'Era not of war': G20 declaration uses Modi's words in call for diplomacy
Leaders of the Group of 20 (G20) nations deplored Russia's aggression in Ukraine "in the strongest terms" on Wednesday, adopting in their declaration words Prime Minister Narendra Modi had used before in a meeting with Russian President Vladimir Putin. The declaration at the two-day G20 summit in Indonesia’s Bali settled for a majority position and not a unanimous voice on Russia’s invasion of Ukraine. It said that "most members" condemned the war, the focus of discussion among G20 leaders. "The peaceful resolution of conflict efforts to address crises, as well as diplomacy and dialogue are vital. Today's era must not be of war," said the declaration at the end of the summit. At a bilateral meeting with Putin in September at the Shanghai Cooperation Organization summit in Uzbekistan, Modi told the Russian leader the “era of war” is over. The statement was well received in Europe, which regards India as a close strategic partner of Russia. Separately, some non-Western powers, such as Saudi Arabia and South Africa, close to Russia seized another comment Modi made at the Uzbekistan event. He had said the world was grappling with food and energy crises that were hurting developing countries.
Market regulator Sebi proposing to revamp the share buyback process
The Securities and Exchange Board of India (Sebi), on Wednesday, floated a consultation paper proposing to revamp the share buyback process. The new framework proposes to cut the time period taken for completion of buybacks, enhance the amount companies can repurchase vis-à-vis their free reserves and reduce the cooling-off period between two buybacks. Currently, companies can buyback only 25 per cent of the paid-up capital and free reserves under the tender route. Sebi has proposed an increase in it to 40 per cent. The move will help companies return a greater amount to shareholders in the form of buyback. Further, the committee has suggested that companies should be allowed to undertake two buybacks during a 12-month period as opposed to just one at present. Moreover, it has been proposed to reduce the time period of buyback, from the current six months, to 66 working days from April 2023.
Debutants put up a good show; Medanta soars 24%, Bikaji Foods up 6%
Shares of Global Health (Medanta) and Bikaji Foods International finished above their initial public offering (IPO) price during their trading debut on Wednesday. Medanta ended at Rs 417.3, up 24.2 per cent over its issue price of Rs 336. The stock hit a high of Rs 424.65 and a low of Rs 390.55 on the NSE, where Rs 2,000 crore worth of shares changed hands. Meanwhile, shares of Bikaji Foods finished at Rs 317.5, with a gain of 5.83 per cent over its issue price of Rs 300. Its stock hit a high of Rs 334.7 and a low of Rs 314.2 on the NSE and nearly Rs 900 crore worth of shares got traded. The IPO of Medanta and Bikaji Foods evoked mixed responses. The former was subscribed less than 10 times with the retail portion going undersubscribed. Bikaji’s IPO was subscribed 24 times. Both issues saw a strong response from institutional investors.
Gold – Rs 52962/10gm, Silver – Rs 62421/kg, Brcrude – Rs 7097/barrel, Degumsyoil – Rs 1296/10kg, Copper – Rs 696/kg.
Bajaj Auto eyes south east Asia to take e-scooter space by storm.
Indiabulls Housing embarks on growth path after three quarters of stability.
RIL, Tata firms top LIC's equity portfolio as insurer's valuation rises.
SGX Nifty indicates a lower start to Indian markets trading at 18418 levels down by 61.5 points or 0.33%. Dow Jones also ended in red down by 0.12%.
Sector in focus – Banks, Automobiles, Chemicals & Real-Estate.