BUSINESS
CBI nabs 3 Ruchi Global Ltd directors in Rs 188 cr bank fraud
Following a complaint filed by the Bank Of Baroda on behalf of a consortium of lenders including the Punjab National Bank and the J&K Bank, the CBI got cracking and registered a FIR against the company. The complaint against the company and its Directors - Umesh Shahra, Saket Barodia and Ashutosh Mishra, besides others including unnamed public servants - pertains to the alleged fraud that took place between January 2016-December 2017.
Cautious optimism returning to India's economy: RBI
The June issue of RBI's monthly bulletin said: "The Indian economy continues to wrestle with the second wave of the pandemic, though cautious optimism is returning. By current assessment, the second wave's toll is mainly in terms of the hit to domestic demand."
Disclosures to be mandatory for debt securities of listed entities
The SEBI has asked the depositories and stock exchanges to make necessary arrangements such that the disclosures pertaining to listed debt securities, along with equity shares and equity derivative instruments, are disseminated on the websites of respective stock exchanges with effect from July 1, 2021.
Adani Total up 921%, Adani Enterprises up 890% vs 60% for Nifty in last 1 year
Adani Group stocks have been scorchers in the stock market in the last year before they started unravelling in the last three days and have been going down ever since. Adani Group investors have seen wealth erosion of Rs 1.10 lakh crore in the last three trading sessions. Adani Enterprises was down 5.82 per cent at Rs 1449.30.
RITES posts 2.4% rise in Q4 net profit
The company had reported a net profit of Rs 131 crore in Q4FY20. During the quarter under review, the total revenue of the company increased by 6.1 per cent to Rs 632crore against Rs 596 crore in Q4FY20. RITES Ltd Chairman and Managing Director Rajeev Mehotra said: "Given the testing scenario, our focus remained on project delivery and execution which helped us to register Q-o-Q operational revenue growth in every quarter of FY21.
Net direct tax collections for FY22 grows over 100% till mid-June
According to the Finance Ministry, tax collections for FY22 up to June 15 have registered a growth of over 100 per cent at Rs 1,85,871 crore, compared to Rs 92,762 crore over the corresponding period of the preceding year.
Nikhil Kamath, India's youngest billionaire cheated in charity chess match: Report
In 2000, a 14-year-old Nikhil Kamath, the son of a bank manager and music teacher, dropped out of school and got a job. In 2010, he co-founded Zerodha, a discount brokerage outfit. By 2019, with no external financing, Zeroda became the largest retail stock broker in India. Current daily turnover has reached $10 billion.
Stock Talk: Top Cement Companies on Sensex Today
India is the second largest cement producer in the world and accounted for over 7% of the global installed capacity. India’s overall cement production capacity was nearly 545 million tonnes (MT) in FY20.
Brent may test $78-$80 levels, support at $68-$70 levels: Emkay
But the rise may be, to a certain extent, limited by the strength in the US Dollar against other currency majors, the study added. One major factor that dominated oil markets is the possibility of a nuclear deal between the US and Iran, and also better relations between the two countries, based on the reported talks between the two parties.
Sensex may touch 58,500-level by March 2022, Indian equity market showing 'unbreakable nature': Julius Baer
Julius Baer’s MD and Head (research) Mark Matthews emphasised the strong nature of the Indian market and said that company earnings would ultimately drive the share price at the market. Domestic Indian index, Nifty and Sensex have been touching new highs even after the second wave of covid, showing strong trends in the share market.
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