Top Stories | D-Street’s winning streak, Sovereign Wealth Fund talks, Congress vs SEBI chief, ‘IC814’ series controversy and more

Don’t give steroids to SMEs when paracetamol can work, says SEBI’s Ashwini Bhatia

SEBI permanent member Ashwani Bhatia stressed the importance of a medical analogy while discussing the SME sector. “Don’t give steroids to SMEs when paracetamol can work,” he said.

Bhatia pointed out that over Rs 14,000 crore has been raised through SME listings, including Rs 6,000 crore in the last year alone.

A SEBI permanent member also expressed caution about SME (small and medium enterprise) listings, noting that while bankers should learn to say no, they often fail to do so when it comes to SME IPO candidates.

Veteran investor Vijay Kedia also believes that many SME IPOs are generating excitement and that nine out of ten are manipulated. He added that there is manipulation in both the SME (small and medium-sized enterprises) segment and in the large enterprise segment.

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India eyes sovereign wealth fund, govt in talks with RBI, SEBI: sources

The Indian government has initiated preliminary discussions with the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) and GIFT City officials to explore the feasibility of setting up a sovereign wealth fund (SWF) for the country, sources told CNBC-TV18.

Sources familiar with the matter revealed that these discussions are part of a broader strategy to position India as a $30 trillion economy by 2047.

The concept of sovereign wealth fund gained popularity after the inauguration of Prime Minister Narendra Modi’s third-term cabinet.

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Nifty records record high in 13th session, nears 25,300

The benchmark Nifty 50 index closed at a record high for a 13th consecutive session on Monday, the longest on record, and edged closer to the 25,300-point mark, boosted by continued foreign fund inflows and a rally on Wall Street in the United States.

The heavyweight IT sub-index posted solid gains on the benchmark, closing up 0.4% at 42,975.60, as traders braced for a data-packed week in the world’s largest economy.

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India approves Rs 17,300 crore for key projects in semiconductors, agriculture

The Union government on Monday (September 2) approved seven major schemes worth around Rs 14,000 crore to boost the agriculture sector. The initiatives focus on digital farming, plant science, sustainable livestock health and more, with an aim to improve agricultural education, management and development across the country.

India has also approved a new semiconductor manufacturing unit to be set up by Kaynes Semicon Pvt Ltd at Sanand, Gujarat, with an investment of ₹3,300 crore. The proposed plant at Sanand is expected to have a production capacity of 60 lakh chips per day.

Gujarat Gas’s earnings per share to rise nearly 77% on merger

Gujarat State Petroleum Corporation (GSPC), Gujarat State Petronet (GSPL) and GSPC Energy will merge to form Gujarat Gas. The gas transmission business of Gujarat Gas will also be demerged and listed as GSPL Transmission.

According to Probal Sen, energy analyst at ICICI Securities, this strategic restructuring is expected to significantly improve Gujarat Gas’s earnings per share (EPS) from ₹21.5 to around ₹38, driven by strong EBITDA growth and substantial tax loss benefits.

Considering these factors, the stock price is likely to see a notable upside, making Gujarat Gas an attractive buy with a price target of ₹755, reflecting significant upside potential.

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Congress raises questions over SEBI chief’s remuneration paid by ICICI between 2017 and 2024, asks PM if he was aware

The Congress on Monday raised some questions on Securities and Exchange Board of India (SEBI) Chairman Madhabi Puri Buch over ICICI’s income. Speaking at a press conference, senior Congress leader Pawan Khera claimed that Buch had received Rs 16.80 crore till date (September 2) from ICICI Bank, ICICI Prudential and ESOPs while he was a SEBI member.

The party claimed that Buch had been drawing regular income from ICICI Bank between 2017 and 2024 and even TDS on ESOP was given to her by the bank. She also received ₹2.17 lakhs from ICICI Prudential in 2021-22 and the ESOP started at ₹2.66 crore, the party said.

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Washed-out railway track causes diversions, floods in Andhra, Telangana

Heavy rains have lashed Andhra Pradesh and Telangana, causing at least 16 deaths, flooding and inundation in several areas, and disruption to road and rail traffic. In Mahabubabad, Telangana, a railway track near Intakanne railway station connecting Kesamudram and Intakanne was washed away on September 1. Several long-distance trains have been cancelled and a few have been diverted.

Traffic on the Hyderabad-Vijayawada national highway was diverted due to rainwater overflowing on the road. The Secunderabad-headquartered South Central Railway cancelled its train services and diverted others.

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Former AAP communications director Vijay Nair granted bail, Supreme Court says right to liberty sacrosanct

The Supreme Court on Monday (September 2) granted bail to former Aam Aadmi Party (AAP) communications director Vijay Nair in a money laundering case related to the alleged Delhi excise policy scam. The Supreme Court reiterated that the right to liberty is sacrosanct.

The court cited AAP leader Manish Sisodia’s bail and made it clear that the right to liberty must be respected even in the face of stringent laws like the Prevention of Money Laundering Act.

A bench of Justices Hrishikesh Roy and SVN Bhatti said Nair had been in jail for 23 months without trial. The court added that incarceration without trial cannot be used as punishment. The court reiterated that the principles that bail is the rule, jail an exception – cannot be violated.

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Swati Maliwal assault case: Supreme Court grants bail to Delhi Chief Minister Kejriwal’s aide Bibhav Kumar

The Supreme Court on Monday (September 2) granted bail to Bibhav Kumar, personal assistant to Delhi Chief Minister Arvind Kejriwal, in the Swati Maliwal assault case.

A bench comprising Justices Surya Kant and Ujjal Bhuyan observed that the trial may take considerable time as there are over 51 witnesses called by the prosecution and Kumar has already spent over 100 days in custody.

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Education department arrests AAP MLA Amanatullah Khan hours after raid in money laundering case

The Enforcement Directorate (ED) on Monday (September 2) arrested Aam Aadmi Party leader and MLA Amanatullah Khan from his residence in New Delhi. Sources said the ED team visited his residence in Okhla in connection with a money laundering probe.

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Israel’s main union calls for general strike on September 2

The head of Israel’s Histadrut trade union has called for a general strike starting at 6:00 a.m. (0300 GMT) on Monday to pressure the government to reach an agreement on the return of Israeli hostages still held by Hamas in Gaza.

Arnon Bar-David, whose union represents hundreds of thousands of workers, called on all civilian workers to join the strike and said Ben Gurion Airport, Israel’s main air transport hub, would be closed from 8 a.m. (0500 GMT).

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IC 814: Kandahar hijacking: Information and Communication Ministry summons Nexflix content chief amid controversy over Anubhav Sinha series

Netflix series ‘IC 814: The Kandahar Hijack’, directed by Anubhav Sinha and based on the hijacking of an India Airlines flight in 1999 by five terrorists of the Harkat Ul Mujahideen terror group, has drawn widespread criticism. The Ministry of Information and Broadcasting has summoned Netflix’s chief content officer over the content issue of the web series ‘IC814’.

According to sources, the ministry is likely to seek an explanation for the names ‘Bhola’ and ‘Shankar’ given to the terrorist hijackers. It is also likely to seek an explanation for the depiction of terrorist figures in the series.

The series features an ensemble cast of Naseeruddin Shah, Pankaj Kapur, Vijay Varma, Dia Mirza and Arvind Swamy.

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