Tag: BSE

BSE to introduce Limit Price Protection mechanism in equity derivatives segment

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

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In a move to strengthen pre-trade risk control measures, the Bombay Stock Exchange (BSE) on Friday (April 5) said it will be implementing a Limit Price Protection (LPP) mechanism in its equity derivatives segment, effective April 16, 2024.

The new mechanism will place restrictions on the price range for orders in the derivatives market. Limit price orders within 60% of the reference price for option contracts and 3% of the reference price for futures contracts will be accepted by the trading system. Orders placed outside this price range will be rejected.

#NewsFlash | @BSEIndia will implement Limit Price Protection (LPP) Mechanism with effect from Tuesday, April 16, 2024 pic.twitter.com/1kEudHJteU

— CNBC-TV18 (@CNBCTV18Live) April 5, 2024

“With a view to strengthening the pre-trade risk control measures in equity derivatives segment, Exchange will implement LPP Mechanism with effect from Tuesday, April 16, 2024,” the BSE said in a circular on Friday, April 5. Consequently, the existing Price Reasonability Check will no longer be operational from the said date.

The exchange has scheduled a mock trading session on April 13, 2024 (Saturday) to facilitate a smooth rollout of the new mechanism and allow market participants to get acquainted with the changes.

The LPP mechanism aims to protect against unusual trading activities and prevent erratic trades. When the price of an order is placed outside the defined range, the system will automatically reject the order.

In October 2022, the National Stock Exchange (NSE) also introduced a similar LPP mechanism in its futures and options segment to strengthen pre-trade risk controls and ensure orderly trading.

The BSE stated that it may periodically review the usage of these enhancements and implement further changes based on feedback from market participants and as deemed necessary.

The implementation of the Limit Price Protection mechanism is expected to enhance the overall risk management framework of the BSE’s equity derivatives segment, providing greater stability and safeguards for investors.

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

3 Mins Read

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

Ion Exchange gains 4% on bagging ₹251-crore order from UAE

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

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Ion Exchange (India) Ltd shares gained nearly 4% on Tuesday after the company won an international contract worth around ₹251 crore.

In a stock exchange filing, Ion Exchange Ltd said that it had received an order from Material Construction in the United Arab Emirates (UAE) for a project to be executed in North Africa. The contract value of the project stands at ₹250.65 crore, excluding value-added tax (VAT) and other taxes.

As per the details of the project, Ion Exchange will have to engineer, manufacture, deliver to the site, conduct supervising of the erection, commission as well as start the work of desalinated water unit for a project in North Africa.

The project will be completed within seven months from the date of approval of engineering, the company informed the stock exchanges on April 2.

Earlier this month, on March 12, Ion Exchange (India) received an order worth ₹120 crore from Saudi Arabia, which included setting up a water treatment plant (along with a demineralisation plant) in the Middle Eastern country.

The international contract was awarded to the Ion Exchange by one of the largest mining companies in Saudi Arabia, Maaden.

Ion Exchange reported a 3.8% year-on-year (YoY) growth in net profit to ₹49.19 crore in the quarter ended December 31, 2023, compared to ₹47.37 crore reported in the same period last year. Its net sales climbed 3.2% to ₹512.03 crore in the third quarter of FY24 versus ₹496.07 crore in the corresponding period of the previous fiscal year.

Shares of Ion Exchange (India) Ltd settled 1.88% higher at ₹527.95 apiece on the NSE.

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

3 Mins Read

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

Stock Market Update | BSE, NSE to remain closed today on account of Good Friday

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

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The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will be closed on Friday, March 29, in observance of Good Friday. Trading activities across various segments including derivatives, equities, SLBs, currency derivatives, and interest rate derivatives will remain suspended for the day.

The commodity derivatives segment will also remain inactive. Normal trading operations on both NSE and BSE are scheduled to resume on Monday, April 1.

The market witnessed a mixed trading session on March 28, the final day of FY24, propelled by widespread buying across sectors.

The Sensex closed 655.04 points or 0.90% higher at 73,651.35, while the Nifty climbed by 203.20 points or 0.92% to settle at 22,326.90.

All sectoral indices closed in positive territory, with notable gains in auto, healthcare, metal, power, and capital goods, each rising by 1%, while oil and gas, information technology, banks, realty, and FMCG sectors registered a 0.55% increase each.

The BSE midcap index recorded a gain of 0.6%, whereas the smallcap index showed a modest increase of 0.3%.

The rupee, however, closed marginally lower at 83.40 against the dollar compared to Wednesday’s close of 83.37.

In the US, Wall Street’s main stock indexes finished the session on Thursday with minimal changes as markets broadly were largely rangebound ahead of Friday’s much-anticipated US personal consumption expenditures (PCE) price index data, a closely watched inflation measure.

Few markets will be open to assess and respond to the fresh data, however, given the long Easter weekend in many countries.

The Dow Jones Industrial Average rose 47.29 points, or 0.12%, to 39,807.37, the S&P 500 gained 5.86 points, or 0.11%, to 5,254.35 and the Nasdaq Composite lost 20.06 points, or 0.12%, to 16,379.46.

Data on Thursday showed the US economy grew faster than previously estimated in the fourth quarter, lifted by strong consumer spending and business investment in nonresidential structures like factories. Gross domestic product increased at a 3.4% annualised rate last quarter, revised up from the previously reported 3.2% pace.

With inputs from Reuters

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

3 Mins Read

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

From Bajaj Auto to Trent: These 25 stocks will be available for T+0 settlement cycle from Thursday

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

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As many as 25 scrips will be available for ‘T+0’ or same-day trade settlement with effect from Thursday, March 28, 2024, according to an official notification released by BSE on Wednesday.

The list includes Bajaj Auto, Hindalco Industries, JSW Steel, LTIMindtree, MRF, State Bank of India, Vedanta, Ambuja Cement, Ashok Leyland, Bank of Baroda, BPCL, Birlasoft, Cipla, Coforge, Divi’s Laboratories, Indian Hotels, LIC Housing Finance, Nestle India, NMDC, ONGC, Petronet LNG, Samvardhana Motherson International, Tata Communications, Trent, Union Bank of India, that will be a part of the beta version of the settlement cycle.

The development comes days after the Securities and Exchange Board of India announced the introduction of the beta version of the ‘T+0′ rolling settlement cycle.

SEBI will review the progress at the end of three months and six months, and decide on the next course of action.

The T+0 settlement will run parallel to the existing T+1 settlement cycle.

“Through this initiative, we believe our settlement systems will be on par with and even surpass those of many developed nations,” said Samir Shah, Head – Online Business at Axis Securities.

“This development will increase liquidity for investors, allowing them to quickly enter into other trades without losing out on investment opportunities due to waiting periods. Additionally, the new system will reduce counterparty default risks,” Shah added.

Speaking on the sidelines of an Association of Mutual Funds in India (AMFI) event this month, Sebi chairperson Madhabi Puri Buch said the market regulator’s move to faster settlements is on account of the rise of alternates like cryptocurrency.

“We want to ensure our regulated market is competitive and offers the same advantages to investors,” she said.

Following this, the market regulator will take one year to move to instant settlement by March next year.

According to SEBI, T+0 and the instant settlement cycle will bring advantages like instant receipt of funds and securities to the investor. Also, it will eliminate the risk of any kind of settlement shortage and give greater control over funds and securities to the investor.

In the current T+1 system, sellers can only access 80% of their funds on the sell day while waiting until the next day to receive the remaining 20%. However, with the new T+0 settlement system, sellers will have access to 100% of their funds on the same day of trade.

India’s transition to ‘T+1’ from ‘T+2’ settlement happened in three phases, with the last one in March 2023. This is because moving into a shorter settlement cycle required changes to the infrastructure of trading operations for brokers, and also getting necessary approvals and procedural completions for foreign institutional investors who are trading from different countries in different time zones.

Once implemented across the board, India will be only the second country after China to introduce shorter trade settlements.

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

3 Mins Read

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

Stock Market Holiday: NSE, BSE to remain closed today on the occasion of Holi

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

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Indian stock markets are closed on Monday, March 25, on the occasion of Holi, making it the second trading holiday of the month.

There will be no trading on the Bombay Stock Exchanges (BSE) and the National Stock Exchanges (NSE) today.

The websites of both stock exchanges stated that trading in the equity segment, equity derivate segment and SLB segment would be closed on Monday, March 25.

There won’t be any trading in the currency derivates segments either.

On March 25, morning trading in the commodity and electronic gold receipt (EGR) segment will also be closed from 9 am to 5 pm. However, trading on MCX will remain open for the evening session. Trading will continue in the commodity derivatives segment and EGR segment for the session from 5 pm to 9 am.

The stock market will also be closed on March 29 on Good Friday. As both these holidays fall in the same week, the market will open only three days in the March 25–29 week. On March 29, trading will be closed in the morning and evening segments on the occasion of Good Friday.

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

3 Mins Read

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

BSE shares may rally towards ₹2,800 after a 367% surge in 12 months, says Investec

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

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Brokerage firm Investec has upgraded shares of the Bombay Stock Exchange (BSE) Ltd. to “buy” from its earlier rating of “hold.”

It has maintained its price target at ₹2,800, implying a potential upside of 38% from Wednesday’s closing levels.

Interestingly, Investec, on February 6 had downgraded the stock to “hold” from its earlier rating of “buy” but had raised its price target from ₹2,345 to the current ₹2,800.

Investec wrote in its note that BSE continues to witness strong traction in equity derivatives volumes, as its options market share has tripled sequentially from 4.2% to 15% in March 2024.

The brokerage is anticipating further market share gains for BSE as it reaches 60% to 70% market share on Mondays, given the rapid scale-up of the BANKEX product.

BSE’s contribution towards the Settlement Guarantee Fund during the December quarter, which was towards forex, is a one-off cost and is unlikely to recur going forward, according to Investec.

Asia’s oldest stock exchange has also managed to reduce clearing charges paid to its peer, the National Stock Exchange (NSE) by 30% sequentially on a per ₹10 lakh basis, the brokerage wrote in its note.

Investec is anticipating an improved margin profile in the March quarter for BSE as these metrics stabilise.

Out of the seven analysts that track BSE, five of them have a “buy” recommendation, while two have a “hold” rating.

Shares of BSE have opened 4.1% higher on Thursday at ₹2,116. The stock has corrected 21% from its record high of ₹2,596.

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

3 Mins Read

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

This company has given nearly ₹13 in 2 dividend announcements in the last 3 months

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

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R Systems International Ltd has announced an interim dividend of ₹6 per share. The company had earlier announced an interim dividend of ₹6.8 per share in December 2023. Taken together, R Systems International has announced nearly ₹13 as dividends in two installments in the current financial year 2023–24.

The company has fixed March 28 as the record date to determine the eligible shareholders for the latest dividend announcement.

“The Board of Directors of R Systems International Limited…  approved the payment of Interim Dividend for the year 2024 at the rate of ₹6.00/- per equity share of face value of ₹1/- each. The Interim Dividend for the year 2024 will be paid on or before April 17, 2024. The Record Date for the purpose of determining the entitlement of the shareholders to the Interim Dividend for the financial year 2024 is Thursday, March 28, 2024,” the company informed in an exchange filing.

R Systems International had earlier, in June 2022, announced an interim dividend of ₹6.50. Before that, it had given an interim dividend of ₹3.20 per share in November 2021.

R Systems International dividend history

Here’s a list of R Systems International’s dividend history over the last few years:

Source: Moneycontrol

R Systems International latest quarterly results

R Systems International reported standalone net sales of ₹207.30 crore in December 2023, down 4.83% from ₹217.82 crore in December 2022, as per a Moneycontrol report. R Systems International quarterly net profit came in at ₹37.00 crore in December 2023 up 8.85% from ₹33.99 crore in December 2022. The company’s EBITDA came in at ₹39.11 crore in December 2023 down 15.02% from ₹46.02 crore in December 2022.

R Systems International share price performance

R Systems International share price settled at ₹449 on Wednesday’s close, up 1.87%. The stock has dropped over 18% in the year so far. The R Systems International stock price has jumped 78% in the last one year and the three-year return on the scrip is 299%.

A software product development and BPO services company headquartered in New Delhi, R Systems International Ltd helps companies bring products and services to market quicker by using their proprietary pSuite execution framework.

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

3 Mins Read

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

Sensex, Nifty close volatile session with gains ahead of US Fed interest rate decision this week

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

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Indian shares settled Monday’s volatile trading session with gains as the Street turned cautious ahead of the US Federal Reserve interest rate decision on March 20.

The benchmark 30-share BSE Sensex settled higher by 105 points, or 0.14%, at 72,748. The broader 50-share NSE Nifty50 rose by 32 points, or 0.15%, to close at 22,056. Metal and auto stocks led the gains, but IT and Teck shares capped the upside.

#MarketAtCLose | Market ends mixed in a rangebound session, broader market underperforms

Nifty holds on to 22,000 with Metals being a major support

Sensex rises 105 points to 72,748 & Nifty 32 points to 22,056

Nifty Bank down 18 points to 46,576 & Midcap Index 184 points to… pic.twitter.com/PpIUg2GVeF

— CNBC-TV18 (@CNBCTV18Live) March 18, 2024

Index heavyweight Reliance Industries Ltd (RIL) rebounded more than 1.5% from the day’s low, lifting Sensex and Nifty. The oil-telecom-retail conglomerate settled 1.45% higher.

Tata Steel rose the most by 5% among Sensex gainers, followed by Mahindra & Mahindra, JSW Steel, Tata Motors, Axis Bank, Sun Pharma, Reliance Industries and Maruti Suzuki among others.

IT shares declined amid investor worries over interest rates in the US market. Infosys fell the most by 2% among Sensex losers. Tata Consultancy Services, Titan, Wipro, Hindustan Unilever and Nestle also declined.

In the broader market, the BSE midcap gauge ended flat in the green, while the smallcap index ended flat in the red. Among sectoral indices, metal zoomed nearly 3%, auto gained over 1%.

Foreign institutional investors (FIIs) sold shares worth ₹2,051.09 in equities today, while domestic institutional investors (DIIs) bought shares worth ₹2,260.88 crore, according to the provisional data available on BSE.

#FundFlow | FIIs net sell ₹2,051.09 crore while DIIs net buy ₹2,260.88 crore in equities today (provisional) pic.twitter.com/2wchQfCJUC

— CNBC-TV18 (@CNBCTV18Live) March 18, 2024

The US Federal Open Market Committee (FOMC) meeting will commence on March 19 and the policy rate decision will be announced on Wednesday.

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

3 Mins Read

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

Stock market holiday: NSE, BSE to remain closed on 2 more days in March

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

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Indian stock markets will observe two more trading holidays in addition to weekly breaks in the second half of March, taking the overall trading holidays in the month to three. After the trading holiday on March 8 on account of Mahashivratri, the domestic bourses will be closed on account of Holi on March 25 and Good Friday on March 29.

There will be no trading on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on both of these days. The websites of both exchanges state that trading in the equity segment, equity derivative segment and SLB segment will be closed on these two days in March.

Stock market holidays in March 2024

This month, the domestic stock market will now be closed on March 25 (Monday) on the occasion of Holi. There will be no trading in the equity segment, equity derivative segment and SLB segment on both the NSE and BSE.

Following this, the stock market will also be closed on March 29 on Good Friday. As both these holidays fall in the same week, the market will open only three days in the March 25–29 week.

The information available on exchanges states that there won’t be any trading in the currency derivatives segment on either of these dates.

Will the commodity market open on March 25 and March 29?

As per the list of holidays in the stock market in 2024, on the occasion of Holi on March 25, morning trading in the commodity and electronic gold receipt (EGR) segment will be closed, i.e., from 9 am to 5 pm. However, trading on MCX will remain open for the evening session. Trading will continue in the commodity derivatives segment and the electronic gold receipt (EGR) segment for the session from 5 pm to 9 am.

On March 29, trading will be closed in the morning and evening segments on the occasion of Good Friday.

Stock market holiday in 2024: Full list

For the rest of 2024, the domestic stock market will be closed for a total of 10 days apart from weekly holidays. Stock markets will be closed for two days in April, one day each in May, June, July, August, and October. Apart from this, the market will be closed for two days in November. However, the market will be closed for one day in December.

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

3 Mins Read

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

Aditya Birla Fashion & Retail gets go-ahead from BSE, NSE on merger with TCNS Clothing

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

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Aditya Birla Fashion and Retail Ltd (ABFRL) on Friday (March 15) said it has received a no objection letter from BSE Ltd and National Stock Exchange of India Ltd on the scheme of merger of the company and TCNS Clothing Co.

“…we inform that company has received observation letters from BSE Limited and National Stock Exchange of India Limited dated March 14, 2024, and March 15, 2024, respectively in regards to the Scheme of Amalgamation between Aditya Birla Fashion and Retail Limited (‘Transferee Company’) and TCNS Clothing Co Ltd (‘Transferor Company’) and their Shareholders and Creditors (‘Scheme’), wherein Stock Exchanges have issued ‘No adverse Objection’ and ‘No Objection’ on the Scheme,” ABFRL said in a regulatory filing.

The effectiveness of the scheme will be subject to the approval of the National Company Law Tribunal and other necessary approvals, as may be required, the company said.

Aditya Birla Fashion and Retail Ltd is engaged in the retailing of branded products, including apparel, footwear and accessories segment. The entity is a listed company and a part of the diversified conglomerate Aditya Birla Group. TCNS Clothing Co Ltd is a listed entity, engaged in the business of manufacturing, distribution, wholesale cash and carry trading and sale of women’s apparel.

On May 5, the Aditya Birla Group firm had announced that it would acquire a majority stake in TCNS Clothing in a deal worth ₹1,650 crore. As per the deal, it acquired TCNS Clothing’s founding promoter’s stake through a SPA (share purchase agreement), followed by an open offer. As per the SPA, ABFRL acquired a total of 1.41 crore equity shares constituting 22% of the expanded share capital of the company.

ABFRL registered a revenue of ₹12,418 crore in the financial year 2022-23. It is India’s first billion-dollar pure-play fashion powerhouse, the company said. The company has a network of 4,008 stores across 33,874 multi-brand outlets, with 6,837 points of sales in department stores across India as of June 30, 2023. It has a repertoire of India’s largest brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England. It also owns the leading fashion retail chain Pantaloons.

Shares of Aditya Birla Fashion and Retail Ltd ended at ₹207.35, up by ₹6.15, or 3.06%, on the BSE.

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

3 Mins Read

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