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NEWS

Posted On:
16-05-2024

Canara Bank, JSW Energy among companies getting added to MSCI indexes

(Reuters) -Index provider MSCI will count U.S. bitcoin investor MicroStrategy among 42 additions to its widely tracked world index while more firms from India join its emerging markets index, following a quarterly review. They are closely watched as billions of dollars invested in exchange-traded funds track MSCI indexes and they are used as a performance benchmark for fund managers.In total, there are 42 securities to be added and 121 cut from the all-country world index. The three largest additions will be US companies: software firm and bitcoin investor MicroStrategy, data storage company Pure Storage and mechanical and electrical construction firm Emcor."All represent the direction of new economy development," said Kenny Ng, a strategist at China Everbright Securities International in Hong Kong. MSCI reviews its indexes to reflect moves in market value of constituents, among other factors. The changes, which will take effect at market close on May 31, usually drive a spike in turnover. Traders are alert this time for possible disruption as the rebalance falls only a few days after the U.S. shortens its stock-trading settlement cycle from two days to one on May 28. Elsewhere, India's Canara Bank, Indonesian chemical firm Chandra Asri Pacific and Indian power generator JSW Energy will be the three largest additions to the MSCI emerging markets index.
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Posted On:
17-05-2024

World's largest sovereign wealth fund excludes Adani Ports & SEZ

Government Pension Fund Global (GPFG), which is the world’s largest sovereign wealth fund and is based in Norway, on Wednesday said it had excluded Adani Ports and Special Economic Zone (APSEZ) —India’s largest port operator —from investment owing to “ethical considerations” concerning the firm’s sale of its port in Myanmar last year. This comes at a time when the group is in the middle of controversies regarding alleged malpractices in corporate governance last year. Queries sent to APSEZ did not elicit a response till the time of going to press. Shares of APSEZ ended at Rs 1,352, with a gain
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Posted On:
17-05-2024

Netflix nears deal for 2 NFL games on Christmas, extending push into sports

Netflix Inc. will air two National Football League games this Christmas Day, in the streaming TV giant’s latest push into live events. The three-season pact will also see Netflix host at least one Christmas game in both 2025 and 2026, the league and the company announced on Wednesday.“Last year, we decided to take a big bet on live — tapping into massive fandoms across comedy, reality TV, sports and more,” Bela Bajaria, Netflix’s chief content officer, said in a statement. “There are no live annual events, sports or otherwise, that compare with the audiences NFL football attracts.”The agreement marks the first time Netflix has licensed the rights to one of the world’s premiere sports and the first time it will show live football, the most popular sport in the US. The company will pay about $150 million for the two games this year, according to people familiar with the deal who asked not to be identified because the terms are private. It will be a similar amount if the company gets two games next year. The NFL plans to announce its 2024-25 schedule on Wednesday.The streaming industry leader has been experimenting with live programming for the past year as a way to broaden the entertainment options for its customers and create appealing properties for advertisers. Sports is the most valuable live programming in the world.
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Posted On:
18-05-2024

Shipment of raw materials from AGPL resumes for Vizag steel plant

In a relief for Visakhapatnam Steel Plant (VSP), shipment of essential raw material from Adani Gangavaram Port Ltd (AGPL) has resumed, said an official on Friday. Shipment of raw materials such as coking coal, limestone and others, which are key for making steel, had been disrupted since April 12.Atul Bhatt, chairman and managing director (CMD), VSP, which is also known as Rashtriya Ispat Nigam Ltd (RINL), thanked all the stakeholders for resolving the impasse which crippled the industry for more than a month. "Bhatt extended his heartfelt gratitude to all the stakeholders who played a crucial role in resolving the crisis of transportation of essential raw material from AGPL to RINL," a press release from the steel plant said.He said their collective efforts have been instrumental in ensuring the continuity of RINL operations and sustaining economic growth in the region. On May 8, nearly 1,000 RINL employees marched to the nearby Gangavaram port to plead with its agitating employees to allow the shipments. Elated over the resumption, Bhatt noted the development helps in safeguarding the steel plant's assets and jobs. He also thanked the Indian Railways, Visakhapatnam Port Authority (VPA) and other entities for their support.
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Posted On:
18-05-2024

Sebi fines Rs 8 lakh on Reliance Home Finance for disclosure lapses

Capital markets regulator Sebi on Friday imposed a penalty of Rs 8 lakh on Reliance Home Finance for failing to make disclosures pertaining to NCLT order issued in June 2021 to the stock exchanges. The fine has to be paid within 45 days, the Securities and Exchanges Board of India (Sebi) said.In its order, Sebi noted that Reliance Home Finance has not made disclosures with respect to the NCLT order dated June 21, 2021 and also did not disclose information regarding appeals filed by it and Bank of Baroda against the NCLT's order.As per the NCLT's order, Reliance Home Finance was directed to pay the interest on the debentures at the contractual rate, calculated till realisation, within two months and redeem the debentures on payment of the principal in three months thereafter. Going by the order, the outstanding amount due and payable in respect of the secured non-convertible debentures (NCDs) was more than Rs 2,850 crore. The company was required to make the disclosures within 24 hours of the passage of the order under Sebi's LODR (Listing Obligations and Disclosure Requirements) rule. "The Noticee (Reliance Home Finance) cannot be absolved from making disclosures, as the same were disclosed in the annual report or the information/event details being covered by the media or on various websites.
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