Tag: NSE

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.

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Praveg zooms 10% on receiving work orders from Lakshadweep Tourism for managing tent resorts

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

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Praveg Ltd shares jumped 10% on Thursday after the company announced receiving work orders from the tourism department of the Union Territory of Lakshadweep for the operation and maintenance of 350 tents in Bangaram and Thinnakara Islands.

The Department of Tourism, Union Territory of Lakshadweep, has awarded two work orders for the development, operation, maintenance and management of tent resorts in Bangaram and Thinnakara Islands, the company said in a filing to the stock exchanges.

Praveg will develop, operate, maintain and manage at least 150 tents at Bangaram Island and 200 tents at Thinnakara.

In addition, the company will also have to take care of other commercial facilities such as scuba diving, destination wedding, corporate functions, private events, health and wellness centre, play area and coffee shops, among others.

The time period for the execution of both the work orders for both the locations has been set as five years, which could be later extended by not more than two years, as per the decision taken by the UT Administration, the company informed the stock exchanges.

“It is with immense pride that we embark on this journey to enhance the beauty and accessibility of Bangaram and Thinnakara Islands through our eco-friendly and luxurious hospitality solutions. We are excited to introduce our guests to an unparalleled experience of sustainable luxury through the Praveg Tent City project,” said Vishnu Patel, the Chairman of Praveg Ltd, in a press release.

Shares of Praveg Ltd closed 9.08% higher at ₹928.9 apiece on BSE.

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As NSE announces transaction charges cut, analyst says BSE product pricing to remain unaffected

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

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BSE was in focus on March 13, a day after NSE’s board approved a reduction in overall transaction charges across the cash equity and equity derivatives segments by 1%.

Following the development, global brokerage Jefferies has given BSE a buy call and set the target price at ₹3000 as it expects BSE’s product pricing and plans for monetisation of new products to be unaffected due to the NSE move.

For BSE, the analyst said it continues to expect a more than 2.5 times jump in earnings over FY24-26.

Meanwhile, NSE’s board’s approval for the reduction in overall transaction charges across the cash equity and equity derivatives segments, Jefferies sees as part of a periodic exercise by the exchange. It said the cut is in a smaller quantum this time compared to FY17 and FY23, which signifies limited appetite for exchanges to engage in price wars currently.

The reduction in charges will be effective from April 1, 2024.

NSE said that the reduction is likely to have an overall revenue impact of ₹130 crore per annum on the company’s transaction charges.

In March last year, NSE had decided to roll back the 6% increase in transaction charges in the equity cash and derivatives segment.

NSE had raised these charges by 6% in January 2023 partly to augment the investor protector trust fund corpus due to broker defaults at that point of time.

A day after the announcement, BSE shares were trading almost 2% lower at ₹2,105.95 at 1:35 pm.

Track latest stock market updates on CNBCTV18.com’s blog

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

Trading on NSE’s cash and derivative segments to become cheaper

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

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Trading in the cash and derivative segments of the National Stock Exchange (NSE) will become cheaper.

NSE’s board, in a meeting held on Monday has considered and approved a reduction in overall transaction charges across the cash equity and equity derivatives segments / products by 1%.

The reduction in charges will be effective from April 1, 2024.

NSE said that the reduction is likely to have an overall revenue impact of ₹130 crore per annum on the company’s transaction charges.

In March last year, NSE had decided to roll back the 6% increase in transaction charges in the equity cash and derivatives segment.

NSE had raised these charges by 6% in January 2023 partly to augment the investor protector trust fund corpus due to broker defaults at that point of time.

In response, shares of BSE have declined to the day’s low, currently trading 5% lower at ₹2,095.55. NSE is currently the larger player among the two, with a greater market share.

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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 account of Mahashivratri

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

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Traders are in for a long weekend as the NSE and the BSE will remain shut on Friday, March 8, on account of Mahashivratri.

Trading in the equity derivative segment, equity segment, the SLB segment and the currency derivatives segment as well as the interest rate derivatives segment will remain suspended through the day. The Multi Commodity of India Limited (MCX) is also closed for morning trading on March 8.

Trading on both the stock exchanges — NSE and BSE — will resume on Monday, March 11.

The markets will next be closed for trade on March 25 for Holi and on March 29 for Good Friday.

In the previous session on March 7, Sensex and Nifty edged higher to close at fresh record highs driven by gains in metal and FMCG shares amid firm global trends and foreign fund inflows.

In a highly volatile trade, the 30-share BSE Sensex advanced 33.40 points or 0.05% to settle at a new peak of 74,119.39. During the day, it jumped 159.18 points or 0.21% to hit an all-time high of 74,245.17.

The broader Nifty rose by 19.50 points or 0.09% to close at a record 22,493.55. During the day, it climbed 51.6 points or 0.22% to an all-time high of 22,525.65.

Among Sensex firms, Tata Steel rose the most by 3.9%. JSW Steel gained 2.09%, Tata Motors by 2.14%, Bajaj Finserv by 2 %, and Bajaj Finance by 1.71%. Asian Paints, ITC and Nestle were also among the major gainers.

Mahindra & Mahindra, Reliance Industries, Axis Bank, ICICI Bank and Power Grid were among the laggards. In the broader market, the BSE smallcap gauge climbed 0.70% and midcap index spurted by 0.39%.

Among the indices, metal jumped 1.36 %, capital goods climbed 1.05%. Commodities (1%), FMCG (0.98 per cent), telecommunication (0.98%) and industrials (0.93%) also advanced. Auto, bankex, oil and gas and realty were the laggards.

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

NSE crosses 9 crore unique investors mark

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

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The National Stock Exchange (NSE) on Friday said its unique registered investors have surpassed 9 crore, with the latest 1 crore additions taking place in just five months.

The investor base has seen more than three-fold jump in the last five years, facilitated by rapid growth in digitisation, rising investor awareness, financial inclusion, and strong market performance.

”The unique registered investors on the National Stock Exchange of India crossed 9 crore on February 29, 2024,” the bourse said in a statement.

Besides, the total number of client codes registered with the exchange reached 16.9 crore. This includes all client registrations done till date. Notably, clients can register with more than one trading member.

Unique investor registrations at NSE have seen an accelerating trend over the last few years.

While the increase from 6 to 7 crore unique investors took about nine months, the next crore investors came in eight months, and the jump from 8 to 9 crore took only five months.

Daily new unique registrations have averaged between nearly 47,000 in October 2023 to 78,000 in January this year.

From the beginning of FY24 till February 29 this year, the Nifty 50 has given a return of 27%, while Nifty 500 delivered 38% return over the same period.

“It is encouraging to see that the latest 1 crore new investors have been on boarded on the exchange in the shortest time of five months,” Sriram Krishnan, Chief Business Development Officer at NSE, said.

He further said that deepening participation in various exchange traded financial instruments such as equities, exchange traded funds (ETFs), REITs, InvITs, Government Bonds, Corporate Bonds, etc. can be attributed to some of the key drivers such as simplification of KYC process over the years, financial literacy imparted by all stakeholders through investor awareness programmes and sustained positive market sentiment over the long term.

Of the new investors that have entered the market since October 2023, nearly 42% hailed from North India, followed by West India (28%), South India (17%) and East India (13%).

Uttar Pradesh and Maharashtra contributed the largest number of new investors during this period, together accounting for more than a quarter of all new additions.

Currently, the highest number of unique registered investors are from Maharashtra with 1.6 crore, followed by Uttar Pradesh with 97 lakh and Gujarat with 81 lakh such investors.

This increase in new investors has come across states, with all but 33 pin codes having at least one individual directly investing in the market.

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

NSE rejig: Shriram Finance to replace UPL in Nifty50 from March 28

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

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Non-banking financial company (NBFC) Shriram Finance will replace UPL Ltd in the broader Nifty50 from March 28, the National Stock Exchange (NSE) said on Wednesday, announcing a rejig of its key indices.

“The Index Maintenance Sub-Committee (Equity) of NSE Indices Limited has decided to make the replacement of stocks in various indices as part of its periodic review as listed hereunder. These changes shall become effective from March 28, 2024 (close of March 27, 2024),” the NSE said.

According to the exchange, UPL has been removed from Nifty50 under its exclusion from the Nifty 100 index (a parent index for Nifty 50). Also, Shriram Finance has been included in the Nifty 50 index as it has the highest 6-month average free-float market capitalisation within the eligible universe as a replacement for UPL.

For Nifty Next 50, Adani Wilmar Ltd and Muthoot Finance Ltd, PI Industries Ltd, Procter & Gamble Hygiene & Health Care Ltd and Shriram Finance Ltd were excluded.

Adani Power Ltd, Indian Railway Finance Corporation Ltd, Jio Financial Services Ltd, Power Finance Corporation Ltd and REC Ltd were included in the Nifty Next 50.

Also Watch | Sriram Velayudhan, VP of Alternative Research at IIFL Securities, delve into the index modifications during his interview with CNBC-TV18.

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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

NSE grants in-principle approval to Globe Textiles’ rights issue; funds to fuel growth

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

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The National Stock Exchange (NSE) has granted in-principle approval to garment manufacturer Globe Textiles (India) Ltd for raising over ₹45 crore through rights issue of shares to fund growth initiatives, the company said on Thursday.

The company’s rights issue will open on March 6 for the issuance of 15.11 equity shares at Rs 3 apiece, aggregating a total of ₹45.34 crore.

Elaborating on the allocation of proceeds, Bhavin Parikh, Chief Executive Officer of Globe Textiles, said: “The funds will fuel our forward integration plans via acquisition translating to enhanced capabilities and driving growth.

It will enhance our asset base, margins and topline as well as introduce innovative sustainable fashion garments and practices which are sought after by customers from India, Europe and the US.

“We are confident that this development will enhance the estimated topline by ₹120 crore to about ₹520 crore while improving margin by 2027-28,” he added.

The acquisition will enhance Globe Textile’s capabilities with state-of-the-art facilities including automated washing tumblers and dryers, advancing processing and sample development.

This addition will increase garment processing capacity to 20,000 units per day and 6 lakh units per month, significantly boosting production, the company said in a statement.

Shareholders will be entitled to one right equity share for each fully paid-up equity share held as of the record date of February 23. Globe Textiles offers a comprehensive range of textile and apparel products and services.

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

Stock market holiday: BSE, NSE closed on account of Republic Day

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

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Stock market closed today: The BSE and National Stock Exchange will remain closed on Friday, January 26, on account of India’s 75th Republic Day.

Trading in the equity derivative segment, equity segment, the SLB segment and the currency derivatives segment as well as the interest rate derivatives segment will remain suspended through the day.

The Multi Commodity of India Limited (MCX) is also closed for morning trading on January 26.

Trading on both the stock exchanges — NSE and BSE — will resume on Monday, January 29.

In the coming months of 2024, the market will be closed on March 8 on the occasion of Mahashivratri, March 25 on the occasion of Holi, and March 29 to mark Good Friday. There are two market holidays the following month as well — on April 11 for Id-Ul-Fitr and April 17 for Shri Ram Navmi.

In the previous session on January 25, the benchmark Sensex declined by 359 points while Nifty 50 closed below the 21,400 level due to selling in IT shares and continuous foreign fund outflows.

The 30-share BSE Sensex fell by 359.64 points or 0.51% to settle at 70,700.67. The index opened lower and plunged further 741.27 points or 1.04% to hit a low of 70,319.04 in day trade.

Among Sensex shares, Tech Mahindra fell by over 6% after the company reported a 60% decline in net profit to ₹510.4 crore in the December quarter. Bharti Airtel, ITC, Asian Paints, HDFC Bank, Nestle, Tata Steel, and Maruti were among the other major laggards.

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

OPINION: India’s sudden market holiday risks denting global image

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

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India’s abrupt move to suspend equities and currency trading gave global investors a reminder of how the Wall Street-favored market can still act more like a frontier economy.

To celebrate the opening of a major Hindu temple, bourses said late Friday that the nation’s $4.3 trillion stock market would be closed Monday and instead trade on Saturday — during which there was thin liquidity. Currency trading was also suspended.

The sudden announcement risks undermining India’s efforts to brand itself as a market-friendly nation that adheres to global standards. Under Prime Minister Narendra Modi, India has emerged as an alternative to China, powered by its fast economic growth, an expanding middle class and rising manufacturing prowess. That boosted its equity market value to the world’s fifth largest, not far below Hong Kong.

“A longer period of notice and better communication would help contain any disruptions and surprises,” said Sameer Kalra, the Mumbai-based founder of Target Investing. “Apart from disruption of work-life for some, such events can also lead to problems in algo trading.”

Also Read | Stock Market Holiday: Public issues worth over ₹1,900 crore deferred by a day

The inauguration of the Ram temple in northern India on Monday marks a new milestone in Modi’s project of reshaping the country into a more avowedly Hindu nation. The inauguration takes place as Modi campaigns for a third term in elections later this year.

Manish Bhargava, a fund manager at Straits Investment Holdings in Singapore, said the holiday was a surprise and will affect this week’s trading volume.

Some participants on social media X were not happy with India’s decision to close markets.

Charu Chanana at Saxo Capital Markets Pte., however, sees the trading disruption as having minimal impact on India’s standing among global investors.

“These sudden changes to the trading schedule are less of a concern compared to what emerging markets are used to such as political instability or capital controls,” said Chanana, a market strategist for Saxo. “It doesn’t change the fact that India is the fastest-growing economy in the world, with a strong demographic profile.”

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3 Mins Read

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