Author: Rasmita Jena

  • BSE Stocks Jump Over 10%: Today’s Highlights!

    BSE Stocks Jump Over 10%: Today’s Highlights!

    NEW DELHI: On Wednesday, many stocks saw big increases of more than 10% on the BSE (Bombay Stock Exchange). This happened as the two main stock market indicators, BSE Sensex and NSE Nifty, were doing well, especially with top companies doing great. The stocks that jumped by over 10% include Indo Amines (up 13.38%), Bang Overseas (up 13.23%), Niva Bupa Health Insurance (up 12.77%), HEG (up 11.21%), Wonderla Holidays (up 10.99%), Vippy Spinpro (up 10.55%), Zim Laboratories (up 10.51%), and Syschem (India) (up 10.17%).

    The 30-share Sensex rose by 332.03 points to reach 81,177.78, while the 50-share Nifty index went up by 89.4 points to hit 24,546.55. In the Nifty 50 index, 29 stocks went up in value, while 21 stocks fell. Some stocks like Venmax Drugs & Pharmaceuticals, Bang Overseas, Niva Bupa Health Insurance, HEG, and Delton Cables reached their highest values in the past year. Meanwhile, Grandma Trading, Capital Small Finance Bank, Sanwaria Consumer, Amarnath Securities, and Aki India hit their lowest points in a year.

  • Gunshots Fired at Golden Temple: Akali Leaders Under Fire During Service

    Gunshots Fired at Golden Temple: Akali Leaders Under Fire During Service

    On Wednesday, there was a shocking incident at the Golden Temple in Amritsar, Punjab, where bullets were fired. This happened while leaders of the Shiromani Akali Dal (SAD), including Sukhbir Singh Badal, were doing a service known as ‘seva’ as part of a punishment given by Sri Akal Takht Sahib.

    The police arrested a man named Narain Singh Chaura, who tried to shoot Sukhbir Singh Badal. Chaura, a former militant, has been involved in many criminal cases and had been hiding from the law. At the time of the shooting, he was standing very close to Badal. Thankfully, a helper (called a ‘sewadar’) pushed Chaura’s hand up just in time, preventing the bullet from hitting Badal.

    Sukhbir Singh Badal was at the Golden Temple to fulfill a religious punishment after the Sikh leaders said he needed to serve. He was in a blue ‘sewadar’ uniform and used a wheelchair because of a broken leg. Alongside him was another senior leader, Sukhdev Singh Dhindsa, also in a wheelchair due to age, working to show they were serving their ‘tankhah’ (punishment). They cleaned and washed dishes for one hour as part of their duty. Other leaders, like former ministers Bikram Singh Majithia and Daljit Singh Cheema, also helped by cleaning and washing utensils.

    Small signs were hung around Badal and Dhindsa’s necks that explained their “mistakes.” This punishment was given for errors made during the Shiromani Akali Dal government’s time from 2007 to 2017.

  • India’s Inflation: Why Rural Spending Keeps Prices High in 2024

    India’s Inflation: Why Rural Spending Keeps Prices High in 2024

    A new report from the State Bank of India (SBI) says that consumer prices in India will likely stay above 5% for the rest of 2024. Even though vegetable and protein prices went down a lot in November, food prices are still high because people in rural areas are still buying a lot of food.

    The report points out that in rural areas, food is a big part of what people spend their money on. This means that food prices may stay high for a while. In October, the retail inflation rate was 6.21%, which is more than what the Reserve Bank of India (RBI) wants, which is 6%. This jump in inflation is mainly because of rising food prices, which have increased sharply over the past three months.

    The report also mentions that around 40% of India’s inflation is influenced by imported goods. This makes it harder for the RBI to raise interest rates because it wants to keep inflation down. On top of that, government programs that give money directly to people have helped rural families buy more essential goods, as their income has improved.

    However, even though the rural economy is strong, it can’t make up for the drop in spending in cities. Urban consumers are spending less because they no longer have the extra savings they built up during the pandemic.

    In summary, the Indian economy is in a mixed situation. Rural areas are doing okay, which helps with inflation, but city spending is still lagging behind.

  • Byju’s Executives Face Major Fines Amid Bankruptcy Crisis

    Byju’s Executives Face Major Fines Amid Bankruptcy Crisis

    Byju’s, a well-known Indian tech company, is in serious trouble. Vinay Ravindra, the chief content officer, and his ally Rajendran Vellapalath are facing big financial penalties in the US. A judge is looking into their actions of taking money and assets from companies that are under court control.

    Last Tuesday, a judge named John T. Dorsey said he might make Ravindra and Vellapalath prove why they shouldn’t be punished for their actions. If they can’t explain themselves, they might have to pay a lot of money in fines. Byju’s owes over $1.2 billion to lenders and bought two US education companies for $820 million a while ago.

    Byju’s founder, Byju Raveendran, is dealing with bankruptcy in India after failing to pay US lenders. A Nebraska businessman named William Hailer shared that he spent months trying to help Raveendran regain control of Byju’s US software companies. However, the attempt failed, and he ended up accusing Raveendran of using bad business practices.

    The lenders want the judge to punish Ravindra, Vellapalath, and Vellapalath’s tech company, Voizzit, for allegedly taking more than $1 million in cash and valuable resources from the US education companies, Epic! Creations and Tangible Play.

    Vellapalath joined the court hearing via video from Dubai. He claimed that Voizzit owned Epic! and Tangible Play, and since Voizzit loaned Byju’s over $100 million in 2023, it had the right to take control. However, the judge did not find his explanation believable.

    Byju Raveendran is trying hard to take back control of his struggling education tech company. Meanwhile, he faces accusations of hiding $533 million that should have been paid to creditors. Byju’s is also dealing with financial problems in India, where a court expert is trying to find ways to pay back the lenders.

  • Abha Power & Steel: Exciting IPO Launch and Strong Growth Insights!

    Abha Power & Steel: Exciting IPO Launch and Strong Growth Insights!

    Exciting news! Abha Power and Steel’s shares will begin trading on the NSE SME platform this Wednesday. Before they start trading, the shares are priced at around Rs 75, with a good chance of a profit of about Rs 15 in the grey market, which means they might open with a 20% increase! However, remember that grey market prices can change quickly and are not a sure sign of real value.

    The company raised Rs 38 crores from its SME IPO, which saw a lot of interest, being 18 times oversubscribed, mainly by small investors. They plan to use the money to upgrade their manufacturing facilities in Bilaspur, Chhattisgarh, and to manage their daily business expenses.

    Abha Power and Steel is located in a resource-rich area in central India, focusing on making iron and steel products. They create a wide range of goods, from small parts weighing 0.5 kg to big ones that are 6 tonnes! The company has special certifications to supply its products to Indian Railways and other major organizations, ensuring their quality.

    This past year, despite a 6% drop in sales, the company saw a fantastic 170% increase in its profit after tax. This shows that they are doing well even when facing challenges!

  • Invest in Nisus Finance: IPO Opens Today with Key Details!

    Invest in Nisus Finance: IPO Opens Today with Key Details!

    Today marks the opening of the Nisus Finance Services IPO! It will be available for you to buy shares until December 6. The company wants to raise ₹114 crore by selling shares on the NSE SME platform. Here are 10 important things you should know before you decide to invest:

    1. What’s the Size of the IPO?
    The IPO includes new shares worth ₹101 crore and an offer for sale of 7 lakh shares.

    2. Price of Shares
    You can buy shares for ₹170 to ₹180 each. You have to buy them in lots of 800 shares.

    3. GMP (Grey Market Premium)
    The shares are trading in the unlisted market at a premium of ₹50, which is around 28% more than the IPO price.

    4. About Nisus Finance Services
    Nisus Finance is involved in giving financial advice and managing funds. The company and its subsidiaries focus on money management for real estate and urban projects.

    5. Investment Trends
    Many investments in the industry go into unlisted shares and debt instruments, with significant amounts also in listed shares.

    6. Company Financials
    As of June 2024, Nisus Finance earned ₹13.58 crore in total revenue and made a profit of ₹8.3 crore.

    7. Why is the IPO Being Offered?
    The money raised will help improve services, get more licenses, manage facilities, and support fund activities in locations like Gandhinagar, Dubai, and Mauritius.

    8. Who is Managing the IPO?
    Beeline Capital Advisors is the lead manager, and Skyline Financial Services is the registrar for this IPO.

    9. Who Can Buy?
    Almost half (50%) of the shares are for institutional investors, 35% for regular people like you, and 15% for smaller investors.

    10. Key Dates to Remember
    The IPO opened on December 4 and closes on December 6. Results for who gets shares will be announced on December 9, and shares might start trading on December 11.

    (Disclaimer: The opinions shared here are those of the experts and do not necessarily reflect the views of Niftystat.)

  • Beckhams Make a Splash at Their First Royal Banquet in Buckingham Palace!

    Beckhams Make a Splash at Their First Royal Banquet in Buckingham Palace!

    Famous couple David and Victoria Beckham went to their first-ever state banquet at Buckingham Palace. They joined the King and Queen to honor the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani.

    David Beckham, a former England soccer captain, got invited because he worked closely with Qatar while promoting the 2022 FIFA World Cup. He reportedly earned around £10 million for that job. However, he faced a lot of criticism due to Qatar’s tough laws against same-sex relationships.

    During the banquet, guests enjoyed a fancy dinner with dishes like Windsor pheasant, Cornish lobsters, and a special dessert featuring Balmoral plum sorbet. Other guests included British Prime Minister Sir Keir Starmer and the Prince of Wales.

    Missing from the event was the Princess of Wales, who left early to continue her recovery from cancer treatment.

    David looked sharp in formal attire while Victoria stole the show in a long, elegant dark purple gown from her own fashion line. They walked together to the ballroom and shared sweet moments, like holding hands for a photo.

    Even though they attended together, they sat apart at the banquet table. David sat by Kemi Badenoch, a member of parliament, while Victoria was seated between two lords.

    After dinner, guests enjoyed a special non-alcoholic drink designed to match the colors of the Qatari flag. The drink is called Royal Mirage and includes smoked pomegranate and ginger.

    The banquet table was beautifully decorated with red and white flowers that reflected the Qatari flag. The royal couple even checked how everything looked before the guests arrived.

    David Beckham has built a good friendship with the royal family over the years. Recently, he became a celebrity ambassador for King Charles’s charity, The King’s Foundation.

    The Beckhams have a strong connection to the royal family, having attended important events like Prince Harry and Meghan Markle’s wedding as well as William and Kate’s wedding. David waited in line for 13 hours to pay his respects to the late Queen lying in state.

    Victoria Beckham’s fashion designs have also been worn by various royals in the past. She received an OBE award from Prince William for her work in the fashion industry.

    During the banquet, guests enjoyed light music by a string quartet while delicious food was served. After the banquet, the beautiful flowers were given to charity to brighten the lives of those in hospices and care homes.

  • Ultra Short-Term Funds: Safe and Easy Investment for Everyone!

    Ultra Short-Term Funds: Safe and Easy Investment for Everyone!

    Have you ever thought about where to put your money to help it grow? If you want a low-risk option, Ultra Short-Term Funds might be just what you need! Let’s break it down simply:

    What are Ultra Short-Term Funds?
    These are types of mutual funds that invest in safe and short-term government securities or bonds. They usually last from a few days to a year.

    Why Choose Ultra Short-Term Funds?
    – Low Risk: They are safer than regular stocks because they invest in government-backed securities.
    – Quick Access: You can take your money out whenever you need it, making it a flexible choice.
    – Better Returns: They often give you slightly better returns than keeping your money in a savings account.

    Understanding Ultra Short-Term Funds: A Smart Way to Invest Your Money

    Have you ever thought about where to put your money to help it grow? If you want a low-risk option, Ultra Short-Term Funds might be just what you need! Let’s break it down simply:

    What are Ultra Short-Term Funds?
    These are types of mutual funds that invest in safe and short-term government securities or bonds. They usually last from a few days to a year.

    Why Choose Ultra Short-Term Funds?
    – Low Risk: They are safer than regular stocks because they invest in government-backed securities.
    – Quick Access: You can take your money out whenever you need it, making it a flexible choice.
    – Better Returns: They often give you slightly better returns than keeping your money in a savings account.

    How Do They Work?
    These funds gather money from many investors and use it to buy short-term debt securities. Professionals manage these funds, and they know how to make smart choices.

    Who Should Invest?
    Ultra Short-Term Funds are great for:
    – People looking to save money for short-term goals.
    – Those who want to earn more than a savings account but still keep risks low.

    In Conclusion
    Ultra Short-Term Funds can be a smart option if you’re looking to invest your money safely and get some growth. Always remember to research and talk to a financial expert if you’re unsure!
    These funds gather money from many investors and use it to buy short-term debt securities. Professionals manage these funds, and they know how to make smart choices.

    Who Should Invest?
    Ultra Short-Term Funds are great for:
    – People looking to save money for short-term goals.
    – Those who want to earn more than a savings account but still keep risks low.

    In Conclusion
    Ultra Short-Term Funds can be a smart option if you’re looking to invest your money safely and get some growth. Always remember to research and talk to a financial expert if you’re unsure!

  • France’s Government Faces No-Confidence Vote: Will It Survive?

    France’s Government Faces No-Confidence Vote: Will It Survive?

    France’s government, led by Prime Minister Michel Barnier, is in serious trouble. Lawmakers from both the left and the far-right are planning to vote against him in parliament. This vote, which will take place on Wednesday, might lead to Barnier’s Cabinet being the shortest in modern French history. If the vote passes, President Emmanuel Macron must choose a new prime minister.

    So why is everyone so upset? After recent elections, France’s parliament is split into three main groups: the New Popular Front (a left-wing group), Macron’s centrist party, and the National Rally (far-right). None of these groups has a clear majority, which makes it hard to pass laws.

    In September, Macron asked Barnier, a conservative, to form a government mainly with Republicans and centrist members. However, the far-right leader, Marine Le Pen, is now saying her party will support the vote to remove him, saying Barnier is not listening to her requests. Meanwhile, the left is unhappy about the government’s proposed budget cuts and lack of communication.

    To pass the no-confidence vote, Barnier needs at least 289 votes out of 577. The left and the far-right together have more than 330 lawmakers, but some might choose not to vote. If the government falls, it would be the first time in over 60 years that a no-confidence vote has succeeded in France.

    If Barnier’s government collapses, Macron could ask current ministers to handle daily operations until a new prime minister is chosen. The current mix of political parties in parliament would stay the same, and new elections cannot happen until July because of laws that protect the National Assembly.

    As for the budget, France won’t face a government shutdown like the US might. If the government falls, it can still present a special law to collect taxes and continue paying civil servants and pensions using existing rules. However, this would stop any new taxes or spending.

    Markets are worried because Barnier has warned of potential chaos in the financial world. France is under pressure from the European Union to lower its massive debt, which is expected to hit 6% of the country’s GDP this year and could go to 7% next year if no big changes are made. The instability could lead to higher interest rates, making the debt problem worse. A new government might struggle to implement significant changes without a clear majority.

  • Elon Musk’s $56 Billion Pay Package: Court Ruling Explained

    Elon Musk’s $56 Billion Pay Package: Court Ruling Explained

    Recently, Tesla’s CEO Elon Musk made headlines after a judge decided that he shouldn’t get his $56 billion pay package. This ruling came even after Tesla shareholders voted to support Musk’s pay in June.

    The legal battle started when a shareholder questioned Musk’s 2018 compensation package, designed to reward him only if Tesla did really well. Musk’s pay included 12 sets of stock options that could eventually give him a big chunk of the company. He wouldn’t get a regular salary—if Tesla succeeded, he would earn through stock options.

    In January, a judge named Kathaleen McCormick rejected Musk’s huge pay package, saying it wasn’t fair to shareholders and that the Tesla board didn’t really have control over Musk’s payments. Many believed Musk didn’t need that extra pay since he was already making a lot from Tesla’s success.

    Musk reacted by suggesting people shouldn’t incorporate their companies in Delaware if they want shareholders to have more control. Instead, he recommended states like Nevada or Texas.

    After the June vote, where shareholders approved Musk’s pay once again, the judge still stood by her earlier decision, saying that a vote can’t change a ruling made by the court. She insisted that the compensation negotiations were swayed by Musk himself, even though he didn’t own most of Tesla.

    Now, there are possibilities for Tesla’s board: they could appeal the judge’s ruling, create a new pay package, or consider settling the lawsuit for a smaller payment to Musk.