Stock market update: Nifty Auto index advances 0.54% in an upbeat market
NEW DELHI: The Nifty Auto index traded positive around 09:59AM(IST)on Wednesday in an upbeat market.
Mahindra &
Mahindra Ltd
.(up 0.98 per cent), TVS Motor Company Ltd.(up 0.89 per cent),
Bajaj Auto Ltd
.(up 0.88 per cent),
Tata Motors Ltd
.(up 0.81 per cent) and
Tube Investments of India Ltd
.(up 0.61 per cent) were among the top gainers.
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by Taboola
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Bharat Forge Ltd.(down 1.39 per cent),
Balkrishna Industries Ltd
.(down 0.7 per cent),
Exide Industries Ltd
.(down 0.68 per cent) and MRF Ltd.(down 0.58 per cent) were the top losers on the index.
The Nifty Auto index was up 0.54 per cent at 23394.25 at the time of writing this report.
Benchmark NSE Nifty50 index was up 17.05 points at 24559.55, while the BSE Sensex was up 36.17 points at 80773.68.
Live Events
Among the 50 stocks in the Nifty index, 27 were trading in the green, while 23 were in the red.
Shares of
Aditya Birla Retail
,
Vodafone Idea
, YES Bank,
Reliance Power
and
Suzlon Energy
were among the most traded shares on the NSE.
Shares of
Natural Capsule
, GRSE,
Camlin Fine Sc
, Shree Vasu Logistics and Shree Global hit their fresh 52-week highs in today's trade, while Aditya Birla Retail, Godha Cabcon & Insul,
Rajnandini Metal
,
Prostarm Info System
and
Noida Toll Bridge
Co hit fresh 52-week lows in trade.
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Time of India
20 minutes ago
- Time of India
'It could have gone nuclear': Trump again claims he 'stopped India-Pakistan war'; doubles down on trade angle
US President Donald Trump (PTI photo) US President Donald Trump on Friday once again claimed that he played a key role in stopping a possible war between India and Pakistan - a conflict he said might have gone nuclear if not for his intervention. Speaking to reports on Air Force One, Trump said he used trade as a tool to get both sides to halt hostilities immediately. "You know, I did something that people don't talk about, and I don't talk about very much, but we solved a big problem, a nuclear problem potentially with India and with Pakistan. I spoke to Pakistan, I spoke to India, they have really great leaders, but they were going at it, and they could have gone at it nuclear," US President said. He explained that both countries stopped their attacks after he warned them the US would suspend trade if the fighting continued. "Both nuclear countries, strong nuclear countries, and I talked about trade and said, 'We're not doing trade if you guys are going to be throwing bombs at each other.' They both stopped, and I stopped that war immediately. It was going much further, and hopefully, it would not go to nuclear, but it might have gone to nuclear. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Secure Your Child's Future with Strong English Fluency Planet Spark Learn More Undo In fact, it might have gone to nuclear in the next round, but we stopped it, and I'd like to commend the leaders of both countries, Pakistan and India. " Trump's version of events got a rare endorsement from Moscow. Russian President Vladimir Putin 's aide Yury Ushakov backed Trump's claim, saying his direct involvement helped end the conflict - something that even came up in a phone call between Trump and Putin. "The Middle East was discussed, as well as the armed conflict between India and Pakistan, which has been halted with the personal involvement of President Trump," Ushakov said. The US president's comments, however, stirred diplomatic pushback. Congress MP Shashi Tharoor , who is leading an all-party delegation to the US, said they addressed Trump's mediation claims directly with US Vice President JD Vance. "The meeting with Vice President Vance was outstanding, very good, very clear. I think we made our position amply clear on this question of mediation, and Vice President Vance fully understood our points," Tharoor said. Trump has made similar claims in the past, especially after India carried out Operation Sindoor -- precision strike on terror infrastructure in Pakistan and Pakistan-occupied Jammu & Kashmir (PoJK) on May 7, in retaliation for the Pahalgam terror attack. India later responded to Pakistani military aggression with airbase strikes. Eventually, tensions eased after Pakistan's Director General of Military Operations (DGMO) contacted his Indian counterpart and agreed to stop further action.
Time of India
21 minutes ago
- Time of India
Can an American pope apply US-style fundraising and standards to fix troubled Vatican finances?
As a bishop in Peru, Robert Prevost was often on the lookout for used cars that he could buy cheap and fix up himself for use in parishes around his diocese. With cars that were really broken down, he'd watch YouTube videos to learn how to fix them. That kind of make-do-with-less, fix-it-yourself mentality could serve Pope Leo XIV well as he addresses one of the greatest challenges facing him as pope: The Holy See's chronic, 50 million to 60 million euro ($57-68 million) structural deficit, 1 billion euro ($1.14 billion) pension fund shortfall and declining donations that together pose something of an existential threat to the central government of the 1.4-billion strong Catholic Church . As a Chicago-born math major, canon lawyer and two-time superior of his global Augustinian religious order, the 69-year-old pope presumably can read a balance sheet and make sense of the Vatican's complicated finances, which have long been mired in scandal. Whether he can change the financial culture of the Holy See, consolidate reforms Pope Francis started and convince donors that their money is going to good use is another matter. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Promoções imperdíveis de voos baratos Voos | Anúncios de Pesquisa Saiba Mais Undo Leo already has one thing going for him: his American-ness. US donors have long been the economic life support system of the Holy See, financing everything from papal charity projects abroad to restorations of St. Peter's Basilica at home. Leo's election as the first American pope has sent a jolt of excitement through US. Catholics, some of whom had soured on donating to the Vatican after years of unrelenting stories of mismanagement, corruption and scandal, according to interviews with top Catholic fundraisers, philanthropists and church management experts. "I think the election of an American is going to give greater confidence that any money given is going to be cared for by American principles, especially of stewardship and transparency," said the Rev. Roger Landry, director of the Vatican's main missionary fundraising operation in the US, the Pontifical Mission Societies. Live Events You Might Also Like: Whoops, waves, tears: Faithful react to Pope Leo's first Sunday blessing in St. Peter's Square "So there will be great hope that American generosity is first going to be appreciated and then secondly is going to be well handled," he said. "That hasn't always been the circumstance, especially lately." Reforms and unfinished business Pope Francis was elected in 2013 on a mandate to reform the Vatican's opaque finances and made progress during his 12-year pontificate, mostly on the regulatory front. With help from the late Australian Cardinal George Pell , Francis created an economy ministry and council made up of clergy and lay experts to supervise Vatican finances, and he wrestled the Italian-dominated bureaucracy into conforming to international accounting and budgetary standards. He authorized a landmark, if deeply problematic, corruption trial over a botched London property investment that convicted a once-powerful Italian cardinal. And he punished the Vatican's Secretariat of State that had allowed the London deal to go through by stripping it of its ability to manage its own assets. But Francis left unfinished business and his overall record, at least according to some in the donor community, is less than positive. Critics cite Pell's frustrated reform efforts and the firing of the Holy See's first-ever auditor general, who says he was ousted because he had uncovered too much financial wrongdoing. You Might Also Like: Pope Leo XIV celebrates first Mass after historic election as Pope Francis' successor Despite imposing years of belt-tightening and hiring freezes, Francis left the Vatican in somewhat dire financial straits: The main stopgap bucket of money that funds budgetary shortfalls, known as the Peter's Pence, is nearly exhausted, officials say. The 1 billion euro ($1.14 billion) pension fund shortfall that Pell warned about a decade ago remains unaddressed, though Francis had planned reforms. And the structural deficit continues, with the Holy See logging an 83.5 million euro ($95 million) deficit in 2023, according to its latest financial report. As Francis' health worsened, there were signs that his efforts to reform the Vatican's medieval financial culture hadn't really stuck, either. The very same Secretariat of State that Francis had punished for losing tens of millions of euros in the scandalous London property deal somehow ended up heading up a new papal fundraising commission that was announced while Francis was in the hospital. According to its founding charter and statutes, the commission is led by the Secretariat of State's assessor, is composed entirely of Italian Vatican officials with no professional fundraising expertise and has no required external financial oversight. To some Vatican watchers, the commission smacks of the Italian-led Secretariat of State taking advantage of a sick pope to announce a new flow of unchecked donations into its coffers after its 600 million euro ($684 million) sovereign wealth fund was taken away and given to another office to manage as punishment for the London fiasco. "There are no Americans on the commission. I think it would be good if there were representatives of Europe and Asia and Africa and the United States on the commission," said Ward Fitzgerald, president of the U.S.-based Papal Foundation . It is made up of wealthy American Catholics that since 1990 has provided over $250 million (219 million euros) in grants and scholarships to the pope's global charitable initiatives. Fitzgerald, who spent his career in real estate private equity, said American donors - especially the younger generation - expect transparency and accountability from recipients of their money, and know they can find non-Vatican Catholic charities that meet those expectations. "We would expect transparency before we would start to solve the problem," he said. That said, Fitzgerald said he hadn't seen any significant let-up in donor willingness to fund the Papal Foundation's project-specific donations during the Francis pontificate. Indeed, U.S. donations to the Vatican overall have remained more or less consistent even as other countries' offerings declined, with U.S. bishops and individual Catholics contributing more than any other country in the two main channels to donate to papal causes. A head for numbers and background fundraising Francis moved Prevost to take over the diocese of Chiclayo, Peru, in 2014. Residents and fellow priests say he consistently rallied funds, food and other life-saving goods for the neediest - experience that suggests he knows well how to raise money when times are tight and how to spend wisely. He bolstered the local Caritas charity in Chiclayo, with parishes creating food banks that worked with local businesses to distribute donated food, said the Rev. Fidel Purisaca Vigil, a diocesan spokesperson. In 2019, Prevost inaugurated a shelter on the outskirts of Chiclayo, Villa San Vicente de Paul, to house desperate Venezuelan migrants who had fled their country's economic crisis. The migrants remember him still, not only for helping give them and their children shelter, but for bringing live chickens obtained from a donor. During the COVID-19 pandemic, Prevost launched a campaign to raise funds to build two oxygen plants to provide hard-hit residents with life-saving oxygen. In 2023, when massive rains flooded the region, he personally brought food to the flood-struck zone. Within hours of his May 8 election, videos went viral on social media of Prevost, wearing rubber boots and standing in a flooded street, pitching a solidarity campaign, "Peru Give a Hand," to raise money for flood victims. The Rev. Jorge Millan, who lived with Prevost and eight other priests for nearly a decade in Chiclayo, said he had a "mathematical" mentality and knew how to get the job done. Prevost would always be on the lookout for used cars to buy for use around the diocese, Millan said, noting that the bishop often had to drive long distances to reach all of his flock or get to Lima, the capital. Prevost liked to fix them up himself, and if he didn't know what to do, "he'd look up solutions on YouTube and very often he'd find them," Millan told The Associated Press. Before going to Peru, Prevost served two terms as prior general, or superior, of the global Augustinian order. While the order's local provinces are financially independent, Prevost was responsible for reviewing their balance sheets and oversaw the budgeting and investment strategy of the order's headquarters in Rome, said the Rev. Franz Klein, the order's Rome-based economist who worked with Prevost. The Augustinian campus sits on prime real estate just outside St. Peter's Square and supplements revenue by renting out its picturesque terrace to media organizations (including the AP) for major Vatican events, including the conclave that elected Leo pope. But even Prevost saw the need for better fundraising, especially to help out poorer provinces. Toward the end of his 12-year term and with his support, a committee proposed creation of a foundation, Augustinians in the World. At the end of 2023, it had 994,000 euros ($1.13 million) in assets and was helping fund self-sustaining projects across Africa, including a center to rehabilitate former child soldiers in Congo. "He has a very good interest and also a very good feeling for numbers," Klein said. "I have no worry about the finances of the Vatican in these years because he is very, very clever."
Time of India
33 minutes ago
- Time of India
SEC's crypto confusion deepens as next-gen ETFs test limits
A new line of yield-chasing crypto funds is forcing the Securities and Exchange Commission to confront unresolved gaps in its regulatory framework, just as the Trump administration eases oversight of digital assets. The immediate dispute centres on two proposed funds from ETF firms REX Financial and Osprey Funds that would allow investors to earn rewards by deploying Ether and Solana tokens to help validate blockchain transactions, a process known as staking. The firms said they had cleared an initial SEC registration hurdle last week, but agency staff took the unusual step of objecting that very same evening. Staff warned the products may not meet standards to qualify as investment companies under federal law, raising broader questions about the regulation of a hot corner of the crypto-investment world. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cristiana Oliveira mostra a sua figura perfeita em novas fotos 33 Bridges Undo SEC staff noted that to meet the definition of an investment company, a firm must primarily invest in securities. That's a problem when it comes to digital assets: there are no clear lines around what crypto activities trip securities laws and what don't. Crypto Tracker TOP COIN SETS Web3 Tracker 1.21% Buy DeFi Tracker 0.98% Buy NFT & Metaverse Tracker -0.27% Buy BTC 50 :: ETH 50 -0.94% Buy Smart Contract Tracker -1.53% Buy TOP COINS (₹) Solana 12,955 ( 2.42% ) Buy XRP 187 ( 2.37% ) Buy Bitcoin 9,000,570 ( 1.77% ) Buy BNB 55,543 ( 1.14% ) Buy Ethereum 213,477 ( 1.11% ) Buy 'When ETFs generate income from staking, they may start to resemble traditional investment companies under the Investment Company Act — especially if investors are relying on the managerial efforts of others to earn those returns,' said Adam Gana, an attorney at law firm Gana Weinstein LLP. 'However, these types of ETFs are testing the boundaries of what counts as an investment company, and the SEC is sending mixed signals.' Did you Know? The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors. View Details » Gana added that 'just because you throw some stocks into the mix doesn't mean the SEC will look the other way.' Live Events The SEC, REX and Osprey declined to comment. The general counsel at REX said earlier that the firm expected to satisfy the SEC's questions. The crypto industry has long argued that many tokens aren't securities and shouldn't fall under the SEC rules. Under Trump, the agency has appeared open to these arguments, and its new chair, Paul Atkins, is a proponent of digital currencies. SEC staff guidance has signalled that memecoins and stablecoins may fall outside securities definitions. As recently as May 29, the staff said federal securities laws generally don't apply to staking activities — further complicating the regulatory picture as firms try to launch novel products. These piecemeal statements create inconsistent policy, according to Corey Frayer, director of investor protection at the Consumer Federation of America. 'The SEC and the industry don't get to treat crypto assets as securities when it's convenient, and not as securities when they want weaker regulation,' said Frayer, who served as a senior adviser to former SEC Chair Gary Gensler, a frequent target of crypto industry scorn. At the crux of the matter is the so-called Howey test , which comes from a 1946 Supreme Court decision that still governs securities classification. Under the test, an asset can be considered a security — and thus will fall under SEC purview — if investors contribute capital with the expectation derived from the managerial efforts of others. Bitcoin is generally considered a commodity but the status of other tokens like Ether and Solana are less clear. SEC Commissioner Hester Peirce, head of the agency's crypto task force, took the unusual step of highlighting the SEC staff's queries about whether the proposed funds met the definition. 'I have those same questions,' Peirce wrote in a post on X. Donald Trump embraced the digital-asset industry during his reelection campaign, pledging to make the US the 'crypto capital of the planet.' Since re-entering the White House, he has established a national stockpile of Bitcoin, anointed a 'crypto czar' and welcomed memecoin enthusiasts to a private dinner in Washington. Firms have recently been successful in resolving SEC staff concerns about novel offerings. Earlier this year, agency staffers rebuked an ETF by State Street Corp. and Apollo Global Management — the world's first to invest in private credit — hours after the fund listed over concerns about the fund's liquidity and its ability to comply with valuation rules. The firms took action to rectify the issues. Also read: Thanks, Mr Sanjay Malhotra for giving wings to investors' dreams Crypto executives are optimistic that US regulators will eventually greenlight the staking ETFs. 'They've followed a crawl-walk-run approach — first futures ETFs, then spot ETFs, and hopefully staking ETFs,' said Matt Hougan, chief investment officer at Bitwise Asset Management Inc., which acquired an Ethereum staking platform last year. 'I'm hopeful we'll get to the finish line soon.'
