Business
India markets show how tough they are! Nifty, Sensex bounce back despite third day of selling pressure- The Week
India stock market once again proves its mettle, powered by domestic investors. Benchmark indices are back to green, rebounding from Wednesday morning’s opening slide as it entered the third day of selling by foreign investors. Domestic institutional investors and firms continued their mantra of buying the drip, turning the market around.
In early trade, the BSE Sensex rallied by 168.79 points to 80,389.51, while the NSE Nifty climbed 46.2 points to 24,518.30. Banks such as HDFC and Kotak Mahindra, along with Bajaj Finserv, IT services giant TCS and automaker Maruti Suzuki were among the top gainers in morning trade.
Bajaj Finance stock inched up on its earnings after announcing a lacklustre 3 per cent lift in consolidated net profit hitting Rs 4,014 crore for the second quarter ended September 2024. Bajaj Finserv, HDFC Bank, Nestle, Kotak Mahindra Bank, Tata Consultancy Services, and Maruti were among the other big gainers. NTPC, UltraTech, and Mahindra and Mahindra were among the scripts that fell behind.
“The ongoing trend of largecaps outperforming mid and smallcaps is likely to sustain, going forward. FII selling and the countervailing trend of DII buying is likely to continue. This will impart strength to largecap financials, particularly banking stocks like HDFC, ICICI, Axis and Kotak which are fairly valued in this market with elevated valuations,”said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
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According to the NSE, Domestic Institutional Investors (DIIs) bought equities worth Rs 5,869.06 crore on Tuesday, despite foreign investors offloading a massive Rs 3,978.61 crore following global factors. Chinese recovery was further bolstered by Shanghai and Hong Kong trading higher. Among the other Asian markets, Seoul was up, but Tokyo was down. On Tuesday, the BSE benchmark slipped 930.55 points or 1.15 per cent to 80,220.72, while the NSE Nifty fell 309 points or 1.25 per cent to 24,472.10. The Indian rupee was nearly flat at 84.0675 versus the US dollar.
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Banking and market expert Ajay Bagga sees India to represent “the biggest opportunity to deliver growth, at massive scale in the world, for the next two decades.”
“We can’t control global events, though we know the extreme market reactions that follow. Given that recoveries are also very sharp and concentrated into a few days, the bigger risk is that of being out of the markets,”added Bagga, as India’s local investors and organisations went on a buying spree in the past few days, offsetting the offload by foreign investors.
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Hundreds of households to get a direct payment to bank accounts worth £100s – are you eligible ?
HUNDREDS of struggling households could receive direct payments worth hundreds of pounds into their bank accounts this winter.
The cash support is available through the government’s Household Support Fund (HSF).
Earlier this month, the government extended the scheme for the sixth time, releasing £421 million to be distributed among councils.
This funding will be allocated to vulnerable residents from now until March 2025.
Each local authority gets a different proportion of cash depending on the size of the catchment area, population, and number of vulnerable households.
This means the voucher or grants on offer will vary by location, so you must check to see what you can get and how your council will pay you.
For example, struggling residents and families who live in Torridge can apply for free cash grants directly to bank accounts worth £100s.
These grants can be used to help households with their energy and water bills.
Others may be eligible for cash vouchers to be spent on food at their local supermarket.
Torridge Council says that the fund can also be used to help hard-up households pay for new white goods, including fridges, freezers, ovens and slow cookers.
It added that in exceptional circumstances, the fund could also help those with emergency housing costs.
During the previous round of the council’s Household Support Fund, the local authority assisted 247 individuals after receiving £192,000 from the central government.
In the scheme’s sixth round, Torridge District Council has been allocated £210,000 to distribute to residents most in need.
To be eligible for the latest round of funding, you must be experiencing some form of financial hardship.
To find out more and apply, visit bpag-encompass.org.uk/projects/torridge-household-fund/.
As part of the application, you’ll need to include your name, email address and National Insurance number.
You’ll also be expected to explain what type of support you require and a detailed description of your financial situation.
What if I don’t live in Torridge?
What you can get depends on where you live and what support is available.
Each local council receives a portion of the £421million fund, which is then distributed to residents based on need.
Some councils may provide direct cash payments, while others issue vouchers to help cover essentials like energy or food.
How the money is distributed will vary, so it’s important to check with your local authority.
For example, Birmingham City Council has announced £200 payments to help residents with winter costs.
Other councils, like Coventry, have offered community supermarket schemes, where households can pay £5 a week and get a basket of food worth up to £25.
However, there are changes to the scheme this time around.
Some councils have introduced monthly caps on funding, meaning once the allocated amount for the month is spent, applications are paused until the following month.
This is to ensure that everyone has a chance to receive support, but it does mean you should apply as soon as possible.
Who’s generally eligible for the scheme?
The Household Support Fund is designed to help households in financial difficulty, particularly those on low incomes or those who don’t qualify for other forms of government assistance.
If you’re struggling to make ends meet due to rising living costs, you could be eligible for support.
The criteria you need to meet will vary depending on where you live.
You’ll likely need to prove your financial hardship when applying.
This can include showing evidence of your income, benefits or other forms of support you’re currently receiving.
For example, if you’re receiving Universal Credit or a council tax reduction, you could qualify.
But even if you’re not on benefits, you may still be able to get help if you can demonstrate financial hardship.
HOUSEHOLD SUPPORT FUND EXPLAINED
SUN Savers Editor Lana Clements explains what you need to know about the Household Support Fund.
If you’re battling to afford energy and water bills, food or other essential items and services, the Household Support Fund can act as a vital lifeline.
The financial support is a little-known way for struggling families to get extra help with the cost of living.
Every council in England has been given a share of £421million cash by the government to distribute to local low income households.
Each local authority chooses how to pass on the support. Some offer vouchers whereas others give direct cash payments.
In many instances, the value of support is worth hundreds of pounds to individual families.
Just as the support varies between councils, so does the criteria for qualifying.
Many councils offer the help to households on selected benefits or they may base help on the level of household income.
The key is to get in touch with your local authority to see exactly what support is on offer.
And don’t delay, the scheme has been extended until April 2025 but your council may dish out their share of the Household Support Fund before this date.
Once the cash is gone, you may find they cannot provide any extra help so it’s crucial you apply as soon as possible.
Do I need to apply?
Applications for the Household Support Fund are handled by your local council, and the process can vary depending on where you live.
Most councils offer online application forms, but if you need help completing an application, you can call your council’s customer service centre for assistance.
To apply, you’ll need to provide details such as your National Insurance number and may need to submit bank statements or benefit evidence.
If you’re applying for a family member or someone else, there’s also an option to upload supporting documents like benefit letters or pay slips to prove eligibility.
Some councils, such as Haringey, are issuing automatic payments to eligible residents, while others require residents to apply directly.
If you’re unsure of the process in your area, it’s best to check your local council’s website.
Are you missing out on benefits?
YOU can use a benefits calculator to help check that you are not missing out on money you are entitled to
Charity Turn2Us’ benefits calculator works out what you could get.
Entitledto’s free calculator determines whether you qualify for various benefits, tax credit and Universal Credit.
MoneySavingExpert.com and charity StepChange both have benefits tools powered by Entitledto’s data.
You can use Policy in Practice’s calculator to determine which benefits you could receive and how much cash you’ll have left over each month after paying for housing costs.
Your exact entitlement will only be clear when you make a claim, but calculators can indicate what you might be eligible for.
Business
Adani-owned Ambuja acquires Orient Cement stake from CK Birla Group- The Week
Gautam Adani, who entered the cement business through the acquisition of ACC and Ambuja from Holcim back in 2022, has added Orient Cement to his kitty amid a high stakes battle for sector leadership between the Adani Group and Kumar Mangalam Birla-led Aditya Birla Group.
Ambuja Cements has signed a binding agreement for the acquisition of Orient Cement (OCL) at an equity value of Rs 8,100 crore. Ambuja will acquire 46.8 per cent shares of OCL from its current promoters (CK Birla Group) and certain public shareholders.
“This timed acquisition marks another significant step forward in Ambuja Cements’ accelerated growth journey, increasing cement capacity by 30 million tons per annum (MTPA) within two years of Ambuja’s acquisition,” said Karan Adani, director of Ambuja Cements.
By acquiring OCL, Ambuja is poised to reach 100 MTPA cement capacity in the current financial year noted Adani.
“The acquisition will help to expand Adani Cement’s presence in core markets and improve its pan-India market share by 2 per cent,” he added.
Earlier, Ambuja had acquired Penna Cement Industries.
CK Birla, the chairman of Orient Cement, pointed that the group is continuously reallocating capital as it looks to sharpen its focus on consumer centric, technology driven and service-based businesses.
OCL has 5.6 MTPA clinker capacity and 8.5 MTPA cement capacity along with statutory clearance to increase the clinker capacity by another 6.0 MTPA and cement capacity by another 8.1 MTPA. Additionally, OCL also has a limestone mining lease in Chittorgarh, Rajasthan for setting up an integrated unit (with clinker of 4 MTPA and a split grinding unit of 6 MTPA in North India.
The Aditya Birla Group, whose UltraTech is the market leader in the cement industry has also been strengthening its position. Earlier this year, UltraTech acquired a stake in India Cements.
In 2023, UltraTech had acquired the cement business of Kesoram Industries. With the acquisitions and it’s own expansion, UltraTech’s cement capacity will surpass 200 MTPA by financial year 2027, Chairman Kumar Mangalam Birla had said earlier this year at the company’s annual general meeting.
Sajjan Jindal-led JSW Cement too has been exploring acquisitions to grow its cement and was also reportedly in the race to buy the Orient Cement stake.
JSW Cement had filed papers earlier this year to raise around Rs 4,000 crore via an initial public offering. The issue was put on hold by market regulator SEBI in September.
On Tuesday, Orient Cement shares were 2.3 per cent lower at Rs 344.25 on the BSE in noon trading. Ambuja Cements was down 1.6 per cent at Rs 563. UltraTech was up 0.6 per cent at Rs 10,938.95.
Business
F&O trading can’t be a national pastime, says SEBI member Ashwani Bhatia- The Week
Over the last few years, the number of Indians investing in the stock market has grown considerably. From around 4.1 crore at the start of the Covid-19 pandemic in 2020, the number of demat accounts jumped to 17.5 crore as of September 2024. At the same time, volumes in the derivatives market have jumped too, something the Securities and Exchange Board of India (SEBI) is not too happy about.
The market regulator had earlier this month tightened rules for trading in futures and options market. In the Union Budget this year, the STT (Securities Transactions Tax) was also raised on F&O trading.
On Tuesday, Ashwani Bhatia, a full-time member of SEBI, reiterated the regulator’s warning that over-exuberance in F&O market could hurt retail investors and they would rather do serious investing.
“India accounts for the largest volume of F&O globally. We are number one and globally also more than 50 per cent of the F&O volume happens in India. This is a crown we do not wish to wear. F&O cannot be and should not be a national pastime,” Bhatia said speaking at the 14th Morningstar Investment Conference in Mumbai.
He noted that in the past three years, there had been losses of as much as Rs 1.80 lakh crore and 93 per cent of the investors had lost money.
“Your odds are terrible,” stressed Bhatia.
He felt Indians should rather invest and participate in wealth creation happening across the country.
“Mutual funds are one of the most stable and diverse investing options available to retail investors. In just five years, the mutual fund industry assets under management have increased from Rs. 23.8 lakh crore in March 2020 to the current level of Rs. 67.1 lakh crore as of the end of September 24,” he pointed out.
Money coming via monthly SIPs (systematic investment plan) is now Rs 24,509 crore, he noted, but stated that there was a long way to go.
“The global average AUM to GDP is about 60-70 per cent and the fact that we are at about 20 per cent currently tells us that we have some way to travel,” said Bhatia.
He also reiterated SEBI’s concerns over the surge in the SME (small and medium enterprises) IPO market.
“SME listings are closely monitored by exchanges and SEBI to ensure they do not engage in irrational exuberance, price manipulation or fraudulent trade practices,” said Bhatia.
The way retail participation is happening, the number of times IPO issues are oversubscribed, the way market making happens, the way underwriting happens and obviously they did not feel very comfortable about what was going on, he said.
There has been a huge rise in SME IPOs over the past year, with a few IPOs getting significantly more interest than the issue size. The regulator has also passed orders against a few SMEs in the recent past.
Bhatia advised retail investors to be extremely careful while investing in SME IPOs.
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