Top Gainers and Losers on July 04: Trent, Angel One, BSE, Crisil, Sammaan Capital among top losers today
The Nifty 50 ended with a marginal gain of 0.23% at 25,463, while the Sensex closed at 83,432, up 0.23% from the previous close. Both indices ended the week with a decline of over 0.60%, snapping their two-week rally. The broader markets ended today's session largely unchanged but managed to close the week with gains of over 0.30%.
Though Wall Street ended with strong gains overnight after June's nonfarm payroll report came in hotter than expected, the Indian stock market began the session on a subdued note and drifted lower before picking up momentum in the second half.
In addition to the ongoing trade concerns, the ban on Jane Street, one of the world's largest quantitative trading firms, from accessing the Indian stock market by the market regulator SEBI, over alleged manipulation in derivatives trading, has dragged down broking, exchange, and asset management stocks in trade, with the majority of them ending with deep cuts.
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Indian Express
36 minutes ago
- Indian Express
UK-based arms consultant Sanjay Bhandari declared a fugitive economic offender
Accepting an application moved by the Enforcement Directorate, a Delhi Court on Saturday declared UK-based arms consultant Sanjay Bhandari a fugitive economic offender. With this, the Central agency can confiscate the assets of Bhandari worth crores of rupees. This order comes as a shot in the arm for the ED after a UK court had recently ruled against Bhandari's extradition to India. '…the ED has been able to make out a case under Sections 2(f) and 2(m) of the FEO (Fugitive Economic Offenders) Act…this Court is satisfied that the individual Sh. Sanjay Bhandari, against whom an warrant of arrest i.e. NBW (non bailable warrant) has been issued…has left India so as to avoid criminal prosecution…despite knowing the pendency of the NBWs against him,' said Judge Sanjeev Aggarwal in the order. After the Income Tax department raided him in 2016, Bhandari, now 63, fled to London. A year later, the ED filed a criminal case against him under the anti-black money law of 2015. The agency is also probing Bhandari's links with businessman Robert Vadra, the husband of Congress MP Priyanka Gandhi Vadra. 'Further, this court is satisfied that the total value of the schedule offence is `100 crore or more…,' the court said. The principal allegation against Bhandari was that he owned certain assets worth Rs 100 crores abroad which he did not disclose to the I-T authorities. The ED had argued that Bhandari consistently chose not to return to India. The ED also submitted that the UK court's decision to disallow Bhandari's extradition would not be binding on the proceedings in the Delhi court. Bhandari's legal team, while opposing the ED's move to get him declared a fugitive offender, claimed that its 'client's stay could not be called illegal in the UK as he has a legal right to reside in the UK and the GOI is bound by the judgment of the UK court…. Bhandari is legally living there, and declaring him a 'fugitive' in that scenario is legally wrong'. The court said the 'extradition attempt may have failed, but it will not make the accused an angel or immune to prosecution for the violation of Indian laws'. Bhandari had alleged that he was subjected to undue harassment and pressure from various enforcement agencies to 'compel him to give false statements against the political opponents of the government' and that it was because of this harassment that he was forced to leave India. 'In any case, those who play with fire should be known to be aware of its consequences,' it said. The court held that the undisclosed foreign income or assets of Bhandari were worth Rs 655 crore and the total tax evaded by him, including penalty and interest, was Rs 196 crore. The ED filed its first chargesheet against him in 2020. The ED filed a supplementary chargesheet in the case in 2023, alleging that Bhandari 'acquired' the 12, Bryanston Square house located in London in 2009 and got it renovated 'as per the directions of Robert Vadra and the funds for renovation were provided by Robert Vadra'. Vadra has denied owning any London property directly or indirectly. He has termed these charges a political witch-hunt against him and claimed that he is being 'hounded and harassed' to subserve political ends. With this order, a total of 16 people, including liquor baron Vijay Mallya and diamond trader Nirav Modi, have been declared fugitive economic offenders by different courts. Bhandari's assets worth about Rs 21 crore have been attached by the ED under the PMLA.
India Gazette
an hour ago
- India Gazette
India poised to become preferred supplier in defence, aerospace sectors: Piyush Goyal
Bengaluru (Karnataka) [India], July 5 (ANI): Union Minister Piyush Goyal has expressed confidence that India will become a preferred supplier for defence and aerospace given the great relationships it is creating with many other developed countries and said a lot of design and innovation is happening through global capability centres in the country. The Minister, who visited Aerospace Special Economic Zone (SEZ) in Devanahalli, expressed confidence that apart from design and innovation, more and more patents will be filed in India. 'I have absolutely no doubt that in the years to come, particularly given the great relationships that India is creating with many other developed countries, India will become a preferred supplier for defence and aerospace. Already, a lot of design and innovation is happening through global capability centres in India. Now, we will not only design and innovate in India, we will patent in India, produce in India and hopefully become globally relevant partner in supply chains. So, I am truly very optimistic about the potential of this sector,' he said. Asked about scope of collaboration between Indian startups and global aerospace companies, the minister said that SEZ doesn't necessarily have any role in that but there is scope for a bridge or a connection between startups in India and internationally in the space of defence and aerospace. 'I will ask Startup India to see how we can use the services of all these wonderful companies and their connections to see if we can connect the two,' he said. Asked about India's journey towards global aerospace hub, he said this defence and aerospace zone will be the beginning of a path-breaking journey. 'Starting from HAL and now with all these new units coming up, all the other Plants that I see around here, I am quite sure that this defence and aerospace zone will just be the beginning of a path-breaking journey in this field. I have absolutely no doubt that in the years to come, particularly given the great relationships that India is creating with many other developed countries, India will become a preferred supplier for defence and aerospace. Already a lot of design and innovation is happening through global capability centres in India,' he said. (ANI)
India Gazette
an hour ago
- India Gazette
Maharashtra: Work on Mumbai-Ahmedabad bullet train project in full swing
New Delhi [India], July 5 (ANI): The work on the Mumbai-Ahmedabad high-speed bullet train project is going on in full swing in Maharashtra, with major structural and tunnelling milestones being achieved, according to the National High-Speed Rail Corporation Limited (NHSRCL) said on Saturday. According to the NHSRCL, work on all three elevated stations in the state, Thane, Virar, and Boisar, is advancing swiftly, and the first slabs for Virar and Boisar stations have recently been cast. Across the alignment, pier foundations and pier works are underway at various locations, with approximately 44 km of piers cast to date. In the Palghar district, viaduct construction has also commenced using full-span box girder launching technology, starting from the Dahanu area. Additionally, the excavation of seven mountain tunnels in the Palghar district is actively in progress, demonstrating the project's engineering scale and complexity. Bridge construction has also kicked off at three major rivers: Vaitarna, Ulhas, and Jagani, further contributing to the corridor's critical infrastructure. An important component of the project is the 21-kilometre-long underground and undersea tunnel connecting the Mumbai Bullet Train station at Bandra-Kurla Complex (BKC) to Shilphata. Of the 21 km tunnel, 16 km is being excavated using Tunnel Boring Machines (TBMs), while 5 km is being executed using the New Austrian Tunnelling Method (NATM). The tunnel includes a 7 km undersea stretch beneath Thane Creek, marking a significant feat in Indian tunnelling history. So far, approximately 4.1 km of tunnel heading has been achieved through NATM from the Shilphata site, and two concurrent faces have been developed from the ADIT portal. In terms of vertical construction, base slab casting at the Vikhroli shaft (56 meters deep) and Sawli shaft (39 meters deep) has been completed. Additionally, sludge treatment plants are being installed at shaft locations, and the Mahape tunnel lining casting yard is actively producing tunnel lining segments. For the under-construction Mumbai Bullet Train station at Bandra Kurla Complex, 80% of the excavation work has been completed. Base slab casting at 100 ft below ground level has already started at both ends of the station site, NHSRCL added. (ANI)
