Name: Markets see red amid Indo-Pak tension
Uploaded: 2019-02-26T17:06:46.0+05:30
Duration: T00M32S
Channel: editorji

Markets on Tuesday staged a sharp recovery but closed in the red amid Indo-Pak border tensions. Sensex recovered 250 points from day's lows still ending 200 points lowe

Markets see red amid Indo-Pak tension

Markets on Tuesday staged a sharp recovery but closed in the red amid Indo-Pak border tensions. Sensex recovered 250 points from day's lows still ending 200 points lower as Nifty 50 ended four-day rally but held on 10,800. Market breadth was also in favour of declines. Top losers of the BSE Sensex pack were HCL Technologies Ltd, Housing Development Finance Corporation Ltd., ICICI Bank Ltd. while top gainers were Tata Motors, Coal India, Tata Consultancy Services.

Jubilant Foodworks, the owner of the Domino's Pizza franchise in India has brokerages raising their target on the stock after a hot set of Q4 earnings. Jubilant Fo

Jubilant Foodworks, the owner of the Domino's Pizza franchise in India has brokerages raising their target on the stock after a hot set of Q4 earnings.&nbsp; Jubilant Foodworks reported better-than-expected Q4 results with net profit zooming 359% at Rs 104 cr. Brokerages like CLSA&nbsp;are confident of a better return from the stock going ahead as the management has seen a division and new hires to manage the wider portfolio better.&nbsp;The company hired Gaurav Pandey from HUL to head its Popeyes business and appointed a new CFO, Ashish Goenka, who previously worked at HUL and Airtel. These changes and outlook has prompted prompted brokerages to raise targets across the board. Here are what the brokerages are betting now betting on&nbsp;
<ul>
<li>HSBC: Revised target at Rs&nbsp;3550 from Rs 3300&nbsp;</li>
<li>CLSA: Revised price target at Rs&nbsp;3300 from Rs 3000&nbsp;</li>
<li>JPMorgan:&nbsp;Revised price target at Rs&nbsp;3425 from Rs 3030</li>
</ul>

Employee Provident Fund Organisation (EPFO) has extended the deadline to seed Aadhaar with the universal account number (UAN) for filing electronic challan-cum-ret

Employee Provident Fund Organisation (EPFO) has extended the deadline to seed Aadhaar&nbsp;with the universal account number (UAN) for filing electronic challan-cum-returns till September 1, 2021. This comes as a big relief to employers which were facing issues and also needed more time to link their employees' Aadhaar numbers with the&nbsp;UAN.
The earlier deadline of June 1 had to be extended as PF payout for many in the month of May was delayed due to the inability to link the two digital record keepers.&nbsp;

RBI has banned DHFL from taking any loans, the deposit-taking status of the bankrupt Dewan Housing Finance (DHFL) has been revoked ahead of a final nod t

RBI has banned DHFL&nbsp;from taking any loans, the deposit-taking status of the bankrupt&nbsp;Dewan Housing Finance (DHFL) has been revoked ahead of a&nbsp;final nod to Piramal&nbsp;Group for takeover.&nbsp; DHFL&nbsp;is the first financial firm to go bankrupt and the NCLT's&nbsp;Mumbai&nbsp;bench has ordered a take over by&nbsp;Piramal Capital &amp; Housing Finance for Rs 35,250 cr leading to a hit of over 65% for lenders. The order also specifies that&nbsp;DHFL&nbsp;is&nbsp;no longer is a deposit taking NBFC but a non-deposit taking one. More than 55,000 retail and institutional investors hold Rs 5,375 crore worth of fixed deposits in DHFL.

Finance Ministry officials have asked for meeting with Infosys to iron out glitches in the newly launched income tax e-filing portal, which Infosys has developed for In

Finance Ministry officials have asked for meeting with Infosys to iron out glitches in the newly launched income tax e-filing portal, which Infosys has developed for Income Tax department.
The meeting comes just a few days after FM Nirmala Sitharaman took to social media, asking Nandan Nilekani and Infosys to troubleshoot and resolve &ldquo;grievances and glitches"&nbsp;in the e-filing system.&nbsp;
Commissioner of Income Tax stated that "The new portal has been fraught with several technical glitches leading to taxpayer inconvenience." The meeting will take place on June 22&nbsp; and will include stakeholders including ICAI, auditors, consultants and taxpayers.
Infosys was awarded the contract in 2019 to simplify the income tax return filing system.&nbsp;The system went live on June 7 night and ran into glitches at the very start , many troubled taxpayers tweeted their issues tagging the finance minister.

Reliance Jio has kicked off it's 5G trial in Mumbai using equipment that is 'Made In India'. India's largest telecom network provider is looking to

Reliance Jio&nbsp;has kicked off it's 5G trial in Mumbai&nbsp;using equipment that is 'Made In India'.&nbsp;India's largest telecom&nbsp;network provider is looking to launch the 5G network in India by June 24 as per reports.&nbsp; Samsung, Ericsson and Nokia&nbsp;are said to be working with Mukesh&nbsp;Ambani&nbsp;promoted Jio&nbsp;to launch the 5G network across the nation.&nbsp;Jio had applied for trials in Delhi, Mumbai, Gujarat and Hyderabad.&nbsp; There is a buzz on Dalal&nbsp;Street that&nbsp;Jio is expected to officially launch it's 5g network on&nbsp;June 24th during its Annual General Meeting (AGM). Department of Telecom&nbsp;had given permission to&nbsp;Airtel, Reliance Jio, VI, and MTNL to test out 5G networks in India. Jio&nbsp;is likely to be the first to roll it out.&nbsp;

Dodla Dairy IPO opens today, Shymal Metalics & Sona Comstar IPO gets a strong response from investors Here are the details -

<a href="https://www.edtr.ai/9hhy">Dodla&nbsp;Dairy IPO</a> opens today, Shyam&nbsp;Metalics&nbsp;gets a strong response &amp;&nbsp;Sona&nbsp;Comstar&nbsp;IPO&nbsp;sees weaker subsciption to the IPO.&nbsp;Here are the details -:&nbsp;
<ul>
<li><a href="https://www.edtr.ai/9hhz">Shyam&nbsp;Metalics&nbsp;</a><a href="https://www.edtr.ai/9hhz">IPO</a>: IPO offer has received bids over 3 times at the end of Day 2. Bids received for&nbsp;7.69 crore equity shares against the IPO size of 2.1 crore equity shares.&nbsp;</li>
<li><a href="https://www.edtr.ai/9hhy">Dodla&nbsp;Dairy </a><a href="https://www.edtr.ai/9hhy">IPO</a>: Opens today, Grey market premium of over Rs 180, Raising Rs 156 cr from anchor investors&nbsp;</li>
<li><a href="https://www.edtr.ai/9hg9">Sona&nbsp;Comstar:</a>&nbsp;Subscribed 27% so far on day 2; retail portion fully booked.</li>
</ul>
&nbsp;

Pune-based sexual and mental wellness app for teens ThatMate recently raised $140,000 in angel funding from Rebalance Angel Community

ThatMatem, a&nbsp;Pune-based&nbsp;app, which is helping thousands of young adults and their families understand the complex mental and sexual issues of teenagers has&nbsp;raised&nbsp;$140,000&nbsp;in angel funding from&nbsp;Rebalance Angel Community&nbsp;and a clutch of angels.
The bootstrapped startup, by Madhavi Jadhav and Nishant Neeraj, is building an end-to-end ecosystem that leverage tech and partners with schools, parents, doctors and Organisations to help adolescents make informed choices.&nbsp; Speaking about the issue, Jadhav&nbsp;told the Indian Express that in most cases, teenagers either don&rsquo;t know when they have a problem or think that an ordinary bout of sadness is depression. He said depression is a word that is misused a lot. With introducing sexual and mental health awareness through interesting content, the company launched&nbsp;its app in 2020. Since then, more than 10,000 people have downloaded the app and the helpline receives a call every day.&nbsp; The duo has plans to launch the app in Hindi and regional languages. According to the report, the&nbsp;startup has also partnered with the&nbsp;Jharkhand&nbsp;government and&nbsp;UNICEF&nbsp;to help six lakh students in the state.&nbsp;Talks are also underway with the government of Maharashtra to work with adolescents of the state.&nbsp;

As the lockdown raises the curtains on cinemas, will movie-goers return or is the OTT craze here to stay? On the new episode of Bizz Buzz, catch Ajay Bijli, chairm

As the lockdown raises the curtains on cinemas, will movie-goers return or is the OTT craze here to stay? On the new episode of Bizz&nbsp;Buzz, catch Ajay Bijli, chairman and owner of&nbsp;PVR&nbsp;Cinemas in India, candidly talk about the competition from the new platforms.

Ajay Bijli, Chairperson of PVR exclusively tells editorji & Fortune India even though cost cuts are here to stay, that they are looking at

Ajay Bijli,&nbsp;Chairperson of PVR&nbsp;exclusively tells&nbsp;editorji&nbsp;&amp;&nbsp;Fortune India even though cost cuts are here to stay, that they are looking at revamping PVR&nbsp;entirely. The cinema pioneer is looking to expand into&nbsp;gaming and live performances to lure cinema-goers back to the screens.&nbsp;

In a candid conversation with editorji & Fortune India Ajay Bijli, Chairperson, PVR says it is better to endure some more short term pain and open once vaccination pick

In a candid conversation with editorji &amp; Fortune India Ajay Bijli, Chairperson, PVR says it is better to endure some more short term pain and open once vaccination picks up pace. Confidence he says will only return post mass vaccination or the optimism of revival will be short lived.

HDFC Bank took to social media on Tuesday afternoon said it is experiencing some issues with its mobile banking application and will be unable for use by customers.&nbs

India's largest bank&nbsp;HDFC Bank saw another digital hiccup, this time with the MobileBanking&nbsp;app.&nbsp; HDFC took to social media on Tuesday afternoon said it is experiencing some issues with its mobile banking application. The communications team of HDFC&nbsp;Bank tweeted "&nbsp;We are experiencing some issues on the MobileBanking App. We are looking into this on priority and will update shortly. Customers are requested to please use NetBanking to complete their transaction. Regret the inconvenience caused." After an hour the financial giant updated customers via twitter that the 'issue' had been resolved.&nbsp; This is not the first time the bank is facing digital hurdles.&nbsp;In February, RBI appointed an external firm to conduct a special audit of its entire information technology (IT) infrastructure.
&nbsp;

Mandatory hallmarking of gold jewellery begins from today. As per the new guidelines, jewellers across India will now be allowed to sell gold items of only 14, 18

Mandatory hallmarking of gold jewellery begins from today.&nbsp;As per the new guidelines, jewellers across India will now be allowed to sell gold items of only 14, 18 and 22 carats from June 15, 2021 onwards. If you are looking to buy gold jewellery here are&nbsp;a few important identification marks to keep in mind while making a purchase -:
<ul>
<li>The BIS Mark</li>
<li>Carat and Fineness Purity &ndash; 22, 18 and 14 carats</li>
<li>Hallmarking Centre&rsquo;s identification mark/ number</li>
<li>The Jeweller&rsquo;s identification mark/ number.</li>
</ul>
Hallmark is a purity certification for gold. Currently, only 40% of gold jewellery sold in India is being hallmarked. Furthermore, only 35,879 of India&rsquo;s approximately 4 lakh jewellers are currently BIS (Bureau of Indian Standards) certified, according to the World Gold Council.&nbsp;

The inflation monster has risen, the question that markets are asking is will it really spook the RBI enough to raise rates. Inflation at the retail level, th

The inflation monster has risen, the question that markets are asking is will it really spook the RBI&nbsp;enough to raise rates.&nbsp; Inflation at the retail level, the barometer the RBI&nbsp;follows surged to a 6-month high of 6.3% in May. This was much ahead the street expectation of 5.3% and the breaching the RBI's comfort zone of 4-6%. The worrying signal came in from core inflation that shocked with a seven year high print of 6.6%. The&nbsp;momentum in headline CPI was more than thrice the last 3-year average. This print is worrying economist as the inflation print seems to be reflecting price rise over and above the impact of the lockdown as per a report by Citigroup&nbsp;who have now raised their inflation target for the year to 5.9%. The pass through effect from the wholesale numbers has been stronger than anticipated.&nbsp;WPI inflation touched 12.94 per cent in May, the highest on record,&nbsp;as the constant rise in the cost of fuel, including petrol, LPG and high-speed diesel percolated down into the economy and a low base effect pushed up figures.&nbsp; The question now is should consumers be worried about a rate rise? RBI&nbsp;has been focused on growth stability over the pandemic but the worry of large spurts of inflation may push the central bank into normalising policy earlier than anticipated, writes Citigroup&nbsp;who thinks that we should expect a 'neutral stance' from Mint Street by this Diwali.&nbsp;

Shareholder were aghast as the market favourite Adani group stocks sank in Monday’s trade and shareholders lost heavily as the market-cap of Adani group sto

Shareholder were aghast as the market favourite Adani group stocks sank in Monday&rsquo;s trade and shareholders lost heavily as&nbsp; the market-cap of Adani group stocks fell nearly by Rs 1.03 lakh crore in a single session.&nbsp; The Allegation ET headlined a story stating&nbsp;accounts of three foreign funds that are big stakeholders of Adani group companies were frozen by the depository NSDL, leading to panic selling in across the board Adani stocks which had gained between 100%-800% in the last one year.&nbsp; The Clarification Adani Group wrote to NSDL to clarify on the allegations, the depository in a response India&rsquo;s second biggest conglomerate stated that&nbsp;&nbsp;the status of the demat accounts of the three funds holding shares in Adani Group companies is &ldquo;active&rdquo;&nbsp;in the NSDL system.Gautam Adani backed firms then informed&nbsp;stock exchanges that the demat accounts in which these foreign funds hold their shares were not frozen. The accounts in question are of&nbsp;Albula Investment Fund, Cresta Fund and APMS Investment Fund, which together own shares worth more than Rs 43,500 crore in Adani Group stocks.&nbsp;
 The Confusion: So is NSDL the order old or incorrect? NSDL officials quoted by Indian Express &amp; Moneycontrol stated that the reason why the NSDL website continues to reflect the name of these three foreign funds &mdash; Albula Investment Fund, Cresta Fund and APMS Investment Fund &mdash; in the list of frozen accounts as on May 31, 2021, was because these accounts were different from those which held shares of Adani Group companies and &nbsp;this punitive action pertains to older cases.&nbsp; Reuters as well quoted an unnamed NSDL official as saying the freeze is on accounts of the funds that hold certain other securities and is not new. "NSDL hasn't taken any action now,&rdquo;
 The Response:&nbsp;Adani hits back&nbsp; The Adani group hit back, stating to the exchange "We regret to mention that these reports are blatantly erroneous and is done to deliberately mislead the investing community. This is causing irreparable loss of economic value to the investors at large and reputation of the group.&nbsp;We are issuing this letter in the larger public interest and for the protection of minority investors interest"

The ride towards electric vehicles has been slower than the govt would have hoped in India. To give the EV ride some acceleration the government has modified the F

The ride towards electric vehicles has been slower than the govt would have hoped in India. To give the EV ride some acceleration the government has&nbsp;modified the FAME scheme which will make electric 2-wheeler cheaper under the new scheme. Here are the highlights-:&nbsp;
<ul>
<li>Demand incentives for electric two-wheelers will be increased 50%, to Rs15k/KWh.</li>
<li>Incentives will, however, be capped at 40% of the cost of the vehicle.</li>
<li>Energy Efficiency Services Limited (EESL) &ndash; a JV between NTPC Ltd, Rural Electrification Corp. Ltd, Power Finance Corp. Ltd, and Power Grid Corp. of India Ltd. &ndash; will aggregate demand for 300k electric three-wheelers.</li>
<li>For electric buses, nine key cities with population of more than 4 million will be targeted &ndash; Mumbai, Delhi, Bangalore, Hyderabad, Ahmedabad, Chennai, Kolkata, Surat, and Pune</li>
<li>EESL will again act as an aggregator of demand for the remaining e-buses on an opex basis. The details of implementation shall be worked out by EESL.</li>
</ul>
Only 6% of the target of 1 mn electric two-wheelers by 2022 under the&nbsp;FAME scheme has been achieved so far. The numbers are even lower for three-wheelers and four-wheelers at 3% each.

Traders betting on big stock action in Monday's trade here are the stocks on the radar-: DLF: Strong earnings coming in, Q4 profit at Rs 481 crore vs a los

Traders betting on big stock action in Monday's trade here are the stocks on the radar-:
<ul>
<li>DLF: Strong earnings coming in,&nbsp;Q4 profit at Rs 481 crore&nbsp;vs a loss last year. CLSA raises target price on the stock from Rs 300 to Rs 350, signaling a 16% upside from here.</li>
<li>Coal India: Trading at a fresh 52-week high, shareholders awaiting news as board likely to announce 20-25% additional dividend.</li>
<li>Lupin: Plant in New Jersey has been issued a warning letter by the US FDA, the facility makes up 5% of its overall sale.</li>
<li>Adani Enterprises: Forays into cement business, incorporates a fully owned subsidiary called Adani&nbsp;Cement</li>
<li>Reliance Power: Board approves preferential issue of shares and warrants to Reliance Infra at Rs 10/sh, to raise Rs 1325 cr.&nbsp;</li>
</ul>

Ethnic wear brand Manyavar, backed by Kedaara Capital is looking at issuing an IPO and has hired investment bankers for raising Rs 2000 cr as per reports. Own

Ethnic wear brand Manyavar, backed by Kedaara Capital is looking at issuing an IPO&nbsp;and has hired investment bankers for raising Rs 2000 cr as per reports.&nbsp; Owned by Kolkata-based ethnic wear heavyweight Vedant&nbsp;Fashion,&nbsp;the apparel retailer was founded in 1999 and has over 600 retail stores across the nation. As per reports&nbsp;Kedaara Capital acquired around a 10% stake in Vedant Fashions in August 2017 for around Rs 400 crore-Rs 450 crore.&nbsp;

The mega LIC IPO is looking to attract anchor investors worth $3.4 billion as per reports. Top govt officials told Bloomberg that the govt is likely to i

The mega LIC&nbsp;IPO is looking to attract anchor investors worth $3.4 billion as per reports.&nbsp; Top govt officials told Bloomberg&nbsp;that the govt is likely to invite over 2 dozen anchor investors into the proposed IPO&nbsp;for India's largest insurer. The DRHP&nbsp;for the issue is likely to be filed within this year though the company will have to go through structural changes to comply with listing norms. The insurer will be constituting a board and also revamping their accounting practices as per reports.&nbsp; LIC&nbsp;which is owned 95% by the government has over ₹35 lakh&nbsp;crore&nbsp;of assets&nbsp;under management.&nbsp;

Baba Ramdev owned edible oil firm Ruchi Soya, has filed a draft document with SEBI to launch a follow-on public offer (FPO) to reduce promoter holding as per norms

Baba Ramdev&nbsp;owned edible oil firm Ruchi Soya, has filed a draft document with SEBI to launch a follow-on public offer (FPO) to reduce promoter holding as per norms and is likely to&nbsp;raise up to ₹4,300 crore&nbsp;via the issue.&nbsp; The promoter holding in the company is over 98%, which violates the norms of public listed companies as per the market regulator.&nbsp;As per the SEBI listing rules the promoters can not hold over 75% stake in a listed company. Baba&nbsp;Ramdev&nbsp;led Patanjali&nbsp;has three years to reduce stake in Ruchi&nbsp;Soya.&nbsp; Patanjali acquired Ruchi Soya, which is listed on stock exchanges, through an insolvency process for ₹4,350 crore&nbsp;in 2019.

With prices of petrol and diesel climbing steeply, Oil Minister Dharmendra Pradhan on Sunday agreed that the rates were a problem.But the BJP leader said said

With prices of petrol and diesel climbing steeply, Oil Minister&nbsp;Dharmendra Pradhan&nbsp;on Sunday agreed that the rates were a problem. But the BJP leader said that since government expenses are up due to Covid relief measures, &ldquo;the Centre is saving money to spend on welfare schemes&rdquo;.
&ldquo;I accept that fuel prices are pinching consumers, there&rsquo;s no doubt about this. But over Rs 35,000 crore has been spent on Covid vaccines in a year. Rs 1 lakh crore has been spent on Pradhan Mantri Gareeb Kalyan Yojana in order to provide eight months&rsquo; ration to the poor. A few thousand crores of rupees have also been transferred to farmers&rsquo; bank accounts under PM Kisan&hellip;In such dire times, we&rsquo;re saving money to spend on welfare schemes,&rdquo; Pradhan said, speaking to the media.

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Business

Jubilant Food Q4: Why brokerages expect this stock to have a hot return?

EPFO Aadhaar seed deadline extended to September 1, employers relieved

RBI bans DHFL from taking deposits from customers, revokes status

Fin Min & Infosys meet to discuss glitches in tax return e-filing portal

Jio 5G trial starts in Mumbai with Made In India equipment

IPO Update: Shyam Metalics, Dodhla Dairy, Sona Comstar in focus

Pune-based sexual & mental wellness startup, ThatMate, raises $140K

On Biz Buzz | Movie man Ajay Bijli of PVR makes the case for cinema vs OTT

On Biz Buzz | PVR Exclusive, Ajay Bijli details the revival plan for cinemas post pandemic

On Biz Buzz | PVR Exclusive, Chief Ajay Bijli says vaccination a priority not re-opening of cinema

HDFC Bank Mobile app suffers outage, 'issue' finally resolved

Gold jewellery hallmarking begins today: Here is what customers should know

Prices Rise, Will Rate Follow? Core Inflation Soars to 7 year high

Adani Stock Saga: Allegation, Clarification & Confusion

Govt gives a big EV push, FAME incentives increased

Stock Radar: 5 stocks traders are buzzing about

Manyavar dresses up for Dalal Street, eyes IPO

LIC IPO: Govt likely to seek ₹25,000 cr from anchor investors

Baba Ramdev's Ruchi Soya files FPO to raise ₹4,300 crore

'Saving money for welfare schemes': Pradhan defends high fuel price

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