Stock market update: Defence stock AMSL gains over 7 per cent today: Here's why
The 52-week high of the stock is Rs 157, and the 52-week low is Rs 88.10.
The stock is also in action as the company has informed exchanges about the critical updates to its Extraordinary General Meeting (EGM) notice and corrigendum, issued earlier in January 2025.
The company stated that for convertible equity warrants, 25 per cent of the issue proceeds would be collected at the time of allotment, with the remaining 75 per cent due within six months. The entire amount is expected to be utilised within nine months in line with SEBI's ICDR regulations.
The company has also corrected earlier references in its filings by stating that the phrase 'and Private Sector' in one section of the corrigendum and addressing regulatory observations made by NSE on May 13, stands deleted.
Earlier, the company signed an agreement with state-owned Munitions India to jointly develop defence systems in the domestic and international markets.
As part of the Memorandum of Understanding (MoU), both entities will identify and pursue opportunities for the design, development, and deployment of advanced defence technologies, Hyderabad-based AMSL said in a regulatory filing.
AMSL has also inked a pact with Troop Comforts for joint manufacturing, marketing, and development of advanced air-defence systems, including anti-drone and anti-aircraft solutions.
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Indian Express
12 minutes ago
- Indian Express
Fresh tariff blow to diamond export hub Surat
DIAMOND companies in Surat were compelled to put on hold orders they had already started receiving for Christmas from American clients when US President Donald Trump announced the additional 25% tariff on India. It came as a jolt because Christmas is just five months away, and sales during this festive season account for nearly half the total sale during a year in the international markets. The second highest value of diamond imports into the US, 28% in value, was from Israel, on which Trump has imposed only 19% tariff. Hitesh Patel, director of Surat-based Dharmanandan Diamonds Pvt Ltd, which has a turnover of around Rs 7,000 crore, said exports to the US have already dropped 25% over the last couple of years, and the production in the factories has fallen 30-35 per cent. 'With the imposition of new tariffs, exports will crash further,' he told The Indian Express. Patel, whose company had made news when it bought the monogrammed suit worn by Prime Minister Narendra Modi in his meeting with former US President Barack Obama for Rs 4.31 crore in 2015, said, 'The diamond industry players involved in exports are keeping an eye on August 27, when the 50% tariff will be effected. If nothing happens, we will negotiate with buyers in the US and request them to bear some part. When the industry is facing such tough times, the relationship between buyer and seller is put to the test.' National chairman of the GJEPC, Kirit Bhansali, said the imposition of high tariffs and the significant reduction in exports in the Indian gems and jewellery sector will hit Surat and Mumbai the hardest. The export of cut and polished diamonds (CPD) to the US has seen a steady drop to USD 4.81 billion in 2024-25 from USD 9.86 billion in 2021-22. The US is the largest export market, accounting for nearly a third of India's annual gems and jewellery exports. The GJEPC, in a July 10 letter to the Commerce Ministry, said that in June this year, the provisional gross export of CPD declined by 23.49% in dollar terms, while that of lab-grown diamonds (LGD) dropped by 24.95%, when compared to the same period last year. '(The imposition of the 50% tariff by the US) may lead to a loss of an estimated 1,25,000 jobs in the coming four-five months — the states of Gujarat, Maharashtra and Rajasthan being the most impacted. Such job loss is expected to impact several segments, including diamond cutting and polishing, gold and silver jewellery, and coloured gemstones. The reduced exports and job losses will have a cascading effect on the economy,' Bhansali said. Vallabhbhai Lakhani, owner of Kiran Gems, one of the top players in the market, said, 'We export 70% of our goods to the US. Due to the geopolitical situation, our exports to the US had already gone down to 40%. Now with a new tariff of 50%,,we are worried.' He said it is not possible to reroute diamonds to the US from other countries with lower tariffs since the place of processing has to be necessarily mentioned. US is unlike other export destinations, said Vijay Mangukiya, Chairman, Dhani Jewels, another big player. 'There is no other country which can replace the consumption capacity of US in the entire world. There are other countries to whom we export, but they are no match to the US.' Dharmanandan Diamonds, which has its presence in Hong Kong, China, the US, Belgium and Botswana, exports cut and polished diamonds. ' In 2022-23, when business was booming, the price of rough diamonds was $1,000 per carat, which has now gone down to $600 per carat. The reason behind the dip in the prices of rough diamonds is that there is no demand for polished diamonds in the international market,' Patel from DDPL said. Out of every 10 polished diamonds found in the world, eight are cut and polished in Surat, which is known as the hub of the natural CPD and LGD, which are either sold loose or studded in gold and silver. The city has around 5,000 small, medium and large diamond factories employing over six lakh polishers — a job involving precision skills and trust, and comprising mostly migrants from the Saurashtra region of Gujarat. Surat also has a gems and jewellery special economic zone and the Gujarat Hira Bourse. According to Bhansali, this sudden increase in tariff rates risks eroding India's market share, could lead to cancellation of existing orders, blocking working capital, and affecting employment and MSME sustainability. 'For other competing countries like Turkey, Vietnam, Thailand and Dubai, the US has levied lower tariffs between 15% and 20%. This has made Indian products relatively less competitive in the US market. Also, there will be the possibility of trade rerouting through low-tariff destinations such as Mexico, Canada, Turkey, UAE, or Oman, which will impact our exports extensively', said the GJEPC chairman. However, with the United Kingdom scrapping duty on gems and jewellery imported from India recently, there is a possibility of diamond merchants exploring the UK as a potential market. Last year, gems and jewellery worth $9,236.46 million were exported to the US from India, while exports to the UK stood at only $941 million. Before April 2025, there were no tariffs on the CPD and LGD diamonds exported to the US. Already reeling De Beers, which mines a third of the world's rough diamonds, curtailed production by 36% in the second quarter this year as compared to the corresponding period in 2024, given the 'prolonged period of lower demand' — a move that Surat's major diamond players saw as an attempt to help stabilise the market. With the rough diamond production going down, the diamond cutting and polishing units in Surat also curtailed their production, reducing the working hours of diamond polishers. Many diversified into producing LGDs, which are cheaper than natural diamonds. Ghanshyam Patel, a natural diamond factory owner at Katargam in Surat, ran a diamond cutting and polishing unit employing over 70 polishers, which is now down to a strength of 10. 'Earlier, I was running a natural diamond cutting and polishing unit, and now I have shifted my business to LGD. For natural diamonds, we need more capital on hand, while LGD is less capital-intensive. There is a major price variation in both diamonds. Now the LGD prices have also gone down, so we are facing tough times. Several of our emery wheels are lying in the corner of the factory after the lay-offs,' he said. Jewellery exporter Sevanti Shah of Venus Gems, who has experience of six decades in the business, is hopeful. Shah said, 'We have to watch the situation till August 27. Even if the tariff is high, buyers in the USA who want to purchase diamond-studded jewellery will surely shop for their loved ones. They may compromise on the size, but they will surely buy it.' The volume of business for gems and jewellery peaks at Christmas. Another Surat-based jewellery exporter, Chunibhai Gajera of Laxmi Diamonds, said his business has grown in the last few years as he explored newer markets like the Middle East and other countries, particularly after the Russia-Ukraine war. Executive director of GJEPC, Sabyasachi Ray, said the council wrote to the Commerce Ministry on August 7 to come to the aid of the industry. 'In our suggestions to the ministry, we mentioned introducing a targeted reimbursement mechanism for 25-50% of the additional US-imposed tariffs, applicable from August to December 2025,' he said.
Time of India
26 minutes ago
- Time of India
Market intermediaries liable for investor losses due to financial default: Consumer court
Chandigarh: In a significant ruling reinforcing accountability in capital markets, a consumer panel in Chandigarh awarded damages against market intermediaries for losses suffered by a retail investor stemming from financial default and bankruptcy. The order has wider ramifications as it is perhaps the first case in the country where the consumer court awarded damages for deficiency in service and illegal trade practice against market intermediaries for a financial default. The commission held that the debenture trustee is not merely to hold a nominal position but to act as an active protector of the interests of debenture holders, especially in instances of default. The failure to initiate enforcement measures, secure the charged assets, or communicate timely with stakeholders constitutes a serious breach of trust. "The responsibilities of a debenture trustee, as per SEBI regulations and the trust deed, are not passive or discretionary in nature; they are proactive, fiduciary duties requiring timely intervention, continuous monitoring, and swift redressal in the face of any breach, default, or delay by the issuer," the commission held. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like These Are The Most Beautiful Women In The World Undo Justice Raj Shekhar Attri, president, and Rakesh K Arya, member of the State Consumer Disputes Redressal Commission, Chandigarh, passed these orders while allowing an appeal filed by Jyoti Khemka, a resident of Sector-19 Chandigarh. In this case, the complainant invested Rs 3,42,000 in 342 secured non-convertible debentures (NCDs) of DHFL issued under a SEBI-approved public prospectus dated July 26, 2016. Among the opposite parties, Catalyst Trusteeship Limited acted as debenture trustee, Credit Analysis and Research Limited, and BrickWorks Rating India acted as credit rating agencies, assigning a top-tier 'AAA' rating. The NCDs matured on Aug 16, 2019, with an expected annual interest of Rs 31,464. In early 2018, market speculation arose about DHFL's financial instability. Despite this, Credit Analysis and Research Limited and BrickWorks Rating India maintained the 'AAA' rating until an abrupt downgrade to 'D' in Feb 2019, just months before maturity. On Aug 16, 2019, DHFL defaulted in redeeming the principal and interest of Rs 3,73,464. Counsel for the complainant, advocate Shreenath A Khemka alleged that Catalyst Trusteeship failed to enforce security or maintain mandatory reserves under the Debenture Trust Deed, the Companies Act, 2013, and SEBI (Debenture Trustees) Regulations, 1993, and that Credit Analysis and Research and BrickWorks Rating India misled investors by unjustifiably maintaining high ratings without due diligence, contrary to the SEBI (Credit Rating Agencies) Regulations, 1999. Responding to the plea, Catalyst Trusteeship contended that it fulfilled its trustee duties, acted promptly upon defaults, and that payment obligations rested solely with the DHFL. It pointed out that the complainant already received Rs 1,68,584 under DHFL's IBC resolution plan. Other parties, including Credit Analysis and BrickWorks Rating, argued that ratings were professional opinions, not investment advice or guarantees, and that market events could be unpredictable. The Piramal Capital (earlier DHFL) and SEBI did not contest the complaint at this stage. After hearing all the parties, the commission held that the inertia displayed by opposite party Catalyst Trusteeship amounts to an abdication of its statutory role, which caused grave and irretrievable harm to the complainant-debenture-holders' interest. Regarding Credit Analysis and Research Limited and BrickWorks Rating India (opposite parties-2 and 3), the commission found the sudden downgrade from 'AAA' to 'D' without intermediate warnings indicative of either negligent or reckless rating practices. Evidence showed DHFL's liquidity crisis from Sept 2018 was not reflected in the ratings, breaching Regulation 13 of the SEBI (Credit Rating Agencies) Regulations, 1999, and Enhanced Disclosure Guidelines of 2018, the commission held. The commission also held that the rating agencies' inaction perpetuated informational asymmetry, misleading retail investors and constituting deficiency in service and unfair trade practice. The commission directed Catalyst Trusteeship to pay Rs 2,04,880 with 9% simple interest from Aug 16, 2019. The CARE Ratings and Brickwork Ratings were to pay Rs 1,00,000 each as compensation for deficient service and unfair trade practice, and all three parties were to pay Rs 33,000 towards litigation costs. MSID:: 123238102 413 | Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Deccan Herald
an hour ago
- Deccan Herald
Parliament panel slams ministry for MGNREGS reply, pendencies
The committee, in its report on the 2025-26 budgetary allocation, said wages worth Rs 12,219.18 crore were pending, while Rs 11,227.09 crore remained uncleared against the material component for a welfare-oriented schematic intervention like the MGNREGS.
