Here are the top stories this evening:
Taking Stock | Market ends higher for third day; positive global cues, IT and metal stocks lift sentiment
Indian equity benchmarks continued their up-move for the third consecutive session on June 27, making a strong start to the week on positive global cues, a fall in oil prices and buying in IT and metal stocks. At close, the 30-share Sensex was up 433.3 points, or 0.82 percent, at 53,161.28, while the broad-based Nifty gained 132.8 points, or 0.85 percent, to 15,832.05, their best showing in more than two weeks.
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Cement makers face a fight to protect margins, market share
Soon after billionaire Gautam Adani announced his $10.6- billion acquisition of India’s second-biggest cement business from Holcim Group of Swizerland last month, UltraTech Cement announced a mega investment plan to scale up capacity and signalled that it will aggressively protect its market leadership. The entry of an aggressive new player will not just put pressure on small cement manufacturers, but will also turn up the heat on the big boys as they seek to protect their market share.
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Explained: Why did RBI come out with new draft norms for IT services outsourcing by banks?
The Reserve Bank of India (RBI) on June 23 issued draft guidelines for outsourcing of information technology (IT) services by lenders. The underlying principle of these guidelines is that the regulated entities must ensure that their outsourcing arrangements neither diminish their ability to fulfil their obligations to customers nor impede effective surveillance by the supervising authority, the central bank said. Moneycontrol answers five key questions on why the regulator had to issue the new guidelines.
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Indian market can tank another 1,000 points if US enters deep recession, says Credit Suisse
The Indian stock market can correct up to 1,000 points if the United States falls into a deep recession, Jitendra Gohil, Director-Head Of Equity Research, Wealth Management at Credit Suisse, said. A steep market correction is also on the cards if global crude oil prices breach the unprecedented levels of $140 or $150 a barrel, he said, adding such a possibility remained remote for now.
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Separate PF scheme for gigs, universal pension scheme likely on table during EPFO board meet in July
The central board of the Employees Provident Fund Organisation (EPFO) will meet on July 8, and may reach consensus on separate PF scheme for gig workers and explore possibility of framing a universal pension scheme for all those who have not yet been covered by the retirement fund.
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Optimistic about resilience of Indian economy, says Deepak Parekh
We remain optimistic about the resilience of the Indian economy despite the high volatility in the global environment, said Deepak Parekh, Chairman, HDFC Life Insurance, at the firm's 22nd Annual General Meeting. He added that the world’s largest COVID vaccination drive has allowed India to swiftly move beyond the acute phase of the pandemic that was witnessed at the start of the last financial year.
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Bajaj Auto announces share buyback worth Rs 2,500 crore
Bajaj Auto on June 27 informed stock exchanges that the company has approved the buyback of shares worth up to Rs 2,500 crore. The two-wheeler major intends to buy back 54.35 lakh shares aggregating up to 1.88 percent of the paid-up share capital via the open market at Rs 4,600 apiece.
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