CORPORATE GOVERNANCE
Government working on aggregation of CA firms, accounting standards for insurance sector
Government and ICAI collaborate to boost global accounting firm presence. Efforts include setting standards for insurance sector and LLPs, and reducing the time for voluntary company closure. ICAI President plans for CA firm aggregation in the near future.
Gilts to shine brighter from tomorrow
JP Morgan will include 27 fully accessible Indian government bonds in its GBI-EM global index suite starting June 28, allowing global investors to deploy funds in these bonds.
"Encroachment on government land will be investigated": Mamata Banerjee in Howrah
West Bengal Chief Minister Mamata Banerjee chaired a meeting addressing Howrah's issues of encroachment and illegal construction. She directed the Howrah Police and State Chief Secretary to investigate and act against those involved in land encroachment. Banerjee criticized officials for their involvement in extortion and highlighted the illegal activities in Salt Lake. She also expressed concerns over the Teesta Treaty, claiming West Bengal was not consulted on decisions affecting water distribution to Bangladesh, and planned to address the issue with the Prime Minister.
ETMarkets Smart Talk: We could see tweak in corporate & personal tax to boost consumption in Budget 2024: Samir Bahl
While the expectations on overall economic growth were unchanged, FED committee members increased their inflation forecast for 2024 and 2025 and hence in June 2024, Fed kept the interest rates unchanged at 5.50%.
Australian, Canadian broadcasting corp reports on Indian 'meddling' alike
Australian Broadcasting Corporation (ABC) has made allegations about Indian spies and the Modi government's infiltration in Australia, similar to a report by Canadian Broadcasting Corporation (CBC). The ABC report claims that the Sikh diaspora and their families in India have been coerced by Indian authorities, and the Australian government is worried about Indian spies on its soil.
With Odisha and Andhra being governed by NDA 3.0, will Aquaculture, a sector dominated by small caps and troubles, see a turnaround?
When looking at any sector, it is good to know the history of that sector, it helps in bringing the context to the possible investing time frame and also the risks which come with that particular investment. Aquaculture as a sector came into limelight in 1992-93. Best of the names of India Inc of that time entered the sector as the Indian economy was opening up and exports were expected to pick up. It was assumed that given the long coastline the production of shrimps would be an easy business to grow. But reality turned out to be very different and the story is full of troubles. There were multiple reasons, right from the nature of business itself and lack of coordinated and sustained support by the government. But now with NDA 3.0 in power in two states which dominated this sector, will there be a more coordinated effort to bring this industry back on track and turnaround is sustained?
Suzlon shares dip 5% as independent director resigns
Shares of Suzlon Energy dropped by 5% during Monday's early session, hitting the day’s low of Rs 47. This decline followed the resignation of the company’s independent director, Marc Desaedeleer, from his directorship on June 8.
Suzlon's independent director Marc Desaedeleer resigns citing governance, transparency issues
Marc Desaedeleer, an independent director at Suzlon Energy, resigned from the board citing concerns about compliance and transparency. He praised the company's performance but expressed disappointment in governance standards and communication. Desaedeleer had raised these issues with the chairman and board members before deciding to step down from his position.
From Street darlings to sell-off targets, PSUs feel the heat
PSUs tanked in trading post BJP's election setback. Concerns arise over govt's focus on reviving state-owned companies. Stocks plunge, eroding market cap by ₹10.62 lakh crore.
Reality behind the 8.2% FY24 GDP growth is not as robust
The 8.2% FY24 GDP growth reflects a modest deceleration from 3QFY24 at 8.6%. Real gross value added growth slowed considerably in 4QFY24 to 6.3% from 8.3% in 1QFY24.
India Inc exits FY24 on a strong note, clocks double-digit profit growth in Q4
Corporate India saw double-digit growth in net profit and single-digit revenue increase in the March 2024 quarter. Expectations are for healthy growth in the current fiscal year due to peaking interest rates and government policy continuity.
Defence stocks: Long runway, hedge a bit to avoid narrative-based decisions; 8 PSU & Pvt sector stocks, 4 with upside potential of upto 44%
In an election season, there are bound to be times when one or the other narrative may make one question about whether one should sell the stocks. The underlying reason would be fear of losing the gains on which one is sitting. Especially when it comes to sectors like defence, railways and others which have seen a strong re-rating and siting with big gains and already there has been skepticism about their stock price moving ahead of time. Now let's look at the issue in two ways, first is whether the fundamentals of the sector are on a strong foot and business is fine or not. Second, how to hedge the exposure so that one is not forced to sell due to narrative, because the fact is that a continuation in policy push means that the companies have just started their journey. While defence PSUs are well known, there are other private sector players, whose lifeline is dependent on defence expenditure and in the last few years they have also done well, both on the street and in terms of real business. So, it is better that one should hedge and stay with them and not get jittery because of one or the other narrative which will keep hitting the street till 4th June.
Edelweiss Financial Services shares fall 17% post RBI action on 2 companies
Shares of Edelweiss Financial Services plummeted by 17% on the BSE, hitting a day's low of Rs 64, following a directive from the Reserve Bank of India (RBI). The RBI directed the company to cease and desist from acquiring financial assets due to concerns arising from structured transactions conducted by its group entities.
Will finally all the hard work yield results in Modi 3.0? 7 fertilizer stocks with 4 having ‘buy’ reco and upside upside potential of up to 22%
Few months back when it was announced that the fertilizer subsidy bill was seen as lower than expected, the street reacted negatively. The assumption is that if the fertilizer subsidy is going to come down then it is bad for the sector. Now there is another way to look at it, a government which has been ensuring that agriculture gets the right amount of attention and doing the various policy pushes, then why is the overall projected subsidy bill down? Probably, it may be because the government is expecting that policy actions which it has taken over the years will yield results and some of the other non-financial efforts which it will take in the sector will help reduce the bill without having an adverse effect on any stakeholders. Now unlike other sectors like railways where putting more money or making few policy changes has helped the sector, fertilizer is a more complex sector and is bound to take more time for getting the house in order. But then who says that transition for good is painless.
The emerging fiscal constrictor knot & tightening logjam for market
Strengthening private capex and boosting employment gains are crucial for escaping the fiscal constrictor knot. Improving global demand and household incomes can provide a potential escape route.
Government to get Rs 3,662 crore from LIC as dividend
The government, the largest shareholder in the company, currently holds 96.50% stake in it accounting for 6,10,36,22,781 shares out of 6,32,49,97,701 fully paid up equity shares.
Candidates of strong directional move on 4th June: 5 PSU stocks which have benefited the most due to government policy push and spending
In the last two years, it is a well known fact that every PSU stock has been re-rated by the street, right from perennial under-performers like oil marketing and refining oil companies to PSU banks. But if one looks a bit deeper there are some which have been re-rated more than others. The reason, these are PSUs which are from the sectors where the government has clearly decided are its priority areas and there has been a policy push for these sectors. A company which is going to be providing finance for the expansion of the solar energy network which is the next focus of the government. The overall demand runway for these sectors is longer which means overall growth will be higher when confirmation of policy continuity comes. Also they are in business where it would be difficult for the private sector to compete. Now because it is the policy push which matters, the continuity of tailwinds of higher government spending, will push them for another round of re-rating on the result day.
Dabur's Burmans fire fresh salvo at Religare's Saluja
This is the second time the Burman family, the largest shareholders of Religare, has accused Saluja of insider trading violations. In September, the Burmans accused Saluja of insider trading ahead of the open offer announcement.
IRDAI introduces new corporate governance regulations for insurers
The Insurance Regulatory and Development Authority of India (IRDAI) has mandated that insurance companies must now seek prior approval for appointing their Board Chairperson. Current Chairpersons must comply with this regulation by March 31, 2026, or by the end of their terms, whichever comes first. IRDAI has introduced new corporate governance rules to prevent conflicts of interest in key management roles and to ensure that no individual holds multiple significant positions.
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