Latest news with #PSU
Time of India
2 hours ago
- Politics
- Time of India
HC rejects plea by IAS officer, kin seeking quashing of CBI probe into graft charge
1 2 Cuttack : The Orissa high court on Friday dismissed a writ petition filed by senior IAS officer Bishnupada Sethi, his wife and daughter seeking to quash a CBI investigation into alleged corruption. The court ruled that the petition was "premature and not maintainable", as the investigation was still at a nascent stage. The case stems from the arrest of a PSU executive on Dec 8 last year for allegedly accepting a Rs 10 lakh bribe from a Bhubaneswar-based real estate firm. During interrogation, Sethi's name emerged, prompting a CBI search at his residence on Feb 18 this year. The petitioners alleged procedural violations and harassment, and sought the return of seized materials. Justice S K Panigrahi, however, rejected these claims, emphasising that the extraordinary writ jurisdiction under Article 226 of Constitution cannot be misused to derail legitimate investigations. "Higher the office, greater the responsibility," he observed, noting that Sethi, as a senior bureaucrat, is expected to uphold legal integrity, not evade scrutiny. The court stressed that no chargesheet had been filed yet, and interference at this point would undermine both investigative processes and public interest. It criticised the petitioners' approach as "forum-shopping" and warned against setting a precedent that powerful individuals can shield themselves from legal accountability. The court clarified that its refusal to intervene does not equate to a presumption of guilt, and the petitioners retain full rights to defend themselves during trial. However, it maintained that mere status or reputation cannot justify halting a probe into serious allegations of public corruption. On Feb 25, Justice Panigrahi had ordered, "As an interim measure, it is directed that no coercive action shall be taken against the petitioners till the next date." The interim restriction was extended from time to time and was in force till the petition was dismissed on Friday.
The Hindu
7 hours ago
- Business
- The Hindu
Stock indices gain 1.3%, mirroring Asian markets
Benchmark stock indices broke their three-day losing streak and gained 1.3%, buoyed by robust Asian market performance and advancing U.S. futures. Despite opening marginally lower, the indices swiftly moved upwards and sustained momentum throughout the trading session. The S&P BSE Sensex closed at 82,408 points, up 1,046 points, or 1.29%, led by gains in heavy height stocks. Bharti Airtel gained 3.27%, M&M and PowerGrid gained 2.93% and 2.38%, respectively while Reliance and Nestle surged 2.16% and 1.97% respectively. The NSE Nifty-50 index, too, gained 319% or 1.29% to close at 25,112 points. 'Market sentiment experienced a pronounced bullish shift following President Donald Trump's announcement that he would determine within the forthcoming two weeks whether the United States would intervene in the Iran-Israel conflict. This geopolitical development provided the catalyst for renewed investor confidence,' said Devarsh Vakil, head of Prime Research, HDFC Securities. 'The return of optimistic sentiment to Dalal Street manifested in a comprehensive buying surge, as bulls initiated broad-based accumulation across sectors. This renewed appetite for risk assets propelled both flagship equity benchmarks — the Nifty 50 and Sensex — to rally in excess of 1% during Friday's trading session, underscoring the market's renewed vigour and investor conviction,' he added. Nifty Midcap 100 Index gained by 1.46%, while the Nifty Smallcap 100 Index rose over 1%. Market breadth turned positive after seven days, with advancing stocks sharply outpacing declining ones, as indicated by a BSE advance-decline ratio of 1.67, highest since June 9. The buying was broad-based, with all sectoral indices ending in the green. Amongst them, realty, PSU banks, metal, and auto sectors were the major outperformers, leading the charge from the front. All major sectoral indices ended in the green, indicating widespread optimism. Notable gains were seen in metal, PSU bank, realty, power, telecom, and capital goods, with each sectoral index rising between 1% and 2%.
Business Standard
9 hours ago
- Business
- Business Standard
Geopolitics on hold, bulls in control: Nifty reclaims 25K
Bulls stormed Dalal Street on Friday, pushing the Nifty 50 index past 25,000, snapping a three-day losing streak. The rally gained momentum in the final hour as Middle East tensions showed signs of cooling and foreign investors returned to Indian equities. Sentiment improved after reports suggested a potential de-escalation in the Iran-Israel conflict, with the White House indicating that US President Donald Trump would take at least two weeks to decide on any involvement, leaving room for diplomatic engagement. This helped cool Brent crude prices, easing concerns over Indias energy import costs and giving a further boost to equities. Short covering ahead of next weeks monthly F&O expiry added to the surge. All NSE sectoral indices ended in the green, led by gains in realty and PSU bank stocks. The S&P BSE Sensex jumped 1,046.30 points or 1.29% to 82,408.17. The Nifty 50 index jumped 319.15 points or 1.29% to 25,112.40. The Sensex and the Nifty fell 0.53% and 0.61%, respectively, in the past three sessions. Reliance Industries (up 2.16%), HDFC Bank (up 1.60%) and ICICI Bank (up 1.13%) boosted the indices. In the broader market, the S&P BSE Mid-Cap index rose 1.20% and the S&P BSE Small-Cap index added 0.55%. The market breadth was strong. On the BSE, 2,463 shares rose and 1,484 shares fell. A total of 147 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tanked 4.08% to 13.67. Numbers to Track: The yield on India's 10-year benchmark federal paper shed 0.02% to 6.311 from the previous close of 6.312. In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 86.6150 compared with its close of 86.7350 during the previous trading session. MCX Gold futures for 5 August 2025 settlement shed 0.56% to Rs 98,774. The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.19% to 98.60. The United States 10-year bond yield rose 0.25% to 4.407. In the commodities market, Brent crude for August 2025 settlement rose 56 cents or 0.73% to $77.26 a barrel. Global Markets: European indices advanced on Friday, despite a sharp decline in U.K. retail spending. According to the Office for National Statistics, retail sales in the U.K. fell by 2.7% in May, the steepest monthly drop since December 2023, as shoppers pulled back on spending. In addition to releasing retail sales data, the Office for National Statistics also reported that public borrowing in May reached 17.7 billion pounds ($23.8 billion), which is 700 million pounds higher than the same period last year. Most Asian shares ended lower as investors assessed China data and monitored tensions between Israel and Iran. U.S. President Donald Trump is now weighing in on whether to back the Israeli military and strike Tehran. The White House said that he will make a final decision within the next two weeks. Japan's core consumer price index (CPI), which excludes volatile fresh food costs, rose 3.7% in May from a year earlier, data showed on Friday, accelerating from a 3.5% increase in April. China kept its benchmark lending rates unchanged Friday. The Peoples Bank of China held the 1-year loan prime rate at 3.0% and the 5-year LPR at 3.5%, according to a statement Friday. Stocks in Spotlight: Shares of Power Finance Corporation (PFC) (+4.92%) and REC (+2.96%) rallied after the Reserve Bank of India (RBI) issued its final Project Finance Directions, 2025. Lenders will now set aside a standard 1% for such exposures, with a gradual increase depending on the length of DCCO deferment. In the case of under-construction commercial real estate, the initial provisioning will be slightly higher at 1.25%. For projects that have already achieved financial closure, existing provisioning rules will continue to apply, ensuring a smooth transition to the new regime. Sun TV Network fell 1.09% after a legal notice from DMK MP and former telecom minister Dayanidhi Maran to his brother, Sun TV chairman Kalanithi Maran, reignited a decades-old family dispute over the companys shareholding structure. The notice has been served not only to Kalanithi Maran but also to his wife, Kavery Kalanithi, and others involved in the company. Kalanithi Maran remains the majority shareholder, holding a 75% stake in the Chennai-based broadcaster. In response, Sun TV Network dismissed the allegations as incorrect, misleading, speculative, and not supported by facts or law, adding that the matter pertains to a time when the company was a privately held entity and all actions were conducted in accordance with the law. Brahmaputra Infrastructure shares rose 1.48% after the company implemented a 15% hike in rental rates at City Centre Guwahati, in line with its lease agreement mandating such an increase every three years. The hike took effect from April 1, 2025, following the end of the second three-year term on March 31. The mall, which is operating at full capacity, currently houses over 150 reputed brands. Uno Minda advanced 2.74% after the companys board has approved the setting up of a greenfield manufacturing facility for aluminium die casting in Sambhaji Nagar, Maharashtra for Rs 210 crore. Suzlon Energy rose 1.26% after the company bagged its third successive order from Ampin Energy Transition (AMPIN) for the development of a 170.1 MW wind power project in Kurnool, Andhra Pradesh. TD Power Systems shed 0.18%. The company secured an order worth Rs 67 crore from a leading multinational corporation for the supply of components for traction motors meant for export. ITD Cementation India declined 1.33%. The company announced that it has secured two major contracts cumulatively valued at approximately Rs 960 crore. New Listing: Shares of Oswal Pumps were settled at Rs 624.90 on the BSE, representing a premium of 1.78% compared with the issue price of Rs 614. The scrip was listed at 632, exhibiting a premium of 2.93% to the issue price. The stock hit a high of 649.15 and a low of 621.90. On the BSE, over 14.52 lakh shares of the company were traded. IPO Update: The initial public offer (IPO) of Arisinfra Solutions received bids for 3,45,71,397 shares as against 1,30,84,656 shares on offer, according to stock exchange data at 16:45 IST on Friday (20 June 2025). The issue was subscribed 2.64 times. The issue opened for bidding on Wednesday (18 June 2025) and it will close on Friday (20 June 2025). The price band of the IPO is fixed between Rs 210 and 222 per share. An investor can bid for a minimum of 67 equity shares and in multiples thereof.
New Indian Express
11 hours ago
- Business
- New Indian Express
Sensex rallies 1,046 points, Nifty breaks 25,000 as markets rebound strongly
CHENNAI: Ending a week of significant volatility, Indian markets closed on Friday on a strikingly positive note. The Sensex surged around 1,046 points, finishing strong after snapping a three-day decline. The Nifty 50 also rebounded robustly, surpassing 25,100 and breaking past the 25,000 mark—closing near the day's highs. Key catalysts behind the rally included Reserve Bank of India (RBI) stimulus measures, favorable global tailwinds, a resumption of foreign investor inflows, and sectoral leadership. The apex bank unveiled eased provisioning rules for infrastructure and project financing, effective from October 2025. This announcement boosted financial and PSU bank stocks. The US Federal Reserve's signaling of two interest-rate cuts in 2025 softened global financial conditions. Additionally, a weakening US dollar increased investor appetite for emerging-market stocks like India. Foreign institutional investor (FII) buying gained momentum, further supporting market sentiment. Financial services led the gains with approximately 0.5% growth, while banking and auto stocks propelled the rally with gains of around 0.8% and 3%, respectively. However, escalating tensions in the Middle East (Israel–Iran) capped upside potential, keeping investors cautious.
Hans India
18 hours ago
- Business
- Hans India
Indian stock market opens higher amid positive Asian cues
The Indian benchmark indices opened higher on Friday amid positive Asian cues, as buying was seen in the PSU bank, IT and auto sectors in the early trade. At around 9.25 am, Sensex was trading 228.15 points or 0.28 per cent up at 81,590.02 while the Nifty added 55.10 point or 0.22 per cent at 24,848.35 Nifty Bank was up 102.35 points or 0.18 per cent at 55,679.80 The Nifty Midcap 100 index was trading at 57,143.10 after dropping 16.85 points or 0.03 per cent. Nifty Smallcap 100 index was at 17,950.60 after declining 62.50 points or 0.35 per cent. According to analysts, Nifty, which has been trading within the 24,500-25,000 range for about a month now, is likely to remain within this range in the near term. The upper side of the range will be broken only on news of de-escalation of the Israel-Iran conflict or an abrupt end to the war. "There is uncertainty on this. The lower side of the range is unlikely to break since big buying, particularly by domestic institutions, will emerge on dips. If the war lingers and crude rises beyond $85 the lower band of the range will be broken," said Dr. VK Vijayakumar, Chief Investment Strategist of Geojit Investments Limited. Meanwhile, in the Sensex pack, Bajaj Finserv, UltraTech Cement, M&M, Eternal, SBI, Axis Bank and Sun Pharma were the top gainers. Whereas, IndusInd Bank, Bajaj Finance, Tech Mahindra, Kotak Mahindra Bank and PowerGrid were the top losers. The foreign institutional investors (FIIs) extended their buying on the third consecutive day on June 19 as they bought equities worth Rs 934.62 crore. On the other hand, domestic institutional investors (DIIs) also extended their buying as they bought equities of Rs 605.97 crore on the same day. In the Asian markets, Bangkok, Japan, Seoul, Hong Kong and China were trading in green, while only Jakarta was trading in red. The US stock market was closed on Thursday in observance of Juneteenth National Independence Day. In the last trading session on Wednesday, Dow Jones in the US closed at 42,171.66, down 44.14 points, or 0.10 per cent. The S&P 500 ended with a loss of 1.85 points, or 0.03 per cent, at 5,980.87 and the Nasdaq closed at 19,546.27, up 25.18 points, or 0.13 per cent.
