Seattle Daily Star

The role of CFOs is changing dramatically, with changes in regulatory environment, technology advancement, and the changing business environment. Sethurathnam Ravi , Founder of Ravi Rajan and Co. LLP, Chairman of TFCIL, and Former Chairman of BSE, explained the challenges in his speech at the BW CFO World Future of Finance Summit and Awards 2024. Sethurathnam Ravi BSE The Changing Nature of the CFO Role  S Ravi BSE  stressed how changing accounting standards, rules, and regulations in compliance to these norms of disclosure, are the main factors creating pressures against which CFOs are now moving forward. Complexity has evolved through IT infrastructure and increasingly with the threats of cyber-related malpractices. Regulatory Overhaul Necessity With the increase in corporate fraud and mismanagement, Ravi emphasized the need for regulatory reforms to protect shareholders and public investments. He explained that the changed business models and governance failures have increa...

  A mail sent to Bharat Global Developers by Sebi seeking comment did not elicit any response The Securities and Exchange Board of India ( SEBI ) has suspended trading in the shares of Ahmedabad-based Bharat Global Developers Ltd (BGDL) after an unprecedented 10,000% surge in its stock price over the past year. The market regulator’s action comes amid allegations of misleading disclosures and manipulated financial statements. Unexplained Stock Surge BGDL’s share price skyrocketed from ₹16.14 in November 2023 to ₹1,702.95 by November 2024, a staggering 10,451% increase. SEBI's interim order attributed this steep rise to questionable practices, including manipulated disclosures and suspicious preferential allotments. Shift in Shareholding Pattern Initially, BGDL had five promoters holding 16.77% of its shares as of June 2020. However, by September 2020, the company disclosed 100% public shareholding, with no promoter holdings. A significant management overhaul in December 2023 was fo...

  Nifty 50 formed a small red candle on the daily chart beside the similar positive candle The Indian stock market’s benchmark indices, Sensex and Nifty 50 , are expected to open higher on Thursday, December 26, 2024, driven by positive signals from Asian markets. However, many global equity markets remain closed today due to holidays. The trends on Gift Nifty indicate a positive start for the Indian market, with Gift Nifty trading at around the 23,800 level, a premium of approximately 30 points over the Nifty futures’ previous close. However, there is some caution as trends also suggest a modest start with Gift Nifty trading around the 19,440 level, reflecting a discount of about 30 points from the Nifty futures’ last close. On December 25, 2024 , both Indian and major global markets were shut for the Christmas holiday. In the last trading session on December 24, 2024 , the domestic equity markets ended in a choppy session with marginal losses. The Sensex fell 0.09%, closing ...

  Stocks Hitting 52-Week Lows On December 26, 2024, several stocks hit their fresh 52-week lows , including Astral, Indiamart Intermesh, Asian Paints, P&G Hygiene & Healthcare, and Balaji Amines. As of 10:59 AM IST, the Nifty 50 index gained 12.8 points (0.05%), while the Sensex was down by 63.0 points (-0.08%). Meanwhile, the Bank Nifty was down by 13.45 points (-0.03%) at the same time. In other market movements, stocks like Shakti Pumps India, A2Z Infra Engineering, Newgen Software Technologies, Cartrade Tech, and TD Power Systems reached their fresh 52-week highs today. Among the top gainers in the BSE Sensex index were Bank of Baroda, Punjab National Bank, Canara Bank, Federal Bank, and State Bank of India. On the other hand, Au Small Finance Bank , IndusInd Bank , ICICI Bank , IDFC First Bank , and HDFC Bank were the top losers. The Bank Nifty index showed similar trends, with Bank of Baroda, Punjab National Bank, Canara Bank, Federal Bank, and State Bank of India ...

  Panacea Biotec share price jumped 5 per cent to hit its upper circuit limit of ₹456.25 Shares of Panacea Biotec , a small-cap pharmaceutical company, surged by 5% to hit the upper circuit limit on Thursday, December 26, following the announcement that the company had won a significant order from UNICEF. The order, valued at ₹127 crore, is for the supply of 115 million doses of the bivalent oral polio vaccine (bOPV) scheduled for delivery in 2025. In an exchange filing on December 24, Panacea Biotec revealed, "We are pleased to inform that Panacea Biotec Limited has received a Letter of Award from UNICEF for the supply of 115 million doses of its bivalent oral polio vaccine (bOPV), worth approximately US$ 14.95 million (₹127 crore) in calendar year 2025." Stock Price Impact Following the announcement, Panacea Biotec's share price jumped 5% to ₹456.25, hitting the upper circuit limit. At 10:45 am, the stock was trading 4% higher at ₹452. The stock had previously touched ...

  Sumeet Bagadia believes that the overall Indian stock market mood is cautious as the Nifty 50 index The Indian stock market saw a subdued trading session on Tuesday, just before Christmas. The Nifty 50 index dropped by 25 points, closing at 23,727, while the BSE Sensex fell by 67 points, ending at 78,472. The Bank Nifty index also recorded a decline of 84 points, settling at 51,233. NSE cash market volumes were down by 8% compared to the previous day, marking the lowest level in over a year. Declining shares outpaced advancing ones for the sixth consecutive day, with the advance-decline ratio at 0.98 on the BSE. Sumeet Bagadia’s Stock Recommendations Sumeet Bagadia, Executive Director at Choice Broking, believes the overall mood in the Indian stock market is cautious. He noted that the Nifty 50 index is facing resistance in the 23,800 to 23,850 range, while it has built crucial support at 23,200 to 23,250. Bagadia predicts that the market will likely experience a sideways trend u...