A Bharat Bandh has been called for August 21, 2024 by the Reservation Bachao Sangharsh Samiti in response to the Supreme Court's recent ruling on reservations for SC/ST people. During the protest, law enforcement officials have been directed to take appropriate action to preserve order.
Short covering involves purchasing shares to close out a short position, indicating a shift from extreme bearishness to bullishness. On Tuesday, 5 stocks experienced short covering. Here’s the list.
Honda Motorcycle & Scooter India has overtaken Hero MotoCorp in wholesale dispatches from April to July. Honda recorded 18.53 lakh units compared to Hero's 18.31 lakh units. Urban demand for scooters and mid-to-premium motorcycles and incomplete rural recovery contributed to this shift. Nonetheless, Hero remains ahead in retail sales figures.
Axiscades' subsidiary, Epcogen, has won a significant contract from Highview Power in the UK. The project will feature the world's largest liquid air energy storage facility in Manchester, set to generate 50 MW of power over six hours. The facility will be operational by 2026, powering over one million homes in the UK.
Andhra Paper's board, which had announced a 1:5 stock split, has declared September 11 as the record date for the same. Shareholders holding shares on the record date will receive five shares for each one they currently hold.
The oil and gas sector and Reliance Industries will collectively account for over 60 per cent of the rated Indian portfolio's spending over the next couple of years, Moody's.
Janmashtami, the auspicious festival celebrating the birth of Lord Krishna, is a time of joy, devotion, and of course, delicious sweets.
Ankur Capital, an early-stage venture investor focusing on agritech, climate, and deeptech startups, has secured new investment commitment from British International Investment and MacArthur Foundation for its third fund. Targeting Rs 1,200 crore, the fund has already raised Rs 400 crore and aims to close by early next year while continuing pre-series A investments, said Ritu Verma, managing partner.
Economists Barry Eichengreen and Poonam Gupta have highlighted the effectiveness of the Reserve Bank of India's (RBI) inflation targeting framework. They advised against switching to a discretionary regime and suggested reducing food-price inflation's weight in the CPI basket. The framework has contributed to lower, less volatile inflation and better-anchored expectations.
The BEACON Fund is designed to offer investors a well-rounded portfolio, providing exposure to companies across the entire market spectrum - from established large-cap leaders to dynamic mid-cap and small-cap growth opportunities. This diversified strategy aims to capitalize on the diverse potential of the market.
Competition from the National Asset Reconstruction Co Ltd (NARCL) and fewer opportunities for acquiring non-performing assets are expected to reduce asset reconstruction companies' (ARCs) assets under management (AUM) by 7% to 10% this fiscal. Crisil Ratings reported that quicker redemption of security receipts (SRs) also played a role in the decreasing AUM.
Vinny Overseas, Kingfa Science Tech, J G Chemicals, Capital Trust and IG Petrochem, hit their fresh 52-week highs during the day.
Congress leader Jairam Ramesh criticized Union Ministers for their sudden shift in stance after the government decided to cancel the latest lateral entry recruitment process amid concerns over reservation. He highlighted the irony of ministers blaming former Prime Minister Manmohan Singh for the lateral entry scheme, only to now praise Prime Minister Narendra Modi as a proponent of social justice. The government's decision to align lateral entry with reservation principles has led to this abrupt change in narrative, according to Ramesh.
JR One Footwear Pvt Ltd, a joint venture between Phoenix Kothari Footwear Ltd and Taiwan's ShoeTown Group, announced plans for two new manufacturing facilities in Tamil Nadu. This follows their Rs 5,000 crore investment in Perambalur, which has created 1,700 jobs. The expansion aims to introduce new brands and reduce dependency on imported leather components.
Karnataka's Chief Minister Siddaramaiah called on Governor Thaawarchand Gehlot to act as a representative of the President, not the central government. Following a sanction against him in a site allotment scam, Siddaramaiah criticized the selective nature of such sanctions and challenged the Governor's order legally, contrasting it with unapproved prosecutions of other figures.
In the Nifty pack, 39 stocks closed in the green, while 11 stocks ended in the red.
India's antitrust body has raised concerns about the proposed $8.5 billion merger between Reliance and Walt Disney, citing dominance in cricket rights as a potential competition issue. The merger would bring together 120 TV channels and two streaming platforms. Other key players in India's media industry include Zee Entertainment, Sony India, Netflix, Amazon Prime, Bennett Coleman, and Sun TV Network.
The Nifty Auto index closed 0.52 per cent up at 25500.0.
Hillary Clinton attended the Democratic National Convention 2024's proceedings that started off from August 19. Meanwhile, her stance and appearance at the DNC 2024 worked as a rather moral booster for the Democrats as it brought back memories from 2016, when she had fought in the US polls back then.
Disney and Reliance's planned merger of Indian media assets, valued at $8.5 billion, encountered a major obstacle. India's antitrust body believes the deal could harm competition due to their dominance in cricket broadcasting rights. This merger would combine a vast array of TV channels and streaming content, including major entertainment and sports programs.
The 30-share BSE Sensex closed up 378.18 points at 80802.86
SPJIMR has wrapped up its autumn placement for the PGDM and PGDM (BM) 2025 cohort, securing an average stipend of Rs 3.15 lakh for two months. With 75 companies contributing 390 offers, the FMCG sector led the placements. This will be the last autumn internship cycle, shifting to a summer internship timeline next year.
The company has launched facilitation of two-wheeler loans and Loans Against Mutual Funds (LAMF) for its existing merchant partners in the first phase.
Maria Branyas Morera, the world's oldest person at 117, has passed away peacefully in her sleep. Born in San Francisco in 1907, she lived through historic global events, including two World Wars and the Spanish Civil War, before settling in Catalonia, Spain. Her remarkable longevity was attributed to good genetics and a positive, tranquil lifestyle. Morera's life and health have inspired ongoing research into age-related illnesses, with her legacy continuing to impact the scientific community.
