Author: Ajay Vaishnav

This largecap IT stock could rise over 21% in the long-term

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Larsen & Toubro Infotech (LTI) shares have under-performed in 2019, falling by 3 percent, lagging behind the sector benchmark Nifty IT, which has gained almost 9 percent.

Analysts at Motilal Oswal, however, are not perturbed with LTI shares recent performance and instead see it as an opportune time to enter the stock. The brokerage firm has a ‘buy’ rating on Larsen & Toubro Infotech, with a price target of Rs 2,030 in the long-term.

The target price is more than 21 percent from Thursday’s closing price of LTI shares, which were up 1.33 percent, quoting at Rs 1,671 apiece on NSE.

On a three-year basis, LTI has returned over 146 percent and remains confident of acceleration in revenue growth in the remaining quarters of the current fiscal due to large deals in the pipeline and improved employee efficiency.

“Weakness in key accounts in conjunction with concerns around an immediate integration with Mindtree has led to 29 percent correction of the multiple from its peak over the last 12-15 months. As these concerns are now largely behind, we expect a re-rating of 9 percent to 19x one-year-forward P/E. Our target price of Rs 2,030 implies a multiple at a 15 percent discount to the industry leader (TCS). Maintain Buy,” analysts at Motilal Oswal said in a research report on December 11.

The report mentioned that the company’s “large/overall deal pipeline is stronger than a year ago by 20 percent/42 percent.”

The company is also expected to benefit from the “reskilling of 50 percent of the workforce,” completed over the last year. It led to 33 percent higher fulfilment, says the report.

LTI on October 17 reported 10 percent drop in consolidated net profit at Rs 360.4 crore for the quarter ended September 30, 2019. Its revenue, however, was up 10.3 percent to Rs 2,570.7 crore in the reported quarter from Rs 2,331.2 crore in the year-ago period.

Also, catch all the major highlights from the stock markets on Thursday with CNBCTV18.com’s blog.

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Markets at close: How the major indices and stocks fared on Thursday

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian shares continued their bull run to end at a record close for the third straight session on Thursday led by auto, IT, and FMCG sectors. Gains in index heavyweights like Reliance Industries, TCS, Bharti Airtel, and HUL also helped lift the indices to record highs.

Here’s a quick recap of how top market indices and stocks fared on Thursday:

Frontline indices

Sensex: The Sensex settled 115 points higher, or 0.28 percent, to close Thursday’s trade at 41,674. So far this year, the 30-share benchmark BSE index has surged 14.2 percent, adding 5,189 points.

Nifty50: The Nifty50 gained 38 points, or 0.31 percent, to settle at 12,260. So far this year, the broader NSE index has been positive by 1,292 points, or 12 percent.

Key stocks

Tata Consultancy Services: The IT major settled sharply higher, up 2.83 percent, closing at Rs 2,228.65 per share on NSE.

Reliance Industries: The oil-telecom-retail conglomerates’ shares ended 1.87 percent higher, quoting at Rs 1,605.15 on NSE.

HDFC Bank: The private sector lenders’ shares settled 0.30 percent lower in trade today, quoting at Rs 1,288.45 on NSE.

Hindustan Unilever: The FMCG major’s stock closed at Rs 1,947 per share, up 0.92 percent at close on NSE.

HDFC: The NBFC stock settled at Rs 2,414.05, down 1.34 percent.

Major sectors

Nifty Bank: The banking gauge settled flat at 32,241, down 3 points at close. So far this year, Nifty Bank has gained almost 19 percent.

Nifty IT: The IT index gained 0.665 percent to settle at 15,813. So far this year, it has gained 9.51 percent.

Nifty FMCG: The consumer goods gauge settled 0.31 percent higher at 30,386. So far this year, Nifty FMCG has lost 0.43 percent.

Nifty Auto: The index ended 1.03 percent higher to settle at 8,165.50. So far this year, it has corrected by 11.5 percent.

Nifty Metal: The metal index gained 0.13 percent to settle at 2,691. So far this year, the index has lost almost 15 percent.

Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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Govt ordered mobile internet shutdown in parts of Delhi, NCR: Airtel, Vodafone Idea confirm

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Airtel and Vodafone Idea have confirmed that the government asked them to suspend internet, voice and SMS services in parts of Delhi and the national capital region (NCR) amid continued protests against the contentious Citizenship (Amendment) Act, 2019.

“We’re complying with instructions received from govt. authorities on suspending Voice, SMS and data in certain areas in #Delhi. Once the suspension orders are lifted, our services will be fully up and running,” news agency ANI quoted a statement from Bharti Airtel in a tweet.

Bharti Airtel: We’re complying with instructions received from govt. authorities on suspending Voice, SMS and data in certain areas in #Delhi. Once the suspension orders are lifted, our services will be fully up and running. pic.twitter.com/PkE5FdMEA3

— ANI (@ANI) December 19, 2019

Mobile Internet and SMS have been shut in these areas of ACentral Delhi area, Central district, Walled city area, Mandi House, Selampur, Zafarabad, Shaeenbagh, Jamia Nagar, Mustafabad as per instructions, said an operator, news agency IANS reported.

Department of Telecom sources said the they would not share details on this as it is sensitive information to law and order, it added.

Also, catch all the latest updates on the ongoing protests against the Citizenship Amendment Act with CNBCTV18.com’s blog.

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Anti-CAA protests: Protests across the country, scores detained, Delhi hobbled

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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With a slew of demonstrations and protests by opposition parties, various student bodies and organisations, authorities across the country have imposed prohibitory orders in many places, including Delhi’s Red Fort.
Historian Ramchandra Guha and Swarajya Party leader, Yogendra Yadav were detained along with scores of protestors.
The Delhi Metro Rail Corporation shut 20 metro stations in view of anti-CAA protests.
The Dehli High Court meanwhile refused to grant interim protection to protesting students and issued a notice to the Centre, the Delhi government and the police on a PIL seeking setting up of a fact-finding committee to look into violence at the Jamia Millia Islamia.

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Trump Impeachment: Here’s how he can still remain US President

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Donald Trump on Wednesday became the third US president to be impeached as the House of Representatives formally charged him with abuse of power and obstruction of Congress.

The votes set up a trial in the Republican-controlled Senate, where lawmakers must decide whether to convict Trump and remove him from office.

Here is what could happen in the coming days:

Thursday, December 19

The House must still name “managers” to present the case against Trump to the Senate. They might name those lawmakers on Thursday before leaving Washington for the holidays — or they could wait until next year.

House Speaker Nancy Pelosi, just after the House approved the two articles of impeachment, told reporters she needed more information from the Senate before naming the managers.

Senate Republican Leader Mitch McConnell and the chamber’s top Democrat, Chuck Schumer, have staked out dramatically different views on how the trial should play out. Expect them to negotiate in private and through the news media in the coming days.

Pelosi did not say when she formally would submit the articles of impeachment to the Senate, which is necessary before a Senate trial can begin.

By saying she wants a fairer Senate process than one McConnell has been hinting at, Pelosi could be applying pressure on McConnell to speed up talks with Schumer and allow administration witnesses to testify during the trial.

Early January

Barring unexpected developments, Trump will face a trial in the Senate to determine whether he should be convicted and ousted from office when Congress returns to Washington in early January.

The Senate is controlled by Trump’s fellow Republicans, who have shown little sign they will find him guilty. A two-thirds majority of those present in the 100-member chamber would be needed to convict Trump.

U.S. Chief Justice John Roberts would preside over the trial. House managers would present their case against Trump, and the president’s legal team would respond. Senators would act as jurors. A trial could involve testimony from witnesses and a gruelling schedule in which proceedings occur six days a week for as many as six weeks.

McConnell has said a majority of the Senate could approve a shorter process by voting on the articles of impeachment after opening arguments, without witnesses.

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Donald Trump impeachment: Here’s a timeline of the House inquiry

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A majority of members of the US House of Representatives voted on Wednesday to impeach President Donald Trump for abuse of power, making Trump the third US President in history to be impeached.

A simple majority is required for the Democratic-controlled House to make the 45th US president the third White House occupant in American history to be impeached.

The House will then vote on the second article of impeachment facing Trump — for obstructing the congressional probe into his attempt to have Ukraine investigate his potential 2020 Democratic presidential opponent Joe Biden.

Trump has become the third president in US history to be impeached. Presidents Andrew Johnson and Bill Clinton were both impeached by the House but later acquitted by the Senate. President Richard M. Nixon resigned before the full House could vote to impeach him.

Here are the key dates in the House impeachment inquiry into President Donald Trump:

April 21, 2019

President Donald Trump speaks with then-President-elect Volodymyr Zelenskiy to congratulate him on his election victory. The White House says in a readout of the call that the president underscored unwavering support for Ukraine’s sovereignty and territorial integrity and expressed his commitment to work with Zelenskiy to implement reforms that “strengthen democracy, increase prosperity, and root out corruption.” A rough transcript of the call, released in November, bears little resemblance to that description. The word “corruption” is not mentioned in the rough transcript, nor is there any reference territorial integrity.

July 3

Lt. Col. Alexander Vindman, a national security official working at the White House, becomes aware that military aid to Ukraine has been held up. He testified later that he received a notice from the State Department. “That’s when I was concretely made aware of the fact there was a hold placed,” he said in testimony to lawmakers.

July 10

A meeting at the White House with Ukrainian officials is cut short when Gordon Sondland, the U.S. ambassador to the European Union, says he has an agreement with acting White House chief of staff Mick Mulvaney that Ukraine’s president would get a meeting with Trump if Ukraine agreed to open investigations. National security adviser John Bolton “stiffened” and ended the meeting, later telling colleague Fiona Hill to report it to the National Security Council’s lawyer, she testified.

“I am not part of whatever drug deal Sondland and Mulvaney are cooking up on this,” Hill says Bolton told her.

July 18

In a secure call with national security officials, a staff member of the White House Office of Management and Budget announces there’s a freeze on Ukraine aid until further notice, based on a presidential order to the budget office.

July 24

Special counsel Robert Mueller testifies before Congress that Trump was not cleared of obstructing justice, nor was he completely exonerated in the Russia probe, as Trump has contended. Mueller issues a stark warning about the dangers of Russian interference in American elections.

July 25

Trump has a second phone call with Zelenskiy, now president, during which he solicits Zelenskiy’s help in gathering potentially damaging information about his principal Democratic rival, former Vice President Joe Biden.

That night, a staff member at the White House Office of Management and Budget signs a document that officially puts military aid for Ukraine on hold.

Between July 25 and August 12

An unidentified CIA officer files a complaint with the agency alleging misconduct during the president’s July 25 call, according to a person familiar with the matter.

July 26

U.S. Special Representative for Ukraine Negotiations Kurt Volker visits Kyiv and meets with Zelenskiy and various Ukrainian political officials, according to a whistleblower complaint addressed to Congress and delivered to the intelligence community’s inspector general. Sondland also participates, and the two reportedly provide advice on how to “navigate” the president’s demands.

Also, Trump speaks by phone with Sondland while the ambassador was in a Kyiv restaurant. William Taylor, the acting U.S. ambassador to Ukraine, later tells lawmakers that one of his staffers overhead parts of the conversation.

Sondland tells the president that the Ukrainians are ready to move forward, and after the call, one of Taylor’s staffers asks Sondland what Trump thought about Ukraine. “Ambassador Sondland responded that President Trump cares more about the investigations of Biden, which Giuliani was pressing for,” Taylor later testified.

On or about August 2

Trump lawyer Rudy Giuliani reportedly travels to Madrid to meet with one of Zelenskiy’s advisers, Andriy Yermak, according to a whistleblower complaint.

August 12

A whistleblower complaint bearing this date and intended for Congress states: “In the course of my official duties, I have received information from multiple U.S. Government officials that the President of the United States is using the power of his office to solicit interference from a foreign country in the 2020 U.S. election.” The complaint is addressed to Sen. Richard Burr, R-N.C., chairman of the Senate Select Committee on Intelligence, and Rep. Adam Schiff, D-Calif., chairman of the House Permanent Select Committee on Intelligence. It does not reach them until Sept. 25.

August 14

The whistleblower’s original complaint to the CIA is brought up by Courtney Simmons Elwood, general counsel for the CIA, during a call involving U.S. national security officials, including John Eisenberg, a White House lawyer, and John Demers, who leads the Justice Department’s national security division, according to a person familiar with the matter.

August 15

Demers goes to the White House to review materials associated with the Zelenskiy call.

August 26

Michael Atkinson, the inspector general for the intelligence community, sends a letter to the acting director of national intelligence informing him that the IG’s office has received a complaint addressed to Congress of “urgent concern” about a call between Trump and Zelenskiy. The inspector general says he believes the conversation could have amounted to a federal campaign finance crime.

August 28

Politico reports that the military aid to Ukraine is on hold, setting off a scramble among diplomats in Ukraine and the United States.

September 3

The Justice Department’s office of legal counsel sends a memorandum to a lawyer at the Office of the Director of National Intelligence, finding that the “alleged misconduct does not involve any member of the intelligence community” and concludes that the Aug. 12 complaint does not meet the statutory requirement as a matter of “urgent concern” that would require it to be forwarded to Congress.

September 9

The inspector general for the intelligence community sends a letter to Schiff and Devin Nunes, ranking member of the House Intelligence Committee, about the whistleblower’s complaint, saying that withholding it “does not appear to be consistent with past practice” because the acting DNI, Joseph Maguire, is not permitting its release to Congress. Atkinson, the inspector general, said in the letter that he is working with Maguire to try to bring the whistleblower’s concerns to Congress.

September 11

The White House informs lawmakers that it is releasing $250 million in military aid to Ukraine. The United States began providing military aid to the government of Ukraine shortly after Russia illegally annexed Ukraine’s Crimean Peninsula in 2014. The $250 million in funding had been delayed because “The President has been consulting with his national security leadership team to determine the best use of Ukraine security assistance funds to achieve US national security interests,” Office of Management and Budget staff wrote in an email to House Appropriations Committee staff aides.

September 19

Atkinson testifies behind closed doors to members of the House Intelligence Committee about the whistleblower’s complaint. Atkinson does not give details about the substance of the complaint.

Also, the president begins responding to published reports about his phone call, tweeting that he understands many people from various U.S. agencies listened in. “Knowing all of this, is anybody dumb enough to believe that I would say something inappropriate with a foreign leader while on such a potentially ‘heavily populated’ call. I would only do what is right anyway, and only do good for the USA!”

September 24

House Speaker Nancy Pelosi announces that the House is moving forward with an official impeachment inquiry, saying, “No one is above the law.”

September 25

The White House releases a rough transcript of the president’s July 25 call with Zelenskiy, confirming that Trump has pushed Ukraine’s leader to work with Giuliani and Attorney General William Barr to investigate Biden and his son. The Justice Department releases a statement saying prosecutors reviewed the inspector general’s referral about a possible campaign finance violation and determined that no crime was committed.

The whistleblower’s Aug. 12 complaint is also transmitted to Congress.

September 26

The House Intelligence Committee releases a redacted version of the whistleblower complaint, now at the center of Democrats’ impeachment probe. The committee also receives testimony from Maguire, who says the whistleblower “did the right thing” by coming forward to report concerns over the White House’s handling of the call between Trump and Ukraine’s leader.

October 31

The Democratic-controlled House votes 232-196 to pass a resolution setting procedures for the impeachment inquiry as Democrats try to counter the Trump administration’s criticism of the probe. Two Democrats voted against the resolution.

November 13

House Intelligence Committee opens two weeks of public hearings with a dozen current and former career foreign service officials and political appointees who testify about efforts by Trump and others to pressure Ukraine to investigate Trump’s political rivals. Career diplomat William Taylor, the charge d’affaires in Kyiv, offered surprising new testimony that Trump was overheard on a telephone call asking about “the investigations” of Democrats he wanted Ukraine to pursue. Former U.S. Ambassador to Ukraine Marie Yovanovitch recounted how threatened she felt to learn that Trump had promised Zelenskiy that she was “going to go through some things.” Trump tweeted fresh criticism of Yovanovitch as she testified. Sondland testified that a “quid pro quo” existed and that “everyone was in the loop. It was no secret.” And Fiona Hill, Trump’s former Russia adviser, said Sondland was running a “domestic political errand” and she had warned him it would “blow up.”

November 15

Trump releases a rough transcript of the congratulatory phone call he had with Zelinskiy on April 21 and holds it out as evidence that he had done nothing wrong.

November 17

Pelosi, in an interview broadcast by CBS News, invites Trump to testify in front of impeachment investigators. The following day, Trump tweets that “I like the idea & will, in order to get Congress focused again, strongly consider it!”

November 20

Pence says he has no recollection of a conversation Sondland described having with him about a link between military aid for Ukraine and investigations sought by Trump. Sondland had testified that he spoke with Pence before a Sept. 1 meeting with Ukrainian officials and expressed “concerns that the delay in aid had become tied to the issue of investigations.” Pence tells a Wisconsin TV station that he did not recall the conversation. A top Pence aide had said the call “never happened.”

November 23

“Frankly, I want a trial” in the Senate, Trump declares in a telephone interview on “Fox & Friends.”

December 3

A 300-page report prepared by Democrats on the House Intelligence Committee finds “serious misconduct” by the president.

December 4

The House Judiciary Committee holds its first hearing in the impeachment inquiry while Trump attends a NATO conference in London.

December 5

Pelosi announces that she has asked the relevant House committee chairs to begin drawing up articles of impeachment against Trump, saying his actions left them “”no choice” but to act swiftly. In response, Trump tweets that Democrats have “gone crazy.’’

December 9

In a hearing before the House Judiciary Committee, Democrats outline their case against Trump by saying his push to get Ukraine to investigate Biden while withholding U.S. military aid ran counter to U.S. policy and benefited Russia as well as himself. Republicans reject the assertions.

December 10

Pelosi and the relevant House committee chairs announce two articles of impeachment against Trump, for abuse of power and for obstruction of justice, over charges that he threatened the integrity of U.S. elections and endangered national security in his dealings with Ukraine. Trump responds by tweeting “WITCH HUNT!”

December 13

House Judiciary Committee approves two articles of impeachment against Trump, sending them to the full House.

December 18

House debates articles of impeachment.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Markets at close: How the major indices and stocks fared on Wednesday

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian benchmark equity indices ended Wednesday’s trade at a record close for the second straight session with Nifty hitting 12,200 levels for the first time ever during the day. Major buying was seen in pharma, metal and auto sectors, while gains in index heavyweights like HDFC Bank, Reliance Industries, ITC, Infosys, and HDFC also helped lift the indices to record highs.

Here’s a quick recap of how top market indices and stocks fared on Wednesday:

Frontline indices

Sensex: The Sensex settled 206 points higher, or 0.50 percent, to close Wednesday’s trade at 41,558. So far this year, the 30-share benchmark BSE index has surged over 15.2 percent, adding 5,490 points.

Nifty50: The Nifty50 gained 56 points, or 0.47 percent, to settle at 12,221. So far this year, the broader NSE index has been positive by 1,359 points, or 12.5 percent.

Key stocks

Tata Consultancy Services: The IT major settled flat, up just 0.07 percent, closing at Rs 2,167.25 per share on NSE.

Reliance Industries: The oil-telecom-retail conglomerates’ shares ended 0.87 percent higher, quoting at Rs 1,575.70 on NSE.

HDFC Bank: The private sector lenders’ shares settled 1.58 percent higher in trade today, quoting at Rs 1,292.35 on NSE.

Hindustan Unilever: The FMCG major’s stock closed at Rs 1,929.25 per share, down 1.79 percent at close on NSE.

HDFC: The NBFC stock settled at Rs 2,446.85, up 0.66 percent.

Major sectors

Nifty Bank: The banking gauge settled 0.32 percent higher at 32,244, up 104 points at close. So far this year, Nifty Bank has gained almost 19 percent.

Nifty IT: The IT index gained 0.47 percent to settle at 15,710. So far this year, it has gained 8.80 percent.

Nifty FMCG: The consumer goods gauge settled 0.36 percent higher at 30,291. So far this year, Nifty FMCG has lost 0.74 percent.

Nifty Auto: The index ended 0.53 percent higher to settle at 8,082. So far this year, it has corrected by 12.5 percent.

Nifty Metal: The metal index gained 0.82 percent to settle at 2,687. So far this year, the index has lost almost 15 percent.

Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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Delhi govt raises circle rates of agricultural land

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Delhi government on Wednesday decided to raise the circle rates of agricultural land in national capital and it will now range between Rs 2.25 crore to Rs 5 crore per acre.

Chief minister Arvind Kejriwal, who chaired the cabinet meeting, said the circle rate has been raised from Rs 53 lakhs per acre to Rs 2.25 crore — Rs 5 crore per acre.

He said the Lt Governor’s approval will be sought for the decision.

The Cabinet also accepted recommendations of a committee for spending a corpus of Rs 50 crore for welfare of lawyers.

Kejriwal said lawyers having voting rights in Delhi will now benefit from Rs five lakh family mediclaim, Rs 10 lakh life insurance, and e-libraries and creches in all court premises in the city.

The government has also decided to apply domestic charges of power consumption for lawyers chambers.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

No displacement for bauxite mining at Pottangi: NALCO

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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There will be no displacement during mining activity in Pottangi bauxite mine and NALCO will adopt modern technology besides sustainable practices for effective environment management, the company has said. A public hearing for environment clearance for Pottangi bauxite mines allotted to NALCO in Koraput district was held on Tuesday with villagers expressing support to the Navratna company to carry out mining and developmental activities.

The public hearing, for allowing villagers around Pottangi block to put forward their views, was held as part of statutory conditions.

Thousands of villagers from periphery villages of Pottangi block attended the meeting held by the district administration, the aluminium major said in a statement.

The meeting was conducted smoothly in presence of a large number of public representatives.

Deben Kumar Pradhan, Additional District Magistrate of Koraput presided over the meeting, it said.

Outlining the various developmental activities being undertaken by NALCO exclusively for development of Pottangi block, officials of the company outlined the details of 31 developmental projects being executed under CSR at an estimated cost of Rs 12 crore, it said.

The existing Panchpatmali bauxite mines of NALCO has been recognised for afforestation, reclamation and environment protection measures, the statement said.

At present, the NALCO uses bauxite from its Panchpatmali mines to feed stock to its refinery.

An additional source of bauxite is necessary for the company’s expansion plans, the statement said.

The production capacity of bauxite from the proposed Pottangi mine is 3.5 MTPA.

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PC Jeweller shares drop 7% after Sebi’s insider trading notice

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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PC Jeweller shares fell over 7 percent on Wednesday, touching an intra-day low price of Rs 24 apiece, continuing its two-day losing streak. The small-cap jewellery stock has lost over 10 percent during the period, reversing the 15 percent surge in the last one week.

At 9.53 am, shares of PC Jeweller quoted at Rs 24.85 on NSE, down almost 4 percent after opening at Rs 24.10. The stock had closed at Rs 25.85 in Tuesday’s trade.

The fall in share prices came after market regulator Securities and Exchange Board of India (Sebi) on Tuesday served notice to PC Jeweller MD Balram Garg asking him he should not be barred from the securities market over charges of insider trading.

SEBI also ordered impounding of alleged illegal gains of over Rs 8 crore made by two promoters and related entities of the jewellery firm.

“In light of the alleged violations by Balram Garg, this order shall be treated as a notice calling upon him to show cause as to why direction shall not be passed against him to restrain him from accessing the securities market and prohibiting him from buying, selling or otherwise dealing in securities for an appropriate period,” the SEBI order said.

The order said that a sum of Rs 6.17 crore shall be impounded “jointly and severally”, from Shivani Gupta, Sachin Gupta and Amit Garg, being the notional loss avoided on account of trades carried out in the trading accounts of Shivani Gupta, a promoter of the company along with her husband Sachin Gupta.

Sachin Gupta is the son of former Chairman Padam Chand Gupta, who passed away in January this year, while Amit Garg is the nephew of Padam Chand Gupta and Balram Garg.

The SEBI also said that a sum of Rs 2.13 crore shall be impounded jointly and severally, from Quick Developers Pvt Ltd and Amit Garg, being the notional loss avoided and gains made on account of trades carried out in the trading account of Quick Developers Pvt Ltd.

Besides, the order said that banks shall not allow debits from the bank accounts of Shivani and Sachin Gupta and Amit Garg, and Quick Developers Pvt Ltd, to the extent of the amounts impounded until they open escrow accounts, as stated in the order, and the concerned amounts are transferred.

Further, SEBI directed them to provide, within seven days, a full inventory of all their assets and properties and details of all their bank accounts, demat accounts and holdings of shares, if held in physical form, and details of companies in which they hold substantial or controlling interest.

During the investigation, the promoters of the company were Balram Garg and Padam Chand Gupta. As Gupta passed away on January 28, SEBI will not be able to initiate proceedings against him for the alleged violations of Insider Trading Regulations, 2015.

SEBI had conducted an investigation in PC Jeweller stocks to ascertain whether or not suspected entities had traded in it during the period April 2-July 31, 2018 on the basis of unpublished price sensitive information, in violation of SEBI’s Insider Trading Regulations.

PC Jeweller was incorporated on April 13, 2005, as a private limited company under the name of ‘P. Chand Jeweller Pvt Ltd’ and was later changed to ‘PC Jeweller Pvt Ltd’ on December 9, 2009. The Delhi-based company was converted into a public company on August 2, 2011.

So far this year, PC Jeweller stocks have corrected by over 71 percent. The five-year return on the stock too is negative by over 75 percent.

Meanwhile, equity benchmark indices traded higher with modest gains. The Sensex was up over 77 points to trade at 41,429. The Nifty50 gained 16 points to trade at 12,180.

Also, catch all the latest market action and updates with CNBCTV18.com’s blog.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow