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Monday, February 28, 2022

BharatPe Co-Founder Ashneer Grover Quits Firm, Days After Wife Was Sacked - NDTV Profit

BharatPe Co-Founder Ashneer Grover Quits Firm, Days After Wife Was Sacked

This comes days after BharatPe sacked Ashneer Griver's wife Madhuri Jain Grover.

New Delhi: BharatPe Co-Founder Ashneer Grover has resigned from the company and its board, Economic Times reported on Tuesday. This comes days after BharatPe sacked his wife Madhuri Jain Grover for alleged financial irregularities ranging from producing fake invoices to billing the company for personal beauty treatment and trips abroad.

In a letter addressed to the BharatPe board, Mr Grover said, "I write this with a heavy heart as today I am being forced to bid adieu to a company of which I am a founder. I say with my head held high that today this company stands as a leader in the fintech world. Since the beginning of 2022, unfortunately, I've been embroiled in baseless and targeted attacks on me and my family by a few individuals who are ready not only to harm me and my reputation but also harm the reputation of the company, which ostensibly they are trying to protect."

He also stated that "from being celebrated as the face of Indian entrepreneurship he is now wasting his time fighting a long, lonely battle against his own investors and management. Unfortunately, in this battle, the management has lost what is actually at stake – BharatPe."

Mr Grover was sent on leave following allegations of using abusive language against Kotak Mahindra Bank staff and fraudulent practices, which he has denied.

He and his wife had accused the bank of reneging on a promise to get him shares worth Rs 500 crore when Nykaa's initial public offering (IPO) was launched.

Mr Grover had filed an arbitration plea with the Singapore International Arbitration Centre (SIAC) claiming the company's investigation against him was illegal. The SIAC, though, rejected his plea, giving him no relief in the matter.

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BharatPe Co-Founder Ashneer Grover Quits Firm, Days After Wife Was Sacked - NDTV Profit
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Share Market Holiday: BSE, NSE shut today on account of Mahashivratri 2022 - Moneycontrol.com

BSE

BSE

The National Stock Exchange of India (NSE) and BSE will remain closed on March 1 on account of Mahashivratri 2022.

Wholesale commodity markets, including metal and bullion, will also remain shut. There will be no trading activity in the forex and commodity futures markets either.

On February 28, the Sensex was up 366.64 points, or 0.64 percent, at 57,858.15, and the Nifty was up 128.90 points, or 0.75 percent, at 17,278.

Maruti Suzuki, Axis Bank, State Bank of India, IndusInd Bank and UPL were the top Nifty gainers, while losers included Wipro, Bajaj Finserv, Titan Company, Infosys and Tech Mahindra.

On the BSE, the metal index jumped 5.4 percent, oil & gas index was up 2.4 percent and power index 1.5 percent. The IT index gained a percent, but auto and the bankex fell 0.5 percent each.

Broader indices performed in line with benchmarks. BSE midcap and smallcap indices added 0.8 percent each.

Also Read - Centre's fiscal deficit rose to 58.9% of FY22 target in April 2021-January 2022

"Markets took a breather and gained over half a percent, tracking firm recovery in the US markets and upbeat earnings. Initially, the benchmark remained volatile, but healthy buying in select index majors from banking, auto and telecom space helped the index to gradually inch higher as the day progressed," said Ajit Mishra, vice president of research at Religare Broking.

"Markets will react to the US Federal Reserve meeting outcome in early trade on Thursday and we expect volatility to remain high, thanks to the scheduled monthly expiry. Keeping in mind the scenario, we reiterate our cautious view and suggest preferring hedged positions," Mishra added.

Also Read - GDP growth slowed to 5.4% in Oct-Dec 2021, FY22 growth estimated at 8.9%

Indian rupee ended 21 paise lower at 74.77 per dollar on Tuesday against Monday's close of 74.56.

"Alleged RBI (Reserve Bank of India) intervention and rally in equity markets triggered a sharp pullback in USDINR Spot. Over this week volatility will be high as Russia-Ukraine conflict remains the focus point," said Anindya Banerjee, DVP, currency derivatives and interest rate derivatives at Kotak Securities.

"We expect a range of 75.00 to 76.80 over the near term on spot," he added.

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Share Market Holiday: BSE, NSE shut today on account of Mahashivratri 2022 - Moneycontrol.com
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BharatPe Co-founder Ashneer Grover Resigns, Says 'Founder of Company Reduced to...' - News18

Ashneer Grover, the co-founder and managing director of BharatPe, has resigned from the fintech firm amid ongoing controversy at the company. “I write this with a heavy heart as today I am being forced to bid adieu to a company of which I am a founder," Grover wrote in his resignation email. The decision comes few day after he had lost an arbitration that he had filed against the fintech’s decision to launch an investigation against him, with the Singapore International Arbitration Centre (SIAC).

The controversy at one of the most famous fintech companies in India started after an audio clip had surfaced online where Grover had allegedly abused an employee of the Kotak Mahindra Bank.

“I say with my head held high that today this company stands as a leader in the fintech world. Since the beginning of 2022, unfortunately, I’ve been embroiled in baseless and targeted attacks on me and my family by a few individuals who are ready not only to harm me and my reputation but also harm the reputation of the company, which they are ostensibly trying to protect,” BharatPe managing director wrote in his letter to the board.

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“From being celebrated as the face of Indian entrepreneurship and an inspiration to the Indian youth to build their own businesses, I am now wasting myself fighting a long, lonely battle against my own investors and management. Unfortunately, in this battle, the management has lost of what is actually at stake – BharatPe," he further added.

BharatPe-Ashneer Grover Controversy: A Timeline 

Earlier this year, a phone conversation went viral in which a man, alleged to be Ashneer Grover, could be heard abusing an employee of Kotak Mahindra Bank after the lender had missed out on the initial public offering (IPO) allotment for Nykaa. At first, BharatPe managing director claimed the audio was ‘fake’ in a tweet on social media platform. Later, he deleted the tweet. Kotak Mahindra Bank allegedly initiated a case against Ashneer Grover and his wife for using “inappropriate languages" against their employees.

On January 19, Grover went for a “voluntary leave” of absence until the end of March. He mentioned at that time that he will be back “on or before April 1."

After 10 days, BharatPe Board announced to launch an independent audit of its internal process and systems. It also appointed Alvarez and Marsal, a leading management consultant and risk advisory firm to advise the board on its recommendations.

According to the preliminary report by risk advisory firm Alvarez and Marsal conducted in January, inconsistencies were found in dealings with vendors.

Grover, time-and-again alleged that the governance review was riddled with prejudice. He wrote a letter to the BharatPe board asking them to remove the chief operating officer Suhail Sameer from the board.

Earlier in February, Grover sought indemnity from any future action against him in his ongoing settlement discussions with the fintech firm and its shareholders, according to reports.

Last week, BharatPe board sacked Madhuri Jain Grover, Ashneer’s wife and head of controls at the company, over allegations of misappropriation of funds.

‘Founder of the Company has been Reduced to a Button to be Pressed’

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“ ..It is sad that you have even lost touch with the founder. For you, the founder of the company has been reduced to a button to be pressed when needed. I cease to be a human for you. Today, you have chosen to believe in gossip and rumours about me instead of having a frank conversation,” said Grover in his letter.

“The fact of the matter is that today you believe that I have served my utility and so incrementally I am just becoming a liability. And since the investor template to make an unwanted founder go away is to make them the villain of the piece, that’s what you have gone and done … Today I am being vilified and treated in the most disgraceful manner,” he further mentioned.

Read all the Latest News, Breaking News and Assembly Elections Live Updates here.

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BharatPe Co-founder Ashneer Grover Resigns, Says 'Founder of Company Reduced to...' - News18
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Madhabi Puri Buch named new Sebi chairperson - The Indian Express

Madhabi Puri Buch, former whole-time member of the Securities and Exchange Board of India (SEBI), has been appointed as its new chairperson — the first woman to head the market regulator.

Buch, who will take over from current SEBI chief Ajay Tyagi, has been appointed for a tenure of three years.

With over three decades of experience in the financial markets, Buch was SEBI whole-time member between April 5, 2017, and October 4, 2021, during which she handled portfolios such as surveillance, collective investment schemes and investment management.

Her immediate agenda will be to handle the cases related to the NSE co-location scandal and former NSE MD & CEO Chitra Ramkrishna. The regulator is already facing flak for not doing enough to punish the culprits in the co-location case which is under CBI investigation now. On the other hand, SEBI allowed Ramkrishna and former NSE Chief Operating Officer Anand Subramanian to go virtually scot-free in 2016-17.

SEBI’s order against Ramkrishna and Subramanian came only on February 11 this year, though their involvement was known in 2016. Despite having search and seizure powers, it did not act effectively in the co-location and Ramkrishna cases, said an observer.

While some bureaucrats were also in the race for the SEBI top post, the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by the Cabinet Secretary shortlisted the candidates.

At SEBI, Buch was known for cracking down on fraudulent tradings by two prominent television anchors of a business news channel.

In 2021, she also passed a controversial order in the insider trading case of Deep Industries Limited. The regulator had examined Facebook profiles of the accused entities and found they were ‘friends’ on the platform and had ‘liked’ each other’s posts. “An insider can be by way of their association in any capacity or it can be by way of frequent communication with its officers, which can also be in their social capacity as evident in this case by frequent interactions, including on social media,” Buch said in her order.

In 2017, Buch passed a number of orders banning trading in suspected shell companies, based on the list drawn up by the government during its drive against black money.

After her tenure at SEBI, Buch became the head of a seven-member expert group that was formed to help the regulator design in-house technological systems.

Before her assignment at SEBI, Buch was a consultant with the New Development Bank in Shanghai. She has also served as the head of the Singapore office of the private equity firm, Greater Pacific Capital; MD and chief executive officer at ICICI Securities Limited; and executive director on the board of ICICI Bank.

A graduate in mathematics from St Stephen’s College, New Delhi, and an alumnus of the Indian Institute of Management (IIM)-Ahmedabad, Buch joined ICICI Bank in 1989.

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Madhabi Puri Buch named new Sebi chairperson - The Indian Express
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Future Group stocks zoom up to 19% as RIL takes control of 200 Future Retail stores - Economic Times

New Delhi: Shares of cash strapped Future Group companies skyrocketed on Monday as Reliance took over operations of 200 Future Group's stores.

Reliance Retail has taken over the operations of at least 200 stores of Future Retail and has offered jobs to its employees after the Kishore Biyani-led group failed to make lease payments to landlords, said ANI citing sources.

Following the development, shares of Future Supply Chain Solutions zoomed as much as 17 per cent to Rs 71.50, Future Retail rallied 13 per cent to Rs 51.75 and Future Market Networks gained 10 per cent to Rs 9.70.

Future Enterprises and Future Lifestyle Fashions zoomed 9 per cent each to Rs 8.99 and Rs 56.35, respectively. Future Consumer jumped 7 per cent to Rs 7.36. Future Enterprises DVR surged 19 per cent to Rs 12.85.

Though Future has more than 1,700 outlets, all the 200 stores that Reliance will rebrand as its own will be the group's flagship supermarket chain Big Bazaar, which was started about two decades ago by Kishore Biyani.

Billionaire Mukesh Ambani-owned Reliance Industries had transferred leases of some stores to its name and sublet them to Future but is now taking over. Reliance has offered store staff jobs on existing terms.


Reliance's move follows failed efforts since 2020 to close a $3.4 billion deal to buy the retail assets of Future, whose partner Amazon.com Inc has blocked the transaction citing violation of contracts. Future denies any wrongdoing.

On the other hand, Amazon is planning to approach the Delhi High Court and the National Company Law Appellate Tribunal (NCLAT), questioning the change in the lease structure of the stores of Future Retail Ltd (FRL) and the role of the company's independent directors in it, two industry executives said.

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Future Group stocks zoom up to 19% as RIL takes control of 200 Future Retail stores - Economic Times
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3 most striking orders issued by new SEBI chief Madhabi Buch - Moneycontrol.com

Madhabi Puri Buch, who on February 28 was appointed the chairperson of the Securities and Exchange Board of India, is known to be big on using data and tech for enhancing regulatory tech capabilities.

The first woman to head the market regulator, Buch was a whole-time director of SEBI’s board until October 2021, a position she held for almost four years.

A former banker and veteran of India’s capital market, Buch’s expertise lay in empowering companies through data. She was recently appointed by the regulator to head the newly-formed committee on enhancing SEBI’s tech capabilities.

Her appointment comes at a time when the regulator’s handling of corporate misgovernance at the National Stock Exchange is under scrutiny. Finance Minister Nirmala Sitharaman recently said the government was examining if SEBI took adequate action on the NSE issue.

Buch, the former chief executive officer of ICICI Securities, was in the thick of things at SEBI, coming down hard on insider trading and other violations. Here are some of the orders passed by her in high-profile cases: 

Zee Entertainment insider trading

In August 2021, Buch indicted 15 entities, including individuals, for insider trading in shares of Zee Entertainment Enterprises. 

The order found suspicious trading activity by SEBI in the shares of the media conglomerate around the announcement of the company’s first-quarter earnings for 2019-20.

The case was an example of SEBI’s growing prowess in identifying unfair trades in the marketplace through its surveillance system.

Also read: 'Proud moment for us women': Congratulatory messages pour in for new SEBI chief Madhabi Puri Buch

Deep Industries and social media links

In May 2021, Puri’s order in the case of Deep Industries Limited kicked off a storm because of the unconventional method used by the market regulator to arrive at a connection between two parties to prove that they had shared unpublished price-sensitive information (UPSI).

Puri’s order said the regulator had examined social media profiles of the accused entities and found that they were ‘Friends’ on the platform and had ‘liked’ each other’s posts. “…an insider can be by way of their association in any capacity or it can be by way of frequent communication with its officers, which can also be in their social capacity as evident in this case by frequent interactions, including on social media,” Buch said.

The order saw a market backlash, with some saying the measures used to draw a connection between the two sides and to conclude sharing of UPSI were arbitrary.

Also read: Who is Madhabi Puri Buch, the first-ever woman to head SEBI?

Sahara Group crackdown

In a 2018 order, Buch came down hard on the Sahara Group after finding that a group company raised Rs 14,000 crore in violation of SEBI rules through optionally fully convertible debentures.

While Sahara Group firm argued that it returned the money, Buch said that the company failed to furnish proof of repayment. Her order added to the Subrata Roy-owned group’s troubles, as a previous SEBI order had asked it to repay Rs 24,000 crore to investors.

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3 most striking orders issued by new SEBI chief Madhabi Buch - Moneycontrol.com
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Sunday, February 27, 2022

Cooking oil prices to rise amid Russia-Ukraine war? Here's what we know so far - Hindustan Times

  • India is the world's largest buyer of sunflower oil and Ukraine is its biggest seller, followed by Russia and Argentina.
Cooking oil prices in India may increase amid the Russia-Ukraine crisis.(Twitter/iatpapog)
Cooking oil prices in India may increase amid the Russia-Ukraine crisis.(Twitter/iatpapog)
Published on Feb 27, 2022 08:39 PM IST
Written by Sharmita Kar | Edited by Sohini Goswami, New Delhi

Amid a raging war between Russia and Ukraine, shipments of more than 3,50,000 tonnes of cooking oil to India are at risk as logistics and loadings remain stuck at various ports. India, the world’s largest buyer of sunflower oil with imports as high as 60 per cent of its needs, is also the top purchaser of palm and soybean oils.

Traders in the country have contracted imports of 5,50,000 tonnes of sunflower oil from Ukraine and Russia for deliveries in February and March, said a Reuters report, citing Sandeep Bajoria, president of the International Sunflower Oil Association.

Full coverage on Russia-Ukraine crisis

While 1,80,000 tonnes of cooking oil managed to leave from the ports, Bajoria said the fate of the rest was uncertain.

Cooking oil prices may surge

Ukraine and Russia account for nearly 80 per cent of the world’s sunflower oil shipments.

If the supply gets disrupted, it increases the risk of a spike in cooking oil prices in the country. Consumer food prices already rose in January at the fastest pace in 14 months, crippling household budgets for many despite relief in taxes and imposed stockpile limits. Prices remain elevated in line with a surge in global edible oil futures.

Follow all the latest updates

India bought 1.89 million tonnes of the crude cooking oil till October last year, with Ukraine supplying 74 per cent of it, while Argentina and Russia each accounted for about 12 per cent of the imports.

Global prices of vegetable oils, used for everything from preparing cookies to frying potato chips to making shampoo, have more than doubled in two years over supply constraints, with palm and soybean oils surging to all-time highs this week due to supply jitters.

With the situation getting more complicated between the two countries with every passing day, western nations have warned that Kyiv could fall if the fighting continues.

Several cooking oil companies have shut operations in Ukraine. Bunge Ltd. suspended business at two oilseed processing facilities, Wilmar International Ltd’s joint venture shut its vegetable oil units in the country, while Archer-Daniels-Midland Co. closed an oilseed crushing plant in Chornomorsk.

What will India do about it?

“World over, there is going to be a shortage of sunflower oil and prices will rise,” Bajoria told Reuters. He added that Indian importers are expected to wait for about a week before they switch to palm and soybean oil purchases to boost domestic supplies.

The ongoing war between Moscow and Kyiv is among the worst security crises that Europe has seen since World War II. According to reports, the Ukrainian delegation has now agreed to meet with the Russian delegation for talks along the Ukrainian-Belarusian border.

(With agency inputs)

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Cooking oil prices to rise amid Russia-Ukraine war? Here's what we know so far - Hindustan Times
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Warren Buffett Says Yet To Find Companies To Deploy Massive Cash Pile - BloombergQuint

Buffett, underscoring Berkshire's investment record, cited the example of a $8.6-million purchase of National Indemnity, the Omaha-based insurer in 1967. That has now catapulted to become part of the company's top investment and oldest-operating subsidy.

Berkshire’s total float (money earned in premiums before the claims payout) has grown from $19 million in 1967 to $147 billion. The float rose by $9 billion in the year gone by.

While there is uncertainty on long-term underwriting loss affecting the float, Buffett hopes to keep it at bay.

And credits this growth of the insurance unit to hiring Ajit Jain in 1986. Jain, hailing from Odisha and an alum of Indian Institute of Technology-Kharagpur, now serves as the vice-chairman of insurance operations at Berkshire Hathaway and is part of its board of directors.

Buffett recalled how he serendipitously hired Jain who had no prior insurance experience. "I said, 'Nobody’s perfect,' and hired him. That was my lucky day," Buffett said in the letter. "Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be—35 years later."

Berkshire's cluster of insurers remain at the top of the company's pile of investments, followed by 5.5% of Apple Inc. In the year gone by, Berkshire earned $785 million from Apple dividends and its share in Apple earnings stand at $5.6 billion.

The BNSF Railway is third with earnings of $6 billion in 2021. Berkshire Hathaway Energy, 91.1% owned by Berkshire, recorded a revenue of $4 billion in 2021. Bank of America, American Express Corp., Moody's Corp. and the Coca-Cola Co. figure among other top equity investments of Berkshire.

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Warren Buffett Says Yet To Find Companies To Deploy Massive Cash Pile - BloombergQuint
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Saturday, February 26, 2022

India pledges support for US bid to tap oil reserves - Times of India

NEW DELHI: India on Saturday pledged support to a US bid for co-ordinated release of strategic oil reserves to cool prices, even as New Delhi said it is “closely” monitoring the global energy markets to track any supply disruptions following the Russia-Ukraine conflict.
“India is also committed to supporting initiatives for releases from strategic petroleum reserves, for mitigating market volatility and calming the rise in crude oil prices,” a petroleum ministry statement said without elaborating when or to what extent the reserves will be tapped and if it will prevent pump prices from rising.
The statement came in the wake of US president Joe Biden saying he would do everything in his power to “limit the pain the American people are feeling at the gas pump”.
Biden had in November-end taken an initiative to persuade major users such as India, China, South Korea and Japan for a co-ordinated release of strategic reserves to cool oil prices from $84 a barrel.
The US had then released 50 million barrels and India released 5 million barrels, the first time it tapped into its strategic reserves for market intervention. India has in store 5 million tonnes of oil, which is roughly 39 million barrels, or around 10 days of imports, in rock caverns at three locations.
“With a view to ensuring energy justice for its citizens and for just energy transition towards a net-zero future, India stands ready to take appropriate action for ensuring ongoing supplies at stable prices,” the statement said without elaborating further or referring to fuel prices that have remained unchanged since November 4.

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India pledges support for US bid to tap oil reserves - Times of India
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India's Reliance to take on 200 Future stores amid Amazon dispute - sources - Reuters

A woman shops inside the Big Bazaar retail store in Mumbai, India, November 25, 2020. REUTERS/Niharika Kulkarni/File Photo

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NEW DELHI, Feb 26 (Reuters) - India's top retailer, Reliance, will take on at least 200 Future Retail (FRTL.NS) stores after the company failed to make lease payments for them to Reliance, two people with direct knowledge of the matter told Reuters on Saturday.

Since 2020, Reliance has failed to close a $3.4 billion deal to acquire the retail assets of Future, whose partner Amazon.com Inc has successfully blocked the transaction by citing violation of some contracts. Future denies any wrongdoing.

The takeover of stores by Reliance signals Future's worsening financial situation. Future in January challenged its lenders in India's Supreme Court to avoid facing insolvency proceedings over missing bank payments, citing its dispute with Amazon. read more

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Future - which has more than 1,700 outlets, including popular Big Bazaar stores - has been unable to make lease payments for some of its outlets. As a result, Reliance transferred the leases of some stores to its name and sublet them to Future to operate the stores, the sources said.

As Future failed to make the payments, Reliance has decided to run and rebrand about 200 outlets that would otherwise be closed, they said.

In a statement to Indian stock exchanges, Future said "termination notices have been received for significant number of stores" to which it will "no longer have access."

The company is "scaling down its operations which will help us in reducing losses in the coming months," it said, without mentioning Reliance's plan to take over many such outlets.

Reliance and Amazon did not respond to requests for comment.

"Over 200 stores will transition to Reliance stores," said one source, who asked not to be named as the details of the plan were not public.

In a letter seen by Reuters, Reliance offered Future employees at these stores new jobs on the same terms. "We welcome you to join our organization," it reads.

Amazon has argued that Future violated the terms of a 2019 deal the companies signed when the U.S. giant invested $200 million in a Future unit. Amazon's position has been backed by a Singapore arbitrator and Indian courts.

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Reporting by Aditya Kalra in New Delhi Editing by William Mallard and Mark Potter

Our Standards: The Thomson Reuters Trust Principles.

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India's Reliance to take on 200 Future stores amid Amazon dispute - sources - Reuters
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Scaling down operations because of mounting losses: Future Retail - Economic Times

Kishore Biyani-led Future Retail on Saturday informed the stock exchanges that it has begun scaling down its operations due to a shortage of funds.

"The scaling down will help in reducing losses in coming months," the company has said. The company is finding it difficult to finance working capital needs, and "losses are mounting," it added.

Bank accounts of Future have been classified as non-performing assets by its lenders. The long-stop date for its deal with Reliance Industries has also been extended to September 30, 2022.


This comes after news that Reliance had taken over operations of Future Retail stores and offered jobs to employees.

Future is locked in a bitter battle with e-commerce major Amazon at several judicial forums over the sale of its business to the retail arm of the oil-to-telecom conglomerate.

Sources privy to the development have said that Reliance Retail has started taking possession of the premises in which Future Retail is operating its stores such as Big Bazaar and replaced them with its brand stores. The company has also started offering jobs to employees of Future Retail stores and bringing them on Reliance Retail's payroll, the sources added.

Future - which has more than 1,700 outlets, including popular Big Bazaar stores - has been unable to make lease payments for some of its outlets. As a result, Reliance transferred the leases of some stores to its name and sublet them to Future to operate the stores, the sources said.

After the deal was announced in August 2020, several landlords approached Reliance as Future Retail was unable to pay the rent.

After this, Reliance signed leased agreements with these landlords and wherever possible, it sub-leased these premises to Future Retail Ltd (FRL) so that its business could continue, the sources added.

All of these stores which Reliance is taking over are loss-making and the balance stores will continue to be run by FRL. In this way, FRL's operating losses will be reduced and it can continue as a going concern, they said.

(With input from agencies)

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Scaling down operations because of mounting losses: Future Retail - Economic Times
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Govt clears up to 20% FDI in LIC ahead of mega IPO - The Indian Express

The government on Saturday cleared an amendment to allow up to 20 foreign direct investment (FDI) under the “automatic route” in Life Insurance Corporation. This comes ahead of the proposed initial public offer of LIC, which is expected to be the largest in the Indian capital markets so far.

The government expects to mobilise Rs 63,000-66,000 crore from the proposed share sale to meet its disinvestment target of Rs 78,000 crore for FY22, as per industry estimates. While LIC is yet to announce the IPO price, market estimates are that the IPO is likely to be Rs 2,000-2,100 per share.

The existing FDI Policy did not prescribe any specific provision for foreign investment in LIC, which is established under the LIC Act, 1956. The FDI ceiling for LIC has now been made at par with that of the public sector banks. While the government had last year raised the FDI limit in the insurance sector to 74 per cent from 49 per cent, it did not cover LIC that is covered by a specific legislation.

“Since as per the present FDI Policy, the FDI ceiling for public sector banks is 20% on government approval route, it has been decided to allow foreign investment up to 20% for LIC and such other bodies corporate. Further, in order to expedite the capital raising process, such FDI has been kept on the automatic route, as is in the case of rest of the insurance sector,” a government source said.

Foreign investors may be desirous of participating in the IPO of LIC, and this change would facilitate FDI in LIC and such other bodies corporate, for which government may have a requirement for disinvestment purposes, sources said.

On Friday, the National Stock Exchange decided to relax the eligibility criteria of Nifty equity indices and for replacement of stocks in various indices, reducing the minimum listing history of constituents from three months to one calendar month, effective from March 31. This relaxation is expected to pave the way for the inclusion of LIC, which plans to list its shares in March, in the benchmark Nifty 50 Index. Since many passive funds allocate investments to indices and index stocks, the move, along with FDI permission, would enable large inflows in the LIC IPO.

Once the Sebi approves the issue, the IPO is likely to open for subscription in the second week of March and trading will commence by the third week, industry sources said. The government is going ahead with the listing of the latter’s shares, despite increased volatility in the markets amid increasing global concerns.

Sources said the government expects this move, along with other simplifications in FDI policy, to “make India an attractive investment destination”. FDI inflows into India rose to $81.97 billion in 2020-21, from $ 74.39 billion in 2019-20. “The FDI policy reform will further enhance Ease of Doing Business in the country, leading to larger FDI inflows and thereby contributing to growth of investment, income and employment,” they said.

FDI in currently permitted sectors is allowed up to the limit indicated against each sector/activity subject to applicable laws/regulations. “Insurance” is a permitted sector under FDI policy rules, however, it currently lists only Insurance Company and “intermediaries or insurance intermediaries” under the “Insurance” sector. LIC being a statutory corporation, is not covered under either of these.

Further, no limit is prescribed presently for foreign investment in LIC under the LIC Act, 1956; the Insurance Act, 1938; the Insurance Regulatory and Development Authority Act, 1999 or regulations made under the respective Acts. Therefore, this amendment has been made to specifically allow 20% FDI in LIC.

In an interview with The Indian Express earlier this month, the Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said that 20 per cent FDI should be sufficient considering that existing regulations and the requirements.

“…because LIC is not an insurance company, so insurance laws strictly does not apply to it, except for some of the provisions of insurance, which are indicated in the LIC act itself. We have to retain 51 per cent by law. We cannot go below that. And even if we go for an IPO, we will be able to dilute only up to 25 per cent within the first five years. We can not go more than this as per the law. And then we have the law that no single person can own than 5 per cent. So 20% (FDI) is more than enough for us, if we go for that route,” he had said.

As of September 2021, LIC policyholders had total investments of Rs 39,49,516.37 crore on a standalone basis. This is more than 3.3 times higher than total assets under management (AUM) of all private life insurers in India and approximately 16.2 times more than the AUM of the second-largest player in the Indian life insurance industry in terms of AUM.

LIC held stocks worth a “carrying value” of Rs 9,79,843 crore (close to $130 billion), or 24.77 per cent of its total investments, as on September 30, 2021. The market valuation is LIC is expected to be more than Rs 10 lakh crore, putting it at par with top notch companies such as Reliance Industries and TCS.

The initial public offer of up to 31.62 crore equity shares comprises the net offer, employee reservation portion, and policyholder reservation portion. The IPO works out to 5 per cent of the total capital of 632.49 crore shares, with the government retaining the remaining 95 per cent.

A portion of shares, not exceeding 5 per cent of the offer, will be reserved for employees. Another portion not exceeding 10 per cent, will be reserved for eligible policyholders. Policyholders and employees are likely to get shares at a discount.

A minimum 35 per cent of the issue will be reserved for retail investors. The corporation may allocate up to 60 per cent of the QIB (qualified institutional buyers) portion to anchor investors on a discretionary basis. One-third of the anchor investor portion will be reserved for domestic mutual funds.

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Govt clears up to 20% FDI in LIC ahead of mega IPO - The Indian Express
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Friday, February 25, 2022

Ukraine-Russia conflict: From sunflower oil to beer, what consumer goods could get costlier - CNBCTV18

The ongoing Ukraine-Russia conflict has caused commodity prices across the globe to soar to record-highs amid concerns of supply disruption. Crude surged to $105 a barrel, while palm oil & wheat prices hit record highs. This is likely to result in supply chain disruptions in India that will lead to further inflation, especially for the FMCG industry.India has seen unprecedented inflation in the past year with prices of commodities rising to multi-year highs. From HUL to Britannia, ITC and Nestle, most FMCG majors have flagged inflation as a concern during their October-December (Q3) results.With the current conflict, prices of edible oils, wheat, palm oil, barley, etc are expected to rise further. This is because Ukraine and Russia account for a large part of the world’s commodity trade.
Sunflower oil is likely to be the most hit because India imports 70% from Ukraine, 20% from Russia (remaining 10% from Argentina), roughly 2.5 million tonnes annually. Adani Wilmar, maker of Fortune Oil gets 20 percent of its volume from sunflower oil and is almost entirely dependent on imports from these regions. Its JV partner Wilmar, which has plants in Ukraine has suspended operations amid the ongoing crisis.
Also ReadThe company has stocked up inventory for the next 60 days but has said that if the conflict continues, there could be supply disruptions, shooting up sunflower oil prices. Adani Wilmar’s stock surged 10 percent on Friday amid the prospect of rising sunflower oil prices.
Marico has flagged concerns of rising raw material costs. “The evolving geopolitical scenario can flare up the prices of crude oil and other commodities further which will have a cascading impact on raw materials and packing materials. Organisations will have to gear up and take measures to absorb some of the cost through aggressive optimisation initiatives and perhaps pass on some of the pressure to consumers in a calibrated manner,” Saugata Gupta, MD and CEO, Marico said.
Ukraine and Russia also account for a major share of the global wheat and corn trade. Ukraine reportedly accounts for a quarter of the global wheat trade and a fifth of corn sales. Russia and Ukraine together account for 20% of the world’s corn trade and 30 percent of the world’s wheat export. Corn prices are at 33-week highs, while wheat prices have hit nine-year highs. Any further impact on crop production and global supply will shoot up prices across the globe.India is self-sufficient when it comes to wheat. However, a rise in global wheat prices will run up Indian prices as well. This is likely to impact prices of atta, bread, biscuits and other food products that use wheat as a raw material
Parle Products told CNBC-TV18 that it expects wheat prices to increase amid the possibility of supply disruptions.
Parle, which has taken a 6-7 percent price hike already said that the company has inventory covered for the next 2-3 months, but there would be demand coming in from overseas markets for wheat because Russia and Ukraine supply would get affected, which in turn will result in an increase in wheat flour prices or wheat prices in India as well.Palm oil prices hit record highs on the back of the conflict. Malaysian palm oil futures rallied over 8 percent on Thursday to record highs, also the highest daily increase in six months. Unlike sunflower oil, Palm oil does not come from either Ukraine or Russia. This rally is a collateral impact of the geopolitical tensions.
Since India imports almost all of its palm oil requirements, rising global prices will further impact FMCG majors like HUL, ITC, P&G and Godrej Consumer since Palm Oil is a key raw material in most FMCG products like skincare, packaged foods, soaps, etc. These companies have already seen very high input costs and have taken multiple rounds of price hikes in the past 2 quarters. Rising crude oil prices could also impact packaging and logistics costs for these companies
With respect to an impact on FMCG companies, Abneesh Roy, ED- Institutional Equities of Edelweiss Securities told CNBC-TV18 that the current tensions could impact margins of companies in the April-June (Q1) quarter, resulting in grammage cuts and further price hikes. As a result, rural slowdown is likely to continue till Q1.Russia is also the world's second-largest producer of barley, while Ukraine is the fourth largest. This commodity, a key ingredient in beer, will further increase the costs of beer makers.Spot prices of barley, which accounts for almost 30% of total retail marketing cost for the alcoholic beverage rose 62.5% on a year-on-year basis. The impact on the prices of beer in India is indirect. India produces most of its barley requirement locally, but the global prices will also run up prices in India. This also comes at a time when alcoholic beverage makers have been battling with rising input costs on all fronts, along with lesser demand.While the pricing of alcohol in India is largely controlled by state governments, and any hike in prices could take time to materialize, this will impact margins of beer companies, a Motilal Oswal report said.
However, India’s largest beer maker United Breweries has flagged inflation pressures due to the crisis.
“We have already been operating in a high inflation environment. With the current crisis, we foresee the pressures of inflation and supply chain disruptions accelerating in the short term. We are actively working towards mitigating the impact through a combination of productivity, cost control, optimisation and judicious price increases for which we are in conversations with state governments,” a company spokesperson told CNBC-TV18.

(Edited by : Priyanka Deshpande)

First Published:  IST

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Ukraine-Russia conflict: From sunflower oil to beer, what consumer goods could get costlier - CNBCTV18
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SC rules Rajasthan discoms must pay $405 mn compensatory tariff to Adani Power - Mint

India’s top court ruled in favor of billionaire Gautam Adani’s power unit, saying state-run distribution companies in Rajasthan state have to pay Adani Power Ltd. 30.48 billion rupees ($405 million) and additional interest to compensate for higher fuel costs.

Adani is fighting multiple court battles against states including Rajasthan, and Haryana, seeking compensatory tariffs that reflect the cost of the pricier imported coal it uses to fire its plants. On Friday, India’s Supreme Court ruled that four power retailers have to pay Adani Power the money within four weeks, to clear a backlog in payments due since 2013.

State-run power retailers, which lose money on nearly a fifth of the power they supply because of power thefts and leakages through old cable networks, owe billions of dollars in payments to power generators. The latest ruling will help Adani Power repay loans or meet capital requirements for projects.

Adani Power’s shares in Mumbai rose as much as 15%, the highest gain in more than a week, after the ruling. The benchmark S&P BSE Sensex was trading 2.8% higher at 11:50 a.m. local time.

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SC rules Rajasthan discoms must pay $405 mn compensatory tariff to Adani Power - Mint
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CBI arrests NSE’s former group operating officer Anand Subramanian - The Hindu

The Central Bureau of Investigation (CBI), which arrested former National Stock Exchange (NSE) group operating officer Anand Subramanian on Thursday, has found that he had allegedly created an email account purportedly used by an unknown “Himalayan yogi”, with whom the then exchange’s managing director Chitra Ramkrishna shared internal documents.

Ms. Ramkrishna had taken several key decisions based on the emails received from the account, rigyajursama@outlook.com. The email exchanges were also marked to another account purportedly belonging to Mr. Subramanian. It is alleged that during his four-day questioning in Chennai, he did not reveal the real identity of the unknown person.

According to the agency, Mr. Subramanian was arrested as he was not cooperating in the probe. On Friday, he was produced before a Delhi special court that sent him to the CBI custody till March 6. His arrest has been made in a 2018 case related to the alleged abuse of the exchange’s server architecture for allowing access to a private company to the data ahead of other brokers.

The CBI has collected the relevant documents from the Mumbai office of the Securities and Exchange Board of India (SEBI) and had also recorded the statements of Ms. Ramkrishna and former NSE managing director Ravi Narain a few days ago.

In May 2018, the agency had registered the First Information Report against OPG Securities, which is a stock broker, and others. Unknown officials of the SEBI and the NSE were also under the scanner for connivance.

Illegal preferential access

As alleged, the company had been given illegal preferential access to the market data feed from the exchange’s server via an algorithmic trading software package named “Chanakya”, ahead of other brokers. During 2010-12, the company had got access to the NSE’s server architecture through “co-location” facility, which allowed it to log in first to the server before other brokers.

On February 11, the SEBI had levied a penalty on Mr. Subramanian and the two former NSE managing directors for several violations, including the irregularities in his appointment as a chief strategic adviser and his re-designation as the group operating officer and adviser to the then managing director of the exchange.

Major beneficiary

According to the SEBI order, Mr. Subramanian also knew the unknown “yogi”. He was a major beneficiary of the yogi’s purported recommendations to her. The accused knew Ms. Ramkrishna prior to his appointment in the NSE. His wife worked as the regional head of exchange in Chennai.

In January 2013, he was offered ₹1.68 crore for the post of chief strategic adviser in the NSE, when his last drawn salary was ₹15 lakh in a government corporation. He got increments in quick successions and his compensation had increased to about ₹5 crore by 2016. During the check period, he also made several visits abroad.

Earlier, the Income Tax Department had carried out searches on the premises of Ms. Ramkrishna and Mr. Subramanian in Mumbai and Chennai, on suspicion of tax evasion.

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CBI arrests NSE’s former group operating officer Anand Subramanian - The Hindu
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Thursday, February 24, 2022

FIIs net sell Indian shares worth over Rs 6,400 crore on Thursday - CNBCTV18

The Sensex on Thursday crashed over 2,700 points -- its biggest single-day plunge in about two years -- in lockstep with a severe sell-off in global markets after Russia launched a full-scale invasion of UkraineThe 30-share BSE gauge plummeted about 2,850 points during the session before closing at 54,529.91, registering a massive fall of 2,702.15 points or 4.72 percent. This was its biggest decline since March 23, 2020, and the fourth-worst fall ever in absolute terms.Also Read:FIIs and DIIsForeign institutional investors (FIIs) sold shares worth Rs 6,448.24 crore on February 24, and domestic institutional investors (DIIs) bought shares worth Rs 7,667.75 crore, as per provisional data available on NSE and BSE.As of February 23, 2022, FIIs sold Rs 3,417.16 crore of equities, while DIIs bought shares worth Rs 3,024.37 crore, as per provisional data available on NSE.On the Sensex chart, all 30 shares suffered heavy losses, with IndusInd Bank tumbling the most at 7.88 percent, followed by M&M, Bajaj Finance, Axis Bank, Tech Mahindra, and Maruti.The NSE barometer Nifty nosedived 815.30 points or 4.78 percent to end at 16,247.95. This was also the seventh straight session of decline for both the key indices.Investors were poorer by about Rs 13 lakh crore, with the market capitalisation of BSE-listed companies standing at Rs 2,42,24,179.79 crore.

(Edited by : Jomy Jos Pullokaran)

First Published:  IST

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FIIs net sell Indian shares worth over Rs 6,400 crore on Thursday - CNBCTV18
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Wall Street opens 2% lower as Russia invades Ukraine; oil above $100 a barrel - Moneycontrol.com

Wall Street opened two percent lower on February 24, following a global drop in markets after Russia's attack on Ukraine while crude oil prices surged past $100 a barrel.

At the time of writing this report, Dow Jones Industrial Average was trading over 2 percent or 665 points lower at 32,467.08 levels while S&P 500 was down 1.51 percent at 4,161.53 points. The tech-heavy Nasdaq, on the other hand, traded 1.71 percent or 222 points lower at 12,815.11 levels.

In the commodity markets, benchmark Brent crude prices topped $100/barrel-mark for the first time since 2014 as Russia launched invasion of Ukraine. During the day, Brent crude oil futures hit a high of $105.5.

Follow all live updates on the Russia Ukraine crisis here

Russia’s action comes days after the country recognised the independence of two separatist regions in Easter Ukraine following a speech by Putin.

Financial markets across the globe took a heavy beating given the geopolitical situation. Indian equity market nosedived nearly 5 percent to register its biggest single-day fall in nearly two years. European markets sank even more, with the German DAX down 5%.

Also Read: Sensex sees 10th biggest market crash in history as Russia invades Ukraine

Oil prices jumped by more than $7 per barrel and futures for Wall Street's benchmark S&P 500 index and the Dow Jones Industrial Average were off by more than 2.5%. Market benchmarks in Europe and Asia fell as much as 5% as traders tried to figure out how large Putin's incursion would be and the scale of Western retaliation.

Energy prices surged, fuelling inflation fears. The spot price in Europe for natural gas, for which the continent relies on Russia to supply, jumped as much as 31%. Benchmark US crude was close behind at $99 per barrel. Prices of wheat and corn also jumped.

Also Read: Russia-Ukraine conflict pushes volatility index above 30 levels. What should investors do now?

The ruble sank as much as 7.5% against the dollar overnight but recovered slightly, down about 5% in the morning.

The FTSE 100 in London fell 3.3% after Europe awakened to news of explosions in the Ukrainian capital of Kyiv, the major city of Kharkiv and other areas. The DAX in Frankfurt plunged 5.4% and the CAC in Paris lost 4.9%.

Moscow's stock exchange briefly suspended trading on all its markets on Thursday morning. After trading resumed, the ruble-denominated MOEX stock index tumbled more than 20% and the dollar-denominated RTS index plunged by more than a third.

That was on top of Wednesday's 1.8% slide for the S&P 500 to an eight-month low after the Kremlin said rebels in eastern Ukraine had asked for military assistance. Moscow had sent soldiers to some rebel-held areas after recognizing them as independent.

Also Read: Market rout over Ukraine-Russia crisis leaves investors poorer by over Rs 13 lakh crore in a day

Some analysts expect the conflict to push investors out of many tech stocks, with the exception of the cybersecurity sector. Growing concern that massive cyber warfare could be on the near-term horizon which would certainly catalyze an increase in spending around preventing sophisticated Russian-based cyber attacks, analysts with Wedbush Securities wrote in a note to clients.

Putin said Russia had to protect civilians in eastern Ukraine, a claim Washington had predicted he would make to justify an invasion. President Joe Biden denounced the attack as unprovoked and unjustified" and said Moscow would be held accountable, which many took to mean Washington and its allies would impose additional sanctions.

Putin accused them of ignoring Russia's demand to prevent Ukraine from joining NATO and to offer Moscow security guarantees. Washington, Britain, Japan and the EU earlier imposed sanctions on Russian banks, officials and business leaders. Additional options include barring Russia from the global system for bank transactions.

Also Read: Russia-Ukraine Crisis | Europe’s ‘dark day’ becomes nightmare for retail traders

The price for oil on international markets rose to $101.27, while West Texas Intermediate soared $7.65 to $99.75 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 25 cents to $92.10 on Wednesday. In Asia, the Nikkei 225 in Tokyo fell 1.8% to 25,970.82 and the Hang Seng in Hong Kong lost 3.2% to 22,901.56.

The Shanghai Composite Index shed 1.7% to 3,429.96. Asian economies face lower risks than Europe does, but those that need imported oil might be hit by higher prices if Russian supplies are disrupted, forecasters say.

The Kospi in Seoul lost 2.6% to 2,648.80 and Sydney's S&P-ASX 200 fell 3% to 6,990.60. India's Sensex fell 4.7% to 54,529.91. New Zealand lost 3.3% and Southeast Asian markets also fell.

Investors already were uneasy about the possible impact of the Federal Reserve's plans to try to cool inflation by withdrawing ultra-low interest rates and other stimulus that boosted share prices. The dollar weakened to 114.69 yen from Wednesday's 114.98 yen. The euro fell to $1.1168 from $1.1306.

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Wall Street opens 2% lower as Russia invades Ukraine; oil above $100 a barrel - Moneycontrol.com
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Sensex Crashes 2,702 Points As Russia Invades Ukraine, Nifty Settles Below 16,250: 10 Points - NDTV Profit

Sensex Crashes 2,702 Points As Russia Invades Ukraine, Nifty Settles Below 16,250: 10 Points

On BSE, the overall market breadth stood weak as 236 shares advanced while 3,155 declined.

New Delhi: The Indian equity indices on Thursday plunged sharply led by sell-off across all sectors amid Russia's attack on Ukraine. Russian forces fired missiles at several cities in Ukraine after its President Vladimir Putin authorised a "special military operation". The benchmark BSE Sensex crashed 2,702 points or 4.72 per cent to close at 54,530; while the broader NSE Nifty moved 815 points or 4.78 per cent lower to settle at 16,248. Both the indexes fell for the seventh straight session, marking their worst run since March 2020.

Here's Your 10-Point Cheatsheet To This Big Story:

  1. Investors have lost 13.57 lakh crore in wealth in a sharp plunge on Dalal Street today, with the market capitalisation (m-cap) of BSE-listed companies falling to Rs 242 lakh crore from Wednesday's Rs 255 lakh crore mark.

  2. Mid- and small-cap shares finished on a negative note as Nifty Midcap 100 index dived 5.74 per cent and small-cap shares shed 6.25 per cent. India's volatility or fear index (India VIX) rose 30.31 per cent.

  3. All of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the red. Nifty PSU Bank and Nifty Auto underperformed the index by falling as much as 8.26 per cent and 6.26 per cent, respectively.

  4. On the stock-specific front, Tata Motors was the top Nifty loser as the stock cracked 10.71 per cent to Rs 425.90. IndusInd Bank, UPL, Grasim Industries and JSW Steel were also among the laggards.

  5. Also, Indus Towers Ltd plunged as much as 18.54 per cent to Rs 205, after Britain's Vodafone Group Plc said it was looking to sell its entire 28.1 per cent stake in the company.

  6. On BSE, the overall market breadth stood weak as 236 shares advanced while 3,155 declined.

  7. All Sensex constituents finished with hefty losses, with IndusInd Bank, M&M, Bajaj Finance, Axis Bank, Tech Mahindra and Maruti suffering the most by dropping as much as 7.88 per cent. Meanwhile, Indian rupee tanked 102 paise to close at 75.63 (provisional) against the U.S. dollar.

  8. Technical View: "The market witnessed a steep correction after it was not able to sustain an important support level of 16,800. Our research suggests that sustaining above 16,400 will be an important level for the market. If the market is unable to sustain above 16,400, we can expect a correction to continue till the level of 16,000. Technical indicators suggest a volatile movement to continue in the market," said Vijay Dhanotiya, Lead of Technical Research at CapitalVia Global Research Ltd.

  9. Global stocks and U.S. bond yields dived, while the dollar, gold and oil prices rocketed higher.

  10. Oil prices breached $100 a barrel for the first time since 2014. India is the world's third-largest importer of oil.



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Sensex Crashes 2,702 Points As Russia Invades Ukraine, Nifty Settles Below 16,250: 10 Points - NDTV Profit
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Wednesday, February 23, 2022

Wall St struggles as Ukraine's state of emergency raises war worries By Reuters - Investing.com

Wall St struggles as Ukraine's state of emergency raises war worries © Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 26, 2022. REUTERS/Brendan McDermid/File Photo

By Susan Mathew and Devik Jain

(Reuters) -U.S. stocks swung between losses and gains on Wednesday as Ukraine declared emergency amid a sweeping cyberattack on its state websites in fast-changing developments that raised fears of an all-out war with Russia.

After opening higher, five of the 11 major sectors fell in volatile trading, while a 3.3% drop in Tesla (NASDAQ:) dragged the Nasdaq lower. Fifteen of the 30 Dow components were trading in the red.

In the latest signs of a likely Russian military onslaught, Ukraine declared emergency and told its citizens in Russia to flee, while Moscow began evacuating its Kyiv embassy.

Meanwhile, the websites of Ukraine's government, foreign ministry and state security service remained inaccessible in what the government said was the start of another massive denial of service attack that began at around 1400 GMT.

Wall Street's main indexes gave up early gains and the Nasdaq reversed its 1% jump, while energy stocks jumped 0.8% as oil prices recovered. [O/R]

"Today's action is (driven) by Ukraine and reports of cyber attacks," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh. "It is largely indiscriminate selling, there are more pessimist retail clients."

Meanwhile, a source told Reuters that the Biden administration will sanction company building Russia's Nord Stream 2 gas pipeline.

At 12:24 p.m. ET, the was up 65.05 points, or 0.19%, at 33,661.66, the S&P 500 was up 2.96 points, or 0.07%, at 4,307.72, and the was down 13.44 points, or 0.10%, at 13,368.08.

U.S. stocks have had a turbulent start to 2022 as worsening geopolitical tensions hurt investor sentiment already dented by worries about aggressive policy tightening by the Federal Reserve to combat inflation.

JPMorgan Chase & Co (NYSE:) lost 0.5% and led the losses among big banks, while megacap growth names were mixed with Amazon.com Inc (NASDAQ:) down 1%.

The Nasdaq has tumbled 14% so far this year, while the S&P 500 confirmed a correction in the previous session as 70% of its components slipped more than 10% from their record highs and over 200 stocks lost more than 20% of their value.

A Reuters poll shows the benchmark index rising about 11.5% by end-2022.

Lowe's (NYSE:) Cos Inc added 3.3% after the home improvement chain raised its full-year sales and profit forecasts.

Cadence Design (NASDAQ:) Systems Inc jumped 7.4% as the microchip design software maker forecast higher-than-expected 2022 profit following strong fourth-quarter results.

Advancing issues outnumbered decliners by a 1.13-to-1 ratio on the NYSE. Declining issues outnumbered advancers for a 1.11-to-1 ratio on the Nasdaq.

The S&P index recorded two new 52-week highs and 23 new lows, while the Nasdaq recorded 20 new highs and 375 new lows.

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Wall St struggles as Ukraine's state of emergency raises war worries By Reuters - Investing.com
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Maruti Suzuki Baleno vs competition | How the facelifted 2022 model fares against peers - Moneycontrol.com

The much-awaited Maruti Suzuki Baleno update has just been launched with prices varying from Rs 6.35 lakh to Rs 9.5 lakh (ex-showroom). The facelifted, 2022 model comes with a smattering of cosmetic changes, along with a few key tech upgrades that have been installed to attract a younger set of buyers. Segment firsts including heads-up display, a 360-degree camera, 6 airbags etc., means the brand has been paying attention to its diminishing bottomline. However, the absence of a CVT gearbox option, mixed with the car’s relatively high price means the Baleno may not be the sure bet it once was. Just how well does it fare against the competition?

The Highlights 

The facelifted 2022 Baleno comes in six variants: Sigma, Delta, Zeta, Zeta (O), Alpha and Alpha (O), powered by a 1.2-litre, four-cylinder petrol engine making 89bhp of peak power and 113 Nm of torque. The engine is standard across all variants. The top-end variants come with six airbags including curtain and side airbags (the Zeta variant gets this too), Heads-up-display, dual-tone alloy wheels and nine-inch touchscreen console, featuring the brand’s in-house SmartPlay Pro infotainment system (as opposed to the 7-inch Smartplay Studio system found on lower variants). Maruti Suzuki has removed the popular CVT gearbox that was earlier found in the Delta, Zeta and Alpha variants, instead opting for a more frugal AMT option. Other variants get a 5-speed manual.

baleno console

An AMT box, while economical and cheaper to maintain, is sluggish and unrefined, requiring slow throttle inputs in order to function smoothly. Those looking for an automatic option (a growing tribe) will find themselves short-changed given that more sophisticated options can be found among rivals, chief of which being the Hyundai i20.

What’s heartening is that the new Baleno will also offer child seat anchorages, rear parking sensors, brake assist and dual airbags as standard. Design changes include a wider grille, LED DRLs, new tail lamps, new 16-inch alloys and better-cushioned seats. The Baleno can also be owned through Maruti Suzuki Subscribe at an all-inclusive subscription fee of Rs 13,999/month which covers complete registration, service & maintenance, insurance and roadside assistance.

Hyundai i20 Elite (Price range Rs 6.98 - Rs 11.47 lakh)

Pros: Looks, choice of powertrains, features

Cons: Expensive top-end models, entry-level variant not that appealing

Chief among its list of contenders is the formidable Hyundai i20 Elite. Although more expensive in top trim, there’s no taking away the fact that even in base trim the i20 looks more athletic and svelte. Available in three powertrains, starting from a less powerful, 81bhp 1.2-litre petrol unit and going up to a 118bhp, 1.0-litre turbo-petrol variant whose price starts at Rs 8.89 lakh (ex-showroom, undercutting the top-end Baleno) The variant also features a clutchless IMT gearbox which is convenient and frugal while also extracting greater performance.

i20-eliteIn terms of safety features however, it loses out with only dual airbags, no child seat anchor points, leather-wrapped steering, rear A/C vents etc. For that, you have to opt for the variants at the top-end, the most expensive of which hits the Rs 11.47 lakh mark. If performance and style are priority, the i20 is the car to go for. If features and fuel economy at a relatively low price are the chief factor, go for the Baleno.

Tata Altroz (Price range: Rs 5.99 lakh - Rs 9.69 lakh)

Pros: Style, safety, price

Cons: No automatic variant yet, infotainment options could be better

Easily the best-looking premium hatchback in the segment, the Altroz also has a certified 5-star Global NCAP safety rating. The Altroz also comes with a more enticing set of powertrains, including a 1.5-litre diesel (much like the i20), a 108 hp 1.2-litre turbo-petrol and an 82bhp 1.2-litre petrol that competes directly with the likes of the Baleno.

Altrouz

Where the Altroz loses out is its lack of an automatic option, lacklustre infotainment system and feature list that doesn’t quite stack up against the 2022 Baleno’s. Its safety rating, however, is the best-in-class and something worth considering while making your next purchase.

Honda Jazz (Price range: Rs 7.81 lakh to Rs 9.95 lakh)

Pros: Safety, reliability, space

Cons: Lackluster infotainment options

jazz

The Honda Jazz, which recently secured a 4-star safety rating in the Global NCAP test, has suddenly risen in the esteem of many-a-car buyers. Its trademark Honda reliability levels, excellent passenger and storage space make a strong case for it, while its 1.2-litre petrol engine with 88bhp of power puts it squarely in the Baleno’s league of performance. Its infotainment options may not be as up-to-date as the Baleno’s but the Jazz edge’s ahead due to its safety credentials.

Toyota Glanza (Price Rs 7.7 lakh - Rs 9.66 lakh)

Pros: Continues to offer CVT version (for now)

Cons: Same as the Baleno’s

Last but not the least is the Baleno’s badge-engineered identical twin: the Glanza. Featuring the same powertrain, the Glanza doesn’t quite benefit from Toyota’s famed reliability levels since it is in every sense, a Baleno. In fact, given that it hasn’t been updated with the 2022 model’s feature list, the Glanza falls significantly lower down the pecking order and should be considered only for the CVT option and Toyota badge value.

glanza

NOTE: The VW Polo, although still competing in the segment, has been excluded from this list because VW has announced that the Polo’s 12-year run in India will be coming to an end.

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Maruti Suzuki Baleno vs competition | How the facelifted 2022 model fares against peers - Moneycontrol.com
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Govt’s fiscal consolidation plan to aid private sector, boost capex revival - Moneycontrol

Finance Minister Nirmala Sitharaman The 2024 Interim budget is based on the robust framework of “Viksit Bharat by 2047.” Driving this gr...