In the second week of March 22 between 7th March to 13th March 2022, the share market witnessed a rebound with Sensex going higher +2,706.53 (5.12%) to 55,550.30 points and NSE’s benchmark index Nifty reclaiming 16,630 points by rebounding +803.30 (5.08%) points.
The biggest market actions in the second week of March’22 involved FPI Sellings, NSE IFSC physical settlement to US, Dividends by BPCL, NALCO, MTSC, GST Lowest Slab hike proposal, CBI arresting former NSE CEO Chitra Ramkrishna and PF interest rate cut.
Here is the weekly wrap-up to help you stay updated with the market.
FPI selling continues for 6th consecutive month; net outflows at Rs 45,608 cr in March so far
Continuing their selling spree for the sixth straight month, overseas investors have pulled out a net Rs 45,608 crore from the Indian markets in March so far.
Foreign portfolio investors (FPIs) fear that India would be impacted more by commodity price hikes, particularly in crude oil, since India is a major importer, said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
As per depositories data, FPIs pulled out Rs 41,168 crore from equities, Rs 4,431 crore from the debt segment and Rs 9 crore from hybrid instruments, taking the total net outflow between March 2–11 to Rs 45,608 crore.
Govt gets Rs 888 cr as dividend from NALCO, BPCL, MSTC
The government has received Rs 888 crore as dividend from three CPSEs, DIPAM Secretary Tuhin Kanta Pandey said on Wednesday.
“Government has respectively received about Rs 283 crore, Rs 575 crore, and Rs 30 crore from NALCO, BPCL, and MSTC as dividend tranches,” Pandey tweeted.
RBI has asked Paytm Payments Bank to stop opening new accounts
The RBI on Friday asked Paytm Payments Bank to stop opening new accounts amid “material supervisory concerns” observed in the bank.
“Reserve Bank of India has today, in the exercise of its powers, inter alia, under section 35A of the Banking Regulation Act, 1949, directed Paytm Payments Bank Ltd to stop, with immediate effect, onboarding of new customers,” the central bank said in a statement.
NSE IFSC completes physical settlement of US stocks
NSE International Exchange (NSE IFSC) on Tuesday announced the first physical settlement of US stocks in the form of unsponsored depository receipts at IFSC in GIFT City.
This is the first time when trading, settlement, as well as demat holding related to an investment in US Stocks, has been facilitated in GIFT IFSC through the international depository, making the entire process seamless for the Indian retail investors and within the comfort of the regulated environment, the bourse said in a statement.
Petrol, diesel price increase on wait-and-watch mode; CNG rates hiked
CNG price in the national capital and adjoining cities on Tuesday was hiked by Rs 0.50 per kg, while an imminent increase in petrol and diesel price has been put on wait-and-watch mode for more clarity on global oil prices.
CNG price in NCT of Delhi has been increased to Rs 57.51 per kg from Rs 56.51, according to the information posted on the website of Indraprastha Gas Ltd — the firm which retails CNG and piped cooking gas in the national capital.
GST Council may consider proposal to raise lowest slab to 8%, Rationalise tax slabs
The GST Council in its next meeting may look at raising the lowest tax slab to 8 percent, from 5 percent, and prune the exemption list in the Goods and Services Tax regime as it looks to increase revenues and do away with states’ dependence on Centre for compensation, sources said on Sunday.
A panel of state finance ministers is likely to submit its report by this month’s end to the Council suggesting various steps to raise revenue, including hiking the lowest slab and rationalizing the slab.
Sachin Bansal’s Navi Technologies plans to file papers for Rs 4,000-cr IPO
Sachin Bansal-led Navi Technologies is planning to file draft prospectus with capital markets regulator Sebi to raise around Rs 4,000 crore through an IPO, people familiar with the development said on Monday.
The company is expected to file its Draft Red Herring Prospectus (DRHP) this week and the Initial Public Offering (IPO) is expected to open in June, they added.
CBI arrests former NSE CEO Chitra Ramkrishna in co-location scam case
The CBI arrested former National Stock Exchange CEO Chitra Ramkrishna in the co-location scam case on Sunday, officials said.
Ramkrishna was arrested in Delhi and was taken for medical checkup, they said. She was later lodged in lockup at the CBI headquarters, they said.
The CBI had grilled Ramkrishna for three consecutive days and carried out searches at her residence, officials said, adding that she was not giving proper responses.
Automobile dispatches dip 23% in February as supply-side challenges continue: SIAM
Automobile dispatches from factories to dealerships across the country declined 23 percent in February, as various supply-side challenges, including semiconductor shortage, and rise in vehicle prices due to the implementation of new regulations continued to impact the demand scenario, industry body SIAM said on Friday.
Wholesales of domestic passenger vehicles, two-wheelers and three-wheelers declined 23 percent to 13,28,027 units last month, compared with 17,35,909 units in February 2021.
Provident fund interest rate cut to four — decade low of 8.1%
The interest rate on employees’ provident fund deposits on Saturday was cut to a four-decade low of 8.1 percent for the current 2021–22 fiscal from 8.5 percent in the previous year.
This is the lowest interest rate since 1977–78 on deposits that employees make towards their retirement fund. Interest rate on employees provident fund that year stood at 8 percent.
Byju’s raises $800 mn in funding led by founder Raveendran, Valuation Zooms to $22
Edtech firm Byju’s on Friday said it has raised USD 800 million (about Rs 6,000 crore) in a funding round led by its founder and CEO Byju Raveendran, contributing half of the total amount. Sumeru Ventures, Vitruvian Partners, and BlackRock also participated in the funding round.
The company has raised fresh funds at an enterprise value of USD 22 billion, which has increased by about 22 percent from the last disclosed valuation of USD 18 billion.
Airlines increase weekly domestic flights by 10.1% for summer 2022: DGCA
Indian carriers have increased their domestic services by 10.1 percent to 25,309 weekly flights in the upcoming summer schedule as compared to 22,980 last season, aviation regulator DGCA said on Friday.
IndiGo has increased its domestic flights by 10.4 percent to 11,130 weekly services for summer 2022 as compared to 10,084 weekly services in the corresponding period last year, the regulator noted.
Forex reserves rise by USD 394 mn to USD 631.92 bn
The country’s foreign exchange reserves increased by USD 394 million to USD 631.92 billion in the week ended March 4, the RBI data showed.
In the previous week ended February 25, the reserves had declined by USD 1.425 billion to USD 631.527 billion. It touched a lifetime high of USD 642.453 billion in the week ended September 3, 2021.
