Quant MF appoints Kataria as CFO

Quant Mutual Fund, under SEBI lens in a front-running case, has appointed Shashi Kataria as Chief Financial Officer.

He has taken charge from July 1, said the fund house in a communication to unitholders.

Kataria has been appointed as Chief Financial Officer, Operations Head and Executive Director of Quant Money Managers in place of Harshal Patel, who has resigned due to personal reasons, it said.

He has previously worked with PPFAS AMC as CFO, COO and Director. He was also associated with DSP Blackrock Investment Managers as Manager Finance.

Markets regulator Sebi investigated a suspected case of front-running in ₹93,000 crore Quant Mutual Fund.

Harshal Patel tendered his resignation on February 19 and the last day and his service with the company was on May 19. His last held position was Chief Financial Officer for Quant AMC.

Kataria joined us on June 10 and the Board meeting was convened on July 1, 2024 to appoint him as Chief Financial Officer, Operations Head and Executive Director of quant Money Managers, the fund house clarified.

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CRISIL MI&A: MPC likely to cut policy rates twice starting October 2024

CRISIL Market Intelligence & Analytics (MI&A) expects two policy rate cuts by the six-member monetary policy committee (MPC) this fiscal year, starting in October 2024 at the earliest.

The MI&A team, comprising economists and fixed-income analysts, noted that amid strong economic growth momentum, the MPC aims to see a durable reduction in inflation to 4 per cent to ease monetary policy.

“It will monitor monsoon in the next two months, which is critical for easing food and overall inflation. Other extreme weather events and geopolitical shocks will also be monitored,” the team said in its report “RateView”.

The MPC kept policy repo rate unchanged at 6.50 per cent in its June meeting, while maintaining its stance of withdrawal of accommodation.

Giving its one-month outlook and three-month on interest rates, the MI&A team expects the 10-year Government Security (G-Sec: 7.10 per cent GS 2034 ) yield to hover in the 6.95-7.05 per cent range in July and September 2024.

The yield on the 10-year benchmark government security opened June at 6.95 per cent and closed at 7.01 per cent, up 2 basis points (bps) from its May close of 6.99 per cent.

One-month view

In July, domestic G-Sec yields are likely to be influenced by factors such as the upcoming Union Budget, FPI flows, crude oil price movements, the rupee-dollar equation, the outcome of the US Federal Open Market Committee (FOMC) meeting to be held at the end of July, and domestic inflows into the debt market.

Three-month view

The 10-year G-sec yield is expected to react to FPI flows, crude prices, global interest rates, the CPI inflation print, RBI MPC and FOMC rate decisions, global cues, and liquidity concerns.

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Kejriwal granted interim bail by Supreme Court, urged to consider resignation

 NEW DELHI The Supreme Court on Friday granted interim bail to Delhi Chief Minister Arvind Kejriwal on money laundering charges linked to the excise policy case but asked him to consider whether he should step down from office in light of the allegations arraigned against him.

A Bench of Justices Sanjiv Khanna and Dipankar Datta underscored that Mr. Kejriwal occupies an office of influence as well as constitutional importance.

The court cannot direct an elected leader to step down from the office of a “functional” Chief Minister, Justice Khanna said.

Justice Khanna noted that it would be better if Kejriwal himself made a decision.

This is the second time the Supreme Court has allowed interim bail to Kejriwal. The first instance was on May 10, allowing the national convenor of the Aam Aadmi Party to campaign in the Lok Sabha elections. Kejriwal surrendered on June 2.

Justice Khanna said Kejriwal deserved interim bail. His rights of life and liberty were “sacrosanct”. He has been incarcerated for over 90 days.

However, the Chief Minister would not be actually released from custody. He was separately arrested by the CBI under the Prevention of Corruption Act in connection with the excise policy case on June 25.

The judgment on Friday further referred to a larger Bench question raised by Kejriwal on the need and necessity of arresting him under the Prevention of Money Laundering Act (PMLA).

While noting that a need for interrogation cannot be the sole grounds for arrest under Section 19 of the PMLA, Justice Khanna said the larger Bench ought to examine and lay down specific parameters for arrest under the PMLA.

In this regard, the court noted that arrest, currently under the PMLA, was initiated on the “subjective opinion” of the investigating officer, unlike the grant of statutory bail under Section 45 of the Act, which involved the discretion of a court of law.

One of the questions referred to in the larger Bench includes whether an accused could raise the “need and necessity of arrest” as a separate ground to quash the arrest.

PMLA arrest guidelines

The judgment came on a petition filed by Kejriwal against his arrest by the Directorate of Enforcement (ED) under the PMLA on March 21.

The Bench reserved the petition for judgment on May 21 while allowing Mr. Kejriwal to approach the trial separately for regular bail under Section 45 of the PMLA.

Subsequently, on June 20, a Special Court granted Mr. Kejriwal statutory bail under Section 45 of the PMLA. Bail under the PMLA is applied for in the Special Court under Section 45 of the Act. An accused seeking bail has to satisfy the stringent twin conditions that he is prima facie innocent and is not likely to commit an offence in the future.

But the Delhi High Court stayed the bail on June 25.

The ED has alleged Kejriwal’s involvement in channelling ₹45 crore in “kickbacks” out of a ₹100 crore in “bribes” to AAP coffers to campaign for the Goa Assembly elections in 2022.

The agency has claimed the kickbacks were sent via hawala operators, and Kejriwal was the “kingpin” behind the scam.

Senior advocate AM Singhvi, for Kejriwal, has countered these allegations, saying the ED had nothing to show that any money came to his client or was used in the Goa election campaign.

He submitted that Kejriwal’s arrest came a year and a half after the ED registered a case in August 2023. The ED had no new evidence against Kejriwal, except “zero-weight” statements recorded from accused-turned-approvers until July last year.

Singhvi had asked why the ED had waited from July 2023 till March 2024 to arrest Kejriwal.

The senior lawyer had accused the ED of suppressing evidence against Kejriwal when his rights of life and liberty were at stake.

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TCS Share Price Today Live Updates 12 July: TCS stock surges 4% after Q1 profit rose 8.8%

ata Consultancy Services/ TCS Share Price Today Live Updates for July 12, 2024: Tata Consultancy Services stock opened among top gainers in the Nifty 50 pack on Friday’s trade. The company kicked off the first quarter of FY25 with an 8.8% year-on-year growth in profits to ₹12,105 crore. During the same time last year, the IT behemoth reported a profit of ₹11,120 crore. 


  • July 12, 2024 10:18

    Fund Houses Recommendations 

    Jefferies on TCS: Upgrade to Buy on Company, raise target price at Rs 4615/Sh from Rs 4030/Sh (Positive)

    UBS on TCS: Maintain Buy on Company, target price at Rs 4600/Sh (Positive)

    Nuvama on TCS: Maintain Buy on Company, raise target price at Rs 4800/Sh (Positive)

    JP Morgan on TCS: Maintain Overweight on Company, raise target price at Rs 4600/Sh (Positive)

    Citi on TCS: Maintain Sell on Company, target price at Rs 3645/Sh (Positive)

    Nomura on TCS: Maintain Neutral on Company, raise target price at Rs 3860/Sh (Neutral)

    CLSA on TCS: Maintain Buy on Company, raise target price at Rs 4007/Sh (Neutral)

  • July 12, 2024 10:14

    TCS profits rise 8.8% to ₹12,105 cr in Q1 on India revenue growth

    Tata Consultancy Services kicked off the first quarter of FY25 with an 8.8 per cent year-on-year growth in profits to ₹12,105 crore. During the same time last year, the IT behemoth has reported a profit of ₹11,120 crore. On a sequential basis, profit fell by 3.1 per cent, as the firm reported a profit of ₹12,502 crore in the previous quarter.

    Regional markets continue to outperform western geographies when it comes to growth. India revenue rose by 61.8 per cent, meanwhile the revival in UK business has stagnated reporting a y-o-y growth of 6 per cent. North America and Continental Europe continue to show minimal recovery. The IT major reported a negative growth of 1.1 per cent in North America, although granted that the degrowth has moderated since the last quarter. Revenues only grew by 0.9 per cent in Continental Europe. Top verticals such as BFSI and Consumer Business continue to show degrowth of 0.9 per cent and 0.3 per cent. Although granted that there has been moderation in degrowth here as well. Read more

  • July 12, 2024 10:12

    Tata Consultancy Services share price in focus

    TCS stock traded at ₹4,038.80 on the NSE, higher by 2.93% as at 9.52 am.

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Stock Market: शेयर बाजार में हरियाली, सेंसेक्स 80300 के करीब तो निफ्टी ने छू लिया 24440 का लेवल

Stock Market Updates: मजबूत ग्लोबल संकेतों के चलते भारतीय बाजार को भी ठोस ओपनिंग मिली है. घरेलू शेयर बाजार तेजी के साथ खुला है और सेंसेक्स-निफ्टी क्रमशः 80 हजार और 24,300 के ऊपर खुले हैं. टीसीएस के कल आए नतीजों के दम पर आज आईटी इंडेक्स में बहार है और ये 2 फीसदी ऊपर कारोबार कर रहा है. आज मीडिया इंडेक्स 2.47 फीसदी की जोरदार उछाल के साथ कारोबार कर रहा है. आज मुंबई में हो रही साल की सबसे बड़ी शादी यानी अनंत अंबानी के विवाह की कवरेज के चलते शायद मीडिया सेक्टर को फायदा मिल रहा है.

कैसी रही बाजार की ओपनिंग

बीएसई का सेंसेक्स 196.28 अंक या 0.25 फीसदी की उछाल के साथ 80,093 पर खुला है. एनएसई का निफ्टी 72 अंक या 0.30 फीसदी की बढ़त के साथ 0.30 फीसदी चढ़कर 24387 पर ओपन हुआ है.

सुबह 9.40 बजे शेयर बाजार का हाल

सेंसेक्स 250.16 अंक या 0.31 फीसदी की बढ़त के साथ 80,147 पर बना हुआ है और इसने अभी तक 80,294 का हाई बनाया है. निफ्टी 95.80 अंक या 0.39 फीसदी चढ़कर 24,411 पर आ गया है और इसने 24,440 का हाई लेवल टच किया है.

BSE का मार्केट कैपिटलाइजेशन

बीएसई का मार्केट कैपिटलाइजेशन 452.04 लाख करोड़ रुपये पर आ गया है जो अमेरिकी डॉलर में 5.41 ट्रिलियन डॉलर पर है. बीएसई पर 3252 शेयरों में ट्रेड हो रहा है और 1814 शेयरों में बढ़त देखी जा रही है. 1316 शेयरों में गिरावट है और 122 शेयर बिना किसी बदलाव के साथ कारोबार कर रहे हैं. 108 शेयरों पर अपर सर्किट लगा है और 50 शेयरों पर ओलर सर्किट है. 171 शेयर 52 हफ्तों की ऊंचाई पर हैं और 10 शेयरों निचले भाव पर हैं.

सेंसेक्स-निफ्टी के शेयरों का हाल

सेंसेक्स के 30 में से 16 शेयरों में बढ़त देखी जा रही है और 14 शेयरों में गिरावट बनी हुई है. कल टीसीएस के पहली तिमाही नतीजों के दम पर आज इसके शेयर 2.80 फीसदी की उछाल के साथ कारोबार कर रहे हैं. निफ्टी के 50 में से 31 शेयरों में उछाल बनी हुई है और 19 शेयर नीचे हैं और श्रीराम फाइनेंस 3.67 फीसदी की बढ़त के साथ शीर्ष पर है.

बैंक शेयरों का जलवा

बैंक शेयरों का ऐसा जलवा है कि बैंक निफ्टी के 12 में से 10 टॉप शेयर अच्छी तेजी पर हैं. इसमें भी एक्सिस बैंक सबसे ऊपर है और 1.67 फीसदी चढ़कर ट्रेड कर रहा है. बैंक स्टॉक्स में बढ़त के सपोर्ट से इंडेक्स अच्छी तेजी पर ओपनिंग दिखाने के बाद 52500 के ऊपर निकल गया है. बैंक निफ्टी के गिरने वाले शेयरों में कोटक महिंद्रा बैंक सबसे ज्यादा नीचे कारोबार कर रहा है.

ये भी पढ़ें

IPO Update: पैसे हाथ में लेकर हो जाएं तैयार, आज से खुल गए इन 4 कंपनियों के आईपीओ

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Central Armed Police Force to recruit ex-Agniveers

With the Union Ministry giving a go-ahead nod, central armed police forces have reserved ten per cent posts of constables in their respective organisation for Agniveers after they complete their stint in the tri-services.

Chiefs of Border Security Force (BSF), Central Industrial Security Force (CISF), Central Reserve Police Force (CRPF), Railway Protection Force and Seema Suraksha Bal (SSB) issued individual statements on Thursday that former Agniveers are welcome to join their respective forces.

The move is likely to address a part of the controversy over their future after completing a brief tenure of four years in the Indian Army, Indian Navy and Indian Air Force.

CISF Director General Nina Singh said, “The Union Home Ministry has taken an important decision regarding the recruitment of ex-Agniveers. Accordingly, the CISF is also preparing the process of the recruitment of ex-Agniveer.” The CISF DG stated that 10 per cent of jobs will be reserved for ex-Agniveers in all future appointments of constables.

“In physical tests also, they will be given exemption along with the relaxation on the age. In the first year, the age relaxation is for five years and in the subsequent year, the age relaxation will be three years,” she told DD News. An ex-Agniveer will be able to take advantage of this and the CISF will ensure that this will be beneficial to them too as the force will get trained and disciplined personnel, she said.

CRPF DG Anish Dayal Singh said that the recruitment rules of his force have been changed to accommodate the intake of former Agniveers — a move he dubbed as “good news” for them as the organisation will get trained soldiers.

Welcoming the government decision, Border Security Force (BSF) Director General Agrawal said that after a short training, the inducted former Agniveers will be deployed along the border.

“We are waiting for them to be deployed after giving conversion training, they will be deployed. 10 per cent of the total vacancies will be reserved for them,” he said.

The Agnipath of temporary recruitment of constabulary in tri-services has come in for sharp criticism from opposition parties as well as some former Chiefs of tri-services, as they believe it will impact the fighting ethos of the armed forces.

The government in June 2022 rolled out the Agnipath recruitment scheme with an aim to bring down the age profile and offer better educated personnel for the three services besides reducing burden of pension bill on the government.

As per the Agnipath scheme, youths between the age bracket of 17-and-half years and 21 are recruited for four years with a provision to retain 25 percent of them for 15 more years. The Ministry of Defence is also examining suggestions to retain more percentage of such recruits depending on the vacancies in the service.

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