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Stocks in news: TCS, Groww, Shriram Finance, Dixon Tech, Anand Rathi Wealth
Indian markets saw a rebound on Thursday, recovering from Wednesday's sharp sell-off. TCS reported a 5% year-on-year profit growth, and Groww affirmed its direct mutual fund strategy. Shriram Finance is raising funds to reduce borrowing costs after a rating upgrade. Maruti Suzuki plans to add service points, and Dixon Tech will expand smartphone manufacturing. Premier Energies commissioned a solar module facility, and Anand Rathi Wealth saw profit rise.
Market's worst phase is over; focus on picking the right stocks, says Quant Mutual Fund's Sandeep Tandon
Sandeep Tandon believes the next few months will reward investors who pick strong companies rather than simply betting on the broader market, with infrastructure, power and select energy stocks among his top bets.
Rajesh Exports failed to produce foreign transaction records: ED
The Enforcement Directorate on Wednesday alleged that gold refining and jewellery manufacturing company Rajesh Exports' key business indicators showed "significant" departures from normal commercial practices, in addition to the non-availability of records related to foreign transactions. The federal agency issued a statement after conducting searches against the Bengaluru-based company and persons linked to it on June 23 for suspected contravention of the Foreign Exchange Management Act (FEMA). The ED identified at least five issues against Rajesh Exports Ltd (REL) and recovered various "incriminating" documents and digital devices during the searches. The company has not yet responded to a PTI query regarding the ED action. The stock exchanges have also sought clarification from the company. Founder and Chairman of the company, Rajesh Mehta, denied any fund diversion or wrongdoing during a recent interview with PTI. He had said that the company will fully cooperate with the fresh
BSE seeks clarification from Rajesh Exports on ED searches
The Bombay Stock Exchange (BSE) on Wednesday sought a clarification from gold jewellery firm Rajesh Exports Ltd over reports of searches conducted by the Enforcement Directorate (ED) at multiple locations linked to the Bengaluru-based company. The exchange's query came a day after the central agency searched nine premises connected to the firm under the provisions of the Foreign Exchange Management Act (FEMA). "The reply is awaited," Rajesh Exports said in a regulatory filing. The development marks a fresh escalation in the legal troubles surrounding the company, which is already facing allegations of a massive financial fraud levelled by the Securities and Exchange Board of India (Sebi). Rajesh Mehta, the company's Founder and Chairman, recently denied any fund diversion or wrongdoing in an interview with PTI. He said the firm would fully cooperate with the fresh forensic audit ordered by Sebi and would not challenge the market regulator's interim order against it.
Two Adani Group stocks in focus as GQG sells stake in Rs 5,750 crore deal; SBI MF lone buyer
Adani Enterprises and Adani Energy Solutions will be in focus after GQG Partners sold stakes worth about Rs 5,750 crore via block deals, with SBI Mutual Fund buying the shares. The move is seen as portfolio rebalancing following a strong recovery in Adani Group stocks over the past year.
West Asia crisis, oil prices key driver for gold this week: Analysts
Gold prices will remain sensitive to developments in West Asia, movement in crude oil prices, and a series of key economic data releases in the coming week, analysts said. Investors will monitor trade and inflation data from China and the US, mid-month Washington's consumer sentiment figures and India's Consumer Price Index (CPI) readings. The European Central Bank's monetary policy decision will also be in focus as market participants assess their impact on bullion and other commodities, they added. "Momentum for precious metals such as gold and silver still looks corrective," Pranav Mer, Vice President, EBG -- Commodity & Currency Research, JM Financial Services Ltd, said. Domestic commodity markets ended the week lower, with MCX gold futures for August delivery falling Rs 5,317, or 3.3 per cent, to Rs 1.55 lakh per 10 grams. Silver for July delivery fell Rs 18,461, or 7 per cent, to Rs 2.48 lakh per kilogram on the Multi Commodity Exchange (MCX). "Gold witnessed a weak ...
Sebi bars Chairman Mehta from trading in Rajesh Exports shares
Securities and Exchange Board of India has barred Rajesh Mehta, chairman of Rajesh Exports, from trading company shares. A forensic probe uncovered alleged revenue inflation and fund diversion over four years. The regulator found the company presented a misleading financial picture. Sebi has ordered a fresh audit and referred auditors' conduct for action.
Alkem Labs shares in focus as Goldman, Morgan Stanley, others purchase stake in Rs 930-crore block deal
Shares of Alkem Laboratories will be in focus after block deals worth around Rs 930 crore saw 17.88 lakh shares traded at Rs 5,200 apiece on Tuesday. Promoter-linked entities offloaded their stake, while domestic mutual funds and foreign institutional investors emerged as key buyers, signalling strong institutional participation. The company also launched semaglutide pre-filled syringes in India.
Premier Energies shares in focus as promoters sell stake worth Rs 2,289 crore. Check top buyers
Promoter family members of Premier Energies sold shares worth around Rs 2,289 crore through a block deal, while institutional investors, including Quant Mutual Fund and Nomura, picked up stakes. The development comes amid strong investor interest in renewable energy and domestic solar manufacturing, supported by robust earnings growth and aggressive capacity expansion plans.
India’s gold import duty hike to 15% may remain for a year, says Senco MD Suvankar Sen
India's higher import duty on gold and silver could impact jewelry demand for a year, Senco MD Suvankar Sen said. Senco Gold predicts volumes may drop 10-15 percent and consumers may opt for lighter jewelry. This move aims to conserve foreign exchange reserves and protect economic stability amid global uncertainty.
Gold, silver seen range-bound for second week amid US-Iran talks: Analysts
Gold and silver may remain range-bound for a second consecutive week as investors assess developments in US-Iran peace negotiations and global macroeconomic data, analysts said. Traders will track inflation data from China, Germany, and the United States, along with GDP numbers from the Eurozone and the UK, later this week, they added. "Gold prices momentum looks consolidative, while silver movement looks positive in the coming week as traders will focus again on the progress on peace talks between the US and Iran to end the war and markets are likely to react accordingly," Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd, said. On the Multi Commodity Exchange (MCX), gold futures gained Rs 1,178, or nearly 1 per cent over the past week, to settle at Rs 1.52 lakh per 10 grams. Silver climbed Rs 10,985, 4.4 per cent, to close at Rs 2.61 lakh per kg. "Gold traded with a positive undertone last week, posting gains of nearly 1 per cent on MCX ..
Vedanta demerger: How mutual funds are rebalancing after the five-way split
As Vedanta splits into five separate listed entities, the immediate focus has shifted from business fundamentals to the technical mechanics of fund rebalancing