Sunday, September 13
Mumbai: India's key equity indices dropped nearly 1% on Friday, logging their sixth consecutive week of losses-the longest such streak in five years-as anxiety over the economic fallout of US President Donald Trump's tariff blitz on the country kept the markets on the edge. Analysts do not see the bear grip easing soon with technical indicators flashing further weakness although they're on the brink of being oversold."Given the weaker sentiment right now, selling pressure is likely to persist," said Rajesh Palviya, head of technical and derivatives research at Axis Securities.The NSE Nifty fell 232.85 points, or 0.95%, to close at 24,363.3. The BSE Sensex declined 765.47 points, or 0.95%, to end at 79,857.79. Their weekly fall of 0.8-0.9% for the sixth straight week is the longest since Ap
Mumbai: Information Technology (IT) stocks continued to bear the brunt of foreign selling, with outflows of ₹14,422 crore in the second half of July. These investors pulled over ₹5,000 crore from the sector in the first 15 days of the month.Between January and June, the sector saw foreign outflows of ₹30,600 crore.Although the tariffs currently don't apply to services, the IT sector remained under pressure due to weak June-quarter numbers across the board and significant headcount reductions, said analysts."The valuations in the sector have not yet fully factored these headwinds in addition to the global macro-economic uncertainty," said UR Bhat, co-founder & director, Alphaniti. "Foreign investors are trimming their exposure because IT is one of the sectors with their maximum we
Axis Max Life Insurance does not expect any regulatory hurdles to its planned merger with Max Financial Services, saying the deal will proceed smoothly once Parliament passes the pending insurance bill that explicitly permits mergers between insurance and non-insurance businesses.The bill, cleared by the finance ministry and awaiting clearance in Parliament, amends Section 35 of the Insurance Act to allow a non-insurance company to merge into an insurance company with Insurance Regulatory and Development Authority of India's approval. "In our case, the company we plan to merge with is only a holding entity without an operating balance sheet, so we don't foresee any issues," said Prashant Tripathy, MD and CEO, Axis Max Life in an exclusive interaction with ET. Once enacted, the NCLT-led mer
Mumbai: Sebi chief Tuhin Kanta Pandey on Friday said there is a need to redefine the role of independent directors."We cannot continue to view them as honorary appointees or friendly critics. They must be viewed and treated as stewards of accountability," Pandey said while addressing the 2025 Annual Directors' Conclave.He said this requires change on multiple fronts."Independent directors must feel free to dissent. To question, if the information is not robust," the Sebi chairman said."Because a board that never disagrees is not aligned - it's asleep. Divergent views, when rooted in purpose and mutual respect, strengthens the board."He said that although several directors are highly qualified, they are unfamiliar with emerging risks such as AI governance, cyber threats, or ESG disclosures.
A year after making a strategic investment, Gokaldas Exports Ltd has approved a draft scheme to merge BRFL Textiles Pvt Ltd (BTPL) with itself to create a vertically integrated apparel and textile business. The board cleared the proposal at its meeting on Saturday.Under the scheme, BRFL Textiles shareholders will have the option to receive either 40 equity shares of Gokaldas Exports (face value Rs 5 each) for every 3,581 shares (face value Rs 10) held in BRFL, or a combination of stock and some cash wherein investors can opt to receive 30 Gokaldas shares plus Rs 8,952.50 in cash for the remaining 10 BRFL shares, the company said in a filing to the stock exchanges.The development comes at a time when Trump’s 50% tariff shocker on Indian garments exports to the US has impacted the industry
