POWER MARKET REGULATIONS
IT stocks lead D-Street charge as rate cut speculation mounts
The 30-share BSE Sensex rose by 52 points, or 0.06%, to close at 80,716, while the broader NSE Nifty increased by 26 points, or 0.11%, finishing at 24,613. In the Sensex pack, HUL, Bharti Airtel, Tech Mahindra, Infosys, M&M, and ICICI Bank recorded gains. Conversely, Kotak Mahindra Bank, NTPC, Reliance Industries, UltraTech Cements, and Power Grid saw declines.
Govt Goldmine: PSU stocks still partying hard on D-Street
Public sector stocks have seen a significant increase in market capitalisation post-election results, with speculation of potential government stake sales. Valuations are high, posing challenges for further price appreciation. Retail investors are advised to be cautious and consider CPSE ETF for investment.
US senators call out big tech's new approach to poaching talent, products from smaller AI startups
President Joe Biden's administration and lawmakers from both parties have promoted stricter oversight of the tech industry recently. US antitrust authorities plan to investigate the roles of Microsoft, Nvidia, and OpenAI in the AI boom, with the Department of Justice probing Nvidia and the Federal Trade Commission scrutinising Microsoft and OpenAI partnerships.
European regulators crack down on Big Tech
EU regulators probe Big Tech. Apple addresses DMA breaches, Spotify's complaint. Microsoft leaves OpenAI’s board. Meta's consent model, CrowdTangle features, Facebook, Instagram’s child safety scrutinized. Google fined 2.42 billion euros. Amazon's DSA compliance checked. NVIDIA faces French probe. TikTok, Meta gatekeeper disputes. Italy fines Facebook, Meta. Germany ends Google probe. UK investigates cloud market. Spain suspends Meta products.
Equity market investors: A new powerful political constituency
India's financial shift includes 13.6 crore investors, about 10% affluent, driven by SEBI and smartphones. Participation extends beyond Maharashtra and Gujarat to states like Uttar Pradesh and Madhya Pradesh. Individual investor opinions shape economic policies. Retail investors hold an 18.5% listed share, contributing ₹25,000 crore via Securities Transaction Tax, despite risky leveraged positions.
Explained: Why is France targeting Nvidia?
France's antitrust regulator is set to charge Nvidia in relation to alleged anti-competitive practices. The move comes after dawn raids by French authorities in September last year, which sources said targeted Nvidia. The raids were the result of an ongoing probe into the cloud computing industry.
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Kotak Bank gets pulled into Hindenburg-Adani-SEBI wormhole; here what it said
Kotak Hindenburg Adani SEBI: US-based short-seller Hindenburg Research disclosed that SEBI accused them of violating Indian regulations, calling the charges "nonsense" and alleging they aim to silence critics of powerful figures. For the first time, Hindenburg implicated Kotak Mahindra Bank in the Adani controversy, causing the stock to dip sharply.
World Bank lends $1.5 billion push to power green hydrogen market
India's energy transition supported by the World Bank includes green hydrogen promotion, renewable energy scaling, and grid code amendments for enhanced integration of battery energy storage solutions.
Wary Paytm to avoid regulated biz; Foxconn to make AI servers in India
Happy Friday! Paytm is steering clear of regulated businesses and will instead focus on building a strong distribution network. This and more in today's ETtech Morning Dispatch.
Infosys CEO Parekh settles insider trading charges
Salil Parekh, CEO of IT major Infosys, has settled a matter related to alleged insider trading violation by agreeing to pay Rs 25 lakh, said the Securities and Exchange Board of India (Sebi).
Apple's App Store rules breach EU tech rules, EU regulators say
The European Commission, functioning as both the EU's antitrust and technology regulator, announced that it has forwarded its initial findings to Apple after launching an investigation in March. Additionally, the EU executive revealed that it is also opening an inquiry into the iPhone maker concerning its updated contractual terms for third-party app developers and app stores.
Explainer: Why the few big AI players worry US antitrust regulators
U.S. antitrust enforcers are investigating Big Tech's impact on the AI sector, looking into potential competition issues. Key concerns include data access advantages, impact on workers, and partnerships with Big Tech firms.
Housing finance companies to do well over the next 2-3 years: Madhu Kela
Even pre-election, I had an interaction with media and I said that I am very constructive on the overall financial sector, so I remain constructive. I think some of the corporate banks are also available at very reasonable valuation compared to their historical past, hardly any return is being made in the last four-five years, I would argue it is a good thing to have them in your portfolio. However as you rightly said within the whole sector the biggest opportunity might be in the housing finance sector basically because the companies are available at a very reasonable valuation.
Six civic bodies likely to debut on Bond Street by next month
Nashik, Visakhapatnam, Kanpur, Surat, Varanasi, and Prayagraj are likely to issue municipal bonds by July with a fundraise of Rs 100-300 crore at 7.9-8.3% coupon rate. Municipal bodies have raised nearly Rs 3,000 crore from the bond market in last seven years
US clears way for antitrust inquiries of Nvidia, Microsoft and OpenAI
Federal regulators are proceeding with antitrust investigations into Microsoft, OpenAI, and Nvidia in the AI industry. The Justice Department and FTC are leading the investigations, signaling increased scrutiny into AI technology.
Electricity trade volumes on IEX jumps nearly 29 pc to 10,633 mn units in May
Indian Energy Exchange's trade volume grew by 29% in May, with electricity volumes increasing by 21%. The renewable energy certificates (RECs) surged by 640.3% yearly, impacting obligated entities and voluntary customers. Proactive measures by the government and regulators influenced trading platforms and market prices.
IAMAI view on draft Digital Law not shared by all constituents: four members tell MCA
Four members of IAMAI, including Bharat Matrimony, Match Group, Hoichoi, and ShareChat, express divergent views on ex-ante regulation in the draft DCB to the Ministry of Corporate Affairs.
Power stocks: Stay with the re-rated ones in Modi 2.0 for next round in 3.0, just hedge a bit, 5 stocks with upside potential of upto 23%
In the last ten years there have been many sectors which have come out of their troubled past, but the power sector probably stands out for multiple reasons. First, moving out of trouble not only meant that power companies were able to stand on their own feet, but also a big amount of NPA which the banks were saddled with was due to power companies being in the red. So, the health of the power sector, especially the private companies, has seen an improvement. Because there are a large number of PSUs in the power sector, due to policy push and changes in the policy a number of them have seen better performance. Now because any sector where the government and its policies have played an important role in terms of revival, the continuation of the policy framework becomes critical for the sector. So in such a sector, shareholders should hedge before the election results so that their decisions are not impacted by the narrative that FPI are selling due to polls.
Airlines, hotels, retailers fear being left out in Google's search changes
Airlines, hotels, and retailers urge EU tech regulators for fair treatment in Google's compliance with DMA regulations. Concerns raised about revenue impact as Google's response focuses on changes favoring large intermediaries and aggregators, with ongoing investigations by the Commission.
Apple fights €1.8 billion EU antitrust fine for curbs on Spotify
The iPhone maker has filed a suit at the EU’s General Court in Luxembourg to topple the March decision, according to people familiar with the matter who spoke on condition of anonymity.
Is the stock market closed for Mumbai elections, today?
Stock Market Holiday:Equity markets will be closed for Mumbai elections. Special trading session on March 2, 2024. Nifty 50 and BSE Sensex performance. Top gainers and losers. The Multi-Commodity Exchange (MCX) will remain closed for the morning session but will be open for the evening session. Apart from Mumbai Elections (May 20), in 2024, the markets will be shut for Bakri Id (June 17), Muharram (July 17), Independence Day (August 15), Mahatma Gandhi (October 2), Diwali (November 1), Gurunanak Jayanti (November 15) and Christmas (December 25).
No more business class?
European business leaders remain optimistic about another Trump presidency, with potential trade shifts and capital relocation. Investor 'patriotism' declines amid EU challenges. US policies influence productivity. The EU must address hurdles to boost competitiveness and attract investments for future success.
RBI’s proposed project financing regulations not to impact REC profitability at all: CMD
Vivek Kumar Dewangan, CMD of REC, navigates through the intricate financial landscape, emphasizing strategic planning, regulatory compliance, and sustainable growth to propel REC towards a robust future in the evolving energy financing sector. Dewangan says: "In case, our capital gets reduced though the impact is not going to be much actually because we have a large cushion. We have the option of raising perpetual bonds. We can increase our tier I capital and tier II capital also can be increased by raising subordinate debt."
Sebi comes out with stringent rules to tackle misconduct, corrupt practices by employees
In its notification dated May 6, Sebi said that the new framework would be also applicable to those employees who have resigned or retired from the services or have completed the tenure of deputation. The new rules have been made applicable from the same date.
Microsoft hit with Spanish startups' complaint about cloud practices
The US tech giant ranks second in the cloud computing sector, behind market leader Amazon but is expected to close the gap rapidly as a clutch of generative AI features powered by OpenAI's technology attract business users.
Why India needs to give more power to its regulators
Supreme Court rebukes IMA for unethical practices, highlighting inadequate regulations in India, affecting product quality. Urgent need for a healthcare regulator to address patient grievances and ensure affordable insurance coverage for citizens.
India's competition regulator checks if Glenlivet-maker Pernod colluded with New Delhi retailers
India's competition watchdog is examining allegations that Pernod Ricard of France collaborated with retailers in New Delhi to increase market share. Legal documents suggest the spirits giant faces antitrust issues in India, with accusations of influencing retailers to stock its products in exchange for financial aid.
European regulators crack down on Big Tech
Apple, Meta Platforms and Alphabet's Google could receive hefty fines by the end of the year for alleged breaches including disparaging rival products on their platforms.
Apple, Meta, Google set to face EU Digital Markets Act probes
The European Commission will likely announce the investigations in coming days and issue decisions before EU antitrust chief Margrethe Vestager's term ends in November, they said.
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