SEBI proposes unified price bands for stocks listed across exchanges

by Hansraj Agrawal | Jun 11, 2026 | Business

Under the proposal, exchanges would use the closing price from the actively traded exchange to determine price bands and pre-open auction base prices in such cases.
| Photo Credit:
HEMANSHI KAMANI

The Securities and Exchange Board of India (SEBI) on Thursday proposed a uniform mechanism to determine price bands and pre-open session base prices for stocks listed on multiple exchanges, to address instances of significant price divergence in illiquid securities.

The regulator has proposed that where a stock trades on only one exchange on a given day, the other exchange should use the closing price of the exchange where trading occurred to determine the next day’s price band and the base price for the pre-open call auction session.

Further, where a stock trades on two or more exchanges but remains inactive on one or more of them, the non-trading exchange would use the closing price of the exchange with the highest trading volume for that stock to determine the subsequent day’s price band and pre-open base price.

Price alignment

Currently, stock exchanges apply stock-specific price bands of up to 20 per cent on either side of the previous closing price for stocks not traded in the derivatives segment. Some stocks trade on one exchange but not another for several days, leading to widening differences in closing prices because exchanges apply price bands based on their own previous-day closing prices.

This has been observed particularly in illiquid scrips where persistent buying interest, coupled with non-trading on one exchange, can result in “significant price divergence in the closing prices of the scrips across the exchanges,” SEBI said.

However, if the stock trades on all exchanges or does not trade on any exchange, each exchange will continue to use its latest closing price to set price bands.

The regulator has invited public comments on the proposals until July 2.

For implementation, SEBI has also proposed that stock exchanges enter into agreements or other arrangements to share closing-price data.

Published on June 11, 2026

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Short-term interest rates trigger demand for short-term funds from banks and India Inc

by Hansraj Agrawal | Jun 11, 2026 | Business

RBI’s recent measures aimed at attracting foreign currency inflows have softened money market rates meaningfully

There is no let up in demand for short-term funds of up to one year tenor from banks and India Inc despite the economy facing external headwinds due to the West Asia conflict as interest rates have softened at the shorter-end.

Fund raising via Certificate of Deposits (CDs) by Banks and via Commercial Papers (CPs) by corporates, primary dealers and all-India financial institutions in the current financial year so far (data up to June 8, 2026) stands comparison with year ago period (full quarter) amid banking system’s credit growth outpacing deposit growth.

In the current financial year (FY27) so far (up to June 8, 2026), banks’ cumulatively mopped up ₹2,18,290 crore via 190 CD issuances against ₹2,55,025 crore raised by 249 issuances in the first three months (Apri-May-June) of FY26, per data sourced from primary capital market information service provider Prime Database.

Similarly, in the current financial year (FY27) so far (up to June 8, 2026), India Inc cumulatively mopped up ₹3,60,219 crore via 1,712 CP issuances against ₹4,50,746 crore raised by 2,166 issuances in the first three months of FY26.

Balanced funding

As per latest RBI data, as of May 31, 2026, incremental credit growth of all scheduled banks at 17.44 per cent was 530 basis points higher than their incremental deposit growth of 12.14 per cent.

Venkatakrishnan Srinivasan, Founder and Managing Partner, Rockfort Fincap LLP, observed that the current softness in money market rates makes short-term funding attractive. So, borrowing via CDs and CPs are expected to be at an all time this fiscal.

However, he cautioned that excessive reliance on CPs and CDs and repeated rollovers could create asset-liability mismatches and refinancing risks, particularly for borrowers funding longer-tenor assets. A balanced funding strategy remains important.

Venkatakrishnan underscored that the movement in CP and CD rates during FY27 has been quite interesting, with the rates moving up as markets reacted to escalating geopolitical tensions in West Asia, rising crude oil prices and concerns regarding inflation and the interest rate outlook.

Moving down

However, following the RBI’s recent measures aimed at attracting foreign currency inflows and supporting the rupee, money market rates have softened meaningfully.

For example, between May 26 and June 10, 2026, 2-3 month Bank CD rates softened to around 6.85-6.90 per cent from 7.48-7.52 per cent earlier, while 12-month Bank CD rates declined to about 7.55 per cent from 7.98 per cent.

Similarly, 2-3 month “A1+” rated PSU and manufacturing company CP rates eased to around 6.92-6.93 per cent from 7.50-7.54 per cent earlier, and Housing Finance Company CP rates softened to around 6.95 per cent from 7.60-7.64 per cent.

Even NBFC CP rates witnessed a decline, with 2-3 month rates moving down to about 7.35-7.50 per cent from about 7.95-8.15 per cent.

Geopolitical pressures

Venkatakrishnan opined that the decline in rates reflects improved market confidence and expectations of better funding conditions arising from FCNR(B) deposit, External Commercial Borrowing and Overseas Foreign Currency Borrowing-related inflows.

However, many issuers remain uncertain about the medium-term interest rate outlook given the evolving geopolitical situation, crude oil volatility and potential inflationary pressures.

Consequently, several borrowers may continue to prefer short-term funding through CPs and CDs rather than locking into longer-term borrowings.

Published on June 11, 2026

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NCLT admits insolvency pleas against Anil Ambani and RInfra arm over ₹1,480 crore dues

by Hansraj Agrawal | Jun 11, 2026 | Business

The statement said the order will be reviewed and challenged before appropriate legal forums
| Photo Credit:
greenleaf123

The National Company Law Tribunal (NCLT) has admitted two significant insolvency petitions filed by public sector lenders — State Bank of India and Canara Bank, marking a fresh escalation in legal and financial challenges involving entities linked to Anil Ambani and RInfra.

The Mumbai bench of the NCLT admitted State Bank of India’s insolvency plea against Anil Ambani in his role as a personal guarantor for loans extended to Reliance Communications and Reliance Infratel, with dues of around ₹1,200 crore. The loans, sanctioned in 2016, turned delinquent soon after, and despite invocation of Ambani’s s personal guarantee, repayment has not been made.

Responding to the order, a spokesperson for Anil D. Ambani said the matter relates to a disputed personal guarantee allegedly extended in 2016, prior to the enactment of personal insolvency provisions. The spokesperson added that the underlying loans were used by Reliance Communications to repay borrowings from Chinese lenders and that Ambani derived no personal benefit. The statement said the order will be reviewed and challenged before appropriate legal forums.

In a parallel development, the NCLT also admitted Canara Bank’s plea to initiate insolvency proceedings against HK Toll Road Pvt. Ltd., a wholly owned subsidiary of RInfra, over unpaid dues of ₹283 crore. The tribunal held that disputes raised by the company with the National Highways Authority of India (NHAI) over alleged wrongful termination of a highway concession cannot dilute its liability toward the lender. It emphasised that insolvency proceedings are confined to determining the existence of debt and default, not adjudicating external contractual disputes.

Published on June 11, 2026

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Broker’s Call: Lumax Auto Tech (Buy)

by Hansraj Agrawal | Jun 11, 2026 | Business

Target: ₹2,150

CMP: ₹1,604.45

For Q4 FY26, Lumax Auto Technologies reported robust quarterly revenue at ₹1,417 crore, 25 per cent year-on-year increase, reflecting sustained growth across key product segments, continued business momentum with OEMs and strong performance in the aftermarket portfolio. PAT grew 22 per cent in Q4FY26 to ₹98 crore, supported by continued focus on strengthening its standalone portfolio and improved utilisation of operational assets.

Lumax has a healthy order-book of around ₹1,450 crore, giving it strong revenue visibility for the next three years. The company expects to execute about 25 per cent of these orders in FY27, 54 per cent in FY28, and the remaining 21 per cent in FY29. Capex for FY27 is expected to be about ₹275-300 crore to support capacity expansion and new models.

Despite near-term geopolitical uncertainties and macroeconomic challenges, the company reiterated its medium-term revenue growth target of about 20 per cent CAGR through FY31. Demand momentum remains healthy entering Q1FY27, although margins may face temporary pressure from elevated raw material and energy costs. The company expects to continue outperforming industry growth, with select businesses growing at 2-3x the industry rate, driven by value-added products and increasing wallet share with key customers.

Therefore, we continue to recommend with Buy rating for the stock with a unchanged target price of ₹2,150.

Published on June 11, 2026

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India, Nepal launch cross-border remittance mechanism; links UPI, NPI

by Hansraj Agrawal | Jun 11, 2026 | Business

India and Nepal have launched a peer-to-peer (P2P) cross-border remittance mechanism on June 6 to enhance convenience for travellers and businesses across both countries, the finance ministry said on Thursday.

The newly operationalised system establishes a direct link between India’s Unified Payments Interface (UPI) and Nepal’s National Payments Interface (NPI), and enables citizens of both nations to make real-time money transfers directly via mobile banking applications and digital wallets.

“The UPI-NPI linkage represents a major advancement in financial inclusion, fostering stronger economic and digital ties between India and Nepal. This aligns perfectly with regional goals for accessible, safe, and affordable cross-border payments, reinforcing longstanding social and economic bonds,” the ministry said in a statement.

The technical integration was executed via collaboration between NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India, and the Nepal Clearing House Limited (NCHL).

“The initiative strengthens financial inclusion, boosts digital and economic integration, and enhances convenience for travellers and businesses across both countries,” the ministry added.

The key features of the UPI-NPI remittance linkage are enhanced traveller convenience by eliminating the friction of physical currency exchange, carrying large amounts of cash, or navigating unfamiliar foreign exchange fees.

It would also give an economic boost for local merchants as Nepalese businesses gain immediate access to a massive Indian visitor demographic, driving higher transaction volumes.

UPI is now accepted in nine countries – Singapore, the United Arab Emirates, France, Mauritius, Nepal, Bhutan, Qatar, Sri Lanka and Cambodia – enabling Indian travellers to make seamless payments abroad through familiar platforms.

Published on June 11, 2026

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सोना क्यों बटोर रहा है चीन, अब खरीदा 3.4 लाख करोड़ का गोल्ड, क्या आने वाला है आर्थिक संकट?

by Hansraj Agrawal | Jun 11, 2026 | Business

Gold Collection: इन दिनों वैश्विक स्तर पर हालात कैसे हैं, ये तो सभी जानते हैं. ईरान और यूएस के बीच चल रहे युद्ध के कारण सभी देशों की अर्थव्यवस्था इस समय डगमगाई हुई है. आने वाले दिनों के बारे में कुछ भी नहीं कहा जा सकता कि क्या होने वाला है. इसी बीच किसी भी अन्य देश की गतिविधियों पर भी लोगों की नजर है. जैसे हाल ही में चीन में सोना रिजर्व किया जा रहा है, लेकिन आखिर ऐसा क्यों? आइये जानते हैं.

गोल्ड रिजर्व कर रहा चीन
दरअसल चीन का केंद्रीय बैंक पीपुल्स बैंक ऑफ चाइना (PBoC) लगातार 19वें महीने अपने सोने के भंडार में बढ़ोतरी कर रहा है. मई 2026 में बैंक ने करीब 10 टन सोना खरीदा, जिससे चीन का कुल आधिकारिक गोल्ड रिजर्व बढ़कर 2,331.5 टन हो गया है. साथ ही, चीन का विदेशी मुद्रा भंडार (Foreign Exchange Reserves) भी बढ़कर 3.44 ट्रिलियन डॉलर पहुंच गया है. जो अप्रैल के मुकाबले 31.7 अरब डॉलर ज्यादा है. ये नवंबर 2015 के बाद विदेशी मुद्रा भंडार का सबसे ऊंचा स्तर है. पिछले 10 महीनों से चीन का विदेशी मुद्रा भंडार लगातार 3.3 ट्रिलियन डॉलर से ऊपर बना हुआ है.

ये भी पढ़ें: Aviation News: हवाई सफर पर ब्रेक! अचानक क्यों बंद हो रही हैं डोमेस्टिक फ्लाइट्स, उड़ानों में कटौती का कारण क्या?

क्यों बढ़ रहा चीन का विदेशी मुद्रा भंडार?
चीन के विदेशी मुद्रा नियामक SAFE के मुताबिक, मजबूत अमेरिकी डॉलर और ग्लोबल एसेट्स की बढ़ती कीमतों ने इसमें मदद की है. वहीं चीन के मजबूत निर्यात भी विदेशी मुद्रा भंडार बढ़ने की बड़ी वजह हैं. जनवरी से अप्रैल 2026 के दौरान चीन का कुल विदेशी व्यापार लगभग 15% से बढ़कर 2.39 ट्रिलियन डॉलर हो गया.

हालांकि, दूसरी ओर चीन में सोने की मांग में ठंडक के संकेत दिखाई दे रहे हैं. पिछले एक महीने में 14 गोल्ड ETF से करीब 1.48 अरब डॉलर निकाला गया है. पहले निवेशकों के बीच गिरावट आने पर सोना खरीदने की रणनीति लोकप्रिय थी, लेकिन अब कीमतों में उतार-चढ़ाव के कारण इस सोच पर मतभेद बढ़ रहे हैं.

शेयरों में आई तेज गिरावट
इतना ही नहीं हांगकांग में लिस्टेड कई चीनी गोल्ड कंपनियों के शेयरों में भी तेजी से गिरावट देखी गई है. वहीं, शंघाई गोल्ड एक्सचेंज के आंकड़ों के मुताबिक मई में सोने की निकासी घटकर 63.5 टन रह गई, जो फरवरी 2020 के बाद का सबसे निचला स्तर है और मार्च के मुकाबले लगभग आधी है.

ये भी पढ़ें: Gold Price: भारत में बढ़ते दामों के बीच जानें किन देशों में मिलता है सबसे सस्ता सोना, क्यों है ये अंतर

क्या बढ़ने वाला है आर्थिक संकट?
चीन के इस कदम को देखते हुए लगता है कि आने वाला समय थोड़ा और मुश्किल हो सकता है. मिडिल ईस्ट में चल रहे तनाव के कारण महंगाई तो बढ़ ही रही है, लेकिन चीन के इस कदम लगता है कि कोई आर्थिक संकट भी आने वाले समय में देखने को मिलेगा, जिसके लिए चीन की तरफ से तैयारी की जा रही है. हालांकि इसे लेकर कोई पुख्ता जानकारी नहीं है लेकिन हाातों को देखते हुए यही कयास लगाए जा रहे हैं.

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