Sensex hits fresh all-time high: Watch out for these small-cap stocks that gave multibagger returns in just 6 months! - Dalal Street Investment Journal Read More
Apple Inc's market capitalisation on Friday breached the $3 trillion mark again, as investors bet on the iPhone maker's ability to grow it's revenue even as it explores new markets such as virtual reality.
Shares of Apple, which is also the world's most valuable listed company, were up 0.9% at $191.4 in morning trading.
Apple's market value briefly peaked above $3 trillion in intra-day trading on Jan. 3, 2022, before closing the session just below that mark.
The latest gains in Apple shares come as technology stocks rebound on bets that the Federal Reserve may be slowing its pace of interest rate hikes as well as on the buzz around artificial intelligence.
Following a series of test mule sightings, Kia has released an official teaser of the upcoming Kia Seltos facelift. The teaser confirms several exterior and interior highlights that were previously observed on the SUV’s test mules.
The official teaser showcases the revised front profile of the Kia Seltos facelift. Similar to the global-spec model available in overseas markets, the facelifted Seltos features a larger front grille compared to the outgoing model. The headlamps have also been updated, featuring all-LED lights with new daytime running LEDs that extend to the middle of the grille while emerging from the outer corners of the headlamps. The teaser also reveals the revised rear profile, with the Seltos facelift sporting redesigned LED tail lamps connected by an LED bar.
Kia provides a clear glimpse of the dashboard and centre console in the official teaser, confirming several features to be offered in the SUV. While retaining the flat-bottom multi-functional steering wheel with paddle shifters from the current model, the Seltos facelift introduces an all-new cockpit design. It includes a rectangular housing, similar to the Mahindra XUV700, with two distinct full-TFT screens for the instrument console and touchscreen infotainment system. The teaser also confirms the presence of dual-zone automatic climate control in the new model, with the lower centre console receiving revisions.
Additionally, previous sightings of the Seltos facelift’s test mule have confirmed the presence of new front and rear bumpers, as well as different alloy wheels for the Tech-Line and GT-Line variants. The facelifted Seltos will also offer a panoramic sunroof, 360-degree parking camera, and ADAS (Advanced Driver Assistance Systems).
The Kia Seltos facelift will retain the current model’s 1.5-litre 115 PS petrol and diesel engines, along with the existing transmission choices. However, it will also introduce the new-generation 1.5-litre four-cylinder 160 PS turbocharged petrol engine, which is already available in other Hyundai offerings such as the Carens, Alcazar facelift, and all-new Verna. With these enhancements, it is expected that the Kia Seltos facelift will see a slight increase in prices when it launches on July 4th, 2023.
The refreshed Kia Seltos will maintain its competition with popular rivals in the market, including the Hyundai Creta, Maruti Suzuki Grand Vitara, Toyota Urban Cruiser Hyryder, Volkswagen Taigun, Skoda Kushaq, and MG Astor. Furthermore, it will encounter new contenders such as the upcoming Honda Elevate and Citroen C3 Aircross, which are set to enter the market soon.
Mortgage-lending pioneer Deepak Parekh, 78, will ride into professional sunset with the satisfaction of having built a powerhouse that would be the fourth biggest bank in the world when Housing Development Finance Corp (HDFC) merges with the lender it spawned three decades ago.
“It is my time to hang my boots with both anticipation and hope for the future,’’ Parekh wrote to HDFC shareholders for the last time as chairman. ``While this will be my last communication to shareholders of HDFC, rest assured we now stride tall into a very exciting future of growth and prosperity.’’
HDFC will merge into HDFC Bank tomorrow.
Parekh has been among the most prominent of men in Indian finance for nearly four decades, helping millions of ordinary citizens step on to the property-ownership ladder for the first time by expanding the narrow bailiwick of the financier founded in the licence-raj era by his uncle. But mortgage wasn’t his sole remit: Over the decades, he helmed the journey of Indian finance into adulthood – and global relevance.
HDFC as an institution stepped in with capital for a bank, an insurance company, and a mutual fund when capital in the country was scarce and private business houses were reluctant to invest due to their long payback periods.
Mirrors India's March
“The transformation of the HDFC brand is truly a transformation of the Indian financial sector and Mr. Parekh led it from the front,’’ said Uday Kotak, managing director, Kotak Mahindra Bank. ``Trust is the bedrock of any financial institution and Parekh always nurtured it.’’
For HDFC under Parekh, while growing business was paramount, governance standards were at the core of these institutions when regulators were still grappling with how to make corporates comply with new sets of rules that would be palatable for retail investors.
"Governance has been the cornerstone of HDFC,’’ wrote Parekh.
In his long career, Parekh sowed the seeds of some companies that have become leaders in their industry - HDFC Mutual Fund, HDFC Life Insurance, and HDFC Ergo, a general insurance company.
Despite his origins in the seemingly staid mortgage business, he led HDFC into other segments such as private equity investments into real estate, an industry notorious for its sharp practices, and education loans.
He was the first port of call for regulators and administration whenever institutions got embroiled in controversies or were facing governance issues that threatened their very survival.
Delhi's Crisis Manager
“He has always been accessible and open to finding solutions to knotty problems,’’ says Kotak, himself known as Asia’s richest banker.
When Satyam Computer was foundering because of misgovernance by its founder Ramalinga Raju, the Centre appointed a committee with Parekh to save not only the institution but also ensure India’s unchallenged status as a global hub of technology that now makes up about a tenth of the country’s gross domestic product (GDP).
In a swift move, Parekh along with two others, managed to run a process and sold it to a firm run by Anand Mahindra, which now stands as Tech Mahindra Ltd.
Parekh has been a member of more than 40 committees including the Pherwani Committee on setting up the National Stock Exchange and the Narasimham Committee on banking sector reforms.
When the Unit Trust of India ran into trouble with its then flagship scheme Units – 64, Parekh was relied upon to find a solution that ultimately led to splitting it into two.
Parekh’s management style of trust and freedom was essential in building the institutions under the HDFC brand name.
From a market capitalization of less than Rs. 500 crore for a circumspect mortgage firm in the 1980s, the HDFC and HDFC Bank merger will create the world's fourth biggest bank by market value - behind JPMorgan, ICBC of China and Bank of America, Bloomberg calculations showed. The combined market cap of all HDFC listed entities is now Rs 16.63 lakh crore – or about $200 billion.
'Space & Trust'
“Parekh gave space to professionals like Aditya Puri to flourish,’’ says Kotak. ``And symbolically, in HDFC Bank, the parent is finding a home in its own child.’’
The HDFC group companies flourished under Parekh's leadership. But companies such as Infrastructure Leasing & Financial Services (IL&FS) and the Infrastructure Development Finance Co (IDFC), where he had an advisory role during establishment but did not have direct leadership, tripped up later for having failed to harness Parekh’s active mentorship that otherwise guided several other companies and industries to safety through inevitable business cycles.
What does Parekh want the banking giant to be? “As HDFC hands the baton, my wish is that our core founding values of kindness, fairness, efficiency and effectiveness get woven deeper into the fabric of the HDFC Group,’’ Parekh signed off.
The general manager of South Eastern Railway was transferred as general manager to the Rail Wheel Factory in Karnataka's Yelahanka on Friday. This is the latest in a series of relocations for senior officials of the zone in which a triple train accident on June 2 killed more than 290 people. Earlier, the Railway Board had transferred five senior zone officials, including the assistant general manager and the divisional railway manager. The Appointments Committee of the Cabinet, on the recommendation of the Railway Board, appointed Anil Kumar Misra -- an Indian Railway Service of Electrical Engineers officer -- as the South Eastern Railway general manager, a post held by Archana Joshi. Joshi, a 1985-batch Indian Railway Traffic Service (IRTS) officer, assumed charge as South Eastern Railway general manager on July 30, 2021. She will now take over as Rail Wheel Factory general manager in Karnataka's Yalahanka. Prior to joining as South Eastern Railway general manager, Joshi worked as additional member in tourism and catering, the Ministry of Railways, Railway Board. She was the first woman IRTS officer to become a general manager. Three trains collided in Odisha's Balasore district on June 2, claiming 293 lives and injuring over 1,000 people. The Shalimar-Chennai Central Coromandel Express entered the passing loop instead of the main line near the Bahanaga Bazar station at full speed and collided with a stationary goods train. On the adjoining line, the Bengaluru-Howrah Superfast Express collided with the derailed coaches of the Coromandel Express, leading to some of its bogies jumping tracks. The Commission of Railway Safety has submitted its report on the accident to the Railway Board. However, its findings have not been made public.
The government on Friday said foreign exchange dealers and sellers of overseas tour packages will have to take an "undertaking" from their customers about their past remittances and overseas visits made in a fiscal for the purpose of deducting TCS. The Income Tax department issued a set of FAQs on the applicability of changes relating to Tax Collection at Source (TCS) on Liberalised Remittance Scheme (LRS) and on the purchase of an overseas tour programme package. The differential rate of the TCS levy would kick in from October 1. The FAQ also defined what would constitute an 'overseas tour program package', on which from October 1, 5 per cent TCS would be levied on expenditures up to Rs 7 lakh. Beyond that, a 20 per cent rate would apply. Currently, these packages attract 5 per cent TCS. "It is clarified that the purchase of only an international travel ticket or purchase of only hotel accommodation, by in itself is not covered within the definition of 'overseas tour program package'," the Central Board of Direct Taxes (CBDT) said in a circular. To qualify as an 'overseas tour program package', the package should include at least two of the following -- international travel ticket; hotel accommodation/ boarding/ lodging; any other expenditure of similar nature or in relation thereto. With regard to TCS under LRS, the CBDT said since the facility to provide real-time updates of remittances is still under development by the RBl, it is clarified that the details of earlier remittances under LRS by the remitter during the financial year may be taken by the authorised dealer through an undertaking at the time of remittance. "If the authorised dealer correctly collects the tax at source based on the information given in this undertaking, he will not be treated as "assessee in default". However, for any false information in the undertaking, appropriate action may be taken against the remitter under the Act," the CBDT said. The same methodology of taking an undertaking from the buyer of an overseas tour programme package may be followed by the seller of such package, it added. Under LRS, a resident can remit money abroad up to a maximum of USD 2.50 lakh per annum. Beyond the threshold, RBI approval would be required. Currently, remittances under LRS attract 5 per cent TCS over and above the Rs 7 lakh threshold. From October 1, the rate will go up to 20 per cent above the threshold. The FAQ also defined, as per the RBI circular, what would constitute expenditure for medical treatment and for education for remittances under LRS. Spending on medical treatment shall include the purchase of tickets of the person to be treated medically overseas (and his attendant) for commuting between India and the overseas destination; medical expenses and other day-to-day expenses required for such purpose. Remittance for the purpose of education shall include, the purchase of tickets of the person undertaking study overseas for commuting between India and the overseas destination; the tuition and other fees to be paid to the educational institute; and other day-to-day expenses required for undertaking such study. Remittances up to Rs 7 lakh made for medical and education purpose is exempt from TCS. Above that, 5 per cent TCS is applicable. When the education is financed by a loan, then the TCS rate is 0.5 per cent. The Finance Ministry earlier this week deferred by 3 months the implementation of a higher rate of TCS of 20 per cent on expenditures made under LRS and overseas tour packages till September 30. The new rates, which as per the Budget proposal were to come into effect from July 1, will come into effect from October 1, 2023. It has also dropped plans to levy TCS on overseas payments made through international credit cards and also said that such expenses will be included in the Liberalised Remittance Scheme (LRS) of the RBI.
MUMBAI: TCS has taken action against six employees after finding them guilty of accepting favours from certain staffing firms in the appointment of contractual workers, Tata Sons Chairman N Chandrasekaran said on Thursday.
The largest IT services exporter is investigating the role of three more of its employees, Chandrasekaran said while speaking at the TCS annual general meeting here.
"We have banned six employees and also six companies," he said in response to questions from shareholders.
He said the company received two separate whistleblower complaints -- one pertaining to appointment of business associates or contractual workers in the US, and one in India, in late February and March, after which it investigated the allegations.
Chandrasekaran said he cannot quantify the favours these employees got but the banned employees behaved in such a way that they were favouring certain firms.
"The company will look at the whole BA (Business Associate) supplier management process and see what the weaknesses are and will completely tighten the process to ensure that we do not have such incidents," he said.
Earlier this month, some media reports suggested that TCS has suspended some employees for violating the company's code of conduct and some had pegged the gains made by the employees at Rs 100 crore.
Ukrainian President Volodymyr Zelenskyy met on Thursday with Swedish environmental activist Greta Thunberg and prominent European figures who are forming a working group to address ecological damage from the 16-month-old Russian invasion. The meeting in the Ukrainian capital came as fighting continued around the country. The governor of the Kherson region, Oleksandr Prokudin, said two people were killed in the region's capital in a Russian strike that hit residences, a medical facility and a school where residents were lined up to receive humanitarian aid. Another person was killed in a morning strike on the village of Bilzoerka, the regional prosecutor's office said. The presidential office said Thursday morning that at least eight civilians died in Russian attacks during the previous 24 hours. The working group on the environment includes Thunberg, former Swedish Deputy Prime Minister Margot Wallström, European Parliament Vice President Heidi Hautala, and former Irish President Mary Robinson. Zelenskyy said forming the group is "a very important signal of supporting Ukraine. It's really important, we need your professional help." Thunberg said Russian forces “are deliberately targeting the environment and people's livelihoods and homes. And therefore also destroying lives. Because this is after all a matter of people”. The objectives of the working group are evaluating the environmental damage resulting from the war, formulating mechanisms to hold Russia accountable, and undertaking efforts to restore Ukraine's ecology. In Moscow, the head of the Russian Orthodox Church Patriarch Kirill met with Cardinal Matteo Zuppi, the Vatican envoy for seeking peace between Russia and Ukraine. Kirill, a supporter of the war, said "It is very important that the Christian communities of East and West take part in the process of reconciliation,” according to video circulated by the Russian church.
Mahindra has announced that it has achieved a production milestone of 900,000 units for its iconic SUV, the Mahindra Scorpio, marking a significant achievement for the brand that created the SUV category in India. For over two decades, the authentic SUV, Scorpio, has stood as a true champion, consistently evolving and reshaping the SUV landscape in the country.
The Mahindra Scorpio has established itself as a favourite among SUV enthusiasts across the nation. Its class-leading attributes, features and capabilities have remained unwavering across generations, from the original Scorpio to the all-new Scorpio-N and the Scorpio Classic.
Designed, engineered and built to be a game-changer, the Mahindra Scorpio's iconic status has also gained significant share of voice on Digital landscape. In FY23, it proudly claimed the title of being the most-searched SUV on Google, a testament of its popularity and customer interest.
The all-new Mahindra Scorpio-N, introduced in June 2022, has further cemented the brand's legacy by achieving an extraordinary feat. It became the first vehicle in the country to secure an unprecedented 1 lakh bookings in less than 30 minutes. Additionally, with an impressive collection of 24 awards, including numerous viewers' choice accolades, the Scorpio-N continues to uphold the Scorpio brand's reputation as a true game-changer in the automotive landscape.
IndiGo operator InterGlobe Aviation’s market capitalisation became the first Indian aviation company to cross Rs 1 trillion mark.
Shares of the largest Indian airline recorded an all-time high of Rs. 2,635 in Wednesday’s trade. The stock has rallied 28% in the year-to-date period.
Amidst the grounding of Go First, InterGlobe has gained the majority of market share to cement its number one position on the back of improvement in yields and passenger load factor.
IndiGo has expanded its fleet to more than 300 aircraft, from a little over 100 in 2016. The airline plans to double its fleet size by 2030 after the recent order for 500 Airbus A320 family aircraft, the biggest-ever single aircraft purchase order by any airline with Airbus.
IndiGo is India’s largest airline and ranks 10th in market value among the world’s top 10 listed aviation firms. As per DCGA data, it carried 61.4% of domestic air traffic in May.
Gold prices on Wednesday fell to their lowest in nearly 4 months on bets for interest rates remaining higher for longer, while U.S. Federal Reserve Chair Jerome Powell reiterated a hawkish stance. Spot gold fell 0.1% to $1,912.49 per ounce by 1:43 p.m. EDT (1743 GMT), after hitting its lowest since mid-March. U.S. gold futures settled 0.1% lower at $1,922.20. Powell reiterated that more rate rises likely lie ahead for the central bank, and did not rule out a boost in the cost of borrowing at a policy meeting scheduled for the end of July. "Although the market is pricing in a decent chance the Fed is going to hike in July, the more relevant factor for gold is that the market has been simultaneously pricing out the number of cuts we could expect over the next year," said Daniel Ghali, commodity strategist at TD Securities. Markets were pricing in a 82% chance of a rate hike at the Fed's next meeting in July, seeing little odds of any easing in monetary policy by the end of this year, according to the CME FedWatch tool. The dollar index firmed 0.4%, making gold less attractive for overseas buyers. A drop in benchmark 10-year Treasury yields limited further downside. "Good U.S. economic data remains a headwind for the yellow metal, as it likely keeps Fed officials reiterating a hawkish tone," UBS analyst Giovanni Staunovo said. Sales of new U.S. single-family homes surged to the highest in nearly 1-1/2 years in May, while U.S. consumer confidence also jumped in June. "We still expect at some point the aggressive monetary policy tightening to weaken U.S. economic data and result in a change of tone by the Fed," Staunovo added. High interest rates discourage traders from investing in non-yielding gold. Silver fell 0.3% to $22.81 per ounce, platinum shed 1.4% at $912.20 after falling to an eight-month low, and palladium plunged 3.7% to $1,248.06, its lowest in 4-1/2 years.
SEBI Board Meeting Highlights: IPO listing time slashed, additional disclosures for FPIs, norms tweaked for sponsors in REITs & INVITs - Moneycontrol Read More
The Securities and Exchange Board of India (Sebi) has introduced tighter disclosure norms for foreign portfolio investors, which will prevent possible circumvention of minimum public shareholding rules or possible misuse of the FPI investment route.
This move comes against the backdrop of the allegations made by US-based Hindenburg Research against the Adani Group in late January.
The US-based short seller in its research report alleged that some FPIs held a significant stake in the listed companies of the Adani Group, but the same was denined by the group.
SEBI tightened rules to mandate additional granular level disclosures regarding ownership, economic interest, and control in any company.
These include FPIs holding more than 50% of their Indian equity AUM in a single Indian corporate group or FPIs that individually, or along with their investor group hold more than Rs 25,000 crore of equity AUM in the Indian markets.
Certain entities are exempted from making such additional disclosures, which, inter-alia, include Government and Government related investors, Pension Funds and Public Retail Funds, certain listed ETFs, corporate entities and verified pooled investment vehicles meeting certain conditions, SEBI said.
In March, PML Rules threshold requirements for identification of beneficiary were amended and currently stand at 10% for companies and trusts and 15% for partnerships and unincorporated association or body of individuals. The board has approved changes to the FPI regulations for aligning the aforesaid eligibility criteria in the regulations, with the reduced threshold prescribed under PML Rules.
NEW DELHI: The finance ministry on Wednesday said that overseas spending using international credit cards will not be included under the Liberalised Remittance Scheme (LRS) and won't therefore be subject to Tax Collection at Source (TCS).
It also deferred the implementation of a higher rate of TCS of 20 per cent on overseas remittances under LRS, like tour expenses, by three months.
The revised TCS will now come into effect from October 1, 2023, it said.
However, credit card spending overseas will not attract TCS from October 1.
The higher TCS rate will be applicable only when the LRS payments exceed the threshold of Rs 7 lakh, a statement by the ministry said.
In Union Budget 2023, the government had increased the rate of TCS from 5 per cent to 20 per cent for remittance under LRS as well as for the purchase of overseas tour programme packages and removed the threshold of Rs 7 lakh for triggering TCS on LRS.
These two changes were not applicable when the remittance is for education or medical purpose. These amendments were to take effect from July 1, 2023.
"In response to the comments and suggestions, it has been decided to make suitable changes. Firstly, it has been decided that there will be no change in the rate of TCS for all purposes under LRS and for overseas travel tour packages, regardless of the mode of payment, for amounts up to Rs 7 lakh per individual per annum.
"It has also been decided to give more time for the implementation of the revised TCS rates and for inclusion of credit card payments in LRS," the finance ministry said.
For the purchase of an overseas tour programme package, the TCS shall continue to apply at the rate of 5 per cent for the first Rs 7 lakhs per individual per annum; the 20 per cent rate will only apply for expenditure above this limit, the ministry added. (With inputs from PTI)
Gold prices on Wednesday fell to their lowest in nearly 4 months on bets for interest rates remaining higher for longer, while U.S. Federal Reserve Chair Jerome Powell reiterated a hawkish stance. Spot gold fell 0.1% to $1,912.49 per ounce by 1:43 p.m. EDT (1743 GMT), after hitting its lowest since mid-March. U.S. gold futures settled 0.1% lower at $1,922.20. Powell reiterated that more rate rises likely lie ahead for the central bank, and did not rule out a boost in the cost of borrowing at a policy meeting scheduled for the end of July. "Although the market is pricing in a decent chance the Fed is going to hike in July, the more relevant factor for gold is that the market has been simultaneously pricing out the number of cuts we could expect over the next year," said Daniel Ghali, commodity strategist at TD Securities. Markets were pricing in a 82% chance of a rate hike at the Fed's next meeting in July, seeing little odds of any easing in monetary policy by the end of this year, according to the CME FedWatch tool. The dollar index firmed 0.4%, making gold less attractive for overseas buyers. A drop in benchmark 10-year Treasury yields limited further downside. "Good U.S. economic data remains a headwind for the yellow metal, as it likely keeps Fed officials reiterating a hawkish tone," UBS analyst Giovanni Staunovo said. Sales of new U.S. single-family homes surged to the highest in nearly 1-1/2 years in May, while U.S. consumer confidence also jumped in June. "We still expect at some point the aggressive monetary policy tightening to weaken U.S. economic data and result in a change of tone by the Fed," Staunovo added. High interest rates discourage traders from investing in non-yielding gold. Silver fell 0.3% to $22.81 per ounce, platinum shed 1.4% at $912.20 after falling to an eight-month low, and palladium plunged 3.7% to $1,248.06, its lowest in 4-1/2 years.
Gold prices on Wednesday fell to their lowest in nearly 4 months on bets for interest rates remaining higher for longer, while U.S. Federal Reserve Chair Jerome Powell reiterated a hawkish stance. Spot gold fell 0.1% to $1,912.49 per ounce by 1:43 p.m. EDT (1743 GMT), after hitting its lowest since mid-March. U.S. gold futures settled 0.1% lower at $1,922.20. Powell reiterated that more rate rises likely lie ahead for the central bank, and did not rule out a boost in the cost of borrowing at a policy meeting scheduled for the end of July. "Although the market is pricing in a decent chance the Fed is going to hike in July, the more relevant factor for gold is that the market has been simultaneously pricing out the number of cuts we could expect over the next year," said Daniel Ghali, commodity strategist at TD Securities. Markets were pricing in a 82% chance of a rate hike at the Fed's next meeting in July, seeing little odds of any easing in monetary policy by the end of this year, according to the CME FedWatch tool. The dollar index firmed 0.4%, making gold less attractive for overseas buyers. A drop in benchmark 10-year Treasury yields limited further downside. "Good U.S. economic data remains a headwind for the yellow metal, as it likely keeps Fed officials reiterating a hawkish tone," UBS analyst Giovanni Staunovo said. Sales of new U.S. single-family homes surged to the highest in nearly 1-1/2 years in May, while U.S. consumer confidence also jumped in June. "We still expect at some point the aggressive monetary policy tightening to weaken U.S. economic data and result in a change of tone by the Fed," Staunovo added. High interest rates discourage traders from investing in non-yielding gold. Silver fell 0.3% to $22.81 per ounce, platinum shed 1.4% at $912.20 after falling to an eight-month low, and palladium plunged 3.7% to $1,248.06, its lowest in 4-1/2 years.
Capital markets regulator Securities and Exchange Board of India (Sebi) is scrutinising certain dealings in the shares of at least three Gautam Adani-led companies — Adani Power, Adani Green Energy and Ambuja Cements — for suspected breach of securities laws that relate to insider trading, according to two people familiar with the ongoing probe.
Earlier this month, Sebi raised queries regarding some unpublished price-sensitive information (UPSI) that might have been used for insider trading in the stocks of these companies, either to influence their prices or to make unfair gains, said one of the two
The Uttar Pradesh government has decided to prohibit sale of meat in the open along the routes fixed for Kanwar Yatra, which will commence from July 4. Chief Minister Yogi Adityanath issued the directions in this regard while chairing a review meeting with senior officials, including police commissioners, divisional commissioners, district magistrates and superintendents of police, ahead of the upcoming festival season, an official statement said. Adityanath said that this year due to "Adhimas" (additional month), the month of Shravan is of two months duration. The festivals of Shravani Shivratri, Nagpanchami and Rakshabandhan will be celebrated during this period, he said. "The traditional Kanwar Yatra will take place in the holy month of Shravan starting from July 4. Before this, Bakri Eid will be celebrated on June 29. It is clear that this time is sensitive from the point of view of law and order. So, we have to be constantly alert and careful." he said. "Respecting the belief of devotees, meat should not be allowed to be sold in the open on the Kanwar route. The route should remain clean and sanitised. There should be provision of streetlights. Since the weather is hot, arrangements of drinking water should also be made," the CM said. According to the statement, Adityanath asked the officials to install CCTV cameras on the yatra route and also deploy divers. The places for setting up of Kanwar camps should be marked in advance so that traffic is not obstructed, he ordered. The chief minister also directed for ensuring that the sound of DJ, music, etc to be used during Kanwar procession is as per the prescribed standards. "Give permission to the organisers of the event. But ensure that everyone follows the rules and regulations," he said. Adityanath also directed that there should be no display of weapons in religious processions. "Some mischievous elements may try to unnecessarily provoke people of other communities, keep an eye on such matters. Additional police force should be deployed in sensitive areas. The police force must do foot patrolling everyday in the evening. PRV 112 should remain active, and anarchic elements should be strongly dealt with," he said. At the meeting, the chief minister also noted that during Ramzan, traffic was not affected due to religious activities. "This effort has been appreciated across the country. This time, on the occasion of Bakri Eid and Muharram, we will have to implement the same system. A dialogue should be made with the respective religious leaders/intellectuals in this regard by the local administration," he said. He added that the place for the sacrifice on Bakri Eid should be marked in advance. "Sacrifice should not be done anywhere other than the previously marked place. In any case, make sure that no prohibited animal is sacrificed anywhere. There should be an action plan for the systematic disposal of waste after sacrifice in every district," he said. Last year during Shravan, about one crore devotees of Lord Shiva offered worship at Kashi Vishwanath Temple in Varanasi, and nearly six lakh people visited the temple every Monday during the holy month. Adityanath said due to "Adhimas" this year, further increase in the number of devotees, who arrive in the state from all over the country, is possible. Along with Varanasi, the local administration in Ayodhya and Sitapur should also make a systematic action plan in coordination with the temple administration, the statement said. The CM also directed the officials on the issue of religious conversion of children through gaming/chatting apps. "Incidents of illegal religious conversions have come to light in many parts of the country in recent times. We are familiar with the incident of conversion of teenage children through online gaming/chatting apps in Ghaziabad. It is very necessary to control such anti-social and anti-national incidents in time," Adityanath said. He further stated that the action of illegal religious conversion is being done by an international syndicate. "This syndicate keeps an eye on disabled children and youths looking for jobs. Financial temptations are also being given. This entire syndicate of illegal religious conversion needs to be wiped out. Prompt action should be taken against any such activity," he said. Adityanath directed that senior officers posted at police station, circle, district, range, zone, and division levels should communicate with religious leaders of their respective areas and other eminent people of society. "Issue a positive message for the people. Have a meeting of the peace committee. Take the cooperation of the media, so that an atmosphere of peace and harmony prevails," he said. The CM also said that the 'Safe City Project' is proving to be extremely useful in fulfilling the promise of women's safety, respect and self-reliance. "Within the next three months, we will have to develop all the 17 municipal corporations and Gautam Budh Nagar district headquarters as safe cities," he said.
MUMBAI: The National Stock Exchange has withdrawn plan to shift the expiry of Nifty Bank derivative contracts to Friday from Thursday.
NSE had taken this decision after BSE shifted the expiry of Sensex and Bankex derivative contracts to Friday from Thursday following the relaunch of the indices.
Based on market feedback, BSE felt that NSE’s move could potentially impact the growth of Sensex/Bankex derivatives.
“Considering the need for balanced market development and avoidance of concentration risk in the market, BSE has requested NSE to consider shifting the Bank Nifty expiry to any day other than Friday,” a joint statement from the exchanges said.
In the interest of market development, NSE decided to withdraw the proposal.
BSE felt that moving Nifty Bank expiry to any other day than Friday will help in increasing participation in Sensex/Bankex derivatives and, thus, de-risk the market.
Earlier this month, the NSE had decided to move the expiry of Nifty Bank derivative contracts to Friday from Thursday from mid-July. The first Friday expiry was to be on July 14. The move was done after BSE shifted the expiry day of Sensex and Bankex indices to Friday with effect from May 12.
Cyient DLM IPO: The initial public offering (IPO) of Cyient DLM Ltd has opened for bidders today and the book build issue will remain for subscribers till 30th June 2023 i.e. till Friday this week. The company has fixed Cyient DLM IPO price band at ₹250 to ₹265 per equity share. The electronic manufacturing services provider company aims to raise 592 crore from this public offer and it would be generated through issuance of fresh 22,339,623 shares of the company. Meanwhile ahead of public issue opening, Cyient DLM shares have become available in the grey market. According to market observers, shares of Cyient DLM Ltd are available at a premium of ₹100 in grey market today.
Cyient DLM IPO GMP today
According to market observers, Cyient DLM IPO grey market premium (GMP) today is ₹100, which is ₹10 lower from its Monday GMP of ₹110. Market observers believe that the dip was mainly due to the weak global market sentiments. They said that Indian stock market remained sideways to lower on Monday after losing on Thursday and Friday. So, this secondary market mood also weighed on the grey market sentiments in regard to Cyient DLM IPO. They said that small price band may attract investors in large number and the grey market mood may further go up in upcoming sessions.
What this GMP mean?
Market observers said that Cyient DLM IPO GMP today is ₹100, which means grey market is expecting that Cyient DLM IPO listing price would be around ₹365 ( ₹265 + ₹100), which is around 35 per cent higher from its price band of ₹250 to ₹265 apiece.
Cyient DLM IPO subscription status
On day one of bidding, Cyient DLM IPO has been subscribed 2.65 times whereas its retail portion has been subscribed 9.82 times.
Cyient DLM IPO review
Giving 'buy' tag to Cyient DLM IPO, Reliance Securities said, "On FY23 annualized financials, the IPO is valued at 66.2x P/E, 25.6x EV/EBITDA and 2.7x EV/Sales, at the upper price band. The EMS market globally is witnessing a strong growth trajectory. India’s EMS market contributes 2.2% ($20bn) of the global EMS market in 2022 and it is the fastest growing among all countries at a CAGR of 32.3%. It is expected to contribute 7% ($80bn) of the global EMS market in 2026 which will aid the company to grow further. Considering the strong business prospects, healthy financials, diversified product mix, tailwinds on the back of solutions-oriented approach, client-focused service and track record of reliability, we recommend SUBSCRIBE to the issue."
Highlighting the financials of the company, Ventura Securities said, "The company is a leading EMS provider in India, specializing in electronics solutions for safety and mission-critical applications. Its strong customer relationships and expertise in regulated industries act as entry barriers for competitors. With evolved capabilities and deep customer engagement, the company offers complex PCBs and end-to-end solutions. Its expertise in safety critical electronic systems sets it apart in the market. The industry's high entry costs and strict regulations contribute to the company's competitive advantage."
On why you should apply for the Cyient DLM IPO, Choice Broking listed out the following five reasons:
1] Ability to provide integrated engineering solutions with capabilities across the product value chain;
2] High entry barriers for competitors due to its technical expertise, capabilities in safety-critical electronics in highly regulated sectors and customer engagement;
3] Robust and sector leading order book with marquee customers, with whom it enjoys sustained and long-standing relationships as their preferred partner;
4] Manufacturing infrastructure, stringent quality, diverse in-house capabilities and robust supply chain, enabling it to provide high quality end-to end integrated solutions to the customers; and
5] Parentage of promoter, Cyient Ltd., and a long history of industry expertise, an experienced board and senior management team.
Other important Cyient DLM IPO details
The public issue is proposed for listing on both BSE and NSE and the likely date for share listing 10th July 2023. Cyient DLM IPO allotment date is most likely on 5th July 2023. KFin Technologies Limited has been appointed as official registrar of the IPO.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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People aware of the development said that CCI has not given expedited permission to the process and have instead sent a notice to the two airlines seeking reason on why an investigation of the impact of the merger should not be conducted. “The process has moved to phase 2 which will entail more discussion between the parties and CCI,” an official of the anti-trust body said.
Phase 1 approval is given by CCI within 30 days if it finds that the transaction is unlikely to cause an adverse effect on competition. If the body forms an opinion that the merger or acquisition is likely to cause an adverse impact on the competition scenario in the sector it sends show cause notice on further review which may take up to 210 working days. On April 19, the Tata owned airlines Air India had approached for a merger.
The Tata group is merging Air India Express and AirAsia India to forma a low cost airline while Air India and Vistara combined will be its full service entity. The combined Tata airline entity with 218 aircraft flying 23.9 % of domestic and 23.10% share of international traffic to and from India will be the second largest domestic carrier behind IndiGo, which has more than 60% market share, and largest international carrier in India.
Spokesperson of the airlines didn’t comment on the issue.
While Tata Sons holds 51% in Vistara, the remaining 49% is owned by Singapore Airlines (SIA). After the merger, SIA will be holding a minority stake of 25.1% stake in the combined entity. The merger is aimed to be completed by March 2024 and will also see SIA investing Rs 5,020 crore in the combined entity as additional capital for FY 23 and 24.The CCI official quoted above said that m the concern is that the entity will be the sole operating Indian full service airline on domestic routes and a combined entity of Air India, Air India Express and Vistara will have a lion’s share of market on Gulf and Middle East route. Full service airlines as against low cost airlines offer a higher standard of service including complimentary inflight meals.However, a Tata group official said that there will be no adverse impact on the merger process. “ It may increase the time taken for the process but will not require any material change,” he said, adding that there is no business cost difference between a full service and low cost airline in India as they operate from a common airport and bear equivalent costs like charges on fuel, landing and parking.
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The 20day EMA 18,650 has been active in the last couple of months and minor upside bounce could be expected in the short term. However, any weakness below this support at 18,650 levels is likely to bring next round of weakness in the market. Immediate resistance is placed at 18,760 levels."
On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities said, "Bank Nifty is making a descending triangle like pattern on the daily chart. The support for Bank Nifty is placed at 43,400. A close below this level can take the Index to 42,600 zones, where its next visible support is placed." However, he cautioned that FPIs still hold more long positions relative to short positions in Index futures as indicated by the Long-Short Ratio. One can expect the selling pressure to pick up once they start to unwind their long positions.
Intraday trading strategy for Tuesday
On sectors that may remain in focus at Indian stock market today, Siddhartha Khemka, Head - Retail Research, Motilal Oswal said, "Sentiments have been dented on account of concern surrounding economic growth globally and rising geopolitical issues within Russia. We expect the market to consolidate in the near term before resuming the upward journey. Sectors like Auto, and FMCG would be in focus with the progress of the monsoon. The primary market is also in buzz with the ideaForge IPO getting subscribed 2.5x on the first day itself, while Cyient DLM IPO will be open for retail participants on Tuesday."
Stocks to watch today
Eight stocks are going to trade ex-dividend today and those eight dividend stocks are Thanga Mayil Jewellery, Bombay Oxygen, Sagarsoft, Silicon Rental, Welspun India, Supreme Petrochem, Anant Raj and Shriram Pistons.
Apart from this, Hindustan Aeronautics Ltd or HAL shares would also be in focus as its board of directors are going to discuss about the stock split and final dividend proposal in its board meeting scheduled today.
F&O ban list
Two stocks have been kept in F&O ban list for trade on 27th June 2023 and those two stocks are Hindustan Copper and RBL Bank.
Day trading stocks for today
On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi — recommended six stocks to buy today.
Ashok Leyland share price has recently created a new all-time high level. The stock has corrected from the new all-time high level of ₹170.55 but has shown a bounce from the initial support itself. ASHOKLEY has a Formed a strong support at ₹160 levels. Currently, the stock is trading around ₹164.25. A smaller resistance is visible on the charts near ₹166.20 levels. Once the stock overcomes the previously mentioned resistance, it will be able to move closer to the target price of ₹172 and higher. The stock is trading above all important moving averages. RSI is also trading comfortably at 67 levels indicating strength.
Based on the above analysis we recommend buying ASHOKLEY at CMP of ₹164.25 with a medium term target price of ₹172. Our analysis will be deemed void if price closes below ₹160 levels.
2] Divi's Lab: Buy @ ₹3535, SL ₹3420, TGT ₹3700.
DIVIS Lab share is currently quoting at ₹3535 and has recently bounced back from a strong support level at ₹3445. The stock has consolidated around these levels for about a month, indicating stability. It has closed above its 20-day EMA and remains comfortably positioned above its 50-day, 100-day, and 200-day EMAs, signalling a healthy long-term trend.
The RSI is at 56 and trending upward, suggesting strengthening buying momentum. Based on these indicators, DIVIS Lab is expected to reach ₹3700 in the near future. However, caution should be exercised if the stock falls below ₹3420.
Anuj Gupta's buy or sell stocks
3] Cipla: Buy at CMP, target ₹1060, stop loss ₹999.
Cipla share price is looking bullish on chart pattern as it has formed higher top higher volume along with substantial rise in trade volume.
4] Tata Consumer: Buy at CMP, target ₹910, stop loss ₹835.
Tata Consumer shares are showcasing uptrend line on chart structure.
Ganesh Dongre's day trading stocks
5]Cummins India: Buy at ₹1874, target ₹1920, stop loss ₹1840.
In the short-term trend, Cummins India share price has a bullish reversal pattern, technically retrenchment could be possible till ₹1920. So, holding the support level of ₹1840 this stock can bounce toward the ₹1920 level in the short term. Hence, the trader can go long with a stop loss of ₹1840 for the target price of ₹1920.
6] DLF: Buy at ₹478, target ₹495, stop loss ₹470.
On the short-term chart, DLF share is showing a bullish reversal pattern, so holding the support level of ₹470 this stock can bounce toward the ₹495 level in the short term. So, the trader can go long with a stop loss of ₹470 for the target price of ₹495.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Know your inner investorDo you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Billionaire Gautam Adani has said the FY23 financial results of the group companies are a testimony to their success despite the "targeted misinformation" in a short-seller's report.
The balance sheet, assets, and operating cashflows are now healthier than ever before and continue to get stronger, the chairman of the ports-to-mining conglomerate said in his address to shareholders in Adani Enterprises Ltd.'s annual report. The pace at which the group has made acquisitions and turned them around is unmatched across the national landscape and has fuelled a significant part of the expansion, he said.
Adani said the short seller report was a combination of targeted misinformation and outdated, discredited allegations, aimed at damaging the group's reputation and generating profits through a deliberate drive-down of stock prices.
Adani Enterprises decided to call off India's largest follow-on public offering after it was fully subscribed as the stock remained volatile after Hindenburg Research alleged "stock manipulation and fraud".
"Despite a fully subscribed follow-on public offering, we decided to withdraw and return the money to our investors to protect their interest," Adani said.
In May, a Supreme Court-appointed committee had said that volatility in Adani stocks after the Hindenburg Research report did not lead to any systemic risk. The panel "confirmed the quality of our group’s disclosures and found no instance of regulatory failure or any breach", Adani said. "While the SEBI is still to submit its report in the months ahead, we remain confident of our governance and disclosure standards".
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
Mumbai: Go First, the low-cost carrier currently under bankruptcy protection, has received approval for interim funding of Rs 450 crore from its lenders. The funding, approved during a joint lenders’ meeting over the weekend, is crucial for revival after the company’s aircraft were grounded in May following insolvency proceedings.
The decision to grant in-principle approval for the interim funds was made during the meeting, subject to the respective boards of the banks providing their final approval. The consortium of lenders includes Central Bank of India, Bank of Baroda, and IDBI Bank.
Go First had earlier indicated that the airline may require only Rs 200-250 crore to restart operations. This is because it anticipates generating cash once operations commence.
Bankers said that any interim finance provided during insolvency proceedings has priority over all other creditors. Also, the funds will be released subject to the airline getting permission from the director general of civil aviation (DGCA) to resume flights.
According to the insolvency filings, the total debt of the airline is around Rs 6,521 crore. The company’s resolution professional, Shailendra Ajmera, will oversee this process. Go First aims to resume operations with 22 aircraft, operating 78 daily flights, as outlined in the revival plan presented to the lenders.
According to analysts, the key to the revival will be regaining passenger trust. The airline had earlier indicated that it would focus on military charter flights and subsequently transitioning to commercial operations.
About 1,860 shares have advanced, 1,783 declined and 174 are unchanged on BSE.
On Monday, at 03:30 pm, indices ended the trading session flat with the BSE Sensex Index down 0.01 per cent at 62,970 and the NSE Nifty-50 Index up 0.14 per cent at 18,691.20. About 1,860 shares have advanced, 1,783 declined and 174 are unchanged on BSE.
Cybele Industries Ltd is in the business of manufacturing, sale and marketing of cables and real estate activities. The shares of the company zoomed 20 per cent upper circuit to Rs 27.30 per share with a spurt in volume by more than 5.25 times on BSE. The stock gave multibagger returns of 171 per cent in just 1 year.
Omega Interactive Technologies Ltd is engaged in the business of software activities including software development. The stock was locked in a 10 per cent upper circuit to Rs 86.27 per share. The shares of the company also traded at a new 52-week high of Rs 86.27. The stock gave multibagger returns of 101.19 per cent in just 1 month and over 150 per cent in just 6 months.
Taparia Tools Ltd is involved in the manufacturing and trading of hand tools. The company's shares saw heavy buying and hit a 5 per cent upper circuit to Rs 10.50 per share with a spurt in volume by more than 10 times on BSE. The sudden rise in stock price is due to the company declaring a dividend of Rs 77.50 per share and bonus shares in the ratio of 4:1. The company verified the record date for the bonus issue as July 11, 2023.
Following is the list of low-priced stocks that were locked in the upper circuit on June 26:
The leader of the Wagner mercenary group defended his short-lived insurrection in a boastful audio statement Monday, but uncertainty still swirled about his fate, as well as that of senior Russian military leaders, the impact on the war in Ukraine, and even the political future of President Vladimir Putin. Russian Defence Minister Sergei Shoigu made his first public appearance since the uprising that demanded his ouster, in a video aimed at projecting a sense of order after the country's most serious political crisis in decades. In an 11-minute audio statement, Yevgeny Prigozhin said he acted “to prevent the destruction of the Wagner private military company” and in response to an attack on a Wagner camp that killed some 30 fighters. “We started our march because of an injustice,” Prigozhin said in a recording that gave no details about where he is or what his future plans are. A feud between the Wagner Group leader and Russia's military brass that has festered throughout the war erupted into a mutiny that saw the mercenaries leave Ukraine to seize a military headquarters in a southern Russian city and roll seemingly unopposed for hundreds of miles toward Moscow, before turning around after less than 24 hours on Saturday. The Kremlin said it had made a deal for Prigozhin to move to Belarus and receive amnesty, along with his soldiers. There was no confirmation of his whereabouts Monday, although a popular Russian news channel on Telegram reported he was at a hotel in the Belarusian capital, Minsk. In his statement, Prigozhin taunted Russia's military, calling his march a “master class” on how it should have carried out the February 2022 invasion of Ukraine. He also mocked the Russian military for failing to protect the country, pointing out security breaches that allowed Wagner to march 780 kilometers (500 miles) without facing resistance and block all military units on its way. The bullish statement made no clearer what would ultimately happen to Prigozhin and his forces under the deal purportedly brokered by Belarusian President Alexander Lukashenko. Prigozhin didn't disclose details, but said Lukashenko “proposed finding solutions for the Wagner private military company to continue its work in a lawful jurisdiction.” That suggested Prigozhin might keep his military force, although it wasn't immediately clear which jurisdiction he was referring to. The independent Russian news outlet Vyorstka claimed that construction of a field camp for up to 8,000 Wagner troops was underway in an area of Belarus about 200 kilometers (320 miles) north of the border with Ukraine. The report couldn't be independently verified. The Belarusian military monitoring group Belaruski Hajun said on Monday on Telegram that it had seen no activity in that district consistent with construction of a facility, and hadn't no indications of Wagner convoys either in or moving towards Belarus. Though the mutiny was brief, it was not bloodless. Russian media reported that several military helicopters and a communications plane were shot down by Wagner forces, killing at least 15. Prigozhin expressed regret for downing the aircraft but said they were bombing his convoys. Russia's Defence Ministry has denied attacking Wagner's camp, and the US had intelligence that Prigozhin was building up his forces near the border with Russia for some time, suggesting the revolt was planned. Russian media reported that a criminal case against Prigozhin hasn't been closed, despite earlier Kremlin statements, and some Russian lawmakers called for his head. Andrei Gurulev, a retired general and current lawmaker who has rowed with the mercenary leader, said Prigozhin and his right-hand man Dmitry Utkin deserve “a bullet in the head.” It was unclear what resources Prigozhin can draw on, and how much of his substantial wealth he can access. Police searching his St. Petersburg office amid the rebellion found 4 billion rubles (USD 8 million) in trucks outside the building, according to Russian media reports confirmed by the Wagner boss. He claimed the money was intended to pay his soldiers' families. Russian media reported that Wagner offices in several Russian cities had reopened on Monday and the company had resumed enlisting recruits. In a return to at least superficial normality, Moscow's mayor announced an end to the “counterterrorism regime” imposed on the capital on Saturday, when troops and armoured vehicles set up checkpoints on the outskirts and authorities tore up roads leading into the city. The Defence Ministry published video of Shoigu in a helicopter and then meeting with officers at a military headquarters in Ukraine. It was unclear when it was shot. The video came as Russian media speculated that Shoigu and other military leaders have lost Putin's confidence and could be replaced. Before the uprising, Prigozhin had blasted Shoigu and General Staff chief Gen. Valery Gerasimov with expletive-ridden insults for months, attacking them for failing to provide his troops with enough ammunition during the fight for the Ukrainian town of Bakhmut, the war's longest and bloodiest battle. Prigozhin's statement appeared to confirm analysts' view that the revolt was a desperate move to save Wagner from being dismantled after an order that all private military companies sign contracts with the Defence Ministry by July 1. Prigozhin said the majority of his fighters refused to come under the Defence Ministry's command, and the force planned to hand over the military equipment it was using in Ukraine on June 30, after pulling out of Ukraine and gathering in the southern Russian city of Rostov-on-Don. Prigozhin claimed an attack that killed his fighters outraged the commanders and they decided to move sooner. Russian political analyst Tatiana Stanovaya said on Twitter that Prigozhin's mutiny “wasn't a bid for power or an attempt to overtake the Kremlin,” but a desperate move amid his escalating rift with Russia's military leadership. While Prigozhin could get out of the crisis alive, he doesn't have a political future in Russia under Putin, Stanovaya said. It was unclear what the fissures opened by the 24-hour rebellion would mean for the war in Ukraine, where Western officials say Russia's troops suffer low morale. Wagner's forces were key to Russia's only land victory in months, in Bakhmut. The UK Ministry of Defence said on Monday that Ukraine had “gained impetus” in its push around Bakhmut, making progress north and south of the town. Ukrainian forces claimed to have retaken Rivnopil, a village in an area of southeast Ukraine that has seen heavy fighting. US President Joe Biden and leaders of several of Ukraine's European allies discussed events in Russia over the weekend, but Western officials have been muted in their public comments. Russian Foreign Minister Sergey Lavrov told broadcaster RT that US Ambassador Lynne Tracy contacted Russian representatives Saturday to stress that the US was not involved in the mutiny and considered it an internal Russian matter. There was no immediate confirmation from the US, although Secretary of State Antony Blinken said on Sunday that US officials had “engaged” with Russia to stress the importance of protecting US citizens and interests. NATO Secretary-General Jens Stoltenberg said on Monday that “the events over the weekend are an internal Russian matter.” EU foreign policy chief Josep Borrell said the revolt showed that the war is “cracking Russia's political system”. “The monster that Putin created with Wagner, the monster is biting him now," Borrell said. “The monster is acting against his creator.”
The leader of the Wagner mercenary group defended his short-lived insurrection in a boastful audio statement Monday, but uncertainty still swirled about his fate, as well as that of senior Russian military leaders, the impact on the war in Ukraine, and even the political future of President Vladimir Putin. Russian Defence Minister Sergei Shoigu made his first public appearance since the uprising that demanded his ouster, in a video aimed at projecting a sense of order after the country's most serious political crisis in decades. In an 11-minute audio statement, Yevgeny Prigozhin said he acted “to prevent the destruction of the Wagner private military company” and in response to an attack on a Wagner camp that killed some 30 fighters. “We started our march because of an injustice,” Prigozhin said in a recording that gave no details about where he is or what his future plans are. A feud between the Wagner Group leader and Russia's military brass that has festered throughout the war erupted into a mutiny that saw the mercenaries leave Ukraine to seize a military headquarters in a southern Russian city and roll seemingly unopposed for hundreds of miles toward Moscow, before turning around after less than 24 hours on Saturday. The Kremlin said it had made a deal for Prigozhin to move to Belarus and receive amnesty, along with his soldiers. There was no confirmation of his whereabouts Monday, although a popular Russian news channel on Telegram reported he was at a hotel in the Belarusian capital, Minsk. In his statement, Prigozhin taunted Russia's military, calling his march a “master class” on how it should have carried out the February 2022 invasion of Ukraine. He also mocked the Russian military for failing to protect the country, pointing out security breaches that allowed Wagner to march 780 kilometers (500 miles) without facing resistance and block all military units on its way. The bullish statement made no clearer what would ultimately happen to Prigozhin and his forces under the deal purportedly brokered by Belarusian President Alexander Lukashenko. Prigozhin didn't disclose details, but said Lukashenko “proposed finding solutions for the Wagner private military company to continue its work in a lawful jurisdiction.” That suggested Prigozhin might keep his military force, although it wasn't immediately clear which jurisdiction he was referring to. The independent Russian news outlet Vyorstka claimed that construction of a field camp for up to 8,000 Wagner troops was underway in an area of Belarus about 200 kilometers (320 miles) north of the border with Ukraine. The report couldn't be independently verified. The Belarusian military monitoring group Belaruski Hajun said on Monday on Telegram that it had seen no activity in that district consistent with construction of a facility, and hadn't no indications of Wagner convoys either in or moving towards Belarus. Though the mutiny was brief, it was not bloodless. Russian media reported that several military helicopters and a communications plane were shot down by Wagner forces, killing at least 15. Prigozhin expressed regret for downing the aircraft but said they were bombing his convoys. Russia's Defence Ministry has denied attacking Wagner's camp, and the US had intelligence that Prigozhin was building up his forces near the border with Russia for some time, suggesting the revolt was planned. Russian media reported that a criminal case against Prigozhin hasn't been closed, despite earlier Kremlin statements, and some Russian lawmakers called for his head. Andrei Gurulev, a retired general and current lawmaker who has rowed with the mercenary leader, said Prigozhin and his right-hand man Dmitry Utkin deserve “a bullet in the head.” It was unclear what resources Prigozhin can draw on, and how much of his substantial wealth he can access. Police searching his St. Petersburg office amid the rebellion found 4 billion rubles (USD 8 million) in trucks outside the building, according to Russian media reports confirmed by the Wagner boss. He claimed the money was intended to pay his soldiers' families. Russian media reported that Wagner offices in several Russian cities had reopened on Monday and the company had resumed enlisting recruits. In a return to at least superficial normality, Moscow's mayor announced an end to the “counterterrorism regime” imposed on the capital on Saturday, when troops and armoured vehicles set up checkpoints on the outskirts and authorities tore up roads leading into the city. The Defence Ministry published video of Shoigu in a helicopter and then meeting with officers at a military headquarters in Ukraine. It was unclear when it was shot. The video came as Russian media speculated that Shoigu and other military leaders have lost Putin's confidence and could be replaced. Before the uprising, Prigozhin had blasted Shoigu and General Staff chief Gen. Valery Gerasimov with expletive-ridden insults for months, attacking them for failing to provide his troops with enough ammunition during the fight for the Ukrainian town of Bakhmut, the war's longest and bloodiest battle. Prigozhin's statement appeared to confirm analysts' view that the revolt was a desperate move to save Wagner from being dismantled after an order that all private military companies sign contracts with the Defence Ministry by July 1. Prigozhin said the majority of his fighters refused to come under the Defence Ministry's command, and the force planned to hand over the military equipment it was using in Ukraine on June 30, after pulling out of Ukraine and gathering in the southern Russian city of Rostov-on-Don. Prigozhin claimed an attack that killed his fighters outraged the commanders and they decided to move sooner. Russian political analyst Tatiana Stanovaya said on Twitter that Prigozhin's mutiny “wasn't a bid for power or an attempt to overtake the Kremlin,” but a desperate move amid his escalating rift with Russia's military leadership. While Prigozhin could get out of the crisis alive, he doesn't have a political future in Russia under Putin, Stanovaya said. It was unclear what the fissures opened by the 24-hour rebellion would mean for the war in Ukraine, where Western officials say Russia's troops suffer low morale. Wagner's forces were key to Russia's only land victory in months, in Bakhmut. The UK Ministry of Defence said on Monday that Ukraine had “gained impetus” in its push around Bakhmut, making progress north and south of the town. Ukrainian forces claimed to have retaken Rivnopil, a village in an area of southeast Ukraine that has seen heavy fighting. US President Joe Biden and leaders of several of Ukraine's European allies discussed events in Russia over the weekend, but Western officials have been muted in their public comments. Russian Foreign Minister Sergey Lavrov told broadcaster RT that US Ambassador Lynne Tracy contacted Russian representatives Saturday to stress that the US was not involved in the mutiny and considered it an internal Russian matter. There was no immediate confirmation from the US, although Secretary of State Antony Blinken said on Sunday that US officials had “engaged” with Russia to stress the importance of protecting US citizens and interests. NATO Secretary-General Jens Stoltenberg said on Monday that “the events over the weekend are an internal Russian matter.” EU foreign policy chief Josep Borrell said the revolt showed that the war is “cracking Russia's political system”. “The monster that Putin created with Wagner, the monster is biting him now," Borrell said. “The monster is acting against his creator.”
