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Posted On:
16-04-2024

Top financial regulators plan panel to weigh risks in derivatives market

India's top financial regulators will form a committee to assess stability risks emerging from a surge in derivatives markets and suggest policy changes if required, two sources familiar with the matter said. Options trading in India has soared in the last five years, fuelled mainly by retail investors. The notional value of index options traded more than doubled in 2023-24 to $907.09 trillion from $447.69 trillion a year ago, exchange operator NSE says. The panel will be set up by the Financial Stability Development Council, which includes the finance minister, the central bank governor and the market regulator, the sources said. Its members and reporting timeline will be finalised in coming months, added the sources, who spoke on condition of anonymity, as they were not authorised to speak to media. ndia's finance ministry, the central bank, the Reserve Bank of India and the regulator, the Securities and Exchange Board of India, did not immediately respond to queries about the plan. The committee will assess potential systemic risks emerging from the surge in derivatives trading, the need for investor protection measures and for increased regulatory monitoring, the two sources said.
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Posted On:
17-04-2024

Tata, Reliance, DMart in talks to acquire 24Seven from Godfrey Phillips

Godfrey Phillips, backed by the KK Modi group, is in discussions with Tata Trent, Reliance Retail, and Avenue Supermarts for a potential sale of its retail grocery chain, 24Seven, The Economic Times (ET) reported. The outcome of the talks will depend on the valuation, the business daily said, citing sources.The leadership of the (Modi) group had started discussions with entities that showed clear synergies and these are said to be currently ongoing, at different stages. In an exchange filing on April 12, Godfrey Phillips India had disclosed its plan to divest of the loss-making 24Seven convenience chain after a thorough review of its retail business division.Established in 2005, 24Seven has 145 stores operating across the Delhi-National Capital Region (NCR), Punjab, and Hyderabad. These provide a range of grocery items, staples, snacks, beverages, products of the Modi group's Colorbar beauty brand, and personal care products. They has sell ready-to-eat food items in some larger format outlets. Given the growth potential in the grocery retail sector, the 24Seven model could be expanded to encompass hyper-convenience grocery, staples, general merchandise, and even small in-store cafes, despite the company's current accumulated losses, the ET report said, citing another official.
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Posted On:
17-04-2024

PC Jeweller gets board approval to raise Rs 2,000 cr fund via rights issue

PC Jeweller on Tuesday said its board has approved a proposal to raise Rs 2,000 crore through rights issues and preferential allotment of fully convertible warrants. The board in a meeting held on Tuesday also approved a proposal to increase the authorised share capital and alteration in the capital clause of the memorandum of association, a regulatory filing said. Out of the total of Rs 2,000 crore, the company said its board approved the plan to raise Rs 1,500 crore by way of rights issue of equity shares of Rs 10 per each to the eligible equity shareholders.The record date for the same will be notified later. The issue size of up to Rs 1,500 crore would be subject to regulatory and other approval, the filing said.That apart, the company said the board approved raising up to Rs 500 crore through a preferential allotment of fully convertible warrants. "The proceeds of the preferential issue will be utilised towards the payment of financial liabilities of the company, subject to the approval of the consortium of the lenders," the company said.
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Posted On:
18-04-2024

Ford motors recalls over 456,000 cars due to loss of drive power risk

Ford is recalling more than 4,56,000 Bronco Sport and Maverick vehicles due to a battery detection issue that can result in loss of drive power, increasing crash risks. According to documents published by the National Highway Traffic Safety Administration, the body and power train control modules for these cars may fail to detect changes in battery charge. And when undetected, a low battery charge can cause an unexpected loss of drive power including sudden stalling or inability to restart and the use of other electric capabilities like hazard lights. The recall covers about 403,000 model year 2021-2024 Bronco Sports produced between February 2020 and March 2024, as well as more than 53,000 model year 2022-2023 Mavericks manufactured from February 2021 to October 2022, a recall report dated Friday notes.To remedy this issue, dealers will recalibrate the impacted vehicles' body and power train control modules at no cost. Owner notification letters are set to be mailed out on May 13, a Tuesday NHSTA recall acknowledgment letter notes. Whether the remedy would be available before mid-May was not immediately clear. The Associated Press reached out to Ford for further information Wednesday, including the total number of any incidents reported to date.
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Posted On:
18-04-2024

Google-backed Cropin launches AI tool to boost climate-smart agriculture

Farmers and others involved in agriculture are struggling to meet the world's increasing demand for sufficient, safe, and nutritious food. This challenge is especially critical in the Global South, where farmers are increasingly vulnerable to changing weather conditions. Climate change is disrupting conventional agricultural practices, rendering existing knowledge impractical in the era of global warming. Factors such as irregular or extreme rainfall, unpredictable heatwaves, and increased pest and disease attacks affect farmers' practices, reducing agricultural yield, productivity, and profitability. Cropin Technology, a global Agtech company, aims to bridge this gap by harnessing the power of generative AI (GenAI) to provide
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