As the topic of whether the unputdownable rally in small and midcaps will lose sheen being the most debated one on Dalal Street, we screened out some of the most sold midcap stocks by long-term domestic institutional investors - mutual funds, PMS funds and ULIPs. Last month, Ashok Leyland saw the highest number of exits by 62 funds across MFs, PMSes and ULIPs, shows data pulled from the records.
Open FlipThe share price of Rail Vikas Nigam Limited (RVNL) rose 2.5 percent in early trade on March 21 after the company bagged a Rs 339-crore contract from Maharashtra Metro Rail Corporation Limited. At 9:20 am, Rail Vikas Nigam was quoting Rs 245.15, up Rs 5.95, or 2.49 percent, on the BSE. The company has received the Letter of Acceptance (LOA) from Maharashtra Metro Rail Corporation Limited.
Open FlipThe Burmans, who own consumer-goods major Dabur and are the biggest shareholders of Religare Enterprises, have sought the cancellation of stock options worth ₹350 crore granted by Care Health Insurance to Religare chairperson Rashmi Saluja, intensifying the dispute between the management of the company and one of India's most prominent business families.
Open FlipThe Indian direct selling industry has reported a 12% growth in FY23, reporting a sales of Rs 21,282 crore (over USD 2.5 billion), led by the wellness category and cosmetics & personal care, said a report. Besides, the total number of active sellers has also increased to 8.6 million in FY23, of which 63% are male and the rest are female selling partners, according to the annual survey report.
Open FlipUS Federal Reserve Chairman Jerome Powell on March 20 announced the decision to keep the monetary policy rates unchanged and said the American central bank would wait for clearer signs of inflation falling before announcing cuts. Here are some of the key takeaways from the two-day meeting: Interest rates to be unchanged The Fed kept interest rates unchanged at 5.25 percent to 5.5 percent.
Open FlipFor financial year 2023-24 as also the subsequent years, the new, minimal exemptions tax regime is the default system. Although the new regime has done away with about 70 exemptions, it does offer a few exemptions. Put simply, your tax payable will be determined by the rates and rules under this regime unless you specifically pick the old regime, which offers various popular tax breaks.
Open FlipCII has reactivated its UK India Business Forum in London as a platform for exchange of best practice and knowledge sharing to help expand economic footprint of Indian businesses in Britain. The forum, which was dormant for some time, has been revived under the chairmanship of Keshav R Murugesh, the UK-based Group CEO of Mumbai-headquartered multinational business process management company WNS.
Open Flip📌US brokerage Jefferies has maintained a buy view on Bharti Airtel and MGL while 📌Cummins India received a ratings upgrade from HSBC. Among other notable brokerage actions, 📌BofA reiterated a buy view on NBFC player Bajaj Finance while 📌CLSA initiated a coverage on Avenue Supermarts. 📌Kotak Securities also upgraded IRB Infrastructure to ‘Add’ from an earlier ‘Sell’ stance.
Open FlipMeta Platforms, Microsoft, Elon Musk's X and Match Group on Wednesday joined "Fortnite" video game maker Epic Games' protest that Apple has failed to honor a court-ordered injunction governing payments in its lucrative App Store. The technology companies, which developed some of the most popular apps in the App Store, said Apple was in "clear violation" of the Sept.
Open FlipLast March when ports-to-cement billionaire Gautam Adani had his back against the wall following a short seller takedown on his conglomerate, Florida-based GQG Partners took a $1.87 bet across three group companies. The investment decision to back the battered Adani Group stocks following Hindenburg Research’s scathing indictment was cutting against the grain.
Open FlipBalrampur Chini Mills, Biocon, Hindustan Copper, Indus Towers, Piramal Enterprises, RBL Bank, Tata Chemicals, and ZEEL are the 8 stocks that are part of the F&O ban list by the stock market exchange for March 21. No fresh positions are allowed for any of the F&O contracts in the particular stock when placed under the F&O ban period by the stock exchanges.
Open FlipThe U.S. Department of Justice (DOJ) is preparing to sue Apple as soon as Thursday for allegedly violating antitrust laws by blocking rivals from accessing hardware and software features of its iPhone, Bloomberg News reported on Wednesday. Taking action against Big Tech has been one of the few ideas that Democrats and Republicans have agreed on.
Open FlipCentral Bank of India and Mumbai-based M Pallonji & Co are the two bidders for Future Enterprises' insurance business, having offered ₹450 crore and ₹300 crore, respectively, two people familiar with the process said. Two other bidders have offered to buy the company's manufacturing units in Maharashtra and Karnataka, these people said.
Open FlipKrystal Integrated Services IPO: After the discounted listing of four back-to-back mainboard IPOs (RK Swamy IPO, JG Chemicals, Gopal Snacks, and Popular Vehicles Services IPO), Krystal Integrated Services shares are all set to hit the Indian stock market today. The listing date of the initial public offering (IPO) of Krystal Integrated Services Limited has been fixed on 21st March 2024.
Open FlipNotwithstanding concerns over froth and over-valuation in the small-cap and mid-cap space, some brokers are recommending to investors with a high-risk appetite to make fresh investments in such stocks or schemes that invest here. Motilal Oswal said in a note that the valuation premium that mid-cap and small-cap indices held over Nifty has halved to 14% for both against 24% and 29%, respectively.
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