SEBI Board Meeting and New Agenda
The Securities and Exchange Board of India (SEBI) is set to hold its board meeting today. This will be the first meeting since Hindenburg Research raised concerns about Chairperson Madhabi Puri Buch, specifically regarding potential conflicts of interest and employee grievances. Additionally, protestors from the Indian Youth Congress are demanding Buch’s resignation in light of these allegations.
Energy Initiatives in the National Capital Region
In energy news, the National Capital Region Transport Corporation (NCRTC) has signed an agreement with PTC India to acquire low-cost power, including green energy, for the Namo Bharat corridor. This collaboration aims to reduce overall power costs by sourcing electricity through power exchanges at substations located in Ghaziabad, Modipuram, Shatabdi Nagar, Muradnagar, and Sarai Kale Khan in Delhi.
Defence and Space Collaboration
On the defence front, Bharat Electronics Limited (BEL) has partnered with the Space Applications Centre (SAC) of ISRO to develop infrastructure for manufacturing Travelling Wave Tube Amplifiers (TWTAs) in India. This initiative is expected to enhance the indigenization of defence and space production and help save foreign exchange. The TWTA technology is complex, involving the interaction of microwaves with electron beams in ultra-high vacuum conditions.
Market Movements and Investments
In market updates, the Bank of Maharashtra’s board has approved a Qualified Institutional Placement (QIP) with a floor price set at ₹60.37 per share. Meanwhile, Tata Electronics has temporarily suspended production of iPhone 15 and 16 cases due to a fire incident, although they assure that existing stock will meet demand for the next three months.
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Additionally, Foreign Institutional Investors (FIIs) have net sold shares worth ₹9,792 crore, while Domestic Institutional Investors (DIIs) have net bought shares worth ₹6,646 crore. This reflects a significant trading activity in the market, highlighting the contrasting moves by these two investor groups.
Regulatory Updates and Legal Matters
Lastly, the Indian government has extended the benefits of the RoDTEP scheme for exports from domestic tariff area (DTA) units until September 30, 2025. This scheme aims to refund taxes and duties incurred during the export process. Additionally, the Delhi High Court has directed low-cost airline SpiceJet to respond to a petition regarding the grounding of three aircraft engines, with further hearings scheduled for November 13.