The BSE Sensex is trading at a level of 57,666, up 328 points with a gain of 0.6%.
Meanwhile, NSE Nifty is trading up 104 points.
These include HDFC Life and Shree Cement. top beneficiary Today. Indian Oil Corporation and Tech Mahindra are the biggest losers today.
BSE Mid Cap Index is trading with a gain of 0.8 percent.
BSE Smallcap index is trading with a gain of 0.7 percent.
On the sectoral front, the consumer durables and FMCG sectors are witnessing maximum buying.
On the other hand, the shares of the automobile sector are witnessing the most selling pressure.
US stock futures are trading mixed today.
Nasdaq Futures is trading up 13 points (up 0.1%) while Dow Futures is trading down 10 points (flat).
Rupee is trading at 72.97 against US Dollar.
Gold prices are trading flat ₹47,081 per 10 grams.
Gold prices continued to fall in the Indian markets today amid weak global cues and a firm rupee. Gold futures remain flat on MCX ₹47,063 per 10 grams, extending the loss to the fourth day. Gold was flat in the previous session.
In global markets, gold rates were stable ahead of US non-farm payrolls data, which analysts say is crucial to the Federal Reserve’s tapering plan. Spot gold held steady at USD 1,814.5 an ounce.
Moving on to the stock-specific news…
Today among the buzzing stocks is Minda Corporation.
Shares of Minda Corporation rose over 4% on BSE in early trade today after company’s subsidiary Spark Minda Green Mobility Solutions (SMGMS) entered into an agreement to acquire 26% equity stake in charging solutions startup EVQPOINT Solutions. increased.
With this investment, the Spark Minda Group will become EVQPOINT’s exclusive technology and manufacturing partner for battery chargers and EV supply equipment.
The partnership will help SPARK Minda accelerate electric mobility and further cement its position as a one stop shop for comprehensive charging solutions for EVs including fast charging features.
EVQPOINT provides indigenously designed and developed smart electric vehicle charging products and solutions to meet the growing needs of the e-mobility market.
The company is a one-stop solution for electric vehicle portable chargers, DC fast chargers, and smart charging stations integrated with charge management systems, mobile apps, and interoperable tools.
The companies also entered into a Technology License Agreement (TLA) and a Joint Cooperation and Technical Support Agreement.
How it turns out remains to be seen. In the meantime, stay tuned for more updates from this area.
At the time of writing, shares of Minda Corporation were trading up 4.6% on the BSE.
Talking about electric vehicles, note that the power ministry has approved setting up of 2,636 electric vehicle charging stations in 62 cities across 24 states.
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Tanushree Banerjee, co-head of research at Equitymaster, writes about electric vehicles in one of her editions of Profit Hunter:
“106 public and private entities have approached the government for permission to set up around 7,000 EV charging stations.
This clearly shows that automakers have enough incentive to meet this latent demand.
Tax benefits in terms of lower GST rate (at 5%) is another shot in the hands of the EV industry.”
According to Tanushree, electric vehicles are on the way to invade Indian roads. The danger of disruption in this age is something you cannot ignore.
Tanushree I believe Lithium Ion Battery Manufacturer Powering electric cars will be a major catalyst for India’s rebirth.
Moving on to the banking sector news…
RBI imposes ₹2.5m fine on Axis Bank for rule violation
On whom has the Reserve Bank of India (RBI) imposed monetary penalty?₹2.5m fine on Axis Bank for violation of rules.
The regulator cited non-compliance of the bank with certain provisions of the directions issued by the RBI contained in the Reserve Bank of India – (Know Your Customer (KYC)) Directions, 2016.
RBI said that this action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
RBI examined Axis Bank in a customer account maintained with the Bank during February 2020 and March 2020 and it is observed that the Bank has failed to comply with the above instructions issued by RBI.
Thereafter a notice was issued to the bank.
After considering the bank’s reply, RBI came to the conclusion that the allegation of violation/compliance with the above directions of RBI was substantiated and warranted imposition of monetary penalty.
We will keep you posted on more updates from this space. stay tuned.
This article is syndicated from equitymaster.com
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