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Sebi levies Rs 12 lakh fine on Ganganagar Commodity for misusing clients’ fund
Stock News

Sebi levies Rs 12 lakh fine on Ganganagar Commodity for misusing clients’ fund

NEW DELHI: Market regulator Sebi on Wednesday slapped a penalty of Rs 12 lakh on commodity broker Ganganagar Commodity Ltd for misusing clients' funds. The Securities and Exchange Board of India (Sebi) had carried out an inspection of the broking operations of Ganganagar Commodity for the period from April 2017 to October 2018. During the inspection, it was found that Ganganagar Commodity misutilised funds of credit balance clients for margin obligations of debit balance clients and proprietary trading. Besides, it had not settled accounts of 73 clients within the prescribed time frame, Sebi said in an order. "...though the noticee (Ganganagar Commodity) has attempted to be compliant to various norms, there have been gaps in the compliance levels, and the noticee has made efforts to m...
Senate passes spending bill to prevent government shutdown, sends it to Trump
Business news

Senate passes spending bill to prevent government shutdown, sends it to Trump

US Senate Majority Leader Mitch McConnell (R-KY) speaks at a press conference at the US Capitol on September 22, 2020 in Washington, DC, as McConnell said in a statement that the Senate would take up President Donald Trumps nominee for the Supreme Court following the death of Justice Ruth Bader Ginsburg. Nicholas Kamm | AFP | Getty Images The Senate passed a bill Wednesday to fund the government into December and prevent a shutdown at the end of the month. The chamber approved the measure in an 84-10 vote.  The House approved the legislation last week. Once President Donald Trump signs it into law, the measure will ensure government funding does not lapse during a pandemic and just weeks before the 2020 election.  The plan would keep federal agencies running until Dec. 1...
Election 2020: What will happen if the capital gains tax is increased?
Investing

Election 2020: What will happen if the capital gains tax is increased?

I’ve been on my soapbox lately demonstrating that history suggests that elections do not mean nearly as much for equity markets as many investors suspect. Case in point, the average annual return on the US equity market, as represented by the S&P 500 Index, has been 10.1% since 1957.1 Per the rule of 72, that’s a doubling of one’s investments roughly every 7.1 years across the terms of 12 different US presidents. For more potential fodder to ease election concerns, please refer to “2020 US Presidential Election: 10 Truths No Matter Who Wins.” The first question I inevitably receive as I conclude my presentation and come down from my platform (and by that I mean the same chair I have been sitting in for the past seven months) is, “But what if the capital gains tax is increased?” Joe Bi...
Another cheque: Silver Lake co-investors to invest additional Rs 1,875 cr in Reliance Retail
Stock News

Another cheque: Silver Lake co-investors to invest additional Rs 1,875 cr in Reliance Retail

Mumbai: Oil-to-retail conglomerate Reliance Industries (RIL) said on late Wednesday that co-investors of Silver Lake will invest an additional Rs 1,875 crore into its unit Reliance Retail Ventures (RRVL), a second such deal in a single day. This will bring the total investment by Silver Lake and its co-investors in the subsidiary to Rs 9,375 crore, and they will hold a 2.13 per cent equity stake in RRVL on a fully diluted basis, RIL said in a late evening release. “Silver Lake’s additional investment is a strong endorsement of the tremendous potential of Indian retail and the capabilities of Reliance Retail,” Mukesh Ambani, chairman and managing director of RIL said in a release. Earlier in the day, RIL said General Atlantic will invest Rs 3,675 crore into Reliance Retail Ventures for ...
Mnuchin says he is ‘hopeful’ White House and Democrats can strike a coronavirus stimulus deal
Business news

Mnuchin says he is ‘hopeful’ White House and Democrats can strike a coronavirus stimulus deal

Treasury Secretary Steven Mnuchin said he will talk to House Speaker Nancy Pelosi about coronavirus stimulus again Wednesday and is "hopeful" about the prospects of a deal. "I say we're going to give it one more serious try to get this done and I think we're hopeful that we can get something done," he said during the Delivering Alpha conference presented by CNBC and Institutional Investor. "I think there is a reasonable compromise here." The Treasury secretary added that he aims to find an "understanding" with Pelosi on a broad relief package by Thursday. Mnuchin said an offer he expects to bring to the speaker — a counter to the $2.2 trillion aid bill the House could vote on this week — will resemble the roughly $1.5 trillion bipartisan House Problem Solvers caucus proposal put forw...
The Comforting Lies they feed you in the market all the time
Stock News

The Comforting Lies they feed you in the market all the time

Why do people think that there is no money to be made in trading? I don’t. I believe there is substantial amount of money to be made in trading. If people thought at 20 per cent return on a steady basis is wealth building over time, what would they say to 200 per cent? Boggles the mind, right? And when the mind boggles, it tends to reject what seems ‘unreasonable’. But 'reason' is in the mind too, right? So if we take the mind out of the equation, the ‘ún-reason-able’ is really an exercise in taking the mind out of the way we look at things! Sounds heavy? I agree it does. But if you re-read that passage a few times you will get to where I am going with all this. Let’s see what creates these ‘unreasonable’ perspectives in the mind. For simplicity, I will just call them “Comforting Lies”...
Dow futures fall 200 points after U.S. presidential debate
Business news

Dow futures fall 200 points after U.S. presidential debate

A pedestrian wearing a face mask looks at a smartphone while passing in front of the New York Stock Exchange (NYSE) in New York, on Monday, July 20, 2020. Michael Nagle | Bloomberg | Getty Images U.S. stock futures declined early Wednesday morning as traders digested the first U.S. presidential debate. Dow Jones Industrial Average futures were down 217 points. S&P 500 futures and Nasdaq 100 futures were also both in negative territory. Earlier, Dow futures briefly fell more than 300 points. Futures rose slightly during the debate, but quickly gave up that ground as the debate ended. It wasn't clear whether the gyrations were related to the contentious comments being traded back and forth by the candidates. Traders are hoping that the start of the debate process will lead to...
J&K Bank gets shareholders’ nod to raise up to Rs 4,500 cr capital via equity, debt
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J&K Bank gets shareholders’ nod to raise up to Rs 4,500 cr capital via equity, debt

NEW DELHI: Jammu and Kashmir Bank on Tuesday said it has received shareholders' nod to raise up to Rs 4,500 crore through equity and debt to fund its business plan. Besides, the shareholders also approved the proposal to increase the authorised share capital of the bank from Rs 95 crore to Rs 250 crore in its annual general meeting (AGM) held on September 28. The AGM cleared the proposal to raise an amount not exceeding Rs 3,500 crore in one or more trenches by issue of securities by way of follow on public issue, rights issue, qualified institutional placement (QIP) or any other mode approved by RBI for meeting the tier-I capital requirements, Jammu and Kashmir Bank said in a regulatory filing. In addition, it said, the shareholders also approved plan to issue unsecured, redeemable, s...
Disney to lay off 28,000 employees as coronavirus slams its theme park business
Business news

Disney to lay off 28,000 employees as coronavirus slams its theme park business

Prolonged closures at Disney's California-based theme parks and limited attendance at its open parks has forced the company to lay off 28,000 employees across its parks, experiences and consumer products division, the company said. In a memo sent to employees on Tuesday, Josh D'Amaro, head of parks at Disney, detailed several "difficult decisions" the company has had to make in the wake of the coronavirus pandemic, including ending its furlough of thousands of employees. Shares of the company fell less than 2% after the closing bell on Tuesday. Around 67% of the 28,000 laid off workers were part-time employees, according to a statement by D'Amaro on Tuesday. The company declined to break down the layoffs by individual park locations. While Disney's theme parks in Florida, Paris, Shan...
Sebi eases rules for delisting of listed subsidiaries
Stock News

Sebi eases rules for delisting of listed subsidiaries

Mumbai: The capital markets regulator has eased rules for delisting of listed subsidiaries and asked companies to disclose details of forensic audit initiated by them. These decisions along with a few others were taken in the Securities and Exchange Board of India’s board meeting on Tuesday. Companies have been exempted from doing a reverse book building—a process followed to decide on a price that has to be paid to public shareholders to buy back shares before delisting- for listed units. The regulator said to avail of this delisting route, the listed holding company and the listed subsidiary should be in the same line of business. “The exemption from reverse book building would provide an opportunity for eligible companies to streamline their corporate structure and consolidate the re...