Pritam Mandke (Mandke Fincorp)
Last week, Nifty and Sensex fell by a total of 470.20 points and 1475.96 points respectively, Nifty closed at 22023.35 and Sensex at 72643.43. Nifty recorded a decline of 2.09 percent while Sensex recorded a decline of 1.99 percent. Top gainers in Nifty include TCS (2.7 percent), Britannia (1.7 percent), Bharti Airtel (1.7 percent), HDFC Life (1.7 percent), Nestle India (1.7 percent), while top decliners are NTPC (-10.2 per cent), Tata Steel (-9.9 per cent), Coal India (-9.5 per cent), Power Grid (-9.1 per cent), Tata Motors (-9.0 per cent).
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Recently, the market regulator SEBI has asked whether there is any remedy in case of increased prices of smallcap and medcap stocks in mutual funds. Due to this panic among the small cap and mid cap type of investors, these indices were seen falling. Small cap fell by 2640.82 points while midcap fell by 1602.41 points (total).
After SEBI expressed concern over the increased prices of small caps and midcaps, all mutual funds conducted a 'stress test' of their portfolios in this category. This is a kind of test and in this it was reviewed how many days it would take the concerned fund manager to sell (liquidate) the stocks (shares) in his portfolio if the market falls. The results came out on March 15.
The largest small cap fund like Nippon will take 27 days to liquidate 50 percent of its portfolio, while HDFC Small Cap will take 42 days and government SBI Small Cap Fund will take 60 days. Able to open portfolio in minimum days. (Liquidate) is expected in these exams. Similarly, a similar examination was conducted in the midcap category as well. Investors can find the results of all these on the respective mutual fund's base site or on Google.
After a long wait, the central government approved the policy for the manufacture of electric vehicles (EV). This paved the way for Tesla, a strong company in this sector, to enter India. In this, companies investing more than 50 crores can get dollar rebate on import duty. Foreign companies investing more than 80 crore dollars can bring 40 thousand electric vehicles to India; But while doing this, it will be mandatory to give a bank guarantee to the concerned company before the construction of the project.
Fundraising opportunities for charitable organizations on the Social Stock Exchange, a subsidiary of the National Stock Exchange. 5 charitable organizations raised a total fund of 8 crores through this. For this, as the 'IPO' of the company is brought in the NSE. Similarly, NPO of charitable organization is brought in 'SSE'. This fund will be used for the purposes of education, agriculture, women development, skill development, improvement of standard of living. Currently more than 50 (registered) 'NPOs' (Non-Profit Organizations) are participating on 'SSE'.
IndiGo Airlines co-founder Rakesh Gangwal sold 5.83 percent stake in InterGlobe Aviation for Rs 6,786 crore. Each of the 7.5 million shares was sold in the open market at 3 percent. The sale price in each phase was 2262 crores. The shares were traded at prices ranging from 3015.10 to 3016.36 per share. Of this, 633 crore shares (2.1 million shares) were bought by Morgan Stanley Asia.
In the month of February, India's retail inflation rate (CPI inflation) reached 5.09 percent. The Index of Industrial Production (IIP), a measure of India's industrial progress, came in at 3.8 percent in January. This index was 4.2 percent in the month of December. In the month of February, foodgrain inflation rate increased mainly. Food inflation rate reached 8.66 percent. Even now, the RBI has adopted a policy of bringing the inflation rate under control before cutting interest rates. Internationally, the US inflation rate reached 3.3 percent in February.
The Reserve Bank of India bought as much as 8.7 tonnes of gold from the global market in January with an aim to increase India's reserves and provide future security and stability (Kashvasalpas) to the rupee against other currencies. This is the biggest purchase since July 2022. Due to this, India's gold reserve reached 812.3 tons from 803.58 tons.
The State Bank released the details regarding the election bonds as per the directions of the Supreme Court. Martins Future Games and Hotel Services, a lottery company based in Chennai, was found to have bought the most bonds worth Rs 1368 crore. While releasing the information, the State Bank did not disclose the specific numbers (alphanumeric numbers) assigned to the bonds. The Supreme Court ruled that these numbers were also required to be announced.
Now the case will be heard again on March 18. Two separate lists were presented, a list of individuals or organizations currently buying bonds and another list of amounts received by political parties through bonds; But if the special number (alpha numeric number) is announced, it will be clear how many bonds someone has bought and how much amount has been paid to which party.
International conglomerate Paramount Global will sell 13.01 percent stake in news services provider Viacom 18 to Reliance. 4286 crores will be sold. After this purchase, Reliance's stake in Viacom 18 will reach 70.49 percent from 57.48 percent.
International company British American Tobacco (BAT) sold 3.5 percent stake in Indian company ITC for 17485 crores. A total of 43.68 crore shares were sold. The stock was sold at an average price of Rs.400.25.
Tata Motors signed MoU with Tamil Nadu Govt. It was announced to set up a vehicle manufacturing project in the state with an investment of 9 thousand crores in the next five years. This will provide about 5 thousand direct and indirect employment.
India's foreign exchange reserves rose by a whopping $10.5 billion to a two-year high of $636.1 billion in the week ended March 8.