Rupee recovers 6 paise to settle at 82.74 against US dollar

The rupee recovered 6 paise to settle at 82.74 (provisional) against the US currency on Wednesday following weakness in the US dollar in global markets.

FII inflows into the capital market and firm equity markets supported the local unit while gains in crude oil prices restricted the rupee upside, according to analysts.

The rupee finally closed at 82.74 against the dollar, a gain of 6 paise compared to the closing level of 82.80 on Tuesday.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.03 per cent lower at 103.50 after US data suggested that labour market was cooling, a scenario that could provide support for the US Federal Reserve in eventual easing interest rates.

Brent crude futures, the global oil benchmark, rose 0.56 per cent to USD 85.97 per barrel.

On the domestic equity market front, the BSE Sensex closed higher by 11.43 points or 0.02 per cent at 65,087.25 points while the broader Nifty advanced by 4.80 points to close at 19,347.45 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Tuesday as they bought shares worth Rs 61 crore, according to exchange data.

Indian nationals, 18 Nepalese fly out of Israel under ‘Operation Ajay’

A special flight carrying Indian nationals and 18 Nepalese citizens wanting to leave Israel amidst the Israel-Hamas conflict left for India on Tuesday as part of ‘Operation Ajay’.

In a post on X, External Affairs Minister S Jaishankar said, “Operation Ajay moves forward. 286 more passengers are coming back to India. Also carrying 18 Nepalese citizens.” The Indian Embassy in Israel said Operation Ajay continues with the fifth flight having taken off from Tel Aviv to Delhi.

“We sent 254 Nepalese citizens on the Nepal Airlines on October 12 and may look to arrange more flights to take them out,” she said.

Nepalese Deputy Chief of Mission in Israel Arjun Dhimire told PTI, “The two embassies (Indian and Nepalese) were in touch and always cooperate with each other. This time also, considering the limited flights, the Embassy of Nepal asked to accommodate its 18 citizens.” Nepal’s embassy in New Delhi is making arrangements to bring home the rescued citizens after they reach Delhi.

The special flights are part of Operation Ajay launched on October 12 to facilitate the return of those Indian nationals who wish to return home following the brazen attacks on Israeli towns by Hamas militants from Gaza on October 7.

The voluntary departure of Indian nationals was necessitated after armed Hamas militants based in the Gaza Strip launched an unprecedented attack on Israel by land, air, and sea on October 7.

Last week, four chartered flights from Tel Aviv came with a total of 906 passengers, including children.

Since the start of hostilities, as many as 2,778 Palestinians have been killed.

According to official Israeli sources, at least 1,400 Israelis and foreign nationals have been killed in Israel.

Will Nifty top 19400 or fall in trade? See GIFT Nifty, FII data, F&O ban, crude, more before market opens

GIFT Nifty was 0.24% higher during Wednesday’s early trading session at 19,361.5, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex. Domestic indices NSE Nifty 50 and BSE Sensex gave up their gains on Tuesday to end flat, continuing the range-bound trend. Nifty concluded just below 19,400, unable to breach the strong resistance level, landing at 19,396.45 with a marginal 0.01% gain.

“Despite the support of positive international markets, Indian equities struggled to maintain their upward momentum due to lingering apprehensions over ongoing global uncertainties. Sectors closely tied to the Western economy, such as IT and pharma, faced challenges, while domestic-oriented sectors, alongside mid- and small-caps, exhibited resilience and gained traction,” said Vinod Nair, Head of Research at Geojit Financial Services.

Asian Markets

Asian shares held tight ranges on Wednesday as investors awaited results from tech darling Nvidia to see if the sector’s lofty valuations can withstand a jump in bond yields, while still gloomy factory readings from Japan left sentiment fragile. MSCI’s broadest index of Asia-Pacific shares outside Japan were up 0.1%, hovering not far away from its nine-month trough hit just two sessions ago. Japan’s Nikkei rose a meagre 0.2%. Chinese shares gave up some gains, with blue-chips off 0.7% following a rebound of 0.8% the previous day, and Hong Kong’s Hang Seng Index easing 0.1% after jumping 1%.

Crude Oil

Oil prices eased in early trade on Wednesday, weighed down by fears U.S. interest rates could stay higher for longer and economic growth could slow further in top crude importer China and hurt fuel demand.

FII/DII Data

Foreign institutional investors (FII) sold shares worth net Rs 495.17 crore, while domestic institutional investors (DII) bought shares worth net Rs 533.75 crore on 22 August, according to the provisional data available on the NSE.

F&O Ban

The National Stock Exchange has PNB, India Cements, Hindustan Copper, GNFC, SAIL, BHEL, Delta Corp, Metropolis Healthcare, ZEEL, Escorts Kubota and Indiabulls Housing Finance securities on its F&O ban list for 23 August. According to the NSE, stocks are prohibited in the F&O sector when they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.

Bank Nifty Outlook

“Bank Nifty has tried to sustain above 44,000 however as the day progressed it witnessed selling pressure and closed marginally in the red. The pullback towards key hourly moving averages placed in the range 44,000 – 44,100 is providing a stiff resistance. Unless the Bank Nifty manages to sustain above the resistance zone we can expect the selling pressure to continue. On the downside the Nifty Bank Nifty can slip towards 43,500 from a short term perspective,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.

Technical View

“The market is witnessing a non-directional activity on the higher side and finding resistance near 19,450, while on the lower side the index is regularly taking support near 19,375. Any fresh uptrend is possible only after the dismissal of 19,450, and above the same the index could rally till 19,500-19,525. On the flip side, dismissal of 19,375 could accelerate the selling pressure and the index could slip till 19,325-19,300,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities.

Sebi fines Rs 7 lakh on Shapoorji Pallonji and Company for violating disclosure rules

Capital markets regulator Sebi has imposed a penalty of Rs 7 lakh on Shapoorji Pallonji and Company for flouting disclosure norms.

In its order, Sebi found that Shapoorji Pallonji and Company did not take prior approval from the stock exchange for converting non-convertible debentures (NCDs) into a term loan way back in March 2021.

Additionally, the company had not updated certain information on its website as required under the Listing Obligations and Disclosure Requirements (LODR) Regulations.

Those details are pertaining to notice of meeting of the board of directors where financial results would be discussed; financial results; complete copy of the annual report after FY 2019-20; information, report, notices, call letters, circulars, proceedings, concerning NCRPS or NCDs; and all information and reports including compliance reports filed by the listed entity.

By not making such disclosures, the company violated the provisions of LODR rules and accordingly, Sebi imposed a “penalty of Rs 7 lakh on the noticee viz. Shapoorji Pallonji and Company Pvt. Ltd”.

The regulator received a letter from Shapoorji Pallonji and Company in July 2021 informing Sebi that it had converted its listed NCDs to term loan on March 31, 2021 in accordance with a One Time Resolution (OTR) plan executed between the company and its lenders.

Following this, an examination was carried out by Sebi in order to examine the compliance status of LODR rules by the company.

Minimum issue size for non-profits at SSEs may be cut by a half

The Securities and Exchange Board India (Sebi) has proposed to reduce the minimum issue size for non-profit organisations (NPOs) on social stock exchanges (SSEs) by 50%, and application size by 95% to facilitate more fundraising.

A consultation paper issued on Tuesday stated that both the NSE and BSE have set up the SSE segment, and 31 NPOs were registered in this segment across both exchanges, as of August 23. An NPO is required to be registered with the SSE to raise funds.

This is because the SSE concept is at an initial stage and NPOs may find it difficult to raise Rs 1 crore from a limited set of investors, says the regulator. In addition, investors are not sufficiently aware of the SSE framework. Consequently, it may not be easy for such NPOs to find investors to raise the stipulated Rs 1 crore. Further, the minimum fund flow requirements for the past financial year of the NPO on the SSE has been fixed at Rs 50 lakh (for annual spending) and Rs 10 lakh (for funding), stated the paper.

As regards the minimum application size for public issue of a ZCZP, it has been proposed to reduce the present Rs 2 lakh threshold to Rs 10,000. Lowering the same could help a large number of investors who may like to subscribe to ZCZP of more NPOs, says the paper. Besides, Rs 2 lakh is deemed too large for those donating on a regular basis.

Among other proposals is to exempt educational institutes from registration under Section 80G of the Income Tax Act, 1961, given that these entities use their income solely for educational purposes and not for profit, similar to charitable institutions. Further, the term ‘social auditor’ will be replaced by ‘Social Impact Assessor’ as the term ‘audit’ has a negative connotation.

The format and detail of past social impact to be provided by NPOs can be based on past practice of the NPOs, as restating the past social impact assessment into a format prescribed by Sebi would be a costly and time-consuming exercise for NPOs, it said.

Sebi has sought comments on the proposals by September 19.

Heavy rainfall lashes Chennai! Schools declare holiday as city reports waterlogging in many areas – In Pics

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Heavy overnight rainfall lashed Chennai and its suburbs. Authorities declared a holiday in schools on Monday. At the airport, International flight operations were also affected. Around 10 incoming flights (including from Doha and Dubai) were diverted to Bengaluru. Downpour also affected departure.However, the showers brought relief to people from the sweltering heat that the city and its nearby districts had been witnessing over the past few days.The weather office has forecasted more spells of rain for the city and its suburbs on Monday.Moderate thunderstorm with “moderate rain is very likely” in isolated places over Chennai, Tiruvallur, Chengalpattu, and Kanchipuram districts, said Regional Metrology Department, Chennai, reported news agency ANI. Here are some pictures. Have a look: 

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Chennai: Aotorcyclist drives past the waterlogged Rajiv Gandhi IT Expressway after rainfall, in Chennai. (PTI Photo)

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Chennai: Vehicles wade through the waterlogged Rajiv Gandhi IT Expressway after rainfall, in Chennai. (PTI Photo)

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Chennai: Motorcyclists drive past the waterlogged Rajiv Gandhi IT Expressway after rainfall, in Chennai. (PTI Photo)

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Chennai: Vehicles wade through the waterlogged Rajiv Gandhi IT Expressway after rainfall, in Chennai. (PTI Photo)

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Chennai: Motorcyclists drive past the waterlogged Rajiv Gandhi IT Expressway after rainfall, in Chennai. (PTI Photo)

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Chennai: A cyclist rides past the waterlogged Rajiv Gandhi IT Expressway after rainfall, in Chennai. (PTI Photo)

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Chennai: Vehicles wade through the waterlogged Rajiv Gandhi IT Expressway after rainfall, in Chennai. (PTI Photo)

TUSD user data gets potentially released over TrueCoin’s third-party vendor infringement 

According to Cointelegraph, the creators of TrueUSD (TUSD), a stablecoin, announced a potential leak of certain Know Your Customer (KYC) and transaction history data. This initiative took place after one of TrueCoin’s third-party vendors was compromised.

Sources revealed that TrueCoin operated TUSD stablecoin till July 13, 2023. On October 16, 2023, a third-party vendor’s security team mentioned TrueCoin as “an anomalous account change within [TrueCoin’s] organisation made by a compromised support vendor.” It is believed that there has been a compromise of some of TUSD’s existing customer data.

Furthermore, the TUSD system is expected to be secure and not attacked. Both the TUSD system and TUSD’s reserves are unaffected, Cointelegraph concluded.

(With insights from Cointelegraph)

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Investments via P-notes rise to Rs 1.23 lakh crore in July-end, highest since December 2017

Investment in the Indian capital markets through participatory notes rose to close to a six-year high at Rs 1.23 lakh crore in July-end, making it the fifth consecutive monthly increase, on the back of stable macroeconomic fundamentals.

The amount has reached the highest level since December 2017 — when investment through the route stood at Rs 1.25 lakh crore, data with the Securities and Exchange Board of India (Sebi) showed.

Participatory notes (P-notes) are issued by registered Foreign Portfolio Investors (FPIs) to overseas investors who wish to be part of the Indian stock market without registering themselves directly.

They, however, need to go through a due-diligence process.

According to Sebi data, the value of P-note investments in Indian markets — equity, debt, and hybrid securities — stood at Rs 1,22,805 crore at the end of July as compared to 1,13,291 a month earlier.

In comparison, investment through the route was Rs 1,04,585 crore in May-end, Rs 95,911 crore in April-end, Rs 88,600 crore in March-end, Rs 88,398 crore in February-end and Rs 91,469 crore in January-end.

The growth in P-notes generally aligns with the trend in FPI flows. When there is a global risk to the environment, investment through this route increases, and vice-versa.

Market analysts said one of the prime factors for the growth in P-notes investments is the stable Indian economy amid an uncertain global macro backdrop.

Additionally, the slowdown in the Chinese economy has led investors to shift their focus towards India.

Of the total Rs 1.22 lakh crore invested through this route till July, Rs 1.13 lakh crore was invested in equities, Rs 9,531 crore in debt and Rs 299 crore in hybrid securities.

In addition, assets under custody of the FPIs grew to Rs 57.53 lakh crore in July-end from Rs 55.63 lakh crore in the preceding month.

Meanwhile, FPIs’ investment in Indian equities was at Rs 46,618 crore in July, while they also infused Rs 3,726 crore in the debt market.

Rupee declines by 8 paise on rebound in crude oil, greenback

The rupee declined by 8 paise to settle at 82.71 (provisional) against the US currency on Tuesday due to a rebound in crude oil prices and greenback in the global markets.

Foreign fund outflows from the equity markets also weighed on the rupee sentiment, forex dealers said.

Volatile equity markets and recovery in crude oil prices during the day hit the rupee sentiment, dragging the unit to a day’s low of 82.73.

The rupee settled lower by 8 paise at 82.71 against the US dollar. On Monday, the rupee edged up by 1 paisa to settle at 82.63.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.01 per cent higher at 104.07.

Brent crude futures, the global oil benchmark, rose 0.60 per cent to USD 84.93 per barrel.

On the domestic equity market front, the BSE Sensex closed higher by 79.22 points at 65,075.82 while the broader Nifty advanced by 36.60 points to close at 19,342.65.

Foreign Institutional Investors (FIIs) were net sellers in capital markets on Monday as they offloaded shares worth Rs ,393.25 crore, according to exchange data.

Petrol and Diesel Rate Today, 23 August: Some cities see revision; Check rates in Delhi, Mumbai, other cities

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad:Petrol and diesel prices were largely constant on Wednesday, 23 August across New Delhi, Kolkata, Mumbai, and Chennai. Petrol rates and diesel rates have been steady over the last few months. However, individual cities see fluctuations in their prices every day. The prices of petrol and diesel change state by state, depending upon various criteria such as Value Added Tax (VAT), freight charges, local taxes, etc.

The last country-wide change in fuel rates was on 21 May last year, when Finance Minister Nirmala Sitharaman slashed excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel. Since the cut of excise duty by the central government in May 2022, some states have also reduced VAT prices on fuels, while some have imposed cess on petrol and diesel.

Currently in Delhi, the price of petrol stands at Rs 96.72 per liter, while diesel is being sold at Rs 89.62 per litre. In Mumbai, petrol demands a higher price of Rs 106.31 per liter, with diesel following suit at Rs 94.27 per litre. Meanwhile, in Kolkata, the cost of petrol amounts to Rs 106.31 per liter, with diesel priced at Rs 92.76 per liter. In Chennai, petrol is available at Rs 102.63 per liter, while diesel can be obtained at Rs 94.24 per liter. Here’s a look at fuel prices in other cities:

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Bengaluru:Petrol rate: Rs 101.94 per litre,Diesel rate: Rs 87.89 per litreChandigarh:Petrol rate: Rs 98.65 per litre, Diesel rate: Rs 88.95 per litreChennai:Petrol rate: Rs 102.63 per litre, Diesel rate: Rs 94.24 per litreGurugram:Petrol rate: Rs 97.04 per litre, Diesel rate: Rs 89.91 per litreKolkata:Petrol rate: Rs 106.03 per litre, Diesel rate: Rs 92.76 per litreLucknow:Petrol rate: Rs 96.57 per litre, Diesel rate: Rs 89.76 per litreMumbai:Petrol rate: Rs 106.31 per litre, Diesel rate: Rs 94.27 per litreNew Delhi:Petrol rate: Rs 96.72 per litre, Diesel rate: Rs 89.62 per litreNoida:Petrol rate: Rs 96.65 per litre, Diesel rate: Rs 89.82 per litre

Public sector Oil Marketing Companies (OMCs) including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise their petrol price anddiesel pricedaily in line with international benchmark prices and forex rates. Any changes in petrol price anddiesel priceare implemented from 6 am every day. “Oil companies will be in a position to look at the issue of reducing petrol and diesel prices if the international crude cost remains stable and these firms have a good next quarter,” said Petroleum Minister Hardeep Singh Puri a few months ago.