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Sebi imposes Rs 1 cr fine on Alchemist Infra Realty, 4 others for unregistered investment activities

Markets regulator Sebi has slapped a total fine of Rs 1 crore on Alchemist Infra Realty Ltd and four individuals for illegally mobilising funds from the public through a collective investment scheme.

The individuals who have been fined are Brij Mohan Mahajan, Narayan Madhav kumar, Balvir Singh and Chandra Sekhar Chauhan.

In an order passed on Monday, the watchdog said the company and individuals were engaged in fund mobilising activity from the public, which was in the nature of a Collective Investment Scheme (CIS). They had collected money from investors in the name of developing land.

As per the order, the company had mobilised funds to the tune of Rs 54.1 crore, Rs 449.41 crore and Rs 1,087.68 crore as on March 31, 2009, March 31, 2010 and March 31, 2011 respectively.

Sebi’s Adjudicating Officer K Saravanan said the three balance sheet figures on records establish with certainty that the company was carrying out CIS activities atleast in the financial years 2008-09, 2009-10 and 2010-11 while Alchemist was incorporated in the year 2008.

“I note that Alchemist was carrying on unregistered CIS activities at least for three financial years,” he added.

The total fine is payable by them jointly or severally.

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Kishore Biyani’s Future Group stocks hit the upper circuit, FRL, FEL jump 10% on Delhi HC’s nod to Future-RIL deal

Future Group share prices hit the upper circuit on Tuesday after the Delhi High Court allowed the Kishore Biyani company to go-head with Reliance Industries Ltd (RIL) deal. On Monday, Delhi HC’s division bench stayed the single judge’s order passed which had directed Future Group to maintain status quo till further orders with regard to its Rs 24,713-crore deal with Reliance Retail. Future Retail Ltd shares hit 10 per cent upper circuit at Rs 80.50, Future Enterprises Ltd at Rs 11.78 apiece, Future Market Networks Ltd at Rs 19.15 apiece, Future Lifestyle Fashions Ltd at Rs 91.35 apiece, and Future Supply Chain Solutions Ltd at Rs 99.05. Similarly, Future Consumer Ltd shares were locked into 10 per cent upper circuit at Rs 8.67 apiece.

The legal battle involving Amazon, Future group & Reliance continues to influence the stock prices of the above mentioned companies leading to uncertainty and high volatility, says AR Ramachandran, Co-founder & Trainer, Tips2Trade. He advises investors to use every uptrend to exit Future group stocks as this legal battle could stretch out for a very long time. Ramachandran told Financial Express Online that currently, Rs 83-90 remains a strong resistance zone for Future Retail Ltd.

Reliance Industries Ltd (RIL) share price gained as much as 2 per cent to Rs 1,990 apiece on BSE. So far in the trade, 3.43 lakh have been traded on BSE, while 50.80 lakh shares have exchanged hands on the National Stock Exchange (NSE). Following this order from Delhi HC, now Future group can go ahead with the formalities related to the completion of the transaction. So far, the Competition Commission (CCI) and the Securities and Exchange Board of India (Sebi) have given their approval for the FRL-RIL deal. This deal now requires the approval of the National Company Law Tribunal (NCLT), which got stalled by the single judge’s February 2, 2021 order.

In the noon deals, BSE Sensex was trading 364 points or 0.71 per cent higher at 51,713, while the broader Nifty 50 index surged 110 points or 0.72 per cent to 15,225 levels.

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Facebook, Netflix, Google, other FAANG stocks surge under first few days of Joe Biden’s Presidency

The newly sworn-in Joe Biden Administration seems to be good for the five biggest technology stocks on Wall Street. Shares of Facebook, Apple, Amazon, Netflix, and Google — collectively known as the FAANG stocks, recorded healthy gains during the previous week of trade. Although the 46th US President has so far not done anything particularly for the tech companies but the stock market rally has supported the most notable trade on Wall Street and helped investors make profits.

Facebook shares jumped 9.22% during the week gone by to end at $274 apiece. The share has been under focus for the policy decision of WhatsApp in India where it is looking to take away “meaningful choices” from users according to the Ministry of Electronics and Information Technology. Facebook is also facing the ‘antitrust’ litigation in the United States but the same could take years before conclusion and hence investors see no immediate trouble for the share.

Similar to Facebook, shares of Apple gained 9.38% during the previous week. In the current week, the iPhone maker will be reporting its earnings and eyes will be glued on how much the flagship iPhone 12 has generated for the company in terms of revenue. The phone could be a huge money minter for Apple considering its 5G capabilities. Jeff Bezo’s Amazon was also clocking gains, up 6% during the bygone week. The stock closed Friday at $3,292 per share.

Netflix mounted a massive 13% jump during the week. During the week, Reuters reported that Netflix believes it is very close to being FCF positive. This would mean the company would no longer need to look at external borrowing avenues. The Reuters report also added that the company will also explore returning cash to investors through buybacks.

Lastly, the internet behemoth Google’s share price soared 9.55% during the period under review. Google has been the news for its tussle with Australian authorities that want the firm to pay royalties to news organisations for their content. Google in Australia, has threatened to block its search engine in Australia. However, the internet giant has agreed to pay news organisation in France to help them get more traffic through its services.

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RIL shares jump 3%, Future Retail, Future Enterprises hit upper circuit post SEBI nod on RIL-Future deal

Reliance Industries Ltd (RIL) share price surged over 3 per cent to Rs 2,119.80 apiece in a strong trade on BSE today. While shares of Future Retail Ltd and Future Enterprises Ltd hit their respective 5 per cent upper circuit of Rs 81.35 apiece and Rs 12.01 apiece, respectively. This surge in share prices was seen after the capital market regulator SEBI approved the Future Group’s proposed multi-billion dollar deal with RIL. Yesterday, market regulator gave a nod to Future Group’s scheme of arrangement and sale of assets to Reliance Industries. Moreover, Bombay Stock Exchange (BSE) also granted its ‘no adverse observation’ report to the Rs 24,713-crore deal. Last year in August, Reliance Retail Ventures Ltd (RRVL) announced plans to acquire the retail and wholesale business and the logistics and warehousing business from the Future Group.

Aditya Kondawar, Founder and COO, JST Investments told Financial Express Online that Sebi’s nod came as a dismay to Amazon who had written several letters to the market regulator and other regulatory agencies to not grant the deal a no-objection certificate. The Securities and Exchange Board of India has allowed the deal with some riders.

Since the middle of September 2020, RIL shares have corrected nearly 12 per cent. Last year in March, RIL hit a 52-week low of Rs 867.82 apiece led by a global sell-off due to COVID-19 pandemic. The Sebi’s nod to Future Retail and Reliance Industries Ltd deal has been a blessing in disguise for Future Retail investors, as AR Ramachandran, Co-founder & Trainer, Tips2Trade, told Financial Express Online that it allows them to have a better exit from the stock. “A close above Rs 82.5 could lead to a rally up to Rs 94 per share and even to Rs 100 per share in the coming sessions. While Rs 70 will act as strong support for Future Retail,” he added.

Meanwhile, S&P BSE Sensex was ruling at a record high of 50,184.01, up nearly 400 points, while the broader Nifty 50 index rallied to a fresh all-time high of 14,753.55.

“Company shall ensure that the shares of the transferee entity issued in lieu of the locked-in shares of the transferor entities are subjected to lock-in for the remaining period post scheme,” Sebi said. It also added that it was observed that there were certain ongoing litigations/arbitration/legal proceedings against the draft scheme.

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