The National Company Law Tribunal (NCLT)'s Mumbai bench has asked to freeze assets, including bank accounts and lockers, owned by former promoters of Metalyst Forging Ltd. The ministry of corporate affairs (MCA) had filed an application seeking recovery of over Rs3,454 crore in financial...

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The number of ‘unicorns’ has surged in India in recent years, enabled by the rise of the internet ecosystem, availability of private capital and favourable regulatory environment. This year, the amount of money raised through initial public offerings (IPOs) has reached the equivalent of US$10...

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Paying heed to the concerns raised by several organisations over the possibility of failure of millions of e-mandates or auto-debits because all banks have not upgraded their systems, the Reserve Bank of India (RBI) had extended the compliance timeline by six months in April this year. Now...

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We had mentioned in previous week’s closing report that Nifty, Sensex were on a strong rally. On Monday, the indices opened higher but suffered a correction and ended in losses.   On the NSE, there were 453 advances, 1,622 declines and 3 unchanged.   The trend of the major...

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Amazon, the world's largest online retailer, has initiated an investigation into the conduct of its legal representatives in India, The Morning Context reported.   This investigation comes on the back of a whistleblower complaint alleging that certain monies paid by Amazon in legal...

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Private equity (PE) investor Advent International is buying a controlling stake in Eureka Forbes Ltd, a group company of the Shapoorji Pallonji group (SPG). The transaction values Eureka Forbes at an enterprise value of Rs4,400 crore, subject to closing adjustments.   In a statement,...

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The government may have extended the due date for filing Income Tax returns on account of the difficulties being reported by the taxpayers in the electronic filing of returns owing to the glitches in the Tax Portal, but taxpayers may still be required to pay additional interest at the rate of...

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In a major revelation, the Income Tax Department on Saturday accused Bollywood actor Sonu Sood of financial irregularities worth over Rs 250 crore by way of unutilised charitable funds, bogus contracts and circular transactions with one of his partner companies, and diverting funds to evade...

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Crores of rupees keep pouring into individual bank accounts of people in Bihar these days. The latest incident is from Singari village in Muzaffarpur district. Ram Bahadur Shah, an elderly farmer has received Rs 52 crore in his bank account.   The incident came to light on Friday when...

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We had mentioned in previous week’s closing report that Nifty, Sensex were headed higher. The major indices rallied this week and closed with major gains.   The trend of the major indices in the week is given in the table:     On Monday, the indices opened lower and...

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Numerical presents the universe in numbers. It aspires to bring an entirely different way for the world to consume, engage and interact with information. It does so by blending the two most powerful technologies of our generation—data and social media.   From agriculture, art and...

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The standard narrative of most talk shows, media articles and investor presentations suggests consolidation in the real estate market. The general perception is that the demonetisation and introduction of the Real Estate Regulatory Authority Act (RERA) and goods and service tax (GST)...

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Asset management companies, Aditya Birla Sun Life AMC and ICICI Prudential AMC, have recently launched a new type of open-ended debt scheme that comes with a maturity date.    We will review the two schemes–ABSL Nifty SDL Plus PSU Bond Sep 2026 60:40 Index Fund and ICICI Pru PSU Bond...

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INDIAN MARKET TRENDS From 9th September to 16 September 2021, ML Mid-cap Index rose 3%. ML Small-cap Index, ML Large-cap Index, ML Mega-cap Index and ML Micro-cap Index rose 2% each. The NIFTY and the Sensex rose 1% each.     FUND FLOWS Foreigners: Foreign...

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HDFC Asset Management, the asset manager to HDFC Mutual Fund, has launched a new fund-of-funds (FoF) that will indirectly invest in 23 developed markets globally.   This is a unique scheme that offers exposure to various markets abroad under the same roof. Let us find out more about...

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The Supreme Court on Thursday held the moratorium under provisions of the Insolvency and Bankruptcy Code (IBC), which restrains initiation of any fresh proceedings or discontinuance of existing ones, does not protect the promoters of the stressed company, but applies only to the corporate...

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At long last, Diego Alphonso Dias, known in our bank as DAD, bought our case for a third man in the dealing room, based on the logic that two dealers were needed to do forex trading, one at the Reuters monitor to track the rates and the other at the telex doing the deals. Two months of the...

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Over the past few years, 80-odd companies have faced the ignominy of having their decisions overturned by collective action of institutional or retail investors. In a remarkable case last week, which could be a turning point of sorts in the battle for better management accountability, large...

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In August 2021,Tata Consultancy Services  and HDFC Bank were the most preferred stocks of Indian mutual funds. The net purchases of Tata Consultancy Services were Rs1,473 crore. Infosys and Maruti Suzuki were the most sold stocks. The net sales of Infosys were Rs2,581 crore and net sales of...

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The Indian government has decided to set up National Asset Reconstruction Co Ltd (NARCL) to aggregate non-performing assets (NPAs) in banks’ balance sheets and manage and dispose them professionally. "Along with NARCL, we are also setting up an India Debt Resolution Co Ltd (IDRCL)," says...

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