Market Update 25-05-2022

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Indian stock market ended in Red in a third consecutive day. There was high selling pressure in Information Technology, metals and realty stocks. Some of the major events of the day are covered here in a precise way.

Commerce Insiders

πŸ‘‰After a positive start of the day it ended in low and at close the Sensex was down 303.35 points, or 0.56 percent, at 53,749.26, and the Nifty was down 99.40 points, or 0.62 percent, at 16,025.80.

πŸ‘‰Government imposed restrictions on Export of Sugar from 01st June 2022.  Reacting to the development, sugar stocks corrected up to 9%. Balrampur Chini dropped 7%, Dwarikesh sugar corrected up to 9%, Dhampur sugar and Mawana Sugar was locked in 5% lower circuit, Shree Renuka Sugar dipped nearly 6%.

πŸ‘‰The government has given a relief in the import of crude soya bean and crude sunflower oil. The government has taken a decision to import 20 lakh metric tonne of duty free crude soya bean oil. 

πŸ‘‰The Cabinet Committee on Economic Affairs (CCEA) has approved sale of its remaining 29.5 per cent stake in Hindustan Zinc Ltd. The government may sell its shares in tranches through offer for sale (OFS), and the same will be structured by the Department of Investment and Public Asset Management (DIPAM). Shares of Hindustan Zinc surged 7 per cent on Wednesday after the Cabinet has approved stake sale in the company.

πŸ‘‰SEBI simplified the procedure and documentation requirements for issuance of duplicate securities certificates to make the process more efficient and investor-friendly.

πŸ‘‰SEBI will auction three properties of Golden Life Agro India Ltd and two properties of Sunshine Agro Infra Ltd on 16th June, 2022 for a reserve price of Rs.11.5 Crores. These two companies raised funds from investors without complying with regulatory norms.

πŸ‘‰Phone Pe launched a feature on its platform that enables users to make investments in gold using the Unified Payments Interface (UPI). With the new addition, users will now be able to sign up for Systematic Investment Plans or SIPs in high purity 24K gold of a specified amount every month.

πŸ‘‰The ED has registered a money laundering case against Congress MP Karti Chidambaram and others in the alleged scam pertaining to the issuance of visa to 263 Chinese nationals in 2011 when his father P Chidambaram was the home minister. The case pertains to allegations of Rs 50 lakh being paid as bribe to Karti and his close associate S Bhaskararaman by a top executive of Vedanta group company Talwandi Sabo Power Ltd. (TSPL), which was setting a power plant in Punjab.

πŸ‘‰India is not mood to remove ban on Export of Wheat Immediately.


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Disclosures and Disclaimer

This article is being furnished for informational purposes only. We make every effort to use reliable & comprehensive information, but we do not represent that the contents of the article are accurate or complete.


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