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Posted On:
11-04-2024

Rising speculative bets stoke RBI crackdown on currency derivative

Excessive speculative bets in the domestic currency derivatives market is perceived as the primary catalyst behind the Reserve Bank of India’s (RBI’s) decision to clamp down on those engaging without any underlying exposure. According to sources familiar with recent central bank norms on exchange-traded currency derivatives (ETCDs), the Foreign Exchange Management Act (Fema), 1999, prohibits speculation against the Indian currency. “Will the Government of India permit speculation against the rupee? Is India prepared to endorse policy-driven speculation surrounding the rupee?” asked a source elucidating the central bank’s stance. Last week, the RBI deferred the implementation of norms on ETCDs linked to the Indian rupee until May 3, citing investor concerns that the move could drain liquidity. The norms were initially slated to take effect on April 1. Rupee-denominated currency derivatives contracts are actively traded on the National Stock Exchange (NSE), the BSE, and partially on the Metropolitan Stock Exchange of India. In principle, all trades necessitate an underlying exposure. However, traders are not mandated to furnish evidence of underlying exposure for positions up to $100 million; they must confirm the existence of such exposure.
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Posted On:
11-04-2024

Utkarsh Small Finance Bank pays Rs 1.24 cr to Sebi to settle LODR Regulations violation case

Utkarsh Small Finance Bank has settled a case pertaining to disclosure norms with capital markets regulator SEBI and paid Rs 1.24 crore towards the settlement charges. Sebi had started adjudication proceedings against the bank for alleged violations of the Listing Obligations and Disclosure Requirements (LODR) Regulations. The capital markets regulator had issued a show cause notice to the bank on March 16, 2023, after it appointed an adjudicating officer on March 10, 2023. The order came after Utkarsh Small Finance Bank proposed to settle the instant proceedings initiated against it without 'admitting or denying' the findings of facts and conclusions of the law through a settlement order. Following that, Utkarsh Small Finance Bank filed the settlement application in November 2023, with the regulator for the alleged violation of the rules."The instant adjudication proceedings initiated against applicants vide Show Cause Notice dated March 16, 2023, is disposed of in terms of the settlement regulations," Sebi's Adjudicating Officer Barnali Mukherjee said in the order. After that, Sebi's High Powered Advisory Committee in its meeting held on February 5, 2024, considered the settlement terms proposed and recommended that the case may be settled upon payment of Rs 1. 24 crore (Rupees One Crore Twenty Four Lakh Twenty Three Thousand and Six Hundred) by the bank. Accordingly, Utkarsh Small Finance Bank paid the amount and settled the case.
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Posted On:
12-04-2024

Vodafone Idea to launch country's largest $2.16 bn follow-on public offer

Indian telecom operator Vodafone Idea said on Friday it would raise up to Rs 18,000 crore ($2.16 billion) later this month through a sale of new shares, in what will be the country's biggest follow-on public offering (FPO). The debt-laden company said in February it would raise up to Rs 20,000 crore through equity, which included financial support of Rs 2,000 crore from a top shareholder entity it did not name. The public offering, which will take place at a floor price of Rs 10 per share, will open for bids from April 18 to April 22, said Vodafone Idea, the country's third-largest telecom carrier by number of subscribers. Shares of Vodafone Idea were down 2.3% at Rs 12.65 in early trade. The largest FPO before this was a Rs 15,000 crore rupee sale by Yes Bank in 2020. Vodafone Idea also plans to raise an additional Rs 25,000 crore through debt for which it has been in talks with lenders, without specifying details. The company said it would use the equity and debt funding to roll out its 5G network service within six to seven months of securing the funds and expand its 4G coverage. Larger rivals Bharti Airtel and Reliance Jio have already launched their 5G services in most parts of the country.
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Posted On:
12-04-2024

Unilever faces new risk as India's consumers turn pickier, more demanding

The largest consumer company in the world’s most populous nation has provided everyday products from detergent to instant coffee to Indians for decades. Now Hindustan Unilever Ltd. is seeing its fortunes flag as an increasingly sophisticated consumer class with disposable incomes demands more. The Indian unit of Unilever Plc is battling a slowing rate of growth in revenue and profits while its share price is lagging. India’s elite classes are becoming pickier consumers, fueling the success of organic personal-care brands backed by slick social media marketing campaigns. The rise of companies like local upstart Honasa Consumer Ltd, and the inroads made by global names including Estee Lauder Companies Inc. and Clinique Laboratories LLC, is forcing Hindustan Unilever to spend more on product development and advertising. The company’s challenges mirror those of other consumer-goods giants, such as Procter & Gamble Co., L’Oreal SA and its London-based parent, which in recent years have had to acquire the niche brands taking market share from their in-house businesses.
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Posted On:
13-04-2024

Jaypee Infratech's stalled Wish Town leaves homebuyers in the lurch

A final resolution between Yamuna Expressway Industrial Development Authority (Yeida) and Mumbai-based Suraksha Group to settle issues related to farmer compensation to complete stuck realty projects of bankrupt Jaypee Infratech in Noida may get delayed. The development comes after the National Company Law Appellate Tribunal (NCLAT) had said that the homebuyer’s appeal will be heard on merits and a judgment passed if both bodies do not reach an amicable settlement by April 18. “While both bodies are on the right path as far as a settlement is concerned, meeting the April 18
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