Shares of five major wires and cables companies lost over ₹33,000 crore ($3.8 billion) in market capitalisation after UltraTech Cement announced its entry into the segment.
Meanwhile, the government is expected to finalise the next SEBI Chairperson soon, with candidates like Tuhin Kanta Pandey and Ajay Seth under consideration.
The Supreme Court has flagged concerns about GST and customs officers misusing arrest powers, stating that such actions cannot be tolerated.
UCO Bank has postponed foreign roadshows for its proposed ₹2,000 crore Qualified Institutional Placement to mid-March.
Legendary Hollywood actor Gene Hackman and his wife were found dead in their Santa Fe, New Mexico, home on February 27. Hackman was 95, while his wife, Betsy Arakawa, was 63.
Market slips for 5 consecutive series for the 1st time in 29 years
The Indian stock market ended mixed on Thursday (February 27), with the Sensex edging up 10 points to 74,612, while the Nifty slipped 2 points to 22,545. However, both indices have now declined for five consecutive series —their longest losing streak in 29 years.
The Nifty has fallen over 14% in this period, including a 4% drop in the February series. Midcaps continued to underperform, with the Nifty Midcap 100 index sliding 1% and nearly 20 of its stocks hitting 52-week lows. Six Nifty stocks, including Tata Motors, SBI, and Hero MotoCorp, hit 52-week lows, while nearly 20 stocks from the Nifty Midcap 100 index also touched fresh 52-week lows.
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Wires and Cables stocks lose nearly $4 billion on UltraTech’s $200 million foray
Shares of India’s five wires and cables companies – Polycab India Ltd., Havells India Ltd., KEI Industries Ltd., Finolex Cables Ltd. and RR Kabel Ltd. have lost over ₹33,000 crore ($3.8 billion) in market capitalisation on Thursday, February 27, after India’s largest cement company, UltraTech Cement, announced a foray into the segment.
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New SEBI chief: Tuhin Kanta Pandey, Ajay Seth likely contenders?
The government is likely to finalise the next Chairperson of the Securities and Exchange Board of India (SEBI) soon as Madhabi Puri Buch’s tenure ends on March 1. Sources told CNBC TV18 that the Appointments Committee of the Cabinet (ACC) may issue the final order soon.
According to sources, the search panel may have considered the following candidates for the role: Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM); Ajay Seth – Secretary, Department of Economic Affairs (DEA); Pankaj Jain – Secretary, Ministry of Petroleum and Natural Gas; KC Varshney – Whole-Time Member, SEBI.
Buch took charge as SEBI Chairperson on March 2, 2022, becoming the first woman to lead the regulator.
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Trump’s ‘gold card’ plan offers US firms a way to hire top Indian grads
US President Donald Trump has announced a new ‘gold card’ initiative, allowing American companies to hire Indian graduates from top US universities like Harvard and Stanford.
“We’re going to be selling a gold card,” Trump said from the Oval Office on Wednesday. “You have a green card. This is a gold card. We’re going to be putting a price on that card of about $5 million, and that’s going to give you green card privileges, plus it’s going to be a route to citizenship.”
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‘Anybody unhappy with Elon Musk? We’ll throw them out’: Donald Trump at first Cabinet meeting
Tesla CEO Elon Musk took centre stage at US President Donald Trump’s first cabinet meeting on Wednesday. The president expressed his support for Musk and his team at the Department of Government Efficiency (DOGE) to reduce government spending and cut the federal workforce.
Addressing the meeting, Trump mentioned some members of his Cabinet “disagree a little bit” with Musk. “They have a lot of respect for Elon and that he’s doing this, and some disagree a little bit, but I will tell you for the most part I think everyone’s not only happy, they’re thrilled. Anybody unhappy with Elon? If you are, then we’ll throw them out of here,” he added.
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SC flags misuse of arrest powers by GST, customs officers, grants protections
The Supreme Court on Thursday, February 27, observed that there is “some merit” in petitions alleging that officers under the Goods and Services Tax (GST) and Customs Acts are misusing their arrest powers for coercion and recovery. The court asserted that such misuse cannot be permitted as it goes against the law.
The court was hearing a batch of 279 petitions challenging the arrest and penal powers under these laws.
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UCO Bank defers foreign roadshows for proposed ₹2,000 crore QIP: Exclusive
State-run UCO Bank Ltd. has deferred the foreign roadshows that were originally scheduled for February 24 and 25, for its proposed ₹2,000 crore Qualified Institutional Placement (QIP), sources in the know told CNBC-TV18 on Thursday, February 27.
UCO Bank had planned roadshows across Hong Kong and Singapore and the new date for the roadshows is now said to be in the second week of March or later, sources added.
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IKEA enters Delhi-NCR with online deliveries and pop-up store amid mounting losses
Swedish home furnishings giant IKEA is set to make its much-awaited entry into Delhi-NCR with an e-commerce-first approach and a pop-up store. Starting March 1, customers in Delhi and nine nearby cities—Agra, Prayagraj, Amritsar, Chandigarh, Jaipur, Kanpur, Lucknow, Ludhiana, and Varanasi—will be able to shop IKEA’s iconic range of over 7,000 products through the IKEA app, website, and assisted phone shopping service.
However, this expansion into North India comes at a time when IKEA India’s financials present a challenge. The company reported widening losses of ₹1,299.4 crore in 2023-24 (FY24), despite a modest 4.5% revenue growth to ₹1,809.8 crore.
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‘Goldman and Sachs don’t run Goldman Sachs—why expect India’s business heirs to?’
“Why do we need the children of rich people to set up the next set of industries?” asks Deepak Shenoy, Founder of Capitalmind. Instead of running inherited businesses, many heirs now choose to invest in startups and other ventures, which is not necessarily a negative trend.
He points out that globally, many legacy businesses are now professionally managed rather than being run by their founding families.
“Even Larsen & Toubro were names, two people’s names. Goldman Sachs were people’s names. It’s not that there is anybody from the Goldman family or the Sachs family running Goldman Sachs now, it’s just that they have professionalised in that sense,” he said, weighing in on the debate over whether heirs should take a more hands-on role in businesses.
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Actor Gene Hackman and wife Betsy Arakawa found dead at New Mexico home
Legendary actor Gene Hackman and his wife, Betsy Arakawa, were found dead at their home in Santa Fe, New Mexico on Wednesday afternoon. The Santa Fe Sheriff’s Office has reportedly stated that while foul play is not suspected, the exact cause of death is yet to be determined. Local reports also indicate that the couple’s dog was found dead alongside them.
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