WazirX security breach: Crypto platform to resume INR withdrawals in phases starting August 26
WazirX will lift the suspension on INR balance withdrawals starting August 26. Users can withdraw 66% of their balances by September 22. A breach in its multisig wallet resulted in a loss of $230 million, leading WazirX to adopt a Singapore scheme to fairly resume cryptocurrency withdrawals after user approval.
Nifty Bank Reshuffle: State-run Canara Bank makes entry while Bandhan Bank pushed out
JM Financial reports that Canara Bank’s addition to the 12-stock Nifty index is projected to attract inflows of $84 million, while Bandhan Bank’s removal could lead to outflows of $47 million. The NSE Indices committee announced these changes on Friday, set to take effect from September 30th (based on the closing prices of September 27th).
CBDC’s success doubtful, UPI already prevalent, says former RBI deputy governor
UPI, on the other hand, is gaining currency by the day. The UPI transactions hit Rs 20.64 lakh crore in the month of July growing by 35% year-on year. It’s the third straight month of Rs 20 lakh crore worth of transactions.
GQG buys 17.1 million shares of Ambuja Cements via block deal
Adani Group’s Holderind Investments sold approximately 68 million shares. Following the transaction, Ambuja’s stock initially jumped 4%. The Adani Group now holds a 70.33% stake. Recently, Ambuja enhanced its market share by acquiring Penna Cement, broadening its influence in southern India.
NSE rejig: Vodafone Idea to exit Nifty 500, Nifty Midcap 100
Vodafone and 26 other stocks are exiting the Nifty 500 index while Trent and Bharat Electronics joined the Nifty 50, from which LTI Mindtree and Divi’s Laboratories exited. Effective from September 30, 2024, these changes will come into effected.
Bajaj Auto, Sun Pharma among 5 Nifty50 stocks that hit new 52-week highs on Friday
Indian benchmark indices ended flat amid volatility on Friday, with traders awaiting Federal Reserve Chair Jerome Powell’s speech for clues on potential U.S. rate cuts. Despite market fluctuations, five Nifty50 stocks reached new 52-week highs.
Tech View: Nifty eyeing 25K in monthly expiry week. Here’s how to trade on Monday
Nifty formed a small negative candle on Friday, with an ongoing trend of higher highs and lows. The index shows a choppy but positive bias, potentially reaching 25,000-25,100 soon. Immediate support is at 24,650. Weekly charts indicate a positive candle and a filled down gap resistance at 24,700.
Sebi asks CAs to be ‘extra careful’ while auditing listed SMEs
“We have seen some challenges there (SME platform). We request you to be extra careful as far as SME IPOs and fundraising are concerned because these small companies will become much, much bigger going forward,” the banker-turned-capital markets regulator said.
What should be the CAGR return expectation from the Indian market for next three years? Rajiv Batra answers
Rajiv Batra from JPMorgan predicts a difficult Q2 for India due to weather impacting demand but remains confident about long-term growth prospects. He favors healthcare, especially pharma and hospitals. Autos face stiff competition. Batra expects Indian markets to have a 13-15% CAGR and anticipates FII flows stabilizing after the US elections.
HNIs using SIPs as a route for investment: Feroze Azeez
The reality is mutual fund is losing HNI money to complex products, that is the reality. You may want to close your eyes when the cat drinks the milk. HNIs have moved money to PMSes in spite of risk being higher, concentration being higher, taxation being higher, commissions being higher. I think the last one […]