Markets

PNB and Ujjivan Raise FCNR Rates, Boosting NRI Deposit Appeal Amid Global Currency Shifts State-owned banks are aggressively hiking interest rates on foreign currency deposits to attract Non-Resident Indians (NRIs). Punjab National Bank (PNB) has announced increased rates for FCNR (B) USD deposits, offering NRIs a safer way to grow overseas earnings while mitigating exposure to foreign exchange volatility.The move comes as the banking sector strategically adjusts following RBI’s announcement of a foreign currency swap window until September 30. This development allows banks to absorb the currency hedging costs previously associated with these specialized deposits, creating necessary headroom for rate increases.PNB Boosts FCNR (B)...

Elon Musk Shatters Records: How SpaceX IPO Propelled Him to Become the World's First Trillionaire Elon Musk has achieved an unprecedented milestone, becoming the world's first trillionaire. This monumental shift was triggered by his rocket company, SpaceX, soaring in its initial moments on the market. His net worth hit $1.1 trillion as of midday Friday, according to Forbes.This level of wealth concentrated in a single individual remains almost unimaginable. Before this event, the $1 trillion mark was primarily associated with metrics like the GDP or staggering debt levels of major economies and the valuation of some of the biggest companies traded on the stock market.Understanding the Magnitude of $1 Trillion The sheer scale of one...

Can Fin Homes Limited Set to Transfer Shares and Dividend Warrants to Investor Education Fund Can Fin Homes Limited has initiated the process of transferring certain shares and unclaimed dividend amounts to the Investor Education and Protection Fund (IEPF). The action concerns shareholders who have not claimed their dividends for seven consecutive years.The company announced that unclaimed dividend amounts corresponding to the financial year 2018-19 are scheduled for transfer to the IEPF on August 22, 2026. In line with the relevant provisions of the Companies Act, 2013 and the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, the corresponding shares that were unclaimed for seven...

SEBI Overhauls Market Exit Rules: Chairman Promises Delisting Framework Review to Boost Capital Efficiency Regulatory Reforms Aim to Ease Capital Market Exits The Securities and Exchange Board of India (SEBI) is set to review its current delisting framework with the aim of easing capital market processes, according to its chairman. Tuhin Kanta Pandey stated that a mature capital market must guarantee both fair entry points and smooth exit options for investors.SEBI has proactively rolled out several reforms in recent years to enhance the efficiency and attractiveness of India's capital markets. These measures span from accelerating trade settlements to streamlining the registration process for foreign investors.Delisting Mechanisms...

Elon Musk Becomes World's First Trillionaire as SpaceX Valuation Soars Past $2 Trillion Mark Elon Musk, the tech mogul known for his ambitious visions, has officially achieved billionaire status on an unprecedented scale. His fortune now stands at nearly $1.05 trillion, making him the world’s richest person. This staggering wealth surge is heavily attributed to the phenomenal market reaction following shares of SpaceX began trading in New York.The valuation shift is massive, with SpaceX stock trading at roughly $2 trillion. Shares opened at $150 each and were 11% above their offering price. Musk's fortune surpassed this unimaginable figure after these trades took place on Friday. This feat places him more than three times wealthier...

RBI Steers Liquidity: Overnight Variable Rate Repo Auction Scheduled as Central Bank Prepares Intervention The Reserve Bank of India (RBI) has announced plans to conduct an Overnight Variable Rate Repo (VRR) auction. This action is part of the central bank’s continued commitment to monitoring and managing evolving liquidity conditions within the financial markets. The auction is scheduled for Monday, June 15, 2026.The decision reflects the RBI's thorough review of current market liquidity statuses. VRR auctions are a key instrument used by the central bank to manage short-term funding flows and ensure stability in the money market.Key Details of the VRR Auction The specific details regarding the upcoming auction have been released...

SpaceX Shares Launch IPO: Options Trading Begins Tuesday After $1.765 Trillion Valuation Rocketry Giant Goes Public as Options Markets Prepare for High Demand Shares of Space Exploration Technologies Corp. (SpaceX) began trading following its highly anticipated Initial Public Offering (IPO). The company, which commanded a valuation of $1.765 trillion during the process, sees its stock debut significantly above the initial offering price.The IPO marked SpaceX as the rocket giant that listed in what is being called the largest public listing. Options contracts for the innovative aerospace firm are set to begin trading on Tuesday. This move is expected to inject significant interest into both the equity and derivatives markets.Trading...

SpaceX Stock Soars Past $2 Trillion Valuation as IPO Rewrites Wall Street Playbook SpaceX made history in its Nasdaq debut, vaulting over a $2 trillion valuation after listing on Friday. The stock saw a significant jump of over 20% from its opening price of $150 to close at $164. This phenomenal performance solidified the company’s place as the sixth largest U.S. entity by market value, cementing Elon Musk's status as a trillionaire.The record-breaking listing was closely watched due to the potential implications for the wider IPO market. The stock’s outcome is widely considered a vital test case for the concept of the "Musk premium." This premium fueled previous valuations in tech giants, despite concerns over operational losses or...

LMW Limited Receives Penalty Over Incorrect E-way Bill for Export Consignment LMW Limited has received a notice from the Commercial Tax Officer in Hubballi, Karnataka, concerning an export consignment cleared with an incorrect E-way bill. The communication was received by the company on June 12, 2026.The notice pertains to consignment processed during June 2026. As per the details provided, the primary issue identified by the authority is that the export consignment was cleared using an incorrect E-way bill.In response to this compliance matter, a penalty of Rs. 22,42,792/- has been imposed on LMW Limited.The company confirmed that there is no material impact on its financials, operations, or other activities due to the stated...

Foreign Reserves Slip by $711 Million as Foreign Currency Assets Decline Amid Gold Gains Reserve Bank of India Data Reveals Key Changes in Forex Portfolio The Reserve Bank of India (RBI) reported a decline in India's foreign exchange reserves during the week ending June 5, stating that total reserves dipped by $711 million. This drop brought the overall reserve level down to $681.610 billion.This figure marks a shift from the previous reporting period, where the reserves had managed to gain $938 million, reaching $682.321 billion. The RBI data highlights significant component movements within India's foreign exchange portfolio.Sharp Decline in Foreign Currency Assets A major factor contributing to the reduction in total forex...

United Spirits Limited Appoints Mr. Vinod Rao as Additional Independent Director United Spirits Limited has appointed Mr. Vinod Rao as an Additional Director (Non-Executive, Independent) of the company. The appointment was approved by the Board of Directors following a meeting held on June 12, 2026.Mr. Vinod Rao's appointment is effective from June 13, 2026, and he will serve for a term of three years, subject to the approval of the company’s shareholders.The appointment brings significant financial and industry expertise to United Spirits Limited. Mr. Rao possesses over 35 years of experience in finance roles, having worked with global companies such as Diageo, PepsiCo, and ICI across the FMCG and consumer durables industries. His...

S&P Surges as SpaceX IPO Explodes Amidso Rising Hopes for Iran Peace Deal Stocks climbed in New York on Friday, bolstered by optimism surrounding the high-flying SpaceX initial public offering and ongoing negotiations regarding potential stability in the Middle East. The S&P 500 Index rose 0.4% at about 12:20 p.m., while the technology-focused Nasdaq 100 Index advanced 0.5%.The rally saw robust interest building around SpaceX, which sold for $150 in its opening trade on the Nasdaq, significantly above its $135 offering price and peaking at $168.75. Pre-IPO derivatives trading had indicated potential gains ranging between 30% and 50%, attracting substantial retail investor attention.SpaceX IPO Dynamics and Market Valuation Shifts The...

JK Lakshmi Cement Wins Appeal, Demand Raised by Tax Authority Struck Down JK Lakshmi Cement Limited has successfully resolved a tax dispute regarding orders issued under the Goods and Services Tax Act, 2017, with the appellate authority ruling in favor of the company. The appeal was decided on June 11, 2026, leading to the set aside of previous demands raised by state tax officials.The matter relates to a demand that had been issued by the Office of the Joint Commissioner of State Tax, Durg Division, Chhattisgarh, under GST regulations for the financial year (FY) 2019-20. The original orders, dated August 29, 2024, and August 30, 2024, had imposed a significant liability on the company.The demand primarily covered Reverse Charge...

NTPC Green Energy Group Capacity Increases as 50 MW Solar Component Achieves Commercial Operation NTPC Green Energy Limited, a subsidiary of NTPC Limited, has announced that a solar capacity component in Rajasthan has achieved commercial operation. The operational status was declared on June 14, 2026.The addition relates to the third part capacity of 50 MW Solar Capacity within a larger project structure. This component is part of Project Sixteen Renewable Power Private Limited, which serves as a step-down subsidiary of the joint venture ONGC NTPC Green Private Limited. The solar component contributes to a cumulative total of 250 MW out of a 300 MW solar component intended for the 200 MW RE Round The Clock (RTC) project located in...

Advani Hotels & Resorts Valuation Reports Conclude on Asset Value and 'Caravela' Brand Worth Advani Hotels & Resorts (India) Limited has received valuation reports concerning its operating business undertaking, the Caravela Beach Resort Goa ("Asset"), and the "Caravela" brand. The valuations, conducted by multiple registered valuers, covered both as-is-where-is scenarios and projected values incorporating new infrastructure.The board considered two separate valuation reports from Whitestone Valuers and Consultants Private Limited and ANVI Technical Advisors India Private Limited concerning the Asset. These reports were focused on determining the fair value of the resort as of March 31, 2026.Asset Valuation Summary The valuations for...

SEPC Limited Secures Dual Contracts with SAIL for ₹673 Crore Expansion Project at IISCO Burnpur SEPC Limited has successfully secured two major contracts from Steel Authority of India Limited (SAIL) concerning the 4.08 MTPA Crude Steel Expansion Project at its IISCO Steel Plant in Burnpur. The total value of the orders, which relate to crucial Balance of Plant works, amounts to ₹673.32 Crores.The company received Letters of Acceptance for these projects on June 11, 2026. The contracts cover both the Coke Oven BOP (excluding Civil & Structural) and the Sinter Plant BOP (including Civil & Structural).Project Details OverviewSEPC Limited's engagement covers two distinct packages necessary for the expansion project:Project...

Soma Textiles Recommends Final Dividend of Rs 0.5 Per Share; Fixes Record Date for AGM Soma Textiles & Industries Limited has announced outcomes from its Board meeting held on June 12, 2026. The company has recommended a final dividend for its shareholders and set the date for the upcoming Annual General Meeting (AGM).The Board approved a Final dividend of Rs 0.5/- per Equity Share. This recommendation was made for the financial year ended March 31, 2026. The company's equity share face value is Rs 10/-, representing a 5% rate on the shares. Should the final dividend be declared by shareholders at the AGM, it will be paid within statutory timelines after applicable taxes are deducted.The Board also approved the convening of the...

MPF Systems Ltd Board Meeting Set for June 18, 2026, to Approve Annual Report and AGM Details MPF Systems Ltd has scheduled a meeting of its Board of Directors to be held on Thursday, June 18, 2026, at the company's registered office. The meeting is intended to consider and approve several key aspects related to the upcoming Annual General Meeting (AGM).The agenda for the board meeting includes determining the particulars of the 33rd Annual General Meeting of the Company. Additionally, directors are set to review and approve the Annual Report and the Notice for the said AGM, which covers the fiscal year ending March 31, 2026.A critical focus of the meeting will be deciding the Book Closure Period and the E-Voting period associated...

Jindal Saw Ltd. Schedules Investor Meet with Quest Investment Managers Pvt. Ltd. Jindal Saw Ltd. has organized a dedicated meeting with an investor, Quest Investment Managers Pvt. Ltd., aimed at fostering direct communication regarding company operations and performance.The one-to-one investor interaction is set for Thursday, June 18, 2026, scheduled at 04:00 PM (IST). The meeting will be conducted virtually.Details of the scheduled engagement are as follows:InvestorModeDate and TimeQuest Investment Managers Pvt. LtdVirtualThursday, June 18, 2026, 04:00 PM (IST)The discussions during the meeting are expected to be based on publicly available information. Jindal Saw Ltd. confirmed that no unpublished price sensitive...

Oasis Securities Ltd Fixes Record Date for Rights Issue Oasis Securities Ltd has announced the record date for its upcoming Rights Issue. The company fixed Thursday, June 18, 2026, as the designated date for determining shareholder eligibility regarding the offering.The Rights Issue entitles existing equity shareholders of Oasis Securities Ltd to purchase three rights equity shares for every two fully paid-up equity shares they currently hold.This move is part of the company's strategy concerning its stock structure. The determination of shareholder status, based on ownership as of the record date, dictates eligibility for the issuance.Stock Price Movement Oasis Securities Ltd. settled at ₹14.70 at the close of trade today, edging...