.

"BYJU'S firmly denies these claims and urges media publications to refrain from spreading unverified information or engaging in baseless speculation. Any significant developments or changes within our organization are shared through official channels and announcements.

"We request media outlets to rely on verified sources and official statements for accurate information regarding BYJU'S," the spokesperson said.

The developments have come at a time when the company is dealing with a $1.2 billion loan payment issue.

Byju's, which skipped a $40 million repayment due earlier this month, has sued its lenders over alleged harassment in the recovery of the loan.

In a letter to the Byju's board, Deloitte Haskins and Sells said that it is resigning as auditor of Think & Learn three years prior to the expiry of its contract due to a long delay in the edtech firm's financial statement for the fiscal year ending March 31, 2022, the audit firm said in a regulatory filing.

The edtech firm separately announced that it has appointed BDO (MSKA & Associates) as its statutory auditors for the year commencing from the financial year 2022 for the next five years.

Deloitte said it frequently wrote to Byju's Managing Director Byju Raveendran with a copy to the board of directors but it has not been able to commence the audit as on date and hence decided to quit.

"We have not been able to comment on the audit as on date. As a result, there will be a significant impact on our ability to plan, design, perform, and complete the audit in accordance with the applicable auditing standards. In view of the aforesaid, we are tendering our resignation as statutory auditors of the company with immediate effect," Deloittee Haskins & Sells said in a letter to the Byju's board.

Deloitte has been working with Byju's since 2016 and it was re-appointed as statutory auditor of Think and Learn Private Limited, which operates under Byju's brand, for a five-year period starting April 1, 2020.

"The financial statements of the company for the year ended March 31, 2022, are long delayed. In accordance with the Companies Act, 2013, the audited financial statements for the year ended March 31, 2022 were due to be laid before shareholders in the Annual General Meeting by September 30, 2022," Deloitte said.

The audit firm said that it had written an email to Byju's Managing Director Byju Raveendran with a copy to the board of directors on September 30, 2022, and November 5, 2022, and thereafter to the board on November 12, 2022, December 24, 2022, and a letter on March 29, 2023, for statutory audit for the year ended March 31, 2022.

The audit firm said that it did not receive any communication on the resolution of the audit report modifications for the financial year 2021 and the status of audit readiness of the financial statements and related documents for FY 2022.

Sources privy to the development at Byju's on the condition of anonymity said that the company's audit process got delayed as it was waiting for a new chief financial officer to take charge.

Byju's new group CFO Ajay Goel joined the company about a month ago and the company is now set to start the audit process from next week onwards.

"BDO's experience as an auditor for BYJU'S subsidiaries ensures their familiarity with the organization's operations, enabling a streamlined completion of the group-level audit anticipated to be finalized in the upcoming quarter," BYJU'S said.

BDO will cover the holding company - Think and Learn Pvt Ltd, its material subsidiaries such as Aakash Education Services Limited as well as the overall group consolidated results.

"This comprehensive audit coverage will provide a holistic view of BYJU'S financial performance and ensure transparency across the organization," Byju's said.

It said that the selection of BDO as Byju's auditors was finalized after a rigorous selection process by Mr Goel.

"We have chosen BDO as our auditors with great confidence following a well-structured selection process. Their exceptional capabilities and expertise in providing audit services to globally diversified large-scale companies make them the perfect fit for our organization. We are excited to collaborate with BDO to uphold the highest standards of financial scrutiny and accountability," Mr Goel said.

BDO at present audits firms like ICICI, Cisco, IndusInd Bank etc and is considered to be among top five global audit firms in terms of turnover.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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"Fight Against Inflation Not Yet Over Job Only Half Done": RBI Governor

Reserve Bank of India Governor Shaktikanta Das on Thursday said bringing back inflation levels in India to the comfortable range is like a job half finished, adding that the fight against the price rise will have to be in a way where inflation figures are aligned around 4.0 per cent on a durable basis.

Retail inflation currently in India is a notch above the ideal 4 per cent target.

"Our job is only half done, having brought inflation within the target band (4-6 per cent). Our fight against inflation is not yet over," the RBI Governor said at the latest monetary policy meeting held from June 6-8, the minutes of which were published on Thursday.

RBI unanimously decided to keep the repo rate unchanged at 6.5 per cent for the second straight time. The repo rate is the rate of interest at which RBI lends to other banks.

A consistent decline in inflation (currently at an 18-month low) and its potential for further decline may have prompted the central bank to put the brake on the key interest rate again.

Barring the April pause, the RBI raised the repo rate by 250 basis points cumulatively to 6.5 per cent since May 2022 in the fight against inflation.

"Beyond this and given the prevailing uncertainties, it is difficult to give any definitive forward guidance about our future course of action in a rate tightening cycle," he said, adding that the RBI will continue to remain agile and flexible in managing liquidity in the banking system.

On the global economy, he said it has sustained the growth momentum and the overall uncertainty is somewhat receding.

"Nevertheless, headwinds to global growth outlook persist. The geopolitical conflict continues unabated. Headline inflation across countries is on a downward trajectory, but is still high and above their respective targets. Central banks remain on high alert and watchful of the evolving conditions," the RBI Governor added.

In India, he said inflation has eased and the external sector outlook has improved while balance sheets of banks and corporates look resilient and healthy.

India's retail inflation was above RBI's 6 per cent target for three consecutive quarters and had managed to fall back to the RBI's comfort zone only in November 2022. Under the flexible inflation targeting framework, the RBI is deemed to have failed in managing price rises if the CPI-based inflation is outside the 2-6 per cent range for three quarters in a row.

India's retail inflation has come down to 4.25 per cent in May, hitting a two-year low.

The RBI lowered India's inflation projection for 2023-24 to 5.1 per cent against its April estimate of 5.2 per cent.

On a quarterly basis, retail inflation (or Consumer Price Index) in Q1 is seen at 4.6 per cent, Q2 at 5.2 per cent, Q3 at 5.4 per cent, and Q4 at 5.2 per cent, RBI Governor said while reading out the monetary policy statement after a three-day deliberation.

India's wholesale inflation, too, turned negative in April and May at minus 0.92 per cent and 3.48 per cent. Overall wholesale inflation was 8.39 per cent in October and has fallen since then.

Notably, the wholesale price index (WPI)-based inflation had been in double digits for 18 months in a row till September.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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"Fight Against Inflation Not Yet Over Job Only Half Done": RBI Governor

Reserve Bank of India Governor Shaktikanta Das on Thursday said bringing back inflation levels in India to the comfortable range is like a job half finished, adding that the fight against the price rise will have to be in a way where inflation figures are aligned around 4.0 per cent on a durable basis.

Retail inflation currently in India is a notch above the ideal 4 per cent target.

"Our job is only half done, having brought inflation within the target band (4-6 per cent). Our fight against inflation is not yet over," the RBI Governor said at the latest monetary policy meeting held from June 6-8, the minutes of which were published on Thursday.

RBI unanimously decided to keep the repo rate unchanged at 6.5 per cent for the second straight time. The repo rate is the rate of interest at which RBI lends to other banks.

A consistent decline in inflation (currently at an 18-month low) and its potential for further decline may have prompted the central bank to put the brake on the key interest rate again.

Barring the April pause, the RBI raised the repo rate by 250 basis points cumulatively to 6.5 per cent since May 2022 in the fight against inflation.

"Beyond this and given the prevailing uncertainties, it is difficult to give any definitive forward guidance about our future course of action in a rate tightening cycle," he said, adding that the RBI will continue to remain agile and flexible in managing liquidity in the banking system.

On the global economy, he said it has sustained the growth momentum and the overall uncertainty is somewhat receding.

"Nevertheless, headwinds to global growth outlook persist. The geopolitical conflict continues unabated. Headline inflation across countries is on a downward trajectory, but is still high and above their respective targets. Central banks remain on high alert and watchful of the evolving conditions," the RBI Governor added.

In India, he said inflation has eased and the external sector outlook has improved while balance sheets of banks and corporates look resilient and healthy.

India's retail inflation was above RBI's 6 per cent target for three consecutive quarters and had managed to fall back to the RBI's comfort zone only in November 2022. Under the flexible inflation targeting framework, the RBI is deemed to have failed in managing price rises if the CPI-based inflation is outside the 2-6 per cent range for three quarters in a row.

India's retail inflation has come down to 4.25 per cent in May, hitting a two-year low.

The RBI lowered India's inflation projection for 2023-24 to 5.1 per cent against its April estimate of 5.2 per cent.

On a quarterly basis, retail inflation (or Consumer Price Index) in Q1 is seen at 4.6 per cent, Q2 at 5.2 per cent, Q3 at 5.4 per cent, and Q4 at 5.2 per cent, RBI Governor said while reading out the monetary policy statement after a three-day deliberation.

India's wholesale inflation, too, turned negative in April and May at minus 0.92 per cent and 3.48 per cent. Overall wholesale inflation was 8.39 per cent in October and has fallen since then.

Notably, the wholesale price index (WPI)-based inflation had been in double digits for 18 months in a row till September.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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