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Indian capital markets regulator Sebi has allowed exchanges to extend direct market access (DMA) to foreign portfolio investors (FPIs) to participate in exchange-traded commodity derivatives (ETCDs). Following discussions with its Commodity Derivatives Advisory Committee, Sebi said it had decided to allow stock exchanges to extend the DMA to FPIs in ETCDs based on representations received and subject to certain conditions. Sebi permitted FPIs to participate in cash-settled non-agricultural commodity derivative contracts in September 2022, while alternate investment funds, portfolio management services and mutual funds were given permission in 2017.

India’s regulator for capital markets, SEBI, has cancelled the registration of broker Skung Commxperts for allowing its clients to undertake illegal trading activity, involving “paired contracts”, on the now defunct National Spot Exchange (NSEL). Although clients had requested the trade, SEBI has said that this fact was not sufficient to absolve the proper duty of care expected of a brokerage. The platform allowed the buying and selling of the same commodity at different prices on the exchange platform, and this ultimately caused substantial losses.

"JSW Infrastructure has filed DRHP to raise up to Rs 2,800 crore through IPO route. The ports business of the JSW Group has filed the DRHP for its initial public offering with SEBI on May 9, 2023," sources said.

The Indian rupee remained mostly unchanged on Wednesday despite fluctuating throughout the day, ending at 81.9850 to the dollar. The US is set to release key inflation figures, prompting uncertainty in markets. Although flat inflation is expected in the US, Gaurang Somaiya, FX and bullion analyst at Motilal Oswal believes there will be limited appreciation in the rupee. Money markets anticipate at least a couple of rate cuts before the end of the year. Madhavi Arora, Emkay Global Economist, expects the dollar-rupee rate to average 81.50 in FY24 and may expect to see 79 per dollar for the year.

Indian tractor manufacturer Escorts Kubota reported an 8.3% decline in Q4 net profit to INR 1.85bn ($22.6m), hurt by rising commodity prices and unexpected rainfall in March. Consensus estimates gathered by Refinitiv IBES had predicted a profit of INR 1.87bn on average. The company had posted six consecutive quarters of declining profits before this, with profit in the same period last year down 28.1%. While revenue rose almost 17% to INR 21.83bn, total expenses climbed 20.2% following a 37% surge in the cost of materials.

The Indian rupee fell 27 paise to close at 82.05 against the US dollar on Tuesday due to a strong greenback against major rivals overseas, and dull activity in local equities. The rupee faced a high of 81.83 and a low of 82.15 against the greenback. However, soft crude oil prices blocked some of the downside. According to analysts, FII inflows might assist the rupee at lower levels, but investors could remain cautious ahead of inflation data from India and the US later this week.

Look, we are blessed with a situation where the demand continues to be in double digits for the industry. And this is, of course, different for different markets within the country.

Private equity firm Blackstone has launched an open offer to acquire 26% stake in R Systems International after its delisting offer failed. BCP Asia II Topco II Pte. Ltd and Blackstone Capital Partners Asia II L.P. have offered to acquire up to 57,173,476 fully paid-up equity shares, representing 48.33% of the voting share capital of R Systems International. Public shareholders who previously tendered their equity shares during the delisting offer between April 21 and May 8 can withdraw within five working days following the publication of the offer status public announcement.

Industry body PHDCCI has requested the Securities and Exchange Board of India (Sebi) to introduce an easy and early process for small firms looking to delist shares from the Calcutta Stock Exchange. The body has called for an “amnesty scheme” or “minimum penalty” or “waiver” that would alleviate some of the financial struggles smaller firms face to comply with regulatory requirements. This could encourage additional companies to ensure they are compliant with regulatory requirements. The Chamber has cited 32 companies recently suspended by CSE as evidence of companies’ desire to delist.

Silver, however, rose by Rs 120 to Rs 77,800 per kilogramme.