Market

Gold price surged for the 16th straight session on Friday and touched an all-time high of Rs 57,008 per 10 grams in the national Capital, according to HDFC Securities.

Silver, too, continued its upward movement, with the price touching a record-high of Rs 77,840 per kilogram. Silver price jumped by Rs 576, compared to the closing level of Rs 77,264 per kg on Thursday.

In the previous trade, gold had closed at Rs 57,002 per 10 grams. On Friday, the price increased by Rs 6 to Rs 57,008 per 10 grams.

Prices of both the metals were at an all-time high, HDFC Securities said.

“Spot gold prices for 24 carat in Delhi continued to scale new highs by gaining Rs 6. Gold prices are trading higher for the 16th consecutive day in India,” HDFC Securities Senior Analyst (Commodities)

Reliance Industries (RIL) has disclosed that the markets regulator Securities and Exchange Board of India (Sebi) has moved the Sessions Court against it for alleged violation of the Companies Act and Sebi regulations. The company said the matter pertains to the issue of debentures with convertible warrants two decades ago.

“RIL co-operated with Sebi and has produced abundant evidence establishing that RIL has not violated Section 77 of the Companies Act. Sebi has not issued a show cause notice to RIL. There has been no adjudication of this alleged violation under Section 15-I of the Sebi Act, 1992. Notwithstanding this, Sebi has chosen to file the proceedings in the Sessions Court in this matter,” the company said in a stock exchange notification on Wednesday.

It further said, “The alleged violation of Sebi (Substantial Acquisitions of Shares and Takeover) Regulations, 1997,

As equity investors bid up share prices on Dalal Street, the valuation of the benchmark indices has hit an all-time high.

At the close of trade on Wednesday, the NSE Nifty 50 index price-to-earnings (PE) multiple reached an all-time high of 30.4 times its trailing 12-month earnings per share (EPS).

The current valuation is 38 per cent higher than the 10-year average of 22x and over 50 per cent higher than the 20-year average of around 20x.

In comparison, the index was valued at 28.6x at its life-time high of around 12,355 on January 16 this year.

The Nifty 50 valuation ratios are available from January 1999. (See the adjoining chart.)

Analysts attribute this to a combination of a steady decline in the Nifty 50 underlying EPS in the last two quarters due to the pandemic and a

The benchmark indices posted their biggest single-day gains in nearly seven weeks, amid supportive global markets and sharp gains in index heavyweights Reliance Industries (RIL) and HDFC Bank. Ending its four-day losing streak, the Sensex surged 748 points, or 2.03 per cent, to end at 37,688.

Recouping all the losses made in the previous session, the Nifty50 index rose 211.25 points, or 1.94 per cent, to end at 11,102. Both the indices gained the most since June 18. More than three-fourths of the index gains, however, came from RIL and HDFC Bank. Shares of RIL jumped 7.1 per cent — the most since April 22 — on the buzz that the company is close to acquiring the retail business of Future Group.

HDFC Bank rose 3.94 per cent after the RBI approved Sashidhar Jagdishan’s appointment as managing director and chief executive

Leading stock exchange BSE on Monday reported a 21.4 per cent decline in net profit at Rs 32.48 crore in quarter ended June 30, 2020.

The exchange had posted a net profit of Rs 41.32 crore in the year-ago period, BSE said in a regulatory filing on the NSE.

Total income declined to Rs 162.11 crore in the quarter under review from Rs 165.97 crore in the corresponding quarter a year ago.

“BSE’s shift of expiry of weekly contracts from Thursday to Monday has been very well received by the market players, bringing a new wave of possibilities for the growth of BSE’s equity derivative segment,” the exchange’s managing director and CEO Ashishkumar Chauhan said.

“The growth of turnover in equity segment by 39 per cent in this quarter over corresponding quarter previous year is highly encouraging.Coupled