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Credit Suisse downgrades India to ‘Underweight’ on higher oil prices, calls cut ‘tactical’

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Our downgrade of India is tactical and largely based on higher oil prices. Oil hurts the current account and adds indefinite pressure besides increasing sensitivity to US Fed rate hikes,” Credit Suisse said

Credit Suisse downgrades India to 'Underweight' on higher oil prices, calls  cut 'tactical'

Ratings agency Credit Suisse has downgraded India’s position to ‘Underweight’ from ‘Overweight’ due to high oil prices, CNBC-TV18 reported on March 8. It termed the cut as ‘tactical’.

“We tactically cut India’s position to underweight from overweight and will look for opportunities to re-enter the Indian market,” Credit Suisse told the channel.

“Our downgrade of India is tactical and largely based on higher oil prices. Oil hurts the current account and adds indefinite pressure besides increasing sensitivity to United States Federal Reserve rate hikes,” they said.

Follow our LIVE coverage of the Russia-Ukraine War here

It, however, added that it still liked “India’s positive EPS revisions and positioning in credit and property cycles”, further stating that it would use funds freed from India to raise China to ‘Overweight’ from ‘Market Weight’.

The agency noted that in Asia, India is “most vulnerable to higher oil prices, along with the Philippines” and “rich valuations magnify the short term risks.

“We will use the funds freed from India to raise China from Market Weight to Overweight,” it added.

The prospect of a ban on oil imports from Russia sent crude prices soaring and fueled concerns about rising inflation.

Oil prices jumped to their highest levels since 2008 as the US and European allies considered banning Russian oil imports, in response to the country's invasion of Ukraine, while it looked less likely that Iranian crude would return swiftly to global markets.

Russia calls the campaign a "special operation".

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Western ban on oil imports will double price to $300 a barrel: Russia

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A Western ban on Russian oil imports may more than double the price to $300 a barrel and prompt the closure of the main gas pipeline to Germany, Moscow warned on Monday

Oil, Brent Crude, Oil Prices, Oil Companies

A Western ban on Russian oil imports may more than double the price to $300 a barrel and prompt the closure of the main gas pipeline to Germany, Moscow warned on Monday, as talks on hardly advanced amid efforts to agree on civilian safe passage.

Russia's invasion, the biggest attack on a European state since World War Two, has created 1.7 million refugees, a raft of sanctions on Moscow, and fears of wider conflict in the West unthought-of for decades.

Sieges and the bombing continued as Kyiv rejected possible humanitarian corridors to and Belarus, but said some limited progress had been made on agreeing logistics for the evacuation of civilians.

Moscow would give the residents of the Ukrainian cities of Sumy and Mariupol the choice of moving elsewhere in on Tuesday, setting a deadline in the early hours for Kyiv to agree, Russian news agencies reported.


Seeking to ratchet up the pressure on Russian President Vladimir Putin, the said Washington and its European allies were considering banning Russian oil imports. Oil prices spiked to their highest levels since 2008.

"A rejection of Russian oil would lead to catastrophic consequences for the global market," said Russian Deputy Prime Minister Alexander Novak, saying the price could more than double to over $300 per barrel.

U.S. President Joe Biden held a video conference call with the leaders of France, and Britain as he pushed for their support on the ban.

But if need be the is willing to move ahead without allies in Europe, two people familiar with the matter told Reuters. Many countries on the continent are heavily reliant on Russian energy.

last month froze the certification of Nord Stream 2 that was due to pipe gas from to 

"We have every right to take a matching decision and impose an embargo on gas pumping through the Nord Stream 1 gas pipeline," said Novak.

The Russian economy, banking system, and currency have been under intense pressure as punishment for the assault on  The country will be excluded from all of JPMorgan's fixed income indexes, the bank said in the latest such development on Monday.

TALKS 'NOT EASY'

More than 1.7 million Ukrainians have fled to Central Europe since the conflict began on Feb. 24, the United Nations refugee agency said on Monday. read more

calls its actions in Ukraine a "special operation" that it says is not designed to occupy territory but to destroy its southern neighbour's military capabilities and capture what it regards as dangerous nationalists.

After the third attempt to ease the bloodshed at talks in Belarus, a Ukrainian negotiator said that although small progress on agreeing logistics for the evacuation of civilians had been made, things remained largely unchanged.

"As of now, there are no results that significantly improve the situation," Mykhailo Podolyak said.

Russian negotiator Vladimir Medinsky told journalists the talks were "not easy".

"We hope that from tomorrow these corridors will finally work," he said.

Russia has proposed two corridors inside of Ukraine, according to Interfax.

Escape routes to Russia and Belarus, its close ally, were earlier called "completely immoral" by a spokesperson for Ukrainian President Volodymyr Zelenskiy.

A fourth round of talks are due soon, Russian negotiator Leonid Slutsky told Russian state television.

"Our president is not scared of anything, including a direct meeting with Putin," said Ukraine's foreign minister Dmytro Kuleba late on Monday.

Kremlin spokesman Dmitry Peskov told Reuters Moscow would halt operations if Ukraine ceased fighting, amended its constitution to declare neutrality, and recognised Russia's annexation of Crimea and the independence of regions held by Russian-backed separatists.

French President Emmanuel Macron, who spoke with Putin multiple times last month in the run-up to the invasion, said he saw no impeding breakthrough.

"I don't think that in the coming days and weeks, there will be a real negotiated solution", he said.

FAILED EVACUATIONS

The general staff of Ukraine's armed forces said Russian forces were "beginning to accumulate resources for the storming of Kyiv", a city of more than 3 million, after days of slow progress in their main advance south from Belarus.

Outside the capital, attacks continued.

A Russian strike on a bread factory killed 13 in the town of Makariv in the Kyiv region, Ukrainian officials said. Reuters could not verify the details. Russia denies targeting civilians.

In the encircled southern port city of Mariupol, hundreds of thousands of people remained trapped without food and water under regular bombardments.

Deputy mayor Sergei Orlov told CNN that authorities were ready to evacuate 6,000 people on Saturday but Russians had bombed buses that were to transport them. Moscow has accused the Ukrainians of blocking the planned evacuations.

In the eastern city of Kharkiv, police said the total death toll from the Russian bombardment was 143 since the start of the invasion. It was not possible to verify the toll.

In Irpin, people picked their way over the twisted ruins of a large bridge.

"It's like a disaster," a young woman leaving with her children told Reuters.

Ukraine said on Monday its forces had retaken control of the town of Chuhuiv in the northeast after heavy fighting and of the strategic Mykolayiv airport in the south. Neither could immediately be verified.

In a humanitarian update, the United Nations described one psychiatric hospital 60 km (40 miles) from Kyiv running out of water and medicine with 670 people trapped inside, including bedridden patients with severe needs.

U.S. congressional negotiators on Monday were nearing a deal on a bill to provide Ukraine with billions of dollars in emergency aid.

A senior U.S. defence official said Putin had now deployed into Ukraine nearly 100% of the more than 150,000 forces that he had pre-staged outside the country before the invasion.

Moscow has acknowledged nearly 500 deaths among its soldiers, but Western countries say the true number is much higher and Ukraine says it is many thousands.

Death tolls cannot be verified, but footage filmed across Ukraine shows burnt-out wreckage of Russian tanks and armour, and parts of Ukrainian cities reduced to rubble by Russian strikes.

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TCS plans overhaul with aim to double revenue to $50 bn before 2030

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The Mumbai-based company will create four internal teams in order to double its revenues, according to people familiarTata consultancy services, TCS


plans to overhaul its organizational structure with specialized groups targeted to help startups as well as large global firms as Asia’s largest software outsourcing provider gears up to double its revenues to $50 billion before 2030, according to people familiar.

The Mumbai-based company will create four internal teams -- a business transformation group, incubation group, enterprise growth and another aimed at new business models, according to people familiar who didn’t want to be identified as the details are private. TCS is expected to present this proposed new structure at its board meeting this week, said one of the people.

The rejig is aimed at aligning TCS, India’s second-largest company by market value, with the changing needs of its clients who are increasingly looking to digitise in the post-Covid-19 world and the boom in startups. India’s IT services sector has been on a roll, buoyed by the pandemic-induced rush among enterprises to transform into work-from-anywhere, digital businesses, boosting growth and making it a $227 billion industry by end of March.

A spokesperson for the company said TCS won’t comment on internal business plans or strategies.

Business Journey

TCS’s new structure is based on where its customers are in their business journey, the people said. It factors in, for instance, that a sub-$5 billion start-up would have a very different set of technology and business requirements than a large global corporation.

TCS, which employs over half-a-million around the world, the bulk of them in India, reported $25 billion in revenues for the year ended Dec. 31. Riding the sector boom, TCS and its rivals Infosys Ltd. and HCL Technologies have been signing on new customers, expanding contracts and hiring software programmers by the thousands every quarter.

The outsourcing giant, part of the Tata Group, is also planning to open a dozen innovation centers globally including the US and Europe, according to one of the people familiar.

TCS, however, will need to manage its surging staff costs that partly led to the outsourcer missing analyst estimates on profit last quarter. The company provides a suite of services from cloud to data analytics and infrastructure management to world’s largest including Citigroup Inc., General Motors Co., Woolworths Group Ltd. and Petronas Gas Bhd.

Also Read | Sachin Bansal-led Navi Technologies plans Rs 4,000 cr IPO, filing DRHP soon

Sachin Bansal-led Navi Technologies plans Rs 4,000 cr IPO, filing DRHP soon

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ICICI Securities, BofA and Axis Capital are the investment banks handling the share saleSachin Bansal

Navi Technologies is planning to raise Rs 4,000 crore in fresh capital through an initial public offering (IPO). The company is expected to file its draft red herring prospectus with market regulator Sebi this week, said people in the know.

ICICI Securities, BofA and Axis Capital are the investment banks handling the share sale.

The company declined to comment on a query sent by Business Standard on its plans.

Navi Tech is co-founded and promoted by Flipkart co-founder 

Sources said the could hit the market during the first quarter of next financial year. The company will use the proceeds to fuel its growth.

Navi Tech is a tech-driven financial products and services company. Its key offerings include personal loans, housing loans, general insurance and mutual funds (MFs).

Founded in 2018, the company with its digital-first approach has tried to disrupt the businesses it operates in. For instance, in the MF space it has launched the exchange traded funds (ETFs) with lowest fee structure. In personal loans, it instantly offers loans of up Rs 20 lakh through a completely paperless process.

Till date, Bansal has invested around Rs 4,000 crore into the firm.

In 2019, Navi had acquired Chaitanya India Fin Credit for Rs 739 crore and entered the microfinance segment. Chaitanya had also applied for a universal banking licence from the Reserve Bank of India (RBI). Navi’s loan book size is about Rs 3,500 crore.

Navi MF had acquired assets of Essel MF in 2021. The data from Association of Mutual Funds in India (Amfi) shows that Navi MF has assets of Rs 930 crore as of December quarter.

The company turned profitable in FY21, posting a consolidated profit of Rs 71 crore with a total income of Rs 780 crore and expenditure of Rs 673 crore.

Also Read |  Delhi court grants CBI 7-day custodial interrogation of Chitra Ramkrishna

Delhi court grants CBI 7-day custodial interrogation of Chitra Ramkrishna

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The CBI arrested the former NSE MD on Sunday after her anticipatory bail application was dismissed by the court on Saturday

Chitra Ramkrishna

A Delhi court on Monday granted seven-day custodial interrogation of ex-MD & CEO of NSE in co-location scam case.

The produced the former managing director and chief executive officer of (NSE) before special Special Judge Sanjeev Aggarwal and had sought 14-day custodial interrogation in the case.

The arrested the accused on Sunday after her anticipatory bail application was dismissed by the court on Saturday.

The CBI had recently questioned Ramkrishna in the matter. The Income Tax (I-T) Department earlier raided various premises linked to Ramkrishna in Mumbai and Chennai.

Ramkrishna has been on the radar of the Securities and Exchange Board of India (SEBI).

The CBI court had recently sent Anand Subramanian, former Group Operating Officer and advisor to Ramkrishna, to CBI custody. He was arrested by the CBI from Chennai.

The arrest was made in the case related to the co-location scam, the FIR for which was registered in May 2018, amid fresh revelations about irregularities at the country's largest stock exchange.

The CBI is probing the alleged improper dissemination of information from the computer servers of the market exchanges to the stock brokers.

Earlier, SEBI penalized the NSE, Ramkrishna and Ravi Narayan and two other officials for lapses in recruitment at the senior level. Ravi Narain was the MD and CEO of the from April 1994 till March 2013, while was MD and CEO of the NSE from April 2013 to December 2016.

Sebi observed that the NSE and its top executives violated securities contract norms relating to the appointment of Subramanian as group operating officer and advisor to the managing director.

Article Source:- Business Standard

Also Read| Rupee trades at record low of 76.96 a dollar on soaring crude prices

RBI doesn't listen: TV Mohandas Pai complains to FinMin about central bank

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Pai was furious that the central bank does not even respond to letters from the industry, forcing companies to hire accounting firms to get the job done.

RBI doesn't listen: TV Mohandas Pai complains to FinMin about central bank


TV Mohandas Pai has sought the finance ministry's intervention in the industry's relationship with the Reserve Bank of India (RBI), saying the central bank "doesn't listen" and does not respond to letters.

"If you write a letter to RBI asking for an approval, they don't reply. You have to hire a Big 4 (accounting firm) to go to Bombay, walk on the tables, and get your approval. It's a sad reality of India. Please accept that," Pai, chairman of Aarin Capital and Manipal Global Education, said at an interaction with the top brass of the finance ministry, including Finance Minister Nirmala Sitharaman, in Bengaluru on March 7.

Finance ministry officials are currently visiting various cities and holding post-budget interactions with stakeholders.

Pai's initial grouse was to do with tax and Employee Stock Ownership Plans (ESOP) of start-ups. According to Pai, 40 of India's 93 unicorns are based outside India because of RBI regulations and related compliance issues.

"It is a mess. RBI doesn't listen. We have gone to them many times. If you can take a meeting and listen to us with the RBI, we will be very grateful," Pai told the finance minister and her secretaries.

Ajay Seth, the Department of Economic Affairs secretary and an RBI board member, defended the central bank.

"It will be a loose comment to make that RBI does not listen. They will not agree with your viewpoint. We here, we have heard all your suggestions very carefully. We consider them. We find some of them not feasible and we don't act upon it. Others, we act upon it. If you feel there is an issue with the RBI that has any fiscal element, any policy issue for the government, we will be all ears," Seth said.

However, Pai doubled down on his complaint, saying matters had not improved despite him having personally spoken to RBI Governor Shaktikanta Das.

"I spoke to Dr Rajan (former RBI governor Raghuram Rajan), he came to Bangalore and tried to improve matters. It improved. I spoke to Shaktikanta Das in Bombay. I met him several times, spoke to him. But we don't see an improvement. It's not like interacting with you. They don't respond to letters," Pai said.

"Why can't you have a status where everybody has to respond to a query and give an approval within 45 days. Then the problem will be solved. We have to hire a Big 4. Pay them money. They go to Bombay. They go everywhere. Why should we do that?"

The RBI did not immediately comment on Pai's remarks.

Read Also| Rupee trades at record low of 76.96 a dollar on soaring crude prices

CBI arrests former NSE CEO Chitra Ramkrishna in co-location case

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She will be presented before a Delhi court on Monday morningChitra Ramkrishna

The Central Bureau of Investigation (CBI) on Sunday night arrested former managing director (MD) and chief executive officer (CEO) of Stock Exchange in Delhi in the co-location case after her anticipatory bail plea was rejected by a Special court on Saturday.

“She will be presented before a Delhi court on Monday morning,” a official said under condition of anonymity.

had arrested former group operating officer of NSE Anand Subramanian last week. CBI may also seek extension of Subramanian’s custody on Monday whose 10-day custody ended on Sunday.

The arrests were made in the case related to the co-location scam, the FIR for which was registered in May 2018, amid fresh revelations about irregularities at the country’s largest stock exchange. The CBI had last month questioned Ramkrishna, Subramanian and Ravi Narain, also former CEO of the NSE.

A report of the Securities and Exchange Board of India last month showed that Ramkrishna took key decisions at the NSE from 2013 to 2016 on the advice of a “Himalayan yogi”, whom she had never met and who instructed her to appoint Subramanian group operating officer.

The four-year-old FIR of the CBI was primarily against Sanjay Gupta, MD of OPG Securities. It also named his brother-in-law Aman Kokrady and Ajay Shah, a data specialist and researcher employed by the NSE, along with unknown officials of the NSE and Sebi for their role in the controversy.

Between June 2010 and March 2014, the NSE had deployed the so-called tick-by-tick (TBT) architecture at its colo facility. TBT disseminated data feed sequentially, giving preference to trading members (TM) that had connected first to the colo server.

Taking advantage of the system, OPG Securities frequently obtained first access to the exchange system in connivance with certain NSE staffers. The issue was brought to light by a whistleblower, Ken Fong, who sent three complaint letters to Sebi in January, August, and October 2015, following which the regulator initiated multiple investigations and forensic audits into the matter.

In April 2019, Sebi directed the exchange to disgorge Rs 625 crore, along with an interest of 12 per cent annum since 2014, for lapses at its colo facility, which allowed unfair access to certain brokers. Sebi also told Narain and Ramkrishna, who were at the helm when the exchange servers were exploited, to disgorge a fourth of their salary for a specific period.

The market regulator directed OPG Securities, Gupta, and three others to disgorge Rs 15.6 crore, with an interest of 12 per cent per annum since April 2014. All of them have moved the Securities Appellate Tribunal against the order, where the matter is currently being heard.

Read Also| Rupee trades at record low of 76.96 a dollar on soaring crude prices

Rupee trades at record low of 76.96 a dollar on soaring crude prices

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According to a Kotak Institutional Equities report, an average crude price of $120a barrel will cost the Indian economy an incremental $70 billion, translating to 1.9 percent of the GDP, in FY2023 versus FY2022

Rupee trades at record low of 76.96 a dollar on soaring crude prices

The rupee hit an all-time low of nearly 77 a dollar on Monday after crude oil made fresh surges on news reports that the US and its European allies were weighing a ban on Russian oil.  This was the fourth consecutive session when the currency weakened.

The home currency was trading at 76.96 a dollar, down 1.05 percent from its previous close, at the time of filing this story. It had opened at 76.96 a dollar.

Analysts said that the Russian invasion of Ukraine and likely lower exports of Russian crude oil will keep the oil prices elevated for a protracted period.  "We note increasing risks of global crude prices staying elevated in the next 6-9 months due to large imbalances in the global crude oil markets," an analyst said.

Brent soared to a near 14-year high of $140. Oil reached its highest since 2008 in US trading, and there is no sign of a cooling-off.

The latest setback came after US Secretary of State Antony Blinken told news channels, “We are now talking to our European partners and allies to look in a coordinated way at the prospect of banning the import of Russian oil, while making sure that there is still an appropriate supply of oil on world markets.”

According to Kotak Institutional Equities report, an average crude price of $120a barrel will cost the Indian economy an incremental $70 billion, translating to 1.9 percent of the GDP, in FY2023 versus FY2022. Steep crude prices will pose stiff challenges in the form of higher CAD/GDP, higher inflation and lower growth.

The additional cost will be borne by the government in the form of lower excise revenues and higher MSPs, households in the form of higher retail prices of petroleum products and  companies; however, companies will pass on higher fuel costs to households eventually.

The delays in the potential return of Iranian crude to global markets, fresh supply disruptions in Libya and continued selling by foreign investors in Indian equities also dampened the sentiments among traders and also kept the domestic currency under pressure. Since October, Foreign investors have sold around Rs2 trillion.

On the domestic front, participants will be closely eyeing the state election results in five states of Uttar Pradesh, Uttarakhand, Goa, Punjab and Manipur on March 10. On the macroeconomic front, the IIP data is scheduled for March 11.

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NSE case: CBI court dismisses Chitra Ramkrishna's anticipatory bail plea

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The CBI had earlier arrested Anand Subramanian, NSE's former group operating officer, from Chennai in relation to the alleged scam worth thousands of crores of rupees

Chitra, Chitra Ramakrishna

A Special CBI court in Delhi on Saturday dismissed the anticipatory bail plea of Chitra Ramakrishna, the former CEO-MD of Stock Exchange (NSE), in connection with the NSE co-location case.

Ramakrishna, through her counsel, had approached the court seeking relief from her arrest.

Her plea was opposed by the prosecution. After hearing the argument of defense and the prosecution, the court dismissed the plea.

On February 24, the CBI arrested Anand Subramanian, the ex-Group Operating Officer of NSE. He was later sent to CBI's custody till March 6.

In December 2015, Sebi received a whistleblower complaint alleging governance issues in appointment of Subramanian. The market regulator then sought an explanation from the exchange on various points raised in the complaints. The exchange, which was then headed by Ramkrishna, was evasive. Sebi sent several reminders to the exchange. In October 2016, Subramanian was ousted from the exchange.

In December 2016, Ramkrishna also stepped down as MD& CEO. Around the same time, Sebi had also received whistleblower complaints against NSE’s colocation (colo) facility. The complaint said that the exchange was granting unfair access to certain brokers and alleged scam worth thousands of crores of rupees.

The latest questioning was done on the basis of a first information report (FIR) filed by the CBI on May 28, 2018 in the co-location (colo) matter. The four-year old FIR was primarily against Sanjay Gupta of OPG Securities, a broking outfit alleged to have got unfair access to NSE's colo facilities.

The FIR also named unknown officials of the NSE for their role in the colo controversy. Market observers say the arrest by the CBI is on account of pressure on the central agency to crack down on the case. While Sebi has been criticised for delay in passing the order in the Ramkrishna matter, CBI too had taken little action after filing the FIR nearly four years ago.

The Central Bureau of Investigation (CBI) probing the NSE fraud has been making efforts to find fresh clues to reach the mysterious Himalayan Yogi, with whom the classified informations were shared by Ramakrishna.

It was learnt in the forensic report of Ernst & Young (E&Y) that Subramanian could be the mysterious Yogi. The SEBI had, on February 11, denied it.

The CBI is trying to corroborate the evidence it collected with the questioning of Subramanian.

It is probing the matter since May 2018 but has failed to find any concrete evidence to identify the mysterious Himalayan Yogi.

Recently, the SEBI had imposed a fine of Rs 3 crore on Ramakrishna, following the market regulator finding that she allegedly shared vital inputs about the NSE with the yogi. "Information regarding organisational structure, dividend scenario, financial results, human resource policies and related issues, response to regulator, etc., were shared by her with the yogi," said the source. Between 2014 and 2016 she sent emails at rigyajursama@outlook.com.

On April 1, 2013, Ramakrishna became the CEO and MD of NSE. She brought Subramanian to NSE as her advisor in 2013.

Subramanian was made the Chief Strategic Advisor of NSE. He served at this post between 2013 and 2015 before being made Group Operations Officer and Advisor to the MD between 2015 and 2016, despite having no exposure to the capital market.

Previously working as a mid-level manager in Balmer and Lawrie, he had seen his salary increased from Rs 15 lakh to Rs 1.68 crore annually, and then to Rs 4.21 crore.

Subramanian quit NSE in October 2016 and Ramakrishna in December 2016. The CBI swung into action in the case in 2018 and has been probing the matter since then.


Russia declares ceasefire in 2 Ukrainian cities to let civilians evacuate

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The Russian defence ministry said its units had opened humanitarian corridors near the cities of Mariupol and Volnovakha, which were encircled by its troops

Ukraine

said its forces had stopped firing near two Ukrainian cities on Saturday to allow safe passage to civilians fleeing fighting, but was continuing its broad offensive in Ukraine, where the capital Kyiv came under renewed assault.

The Russian defence ministry said its units had opened humanitarian corridors near the cities of Mariupol and Volnovakha which were encircled by its troops, Russia's RIA news agency reported.

In Mariupol, citizens would be allowed to leave during a five-hour window, it quoted the city's officials as saying.

There was no immediate confirmation that firing had stopped and it was not clear if the ceasefire would be extended to other areas, or how long it would last, as Russia's invasion of entered into its tenth day.

The Russian defence ministry said a broad offensive would continue in Ukraine, RIA said.

Aid agencies have warned of an unfolding humanitarian disaster as food, water and medical supplies run short and refugees stream into western and neighbouring European countries.

A Ukrainian negotiator had said on Thursday that a second round of ceasefire talks with had not yielded the results Kyiv hoped for, but both sides had reached an understanding on creating humanitarian corridors. Mykhailo Podolyak said the two sides envisaged a possible temporary ceasefire in some areas to allow evacuations of citizens.

In the southeastern port city of Mariupol - a key prize - there is no water, heat or electricity and food is running out, according to Mayor Vadym Boychenko.

"We are simply being destroyed," he said.

Ukraine's state service of special communications and protection of information says Russian forces have focussed efforts on encircling Kyiv and Kharkiv, the second-biggest city, while aiming to establish a land bridge to Crimea.

Kyiv, in the path of a Russian armoured column that has been stalled outside the Ukrainian capital for days, was again under attack, with explosions audible from the city centre.

Ukrainian media outlet Suspilne cited authorities in Sumy, about 300 km (190 miles) east of Kyiv, as saying that there is a risk of fighting in the city's streets, urging residents to stay in shelters.

President Vladimir Putin's actions have drawn almost universal condemnation, and many countries have imposed heavy sanctions as the West balances punishment with avoiding a widening of the conflict.

INFORMATION WAR

Russia's parliament passed a law on Friday imposing a prison term of up to 15 years for spreading intentionally "fake" news about the military.

"This law will force punishment - and very tough punishment - on those who lied and made statements which discredited our armed forces," said Vyacheslav Volodin, the chairman of the Duma, Russia's lower house of parliament.

is blocking Facebook for restricting state-backed channels and the websites of the BBC, Deutsche Welle and Voice of America.

CNN and CBS News said they would stop broadcasting in Russia, and other outlets removed Russian-based journalists' bylines as they assessed the situation.

MORE SANCTIONS ON THE WAY?

Ukrainian President Volodymyr Zelensky is expected to press Washington for more help in a Zoom call with the full US Senate at 9:30 a.m. ET (1430 GMT) on Saturday.

The United States is weighing cuts to imports of Russian oil and ways to minimise the impact on global supplies and consumers as lawmakers fast-track a bill that would ban Russian energy imports. Global oil prices surged over 20% this week on fears of supply shortages, posing a risk to global economic growth.

At a meeting on Friday, NATO allies rejected Ukraine's appeal for no-fly zones, saying they were increasing support but that stepping in directly could make the situation worse.

"We have a responsibility ... to prevent this war from escalating beyond because that would be even more dangerous, more devastating and would cause even more human suffering," said NATO Secretary-General Jens Stoltenberg.

Zelenskiy slammed the summit as "weak" and "confused." "It was clear that not everyone considers the battle for Europe's freedom to be the number one goal," he said.

More EU sanctions were coming, potentially including a ban on Russian-flagged ships in European ports and blocking imports of steel, timber, aluminium or coal, said Irish Foreign Minister Simon Coveney.

Ukraine's military said in a statement on Saturday that armed forces "are fighting fiercely to liberate Ukrainian cities from Russian occupiers," counterattacking in some areas and disrupting communications.

"Units of the invaders are demoralized, soldiers and officers of the occupying army continue to surrender, flee, leaving weapons and equipment on Ukrainian soil," it said, adding that at least 39 Russian plans and 40 helicopters had been destroyed. Reuters has not been able to independently verify such accounts.

Thousands of people waited for hours on Friday outside the railway station at the western city of Lviv to board trains heading to Poland. Families arrived with few belongings. Some were in wheelchairs, accompanied by pet dogs and cats, uncertain about their fate.

"All we took with us is the bare necessities," said Yana Tebyakina. "A change of clothes. That's it. All the rest we left behind, all our lives stayed back at home." Russian forces have made their biggest advances in the south, where they captured their first sizeable Ukrainian city, Kherson, this week. Bombing has worsened in recent days in the northeast cities of Kharkiv and Chernihiv.



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