Retail investors - classified as individuals with less than shareholding worth ₹2 lakh in a company - made purchases worth ₹7,596 crore in July-September, according to Prime Database, amid the record-breaking run in the stock market
Dabur, a leading FMCG and Ayurvedic products producer, has been issued a Goods and Service Tax (GST) demand notice of Rs 320.60 crore. The company plans to contest the notice and submit a response to the appropriate authorities. Dabur stated that this issue will have no impact on its financial or operational activities. The final tax liability, along with any interest and penalty, will determine the extent of the impact.
Promoters buying shares of their companies is considered positive as they are perceived to know best about their firms’ prospects. Securities and Exchange Board of India regulations permit a promoter to purchase up to 5% equity of his company in a financial year from the open market through the creeping acquisition route.
According to BSE data, GQG Partners Emerging Markets Equity Fund and Goldman Sachs GQG Partners International Opportunities Fund bought 152 million shares, or a 3.92% stake, at ₹279.15 apiece for ₹4,244.7 crore.
Under the OFS, promoters Kuldip Singh Rathee and Vijay Rathee will offload 2.06 crore shares and 88.7 lakh shares, respectively. The company supplies safety systems and critical engineering solutions with in-house designing, development, and manufacturing capabilities.
The show-cause notice was issued to the Jijinas, and to their associate Greatdeal Finconsult, in May. A probe by Sebi between April 2018 and May 2019 showed that Khushru Jijina, in his capacity as managing director of Piramal Capital Housing Finance (PCHFL), was aware of unpublished sensitive price information (UPSI) relating to the listed entity, said a person familiar with the matter.
The Securities and Exchange Board of India (SEBI) has proposed a new rule to track the source of foreign money for high-risk investors in an effort to root out questionable foreign investment in India’s publicly traded companies. If passed, the new rule would require any investor with more than INR 250 billion ($3.3 billion) invested locally or if they have a concentration of over 50% in any one Indian business group, to disclose full ownership details. Although some experts worry about excessive compliance, SEBI's consultation paper estimates that only 6% of foreign investment, or less than 1% of total market capitalization, will be considered high risk.
Patanjali Foods, formerly known as Ruchi Soya Industries, plans to dilute a 6% stake through an institutional share sale, to satisfy minimum public shareholding norms of 25%. Current public shareholding in Patanjali Foods stands at 19.18%. Baba Ramdev led the Ruchi Soya acquisition in 2019 through the corporate insolvency resolution process. The firm will target global investors for the QIP and Offer for Sale (OFS), with a view to raise funds, depending on market conditions and interest of investors. The company's shares are frozen by the NSE and BSE, which froze shares in 21 promoter-led entities, including Patanjali Ayurved and Acharya Balkrishna, for violating the minimum public shareholding norms.
Sebi asked companies as well as appointed brokers to ensure compliance with the provisions. The stock exchange will monitor their compliance and in case of any instance of such non-compliance will impose appropriate fines or other enforcement actions as deem fit
National Company Law Tribunal (NCLT) Friday approved a debt resolution plan of Sintex Industries submitted jointly by Reliance Industries Ltd and Assets Care and Reconstruction Enterprise Ltd.
On Wednesday, the U.S. short-seller said it held short positions in the Indian conglomerate, accusing it of improper use of offshore tax havens and flagging concerns about high debt, leading to a massive sell-off of India-listed shares of the conglomerate's companies.
Get updates on your preferred social platform
Follow us for the latest news, insider access to events and more.
