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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
The delisting of the company may have taken public investors by surprise, but its promoters managed to divest most of their stake well in time.
Uttam Galva Steels was the cynosure of all eyes on Monday. Trading volumes in the little known, bankrupt company suddenly spiked to over 2.5 million shares, a jump of more than 10x its three-week average. This led to its shares getting locked into the upper circuit, meaning there were only buyers for the stock.
There were good reasons for this.
During trading hours on the preceding Friday, Uttam Galva had informed the stock exchanges that the National Company Law Tribunal had finally approved its debt resolution plan. It followed it up with another notice to the exchanges on Saturday, saying …
Thinly traded listed entities have long served as breeding grounds for stock manipulation, hurting investors. The regulator, the NSE and BSE now want to fix things by focusing on efficient delisting.
The newly announced levy on UPI payments undermines the very foundation of using digital payments for stock market investing. Brokers are in a tizzy.
The stablecoin neobank has raised more than $100 million this year; Saudi Arabia is looking at stock market reforms; and other updates from the week.
