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Economic Times
2 days ago
- Business
- Economic Times
Stablecoins' m-cap surges to a record $251 billion
If the US bill is signed into law, stablecoins would be required to be backed by liquid assets such as US dollars and short-term Treasury bills, and for issuers to publicly disclose the composition of their reserves on a monthly basis. Synopsis Stablecoins' market capitalization reached a record $251.7 billion following the US Senate's approval of a bill to regulate the sector. This legislation, requiring stablecoins to be backed by liquid assets and issuers to disclose reserves monthly, aims to legitimize the growing crypto segment. Analysts anticipate further market expansion upon the bill's enactment. The total market capitalization of stablecoins surged to a record high on Wednesday, data showed, as the US Senate passed a bill to regulate the sector, a major step towards legitimising a once-niche but now fast-growing corner of the crypto market. According to CoinDesk data, the market capitalisation of stablecoins hit an all-time high of $251.7 billion, up 22% so far this year. ADVERTISEMENT Stablecoins are a type of cryptocurrency designed to maintain a constant value, usually via a 1:1 peg with the US dollar. They are commonly used by crypto traders to move funds between tokens. Their use has soared in recent years, and analysts expect the market to grow further once the US legislation has passed. Proponents say stablecoins could be used to send payments instantly, while others worry they will lead to closer ties between the crypto world and traditional financial markets. If the US bill is signed into law, stablecoins would be required to be backed by liquid assets such as US dollars and short-term Treasury bills, and for issuers to publicly disclose the composition of their reserves on a monthly basis. (You can now subscribe to our ETMarkets WhatsApp channel) Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains NEXT STORY
Economic Times
4 days ago
- Business
- Economic Times
Stock market update: Nifty Pharma index falls 0.94% in a weak market
Stocks in focus: RIL, Tata Motors, Infosys, IIFL Securities, Apollo Hospitals, Punjab National Bank, NBCC and more.. Synopsis The Nifty Pharma index was trading 0.94 per cent down at 21831.4. NEW DELHI: The Nifty Pharma index traded negative around 10:20AM(IST)on Tuesday in a weak market. ADVERTISEMENT Gland Pharma Ltd.(up 0.92 per cent), Biocon Ltd.(up 0.91 per cent), J B Chemicals & Pharmaceuticals Ltd.(up 0.25 per cent) and Torrent Pharmaceuticals Ltd.(up 0.01 per cent) were among the top gainers. Sun Pharmaceutical Industries Ltd.(down 1.95 per cent), Lupin Ltd.(down 1.78 per cent), Natco Pharma Ltd.(down 1.4 per cent), Aurobindo Pharma Ltd.(down 0.91 per cent) and Zydus Lifesciences Ltd.(down 0.9 per cent) were the top losers on the index. The Nifty Pharma index was down 0.94 per cent at 21831.4 at the time of writing this report. Benchmark NSE Nifty50 index was down 65.85 points at 24880.65, while the BSE Sensex was down 210.76 points at 81585.39. Among the 50 stocks in the Nifty index, 14 were trading in the green, while 36 were in the red. ADVERTISEMENT Shares of Vishal Mega Mart, Vodafone Idea, RattanIndia Power, JP Power and YES Bank were among the most traded shares on the NSE. Shares of Federal Mogul, Subros, Steel Strips, Niraj Ispat Ind. and AXISCADES Engg Tech hit their fresh 52-week highs in today's trade, while Navkar Builders, Sadhana Nitro, Bluspring Enterprises Ltd., Shyam Century Ferrous and Kesoram Inds. hit fresh 52-week lows in trade. (You can now subscribe to our ETMarkets WhatsApp channel) Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains NEXT STORY
Hindustan Times
04-06-2025
- Health
- Hindustan Times
Plastic ban falls flat at bhandara events
Days before the World Environment Day on June 5, the city displayed a flagrant disregard for environmental rules with the rampant use of single-use plastic items by the hundreds of bhandara organisers on Tuesday. Based on the figures provided by the waste collection agencies, it is safe to assume that the city generated several tonnes of banned plastic in just a day. Despite Lucknow Municipal Corporation's (LMC's) efforts to promote eco-friendly practices during the ongoing Bada Mangal festivities, the overt use of plastic cutlery also showcased the authorities' inefficiency in implementing the rules, a major part of which is also because of their easy availability. On Tuesday alone, the agencies collected 120 metric tons of surplus waste from 293 registered bhandara events. While the agencies only had the data for this Tuesday, they said a similar amount of waste must have been generated on the last four Bada Mangal days as well. As many as 314 and 376 organisers had registered their events during the festivities held on May 27 and 20, respectively. The nationwide ban on plastic plates, cups, and other cutlery, which remain commonplace at many bhandara events and lead to streets being littered with non-biodegradable waste, has been in effect since July 2022. These reporters visited multiple bhandara events organised in the city on the day and witnessed several lacunas in enforcement. Most organisers continued to use the prohibited plastic items, undermining LMC's 'zero-waste' objectives. While several were found to be using paper plates and bowls to serve food, they served water and juices in plastic cups. Even spoons and bottles offered to devotees were made of plastic. The lack of affordable eco-friendly alternatives was a major reason for this blatant violation, they said. Despite dustbins installed at many places, devotees were seen littering the streets. 'Plastic cups cost only half as much as their eco-friendly counterparts. It is not affordable for everyone to buy paper cups in thousands,' said Satish Mishra, who had set up a stall at Vibhuti Khand. 'We buy plastic items because they are easily available in the market. If the administration wants to ban them, it should then first ban their production and sale,' said Dinkar Soni, the organiser of a bhandara near Bhootnath market. Meanwhile, LMC has already notified all bhandara organisers to mandatorily register their events and adhere to zero-waste protocols. These protocols include the installation of separate bins for biodegradable and non-biodegradable waste. However, hardly any location was equipped with such separate dustbins. Surplus garbage Abhay Ranjan, the regional head of a private firm handling waste collection in five city zones, said garbage generation shot up by 100 MT on the days when bhandara events were organised. 'We usually collect 1,400 MT of waste daily. On Tuesdays, this rises to 1,500 metric tons due to bhandara and associated activities,' he noted. Another company managing waste collection in the other three zones reported the collection of a surplus 15–20 MT of waste on Tuesday. 'Fortunately, several shops remained shut, making waste collection slightly easier,' one of its officials added. 'People who don't inform us [about the events] are either managing waste on their own or dumping them on the roads. Our vehicles collect them later,' said an LMC official. 40% events unregistered As many as 293 bhandara events were organised on Tuesday, as per official figures. LMC, which only issued an advisory requesting the public to refrain from using single-use plastic on Tuesday after four Bada Mangal days, was yet to launch any enforcement drive to check the use of plastic at these events. Officials admitted that nearly 40% of bhandara events being organised were unregistered. The registrations were mandated to improve waste collection and management. LMC environmental engineer Sanjeev Pradhan said: 'No special enforcement drive has been carried out during bhandara programmes. We haven't issued any fines for the violations.' Pradhan added LMC collected around ₹17 lakh in fines during anti-plastic drives carried out in several zones in this financial year, so far. LMC chief Gaurav Kumar acknowledged the lapses and said: 'I've instructed all eight zonal incharges to inform bhandara organisers not to use plastic, and to submit a compliance report by the evening.'
Economic Times
03-06-2025
- Business
- Economic Times
RBI cuts dollar positions and infuses rupee liquidity
This, economists suggest, is the reason why the central bank continued to conduct OMOs, especially in May, despite surplus liquidity. Synopsis The Reserve Bank of India has reduced its net short dollar positions in the forward market, dropping to $52.4 billion in April from $78 billion in February. To counter the impact, the RBI is infusing rupee liquidity through open market operations. Mumbai: The Reserve Bank of India (RBI) has started cutting its forward positions and countering its impact by infusing durable rupee liquidity via open market operations (OMOs). The central bank's total net short dollar position in the forward book fell to $52.4 billion in April from a peak of $78 billion in February, latest data showed. ADVERTISEMENT Most of the positions-72% of the total book-were in the three months to one year segment, with forwards of $37.7 billion, while forwards in up to three months stood at $14.7 billion. "The larger than expected OMOs which happened was because the RBI was expecting these forwards to mature and not be rolled over," said Kanika Pasricha, chief economic advisor at Union Bank of India. The RBI's spot interventions in the forex market entail changes in domestic liquidity conditions, which may require "sterilisation" of such interventions, said the central bank's annual report published on May 29. Expectations of maturing of positions changed as system liquidity turned surplus from April. Economists are expecting short positions of up to one month to mature, from earlier expectations of rollovers. "We can see that about $7.4 billion of positions are in the 'up to one month' tenure, and are due for maturity in May. My expectation is that the RBI will allow this $7.4 billion to mature next month," Pasricha said. This, economists suggest, is the reason why the central bank continued to conduct OMOs, especially in May, despite surplus liquidity. (You can now subscribe to our ETMarkets WhatsApp channel) Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains NEXT STORY
Economic Times
27-05-2025
- Business
- Economic Times
Stock market update: Nifty Realty index advances 0.53% in a weak market
Nagaraj Shetti, Technical Research Analyst at HDFC Securities, believes Monday's pattern could be considered as a High Wave, which reflects high volatility in the market at swing highs. Synopsis The Nifty Realty index was trading 0.53 per cent up at 949.0. NEW DELHI: The Nifty Realty index traded positive around 10:56AM(IST)on Tuesday in a weak market. ADVERTISEMENT Macrotech Developers Ltd.(up 1.87 per cent), Raymond Ltd.(up 1.28 per cent), Oberoi Realty Ltd.(up 0.79 per cent), Phoenix Mills Ltd.(up 0.46 per cent) and DLF Ltd.(up 0.42 per cent) were among the top gainers. Prestige Estates Projects Ltd.(down 1.01 per cent) and Sobha Ltd.(down 0.11 per cent) were the top losers on the index. The Nifty Realty index was up 0.53 per cent at 949.0 at the time of writing this report. Benchmark NSE Nifty50 index was down 219.91 points at 24781.25, while the BSE Sensex was down 807.04 points at 81369.41. Among the 50 stocks in the Nifty index, 11 were trading in the green, while 39 were in the red. ADVERTISEMENT Shares of Vodafone Idea, Reliance Power, Suzlon Energy, IFCI and InterGlobe were among the most traded shares on the NSE. Shares of Apollo Micro Systems, Camlin Fine Sc, Stampede Cap(DVR), Cosmo Films and GE T&D India hit their fresh 52-week highs in today's trade, while Godha Cabcon & Insul, Tantia Const, Impex Ferro Tech, Shree Ram Proteins and Protean eGov Techno hit fresh 52-week lows in trade. (You can now subscribe to our ETMarkets WhatsApp channel) Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains NEXT STORY
