Dalal Street Media (2025)

19/06/2021

Sensex climbs 174.29 points to ends at 52,474, Nifty just below 15,800

19/06/2021

US lawmaker: India fastest-growing FinTech market, ahead of US in financial innovation
• Republican Senator Steve Daines said India is the "fastest-growing" FinTech market in the world and far ahead of the US in terms of financial innovation.
• The senator from Montana said the US faces a challenge from China, which has launched a digital Yuan, which they hope will one day displace the dollar as the world's dominant reserve currency.
• "Even beyond the digital Yuan, it's no secret that China and many other countries are well ahead of us with regard to financial innovation," he said during a Congressional hearing by the Senate Banking, Housing and Urban Affairs Subcommittee on Economic Policy on Central Bank Digital Currency.
• "India is among the fastest-growing FinTech markets in the world. In fact, India processed nearly 10 billion more real-time payments than China in 2020, USD 25.5 billion, versus USD 15.7 billion for China," Daines said. He said that compared to India and China, the United States processed just USD 1.2 billion of real-time payments.
• Darrell Duffie, the Adams Distinguished Professor of Management and Professor of Finance at Stanford Graduate School of Business, agreed during the testimony.
• "At this stage, the United States has fallen behind even India and China with respect to digital currency technology. And the competition for commercial services internationally is very important," Duffie said.
• "US banks have been ceding ground to Chinese banks internationally. If the United States wants to compete, it is going to have to invest in technology in this area, particularly with respect to the new uses of digital ledger technology," he added.
• Christopher Giancarlo, the former Chairman of the US Commodity Futures Trading Commission said the use of distributed ledger technology with tokenised money may present a future very different from the one known today.

19/06/2021

IMF sees legal, economic issues with El Salvador's bitcoin move
• On Thursday, The International Monetary Fund said it has economic and legal concerns regarding the move by El Salvador to make bitcoin a parallel legal tender, further clouding the outlook for an IMF-backed program and widening spreads on the country's bonds.
• El Salvador has become the first country in the world to adopt bitcoin as legal tender, with President Nayib Bukele touting its use for its potential to help Salvadorans living abroad to send remittances back home.
• "Adoption of bitcoin as legal tender raises a number of macroeconomic, financial and legal issues that require very careful analysis," said Gerry Rice, an IMF spokesman, during a scheduled press briefing."We are following developments closely, and we'll continue our consultations with the authorities."
• Foreign investors, concerned about the future of an IMF deal they see as key for the Central American country, have demanded increasingly higher premiums to hold Salvadoran debt.
• The spread on the JPMorgan EMBI global diversified index over safe haven US Treasuries jumped by 61 basis points (bps) on Thursday alone to trade at 683 bps, the highest level since Feb. 22. The daily average move over the past 21 trading sessions is 1.86 bps.
• "We see the bitcoin headlines out of El Salvador as noise that could complicate discussions with the IMF," said Citi's Donato Guarino in a recent note to clients, reducing the bank's already underweight exposure to the country even further.
• Rice said the Fund will later on Thursday meet with Bukele to discuss the bitcoin law. El Salvador is in discussions with the IMF seeking a near $1 billion program.
• "Whether El Salvador is going to be attractive (for investors) or not is going to depend on Bukele's ability to use his unquestionable political capital to bring a large consolidated fiscal deficit into control."
• El Salvador's law means bitcoin will have equal footing with the dollar, which became its official currency 20 years ago.

19/06/2021

Bitcoin surges back above $36,000 as El Salvador declares it legal tender and inflation concerns persist
• The world’s most popular cryptocurrency’s price surged back over $$36,000 on Wednesday, boosted by El Salvador's historic move in becoming the first country to establish bitcoin as a legal tender. Investors may have flocked to the asset because of persistent inflationary pressures, which some view as an inflation hedge.
• Bitcoin soared to $36,840 at around 1:24 p.m. ET Wednesday, rising 17% from the intraday low the previous day. Since reaching an all-time high of about $65,000 in April, it has lost nearly 50% of its value.
• "This current market pause is not unexpected. Everyone needs time to assess and digest what the community has built," Paolo Ardoino, CTO of Bitfinex, a cryptocurrency exchange said. "I'm still extremely bullish in the long term about bitcoin and the long-term fundamentals and use cases of the technology."
• Tim Frost, founder of fintech firm Yield, said if bitcoin can break through $38,000, it may signal an upward trend toward its medium-term average of around $47,000 and potentially beyond.
• On Wednesday, the congress of El Salvador voted in favour of bitcoin becoming legal tender in the county. Bitcoin will have the same status as the US dollar - the country's current national currency, once the law passes through the legislative processes. Bitcoin by then will automatically and immediately be converted into US dollars upon use.
• Meanwhile, investors are anticipating US Consumer Price Index data on Thursday, which is expected to show inflation picked up faster than April's pace, which was already the highest reading since 2008. The European Central Bank will also meet the same day.

19/06/2021

Sensex ends 358 points higher, Nifty closes at 15,737

Bombay Stock Exchange (BSE):
BSE Sensex gained 358.83 or 0.69 percent points to end at 52,300.47.

Top BSE Sensex gainers:
Bajaj Finance, Bajaj Finserv, SBI, IndusInd Bank, Dr Reddys Labs, ITC, Tech Mahindra, Kotak Mahindra, HUL, Axis Bank.

Top BSE Sensex losers:
Bajaj Auto, Maruti Suzuki, HCL Tech, UltraTechCement, Power Grid Corp, ONGC, Nestle.

National Stock Exchange (NSE):
NSE Nifty soared 102.40 points or 0.65 percent to end at 15,737.75.

Top NSE Nifty50 gainers:
Bajaj Finance, Bajaj Finserv, SBI, Divis Labs, IndusInd Bank, Wipro, Cipla, Dr Reddys Labs, Tata Steel, Tech Mahindra, JSW Steel.

Top NSE Nifty50 losers:
ITC, Bajaj Auto, Eicher Motors, UPL, Adani Ports, Shree Cements, Maruti Suzuki, Hero Motocorp, BPCL, HCL Tech, UltraTechCement, Power Grid Corp.

19/06/2021

RIL receives Rs 13,150.7 crore, as the first call on partly paid-up equity shares
• The company, till May 31, 2021, received Rs 13,150.7 crore on first call representing around 99 percent of the total amount due, the company said in the regulatory filing.
• Reliance Industries had fixed May 12, 2021 as the record date for the purpose of determining the holders of the partly paid-up equity shares (Eligible Shareholders) who shall be liable to pay the money on the First Call.
• Last year, the company had allotted 42,26,26,894 – Rs 2.50 paid-up equity shares on rights basis.
• "The holders of the aforesaid partly paid-up equity shares, whose names appeared on the Register of Members as on May 12, 2021 (the Record Date), were required to pay the First Call amount of Rs 314.25 per equity share (comprising Rs 2.50 towards face value and Rs 311.75 towards securities premium) between Monday, May 17, 2021 and Monday, May 31, 2021 (both days inclusive), company said.

19/06/2021

Sensex falls 334 points; Nifty ends below 15,650

Bombay Stock Exchange (BSE):
Sensex fell 334.93 points, or 0.64 per cent to end at 51,941.64.

Top BSE Sensex gainers:
Power Grid Corp, NTPC, Titan Company, HCL Tech, Asian Paints, Nestle, Infosys, HUL.

Top BSE Sensex losers:
Larsen & Turbo, Reliance, Bajaj Finserv, IndusInd Bank, Bajaj Finance, SBI, Maruti Suzuki, Axis Bank, Bajaj Auto, Bharti Airtel.

National Stock Exchange (NSE):
Nifty50 was down by 105 points, or 0.67 per cent, to end at 15,635.35.

Top NSE Nifty50 gainers:
Power Grid Corp, SBI Life Insurance Company Ltd., NTPC, Titan Company, Divis Labs, Asian Paints, Cipla, Nestle, HCL Tech, Coal India, Infosys.

Top NSE Nifty50 losers:
Tata Motors, Adani Ports, Larsen& Turbo, Shree Cements, Reliance, IndusInd Bank, IOC, Bajaj Finserv, Bajaj Finance, JSW Steel, SBI, Maruti Suzuki.

19/06/2021

U.S. investigates disclosure of tax records on rich Americans
• The Treasury Department has asked law enforcement authorities to investigate the disclosure of tax records cited in a media report that showed that some of America’s richest people paid little to no income taxes, U.S. officials said on Tuesday.
• U.S. media outlet ProPublica said it obtained "a vast trove of Internal Revenue Service data on the tax returns of thousands of the nation's wealthiest people, covering more than 15 years. According to the data, billionaires including Amazon founder Jeff Bezos and Tesla founder Elon Musk paid no federal income taxes during some years. White House Press Secretary Jen Psaki said that "any unauthorized disclosure of confidential government information" is illegal.
• In an emailed statement that the matter has been referred to the FBI, Treasury Department spokeswoman Lily Adams said, federal prosecutors and two internal Treasury Department watchdogs, "all of whom have independent authority to investigate."
• The IRS, part of the Treasury Department, is the nation’s tax-collecting agency and many tax records are considered confidential documents. IRS Commissioner Charles Rettig also confirmed that an investigation is underway.
• "Obviously we take it very seriously," Psaki told a briefing.
• ProPublica described the records as "confidential" and did not disclose how it obtained them.
• President Joe Biden has sought tax increases on the wealthy to help fund proposed spending on infrastructure and social programs, including raising the top tax rate to 39.6% from the current 37% and nearly doubling the capital gains tax rate to 39.6% for Americans earning $1 million annually or more.
• "We know that there is more to be done to ensure that corporations (and) individuals who are at the highest income are paying more of their fair share," Psaki said.
• Rettig addressed the matter during testimony to the Senate Finance Committee.

19/06/2021

On June 9th, petrol, diesel hiked again to reach new records. Check latest rates in your city

Here are the prices for petrol and diesel for the following cities for June 9th, 2021:
-Chennai: Petrol prices – Rs 96.94 per litre; Diesel prices – Rs 91.15 per litre
-Kolkata: Petrol prices – Rs 95.52 per litre; Diesel prices – Rs 89.32 per litre
-Pune: Petrol prices – Rs 101.37 per litre; Diesel prices – Rs 92.03 per litre
-Bengaluru: Petrol prices – Rs 98.75 per litre; Diesel prices – Rs 91.67 per litre
-Hyderabad: Petrol prices – Rs 99.31 per litre; Diesel prices – Rs 94.26 per litre
-Noida (UP): Petrol prices – 92.91 per litre; Diesel prices – Rs 86.95 per litre
-Mohali (Punjab): Petrol prices – Rs 97.70 per litre; Diesel prices – 89.39 per litre
-Chandigarh: Petrol prices 91.91 per litre; Diesel prices – Rs 86.12 per litre
-Gurugram (Haryana): Petrol prices – Rs 93.36 per litre; Diesel prices – Rs 87.06 per litre

19/06/2021

Sensex down 53 points; Nifty ends at 15.740

Bombay Stock Exchange (BSE):
Sensex down 53 points or 0.10 per cent and s ended at 52,275.

Top BSE Sensex gainers:
Tech Mahindra, Bharti Airtel, HCL Tech and Infosys, Titan Company, Dr Reddys Labs, ITC.

Top BSE Sensex losers:
Kotak Mahindra Bank, SBI, and HDFC Bank, Power Grid Corp, ICICI Bank.

National Stock Exchange (NSE):
Nifty50 down 11.5 points or 0.07 per cent and ended at 15,740.

Top NSE Nifty50 gainers:
Tata Motors, Tech Mahindra, Bharti Airtel, Indian Oil Corporation Ltd., HCL Technologies, Infosys, HDFC Life, Bharat Petroleum and Britannia Industries

Top NSE Nifty50 losers:
Hindalco, Tata Steel, JSW Steel, Kotak Mahindra Bank, HDFC, State Bank of India, HDFC Bank, Shree Cements, Power Grid and UltraTech Cement

19/06/2021

GoM recommends cut in GST on Covid relief material to 5 per cent
• An eight-member group of ministers (GoM) set up to decide Goods and Services Tax reduction on Covid relief materias has recommended that the GST on vaccines be determined by the GST Council and has therefore referred the matter back to the Council, said people aware of the details.
• “The GST Council should decide the rate on vaccines, it has been recommended by GoM,” a senior official said, asking not to be named. The GST Council will have to meet again to take a decision on this aspect.
• The GoM, headed by Meghalaya chief minister Conrad Sangma, has further suggested reduction in GST rates of Covid relief material to 5% on items including medical grade oxygen, oxygen concentrators, pulse oximeters and Covid testing kits, the official added.
• Exemption has been recommended on drugs for treatment of black fungus as well.
• The GST Council had exempted the imports of mucormycosis drug Amphotericin B from the tax in its last meeting held on May 28, but had decided to set up the GoM to look into exemption from the levy for Covid-19 vaccines and other medical products related to treatment of the disease. The GoM was given time till June 8 to submit its report.
• The GoM was formed after several states in GST Council meeting sought for complete tax waiver on Covid-related vaccines, medicines and other materials and equipment. The fitment committee of the GST Council had last month recommended reduction in the items to 5% till July, and till August for Covid-19 testing kits. It had not recommended any change in rate of PPE kits, hand sanitisers, ventilators, N95 surgical masks and ambulances

19/06/2021

India’s Paytm moves Ahead with Planned $3 Billion IPO
• India’s Paytm is asking its employees if they want to sell shares in the digital payments company's planned initial public offering, taking another step closer to what could be the country's largest stock market debut ever.
• According to documents reviewed by Bloomberg News, the startup, formally called One97 Communications Ltd., sent the “offer for sale” to its staff Monday as it prepares to file for the IPO. Paytm’s board has approved the offering plans in principle and is finalizing the draft red herring prospectus, which could be filed as soon as the first week of July, according to a person familiar with the matter.
• Bloomberg News reported in May that the company, whose investors include Berkshire Hathaway Inc., SoftBank Group Corp., and Ant Group Co., is looking to raise about 218 billion rupees ($3 billion) at a valuation of $25 billion to $30 billion. In 2010, Coal India Ltd. raised more than 150 billion rupees in the country's largest IPO.
• One97 Communications “is proposing to undertake an initial public offering of its equity shares (“Equity Shares”), subject to market conditions, regulatory, corporate and other approvals, and other relevant considerations, in accordance with applicable law, and has received an in-principle approval from the board of directors of the Company in this regard,” Amit Khera, One97’s secretary, said in the notice to employees and shareholders.

18/06/2021

Sensex jumps 228 points, Nifty ends above 15,750

Bombay Stock Exchange (BSE):
Sensex jumped 228.46 points 0.44 per cent higher and closed at 52,328.51

Top BSE Sensex gainers:
Power Grid, NTPC, Ultratech Cement and Reliance Industries, IndusInd Bank, HCL Tech, Tech Mahindra and L&T.

Top BSE Sensex losers:
Bajaj Finance, Bajaj Finserv, HDFC, Dr Reddy’s, SBI and ONGC.

National Stock Exchange (NSE):
Nifty 50 index gained 81.40 points to end at 15,751.65

Top NSE Nifty50 gainers:
Adani Ports, Power Grid Corp, NTPC, Shree Cements, Tata Motors, UltraTech Cement, Coal India.

Top NSE Nifty50 losers:
Bajaj Finance, Bajaj Finserv, HDFC, JSW Steel, Divis Labs, Cipla, Dr Reddys Labs, SBI, ONGC.

18/06/2021

HSBC appoints Hitendra Dave as India CEO
• Hitendra Dave has been appointed by HSBC as the interim chief executive officer of HSBC India with effect from today. Dave’s formal appointment as the CEO is subject to regulatory approval.
• Dave will replace Surendra Rosha who will be moving to Hong Kong as the co-chief executive of HSBC Asia-Pacific.
• Dave, who was previously the head of HSBC India's global banking and markets, has nearly 30 years of work experience in the Indian Financial Markets, of which the last 20 have been with HSBC.
• “I cannot think of a more qualified person to take over the mantle of leadership at HSBC India. We have a clear strategy, and the investment commitment from the Group. I am confident that under Dave’s leadership we will maximize the opportunity that lies ahead," said Rosha. Dave is a post graduate in Business Administration and holds a degree in Economics from Delhi University.
• HSBC India had reported a profit before tax of $1.024 billion for fiscal year 2020. With Hong Kong and Mainland China as the top two contributors, India is the third largest contributor to HSBC's profits.

18/06/2021

Central Bank of India and Indian Overseas Bank could be the two state-run banks to be privatised in the current fiscal

• According to a report in Times of India, The Centre could privatise Central Bank of India NSE 11.03 % and Indian Overseas Bank (IOB NSE 5.45 %) after the names of the two state-run banks were shortlisted by the government think-tank NITI Aayog. The report further said that Bank of India could be a potential candidate for privatisation too.
• The names of two state-run banks and one general insurer have been submitted to the committee of secretaries on disinvestment by NITI Aayog.
• The government think tank was assigned with zeroing in on the names of two state-run banks and one general insurer that will be privatised in the current fiscal. The Union Budget for 2021-22 made the announcement about the privatisation of these banks.
• The Times of India report further added that the proposal is being vetted by DIPAM and department of financial services, quoting sources. Centre has budgeted a target of Rs 1.75 lakh crore from stake sale in the current fiscal.

18/06/2021

Petrol crosses Rs 95 a litre in Delhi, above Rs 100 mark in six states
On Sunday, June 6th, petrol prices surpass ₹95 a litre in Delhi, while diesel prices breached Rs 86 per litre mark for the first time ever as fuel prices were hiked again. In Delhi, petrol hit an all-time high of Rs 95.09 a litre, while diesel is now priced at Rs 86.01 per litre.
According to a price notification of state-owned fuel retailers, Petrol price was increased by 21 paise per litre and diesel 20 paise a litre. Since 4th May, the hike took fuel prices across the country to a historic high. Petrol is now above Rs 100 per litre mark in six states and union territories - Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana and Ladakh.
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges.
Retail prices have risen after an increase in international oil prices on investors' optimism that improving demand and a dwindling supply glut may mean the market can absorb any additional production from OPEC and its allies.
Brent crude, the global oil-price benchmark, is nearing USD 72 per barrel for the first time in two years.
Rajasthan levies the highest VAT on petrol and diesel in the country, followed by Madhya Pradesh, Maharashtra, Andhra Pradesh and Telangana. On May 29th, Mumbai became the first metro in the country where petrol was being sold at over Rs 100-a-litre mark. Petrol now costs Rs 101.3 per litre in the city and diesel comes for Rs 93.35.
The increase on Sunday is the 20th increase in prices since May 4, when state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states like West Bengal.
In 20 increases, petrol price has risen by Rs 4.69 per litre and diesel by Rs 5.28 a litre.
Oil companies revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15 days, and foreign exchange rates. PTI ANZ.

18/06/2021

Square to invest $5 mln in Blockstream's solar-powered bitcoin mining facility
• On Saturday, Blockchain technology company Blockstream Mining said hat Square Inc (SQ.N) will invest $5 million to build an open-source, solar-powered bitcoin mining facility at one of Blockstream's U.S. sites.
• In an announcement on its blog, Blockstream said the "facility will be a proof-of-concept for a 100% renewable energy Bitcoin mine at scale."
• Square, in a tweet, said it was teaming up with Blockstream as part of its Bitcoin Clean Energy Initiative.

18/06/2021

Twitter CEO Jack Dorsey expressed is enthusiasm for bitcoin again saying it is the most important thing to work on in his lifetime
• Bitcoin enthusiast Jack Dorsey spread further positivity about the cryptocurrency on Friday, CNBC reported.
• “Bitcoin changes absolutely everything," the Twitter and Square CEO said at the Bitcoin 2021 Conference. "I don't think there is anything more important in my lifetime to work on." He continued: "If I were not at Square or Twitter, I would be working on bitcoin. If [bitcoin] needed more help than Square or Twitter, I would leave them for bitcoin."
• According to Dorsey, bitcoin is capable of creating a new financial system that is more inclusive and supportive for neglected communities, per CNBC. He also sees cryptocurrency as a way to protect against currency depreciation and quicken international transactions for people all over the world.
• This is why Dorsey and Jay-Z partnered on a new bitcoin endowment in February, which will be focused on developing the cryptocurrency in India and Africa. Called "₿trust," the endowment was funded with an initial investment of 500 bitcoin, worth roughly $23.6 million." I don't think there is anything more enabling for people around the world," Dorsey said.

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