๐ฎ๐ณ ์ธ๋ ยท "METAL" ยท ์ด 37๊ฑด
ํํฐ ๋ณด๊ธฐํ์ฌ ์ง์
48.3
0 = ๋ถ์ ์ฐ์ธ
50 = ์ค๋ฆฝ
100 = ๊ธ์ ์ฐ์ธ
์ต๊ทผ 7์ผ ๊ธฐ์ค 5,261๊ฑด์ ๋ถ์ํ ๊ฒฐ๊ณผ, ๋ด์ค ์ฌ๋ฆฌ์ง์๋ 48.3(๊ท ํ)์ ๋๋ค. ๊ธ์ 518๊ฑด(9.8%)ยท์ค๋ฆฝ 3,577๊ฑด(68.0%)ยท๋ถ์ 1,166๊ฑด(22.2%)์ด๋ฉฐ, ์ค๋ฆฝ ๋น์ค์ด ๋๋ ทํ๊ฒ ๋์ต๋๋ค. ์ฑํฅ ์ง์๋ ์ข ํฉ 12.5(์ค๋ ๊ท ํ)์ ๋๋ค.
Investigators questioned how the company came to be engaged as an IT and marketing consultant for a mineral sands manufacturer.
It pertains to the investigation into the gold-plated/gold-clad copper plates of the temple, which had been sent to the National Metallurgical Laboratory, Jamshedpur, in March
While trade union leaders reportedly claimed to have recovered nine bodies, RINL management has not yet issued an official statement confirming the death toll.
Authorities are expected to conduct a detailed inquiry to ascertain the exact cause of the accident and determine any safety lapses
A tragic accident at Vizag Steel Plant claimed eight lives and injured six workers. A hot metal ladle fell, causing a massive fire in Steel Melting Shop One. Bodies are difficult to identify due to severe burns. Injured workers are receiving treatment for extensive burns. This incident is the plant's worst since a 2012 explosion.
Molten steel bucket collapses during lifting at Visakha Steel Plant in Visakhapatnam, Andhra Pradesh, spilling metal and severely injuring several workers.
An unprecedented concentration crisis in global technology equities has evolved into a structural trap for investors, triggering a violent "Black Monday" unwind that is reverberating across Asian emerging markets, such as Korea and Taiwan. Active portfolio managers are increasingly being forced to dump their best-performing chip heavyweights because these explosive stocks have grown too large for risk compliance limits.This structural anomaly has distorted regional benchmarks, accelerated a massive migration from active to passive funds, and triggered a historic correction.The structural breakdown manifested in extreme volatility across the region's tech hubs. South Koreaโs Kospi index plunged more than 8% shortly after the market opened, triggering a mandatory 20-minute trading halt before narrowing its drop as memory giants Samsung Electronics and SK Hynix rebounded from their session lows.Also Read | Kospi crashes 9%, trading halted for 20 minutes, as chip rout deepens; Samsung, SK Hynix worst hitThe Cycle of Forced SellingThe core of the market distortion lies in a mechanical paradox: As tech giants outperform, active funds are legally or structurally required to trim their holdings to manage concentration risks. Just three mega-cap tech firmsโTaiwan Semiconductor Manufacturing Co. (TSMC), Samsung, and SK Hynixโnow command nearly a third of the MSCI Asia Pacific ex-Japan Index.The concentration is even more extreme on a national level. TSMC occupies a staggering 41.5% of Taiwan's TAIEX, while Samsung and SK Hynix together comprise 55% of South Korea's KOSPI."We have been forced sellers of TSMC, Samsung and MediaTek," Sam Konrad, investment manager for Asia Equity Income at Jupiter Asset Management, was quoted as saying by Bloomberg. His fund must shed these chipmaking stocks despite explosive year-to-date gains of 52% for TSMC, 159% for Samsung, and 184% for MediaTek.This mechanism creates an institutional dilemma where strong performance mandates divestment, artificially capping the upside for active portfolios trying to beat their benchmarks."As equities continue to outperform, funds will find it increasingly difficult to add exposure, reinforcing a cycle of forced selling and enlarging underweight positions even amid strong fundamentals," Herald Van der Linde, head of equity strategy for Asia Pacific at HSBC in Hong Kong, noted in a research report. HSBC data confirms that TSMC has become the largest portfolio underweight among Asian and global emerging-market funds.Emerging Market Exhaustion and Fund OutflowsData from Elara Securities India confirms that the Global Emerging Market (GEM) trade is experiencing its first major phase of sustained exhaustion since its rally began. GEM fund redemptions expanded to $3 billion, the largest outflow since December 2021, marking a clear breakdown in momentum.The capital flight has extended significantly beyond Korea and Taiwan to hit other major emerging markets. China saw foreign investors pull $3.7 billion, the largest single-week redemption in over a year, while South Korea logged six consecutive weeks of foreign outflows, compounded by a record $27.9 billion foreign portfolio rebalancing outflow.The systemic nature of the unwind is visible in the broader indices. Goldman Sachs data reveals that while the MSCI Asia Pacific ex-Japan index is up 27% year-to-date, it is actually down 4% when South Korea and Taiwan are excluded.This regional distortion has accelerated a massive, unprecedented migration from active stock-picking to passive indexing. Over the last five years, Asia's active funds have suffered $269 billion of cumulative outflows. Meanwhile, passive funds have accumulated $510 billion, with a quarter of that volume arriving in just the last six months."The size of recent inflows into the regionโs passive funds... has no precedent across the last 10 years," said William Bratton, head of cash equity research for Asia-Pacific at BNP Paribas Securities.This phenomenon mirrors the โMagnificent Sevenโ dynamic on Wall Street, where tech giants account for about a third of the S&P 500. However, concentration in Asia has unfolded at a faster and more extreme pace, turning regional indices into concentrated bets on just one or two stocks and undermining the diversification benefits of benchmark investing.Broader Trade ImplicationsThe shockwaves from the AI tech unwinding are bleeding directly into structural commodities and the wider electrification ecosystem. Precious metal funds witnessed $2.8 billion of outflows, driven heavily by gold (-$2.1 billion) and silver (-$910 million, a 12-week high redemption), while energy funds recorded their second consecutive week of outflows. These asset classes had operated as indirect beneficiaries of the global AI infrastructure and electrification trade.Furthermore, Wall Street's nine-week winning streak concluded abruptly following a hot jobs report that ignited fears of a hawkish policy pivot by the US Federal Reserve, sending technology stocks into their largest one-day decline.Despite the steep selloffs, which saw South Korean equities slide 12% and Taiwan fall 6% from their record highs, market opinions remain starkly divided on whether this correction marks a peak or a buying opportunity.Some money managers are exploiting the correction to pivot to alternatives further down the supply chain, like mid-sized semiconductor equipment makers, or shifting money toward cheaper domestic themes like robotics. China's CSI Robot Index actually bucked the broader market declines, rising 1.4%.
Wealth managers believe retail investors in gold mutual fund schemes will not be affected, after three large asset management companies announced restrictions on purchase of large quantities of gold by investors.Three AMCs namely HDFC MF, ICICI Prudential MF and Nippon Life India AMC have announced temporary restrictions on their gold schemes. All three AMCs announced subscription transactions of large investors who directly transact with them and invest a minimum of 25 crore will not be accepted. In addition, in the case of both HDFC Gold ETF FoF and Nippon India Gold Savings Fund, lump sum purchases will be restricted to a limit of 10 lakh per month. Also for Nippon India Gold Savings Fund, SIPs or STPs will continue with a limit of 50,000 per investor per day.โRestrictions will apply only to large investors, while AMCs will continue to create units for market makers, without any restrictions,โ said a ETF head at a domestic fund house. As units are created, there will be enough liquidity available to investors who can buy and sell these units at prevailing market prices.Wealth managers believe the current move by fund houses is in line with the prime minister's message to reduce overall imports.โThis is an attempt to slow down purchase of gold and reduce pressure in imports, after the strong inflows into the yellow metal over the last one year,โ says Saket Kumar, Co-Founder, ETF Junction.Gold has been one of the best performing assets in recent times, and saw a sharp run up returning 56.08% in the last one year, while over a three year period it returned an annualized 35.89%. However over the last three months it lost 3.59%.โWith prices stabilizing over the last three months, there is no longer a frenzy to buy gold. Most investors now allocate 5-10% to the yellow metal in line with their asset allocation largely through SIPs,โ says Nikhil Gupta, Founder, Sage Capital.Gold ETFs saw net sales of 71,914 crore in the last 12 months and mutual funds now managed gold assets worth 1.78 lakh crore as of April 30, 2026, a rise of 290% in the last 1 year.
As many as 44 stocks including Infosys, Adani Enterprises, Adani Ports, Canara Bank, PNB and several others will turn ex-date for various corporate actions, including dividends, bonus issues, stock splits and rights issues this upcoming week between June 8 and June 12. Investors must hold shares of these companies in their demat accounts on the record date to be eligible for the respective corporate actions. The list remains tentative, as more companies may announce record dates for dividends, bonus issues and stock splits during the week.Here is a day-wise list of corporate actions to watch out for this week: June 8 (Monday)The week kicks off with three companies undergoing corporate adjustments: Unified Data-Tech Solutions shares will turn ex-date for an interim dividend of Rs 5.5 per share. Ravindra Energy and Consecutive Commodities meanwhile will trade ex-date for rights issue of equity shares.June 9 (Tuesday)Inox India shares will trade ex-date for a final dividend of Rs 2 per share. Tata Group company Nelco meanwhile had also fixed June 9 as the record date for its final dividend of Rs 1 per share.June 10 (Wednesday)Several major companies turn ex-dividend, alongside a bonus issue on June 10. India's IT bellwether Infosys will turn ex-date for its final dividend of Rs 25 per share. Indian Bank and Seshasayee Paper & Board will also trade ex-record date for their respective dividends of Rs 18.25 per share and Rs 2 per share.Tata Group has fixed Wednesday as the record date to determine the eligibility of shareholders for dividend payments by three of its companies. These include Tata Chemicals (Rs 11 per share), Tata Investment Corporation (Rs 3.4 per share) and Tata Elxsi (Rs 75 per share).Gautam Exim shares meanwhile will go ex-bonus for its 3:1 bonus issue (three new bonus shares for every one existing share held).June 11 (Thursday)Specialized chemical player Sunshield Chemicals will be the lone counter turning ex-date on Thursday for a final dividend of Rs 3 per share.June 12 (Friday)Friday will see 31 stocks tuning ex-record date for their respective corporate actions. These includes five Adani Group companies, namely ACC (final dividend of Rs 7.5 per share), Adani Enterprises (final dividend of Rs 1.3 per share), Adani Ports and Special Economic Zone (final dividend of Rs 7.5 per share), Adani Total Gas (final dividend of Rs 0.25 per share) and Ambuja Cements (final dividend of Rs 2 per share).Four Tata Group companies also have June 12 as the record date for their dividends. These include Tata Motors (final dividend of Rs 4 per share), Tata Steel (final dividend of Rs 4 per share), Trent (final dividend of Rs 6 per share) and Voltas (final dividend of Rs 4 per share).Other stocks which will turn ex-record dates for their respective dividends include Canara Bank (Rs 4.2 per share), JM Financial (Rs 1.75 per share.), ICICI Prudential AMC (Rs 12.4 per share), PNB (Rs 3 per share), Piramal Finance (Rs 11 per share), Apcotex Industries (Rs 5.5 per share), Avantel (Rs 0.2 per share), Cemindia Projects (Rs 3 per share), Eimco Elecon (Rs 4 per share), Elecon Engineering Company (Rs 1.5 per share), High Energy Batteries (Rs 3 per share), Lloyds Metals & Energy (Rs 1 per share), MM Forgings (Rs 4 per share), Navin Fluorine (Rs 8.6 per share), Orient Cement (Rs 0.5 per share), Oseaspre Consultants (Rs 87 per share), Panchsheel Organics (Rs 0.8 per share), Petronet LNG (Rs 3 per share), Reliance Industrial Infrastructure (Rs 3.5 per share) and Technojet Consultants (Rs 87 per share).Mobavenue AI Tech shares will trade ex-split as it sub-divides its equity shares from a face value of Rs 10 down to Rs 2 per share. City Union Bank shares meanwhile will trade ex-bonus for a 1:3 bonus issue (one new bonus share for every three shares held)(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
The shares of metals major Tata Steel dropped nearly 3% on Friday after a fire broke out at the companyโs plant at Port Talbot in UK late on Wednesday, forcing the company to temporarily halt operations at part of the site.Large plumes of smoke were visible from the site and could be seen across the surrounding area, BBC reported, adding that emergency services remained at the scene on Thursday and were working to manage the incident.Tata Steel UK meanwhile said that all personnel were evacuated safely from the affected area. It added that the incident was not related to the safe and successful demolition of the empty, redundant gas holder earlier yesterday evening. The Mid and West Wales Fire Service attended the site while emergency services worked with local teams to completely extinguish the fire, the company further said.The 3.2 million tonne facility is transitioning to an electric arc furnace with an investment of ยฃ1.25 billion, with the help of aid from the local government. It is expected to be commissioned by the end of 2027. Tata Steel has completed major demolition work of the blast furnaces for the transition, and is currently working on fabrication and delivery of equipment.Also read: Tata Steel eyes 9% India sales growth this fiscalIn October 2024, Tata Steel ceased iron making operations at its Port Talbot site and temporarily paused steel manufacturing, pending the construction of a 3.2 MTPA electric arc furnace. What this means for Tata Steel share priceICICI Direct highlighted that the fire has reportedly been contained, although the extent of the operational impact is yet to be assessed. โWhile the incident is sentimentally negative, the UK operations contribute a relatively small share to Tata Steel's overall business, and hence the impact on the company's overall performance is expected to be limited. We await further clarification from the company regarding any operational disruptions or financial implications arising from the incident,โ it added.Tata Steel share priceTata Steel shares tumbled more than 3% to trade at Rs 204 apiece on Friday afternoon. The shares of the company have fallen around 2% in one week and 3% in one month. The stock is however up more than 12% in 2026 so far.In the longer term, Tata Steel shares jumped more than 29% in one year, 87% in three years and over 82% in five years. The company currently has a market capitalisation of more than Rs 2.55 lakh crore.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Shares of Hindustan Zinc sharply tumbled nearly 5% on Friday after a report said that the government is planning to sell as much as 2% stake in the metals major for up to Rs 5,000 crore ($525 million).The shares of the company dropped to Rs 575.20 apiece on NSE, the lowest level seen by the stock in six weeks, after the release of the Bloomberg report, citing people familiar with the matter. Shares of Vedanta, meanwhile, tumbled 3% to Rs 318.80 apiece.The Department of Investment and Public Asset Management (DIPAM) aims to launch the process this month or in July this year, the report said, adding that ICICI Securities, Axis Capital, IIFL Capital Services, and HDFC Securities are advising the government on the transaction.Hindustan Zinc shareholding patternThe Central government held nearly 28% stake in Indiaโs largest silver producer, according to data on the companyโs shareholding pattern as on March 31, 2026. Its largest promoter, Vedanta, meanwhile, held nearly 61% stake in the company.Another 3.5% stake was held by insurance companies, while foreign investors held more than 2% stake in Hindustan Zinc, as at the end of the January-March quarter of FY26.The latest report on the government's possible stake sale in Hindustan Zinc comes after the centre ramped up its disinvestment efforts. Last week, the government raised about $531 million from the sale of 2% stake in Coal India. Earlier this week, it raised $450 million by selling 6% stake in NHPC. Bloomberg also reported that the government is now mulling an OFS to sell 2% stake in LIC to raise as much as Rs 10,000 crore.ED raids at Hindustan Zinc officesThe shares of Hindustan Zinc declined earlier this week after Vedanta said that the Enforcement Directorate team visited some of its offices, confirming news reports. "We hereby inform that the Enforcement Directorate team visited some offices of our company and Hindustan Zinc, a subsidiary of the company," Vedanta said after stock exchanges sought clarification regarding news reports around ED conducting searches against Vedanta Group in FEMA probe. The Anil Agarwal-led company added that it is fully cooperating with the authorities and providing all requested information.Later, Vedanta announced that the searches had concluded and no penalty or restriction had been imposed by the authorities.Hindustan Zinc share priceHindustan Zinc shares have fallen more than 9% in one week and 6% in one month, while being down more than 6% in 2026 so far. The shares of the company have gained around 17% in one year.Also read: Did this L&T-backed AI stock actually crash 90% in one day? Here's all you need to knowIn the longer term, the stock delivered 87% returns over three years and 72% returns over five years. The company currently has a market capitalisation of more than Rs 2.43 lakh crore. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Mumbai: It is India's fourth biggest company by revenue, but the managing director of precious metals trader Rajesh Exports (REL) apparently doesn't know how and from where it gets the biggest chunk of the revenue, show the findings of a regulatory investigation.In its investigation report, the Securities and Exchange Board of India observed allegedly unscrupulous activities by REL's promoters, such as accounting irregularities and siphoning off of company funds into personal accounts, and also pointed out lapses by its auditors. The regulator said the company and its auditors were non-cooperative."The acts of REL constitute a deliberate device, scheme and artifice to mislead and defraud investors dealing in the shares of REL by portraying an inflated and misleading picture of its operational scale, revenue and financial health," Sebi observed in its report.The company, eponymously named after its chairman Rajesh Mehta, is accused of committing an elaborate financial fraud that includes dressing-up of revenues of โน15.15 lakh crore over the years, personal gold trades covered up as corporate sales and phoney gold mine investments of โน1,035 crore, according to the interim report.REL denied the charges of misdeeds. In a press release Thursday, the company said the revenues stated in its financials were correct and that the confusion arose because of a mix-up between Ebitda and revenue numbers at Swiss refiner Valcambi SA, an indirect subsidiary.Sebi has not made any adverse observation with regard to earnings, the company said, claiming that the regulator has only observed suspicion with regard to revenues which was primarily because of confusion over the Valcambi numbers.Numbers don't add upIn fiscal 2025, REL reported consolidated revenue of โน4.23 lakh crore against a profit after tax of just โน95 crore, translating into a net margin of barely 0.02%. The year before, on โน2.8 lakh crore revenue, profit was โน336 crore.Experts who have studied the Sebi report and the company's annual reports say the numbers did not add up. The business appeared to be operating at margins that were not merely thin but structurally negligible, they said."It looks like a case of pass-through accounting. There is no value creation. It was 'flow of gold' being booked as revenue," said a leading auditor on the condition of anonymity.Sebi, which began the investigations in March 2024 following a shareholder complaint about suspected accounting malpractices, said it found that about 97-99% of REL's consolidated revenues were attributed to its overseas subsidiaries, principally Valcambi. But Valcambi's own accounts, audited by KPMG SA, recorded only processing fees that were about โน3,027 crore across five years.Valcambi refined gold on behalf of clients and never took ownership of the precious metal or recognised the value of gold as revenue in its books. Yet, Global Gold Refineries AG (GGR), the parent of Valcambi that had no independent operating business, recorded gross revenues running into hundreds of crores by including the gross value of gold that actually belonged to others, according to the Sebi report.Rajesh Exports, which owns GGR through a Singapore subsidiary, used those unaudited figures in its financial statements, significantly bumping up the company's revenue, it said.In its press release, REL said: "The core observation in the order is with regard to the misreporting of the revenues. This has emerged primarily due to confusion because Sebi has considered the Ebitda of Valcambi instead of revenue hence it has stated that there is a difference of about 97% in the revenue.""There is no reason for any listed entity to inflate revenue and maintain the earnings, this will only reduce the margins of the company, which would be adverse to the company," it said.Senior management in the darkThe senior management of REL told regulators that most of them were in the dark about the company's overseas operations and only the promoter, Rajesh Mehta, dealt with those activities."Valcambi SA does not have any gold mine on its own," managing director Suresh Gowda was quoted in the Sebi order as saying. "It refines the raw gold purchased by it from various entities, whose names I do not recollect, as these things are exclusively handled by Rajesh Mehta, chairman of REL. I have never interacted nor involved with any subsidiary/step-down subsidiary of REL, as these were exclusively taken care of by Rajesh Mehta," he told the investigators, as per the order.According to the report, REL booked โน11,487 crore in sales between 2021-22 and 2023-24 to Affluence Shares and Stocks, a broker that made up to 66% of the company's standalone revenue for that period. But Affluence, in formal depositions to the regulator, said it had not done any business with REL.Following the transaction trail, the investigators found out that the transactions were personal gold derivative trades executed by promoter Mehta using his own brokerage account and then recorded in the company's books as corporate sales, the order said.The investigators also found that Mehta used corporate funds. As per the Sebi observations, bank records show REL transferred โน338.90 crore directly into Mehta's personal accounts between April 2020 and September 2025.Unlike in the case of Nirav Modi or Gitanjali Gems, who are accused of bank fraud, Rajesh Exports doesn't appear to have borrowed big from banks or through sale of bonds, according to regulatory filings.The company's market cap was just over โน3,000 crore, as per Thursday's closing share price. LIC (10.8%) and Bridge India Fund (8.46%) are its major institutional shareholders."It is striking that, even at a peak market capitalisation of โน25,000 crore, the company did not hold any analyst calls, a basic expectation for a listed company of that scale," said Shriram Subramanian, founder and managing director of InGovern Research Services, a corporate governance advisory firm.The regulator in 2024 hired BDO India Services to investigate. But the forensic audit faced problems at almost every stage of the investigation. It was denied access to ERP systems and was not provided a complete journal dump, preventing independent verification of transactions recorded in the books, according to the regulatory report.And the company declined to share subsidiary-level records with the investigator, citing Swiss data protection laws, limiting auditors largely to reviewing financial statements prepared by the management itself rather than underlying evidence, it said.What's also come under the scanner was the conduct of statutory auditors for the last few years: CA PV Ramana Reddy, the proprietor at PV Ramana Reddy & Co, and CA PL Venkatadri, partner at BSD & Co.The company's FY24 and FY25 annual reports, filed with the stock exchanges, carry an unqualified opinion from BSD & Co, which concluded that the financial statements presented a "true and fair view" in line with Indian Accounting Standards.The company's FY24 Directors' Report noted that the statutory and secretarial auditors had made no qualifications, reservations or adverse remarks.The Sebi report said for over five months, the auditors sat on the regulator's request for missing documents and statements.Emails sent to both audit firms did not elicit any response.REL closed 5% lower at โน103.92 Thursday on the NSE. The shares are down from their peak of โน1,028.40 on February 6, 2023.
Mumbai: Global investors continued to pare equity stake in the financial services sector in the second half of May, however the pace of selling came off.Foreign portfolio investors (FPI) sold shares worth โน5,181 crore from the sector in the period, significantly lower than the outflow of โน17,000 crore in first half of the month, according to the data from NSDL. Between January and March, global investors pulled out shares worth over โน60,000 crore from the sector."Banking stocks offered foreign investors an easy exit from India by virtue of being highly liquid," said U R Bhat, co-founder & director, Alphaniti. "Despite the sell-off, the sector has fared well, barring a few specific exceptions. Now investors are reducing exposure in other sectors."Bank Nifty fell 1% over the past one month compared with a 2.9% drop in the benchmark Nifty 50."Global investors toned down the selling in the banking and financial services sector and bought selectively- mostly smaller banks instead of the large caps which is why the pace of outflows moderated," said Sonam Srivastava, founder and CEO, Wright Research. Overseas investors sold shares worth โน14,621 crore across 13 sectors in the second half of May, after withdrawing โน38,443 crore across 19 sectors in the first half of the month.131518952FPIs have continued the selling spree in the current calendar year, offloading equities worth โน2.6 lakh crore up till June 03. This exceeds their outflow of โน1.7 lakh crore in the whole of 2025. A sustained selling pressure has intensified this year due to AI disruption and inflationary pressure on account of elevated oil prices given the US-Iran war. In addition, the net outflow of โน1.3 lakh crore in FY27 so far exceeds the net investment of โน84,132 crore by FPIs since FY17. The cumulative net foreign investment in Indian equities dropped to the lowest level in 12 years to โน7.1 lakh crore in FY27.In the second half of May, automobiles and oil and gas sectors reported worth over โน2,000 crore. On May 29, The MSCI rebalancing led to outflows worth โน8,000-8,500 crore which also factored in the outflows for this fortnight. "Changes in the MSCI Index shifts the composition of not just index funds that mimic the index but also weighs on decisions of other funds,who largely use MSCI indices as benchmarks" said Bhat.Among sectors that reported net inflows in the second half of May, metals attracted nearly 60% of the inflows -the highest foreign inflows worth โน4,999 crore for the period. The sector witnessed inflows worth over โน6,500 crore in May.
The Indian stock market closed nearly flat, with Sensex and Nifty ending the session in the green with marginal gains after seeing sharp upswings and downswings during the day.Sensex rose nearly 14 points to close at 74,360, while Nifty 50 rose around 11 points to end the session at 23,417, nearly unchanged from the previous session. This came as India VIX, which measures volatility in markets, fell over 3% to 15.77.Titan shares jumped 4% to lead gains on Sensex, while Zomato-parent Eternal jumped 3% to follow. ITC, Tech Mahindra, SBI, Bharat Electronics and ICICI Bank shares meanwhile gained around 1% each. On the other hand, Infosys, Bajaj Finserv, UltraTech Cement, Adani Ports and Tata Steel shares dropped around 15 each.Broader markets closed with higher gains, with Nifty Midcap 100 and Nifty Smallcap 100 indices gaining around 0.5% each. Sectorally, Nifty Consumer Durables rallied more than 2%, while Nifty Metal declined 0.7%. Around 1,817 stocks advanced on NSE, while 1,474 declined and 105 remained unchanged.Rupee watchNotably, investors now await the outcome of the Reserve Bank of Indiaโs Monetary Policy Committee's (MPC) meeting tomorrow. Meanwhile, rupee closed at 95.7850 per U.S. dollar, from 95.7050 on Wednesday.FIIs net sold Indian shares worth Rs 5,617 crore on Wednesday, according to data on NSE. They have net sold Indian equities worth more than Rs 39,625 crore in just four consecutive sessions.India may scrap capital gains tax on FPI investments in govt securitiesThe Indian government is planning to scrap capital gains tax on investments in government securities by foreign portfolio investors (FPIs), a move which will likely shore up overseas capital inflows into the country, The Economic Times reported citing people familiar with the matter.The Cabinet, in a meeting chaired by Prime Minister Narendra Modi on Wednesday, approved the promulgation of an ordinance to amend the Income Tax Act to pave the way for this exemption, sources further told The Economic Times, adding that a notification is expected soon after the President gives her assent to the ordinance.What lies ahead?On Thursday, the benchmark index Nifty opened with a gap-down. However, the index staged a recovery from lower levels and eventually closed on a flat note. Notably, this marked the third consecutive session where Nifty found support near its prior swing low and rebounded thereafter, said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities. He however added that a sustained follow-up move on the upside is still required to confirm a potential reversal.โAt present, the index continues to trade below its key moving averages, while momentum indicators suggest a sideways trend. The daily RSI has been oscillating within a narrow range for the last 40 trading sessions, in line with the RSI range shift rules, indicating lack of directional strength,โ he said.Going ahead, Shah expects the 23,550โ23,580 zone to act as an important hurdle for Nifty 50.. A sustained move above the 23,580 level could trigger an extension of the ongoing pullback rally, potentially paving the way towards the 23,700 mark, he said. On the downside, he sees 23,330โ23,320 zone as likely to serve as a crucial support area.(With inputs from agencies)(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Hindalco Indiustries, the metals arm of Aditya Birla Group, is eyeing a Rs 1,000 crore of revenue by fiscal year 2029 with the launch of its Eternia experience centre in New Delhi on Thursday.Eternia is among the fastest-growing players in the system aluminium windows segment, recording nearly 65% CAGR growth over the last three years, the company said. The revenue target would largely be driven by rapid category growth, an expanding nationwide partner network, and strengthened manufacturing capabilities.The windows and faรงade segment in India represents an estimated โน40,000 crore market opportunity and remains largely unorganised, with premium segments growing at nearly 15% CAGR, Hindalco said in a regulatory filing, citing rising demand for high-performance, design-led offerings."The building and construction sector is a critical pillar of Indiaโs growth story, and we see significant opportunity in delivering high-performance, system-driven solutions to this evolving market," said Satish Pai, Managing Director.The Eternia brand has positioned Hindalco to move up the value chain, from aluminium production to engineered building solutions. The metals major manufactures and distributes products through facilities located at Renukoot, Silvassa, Kuppam, and Alupuram.The company has also built a manufacturing hub in Bilaspur, Gurugram, spanning 120,00 sq. ft. and a capacity to produce up to 250,000 sq. ft. of windows per month. The facility, Hindalco said, is strategically located to serve the rapidly growing North Indian market and improve delivery speed and responsiveness.The Gurugram facility also houses a R&D centre for ongoing product development and testing, along with a training centre.
The RBI has issued a clarification on gold stock holdings in India, noting that speculation over the central bank's sale of the precious metal reserves is โnot correctโ and that India's gold stock holdings โremain unchangedโ.
RBI said in a statement its physical stock of the precious metal remains unchanged at 880.52 tonnes.
The shares of Vedanta and Hindustan Zinc declined 1% each on Wednesday after the former confirmed in an exchange filing that the Enforcement Directorate team visited some of its offices, confirming news reports."We hereby inform that the Enforcement Directorate team visited some offices of our company and Hindustan Zinc, a subsidiary of the company," Vedanta said after stock exchanges sought clarification regarding news reports around ED conducting searches against Vedanta Group in FEMA probe. The Anil Agarwal-led company added that it is fully cooperating with the authorities and providing all requested information.In another exchange filing released on Tuesday, Vedanta said that the proceedings are underway. โWe wish to reiterate that the Company is and will continue to comply with SEBI Listing Regulations and keep the stock exchange(s) duly informed of all material information / events, including price sensitive information(s), in accordance with the applicable provisions,โ it added.Also Read | Vedanta says ED officials visited some of its offices, Hindustan Zinc unitsThe Economic Times reported on Tuesday, citing officials, that ED conducted searches at premises linked to the Vedanta Group in Delhi and Mumbai as part of a Foreign Exchange Management Act (FEMA) investigation.In a quote to ET Bureau, Vedanta spokesperson said, "We are extending full cooperation to the authorities and are providing all information sought. The company remains committed to compliance with all applicable laws and regulations. As the matter is currently under regulatory process, we are unable to comment further at this stage."Also Read | ED searches against Vedanta Group in FEMA caseICRA's ratings upgradeLast week, ratings agency ICRA removed the company from watch with developing implications after greater clarity on the allocation of assets and liabilities under the ongoing demerger scheme.ICRA upgraded Vedantaโs long-term rating to AA+ (Stable), assigned a stable outlook and reaffirmed the short-term rating. "The rating action factors in ICRAโs expectation of a further strengthening in the credit profile of the Vedanta Group in FY2027, building on the considerable improvement witnessed in FY2026. This has been supported by a sharp increase in base metal prices, which has contributed to a strong financial risk profile for the Group, which reported an OPBDITA of $6.7 billion in FY26,โ the ratings agency said.Also Read | Vedanta shares jump 2% to hit fresh 52-week high. Whatโs behind the surge?Vedanta share priceVedanta shares have tumbled 6% in one week but gained around 23% in one month. The stock recently adjusted to its mega demerger. Vedanta in April had announced that every eligible shareholder would receive one share each of Vedanta Aluminium Metal (VAML), Talwandi Sabo Power (to be renamed Vedanta Power), Malco Energy (to be renamed Vedanta Oil and Gas) and Vedanta Iron and Steel for every share held in the parent company, marking one of the biggest corporate restructurings in Indiaโs metals and mining sector. Investors are now awaiting the listing of the four new companies that spun out of the mining conglomerate.Also Read | Vedanta demerger: At what price will each of the four new companies list? Check cost of acquisitionHindustan Zinc share priceHindustan Zinc shares have fallen around 4% in one week but gained 5% in one month and more than 2% so far in 2026. The stock is up over 33% in one year. In the longer term, the shares of the company delivered 104% returns over three years and 93% returns over five years.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)