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The European Central Bank must keep raising interest rates even if a recession in Germany is increasingly likely, as inflation will stay uncomfortably high all through 2023, Bundesbank President Joachim Nagel said over the weekend.

Shyam Century Ferrous (Re 0.3 per share) and Sun TV Network (Rs 5 per share) had announced their interim dividends. Shares of 7NR Retail will turn ex-rights today. The company had announced a rights issue of 1 share for every 1 share held, offered at Rs 1.4 apiece. Fine Organic Industries and Salem Erode Investments will have their annual general meetings (AGM) today.

Stocks that were in focus included Adani Power which closed with gains of 5 per cent, ITC which hit a 52-week high and closed marginally higher and Tata Communications which ended with gains of nearly 1 per cent but with strong volumes on Monday.

EPFO’s Kandivali office was also mired in another fraud case in February when the Central Bureau of Investigation (CBI) filed an FIR against eight EPFO employees who reportedly siphoned off Rs 21.5 crore via 817 migrant workers’ bank accounts.

Special judge while rejecting Nawandar’s bail plea observed “... in light of an apparent chain or maze of entities through which these funds may have been funneled/ diverted/ round-tripped/ invested is inevitably a painstaking and sequential exercise. Multiple persons are reasonably to be expected to emerge as having participated in the fraud which allegedly commenced with the obtaining of these loans, continues with the diversion of the same and may still not have concluded in as much as the funds may still be in circulation or may, at the very least, be still undiscovered,”the order read.

While the salt-to-steel conglomerate is in the final stages of closing orders for around 200 narrowbody and widebody jets, it is planning to take aircraft from the secondary lease market to beef up capacity in the short term.

ET had first reported on May 27 that Reliance Industries, HPCL-Mittal Energy, Jindal Poly Films, Gail, Jindal Power, MCPI Ltd, and a consortium of ONGC and Indian Oil have submitted expressions of interest (EoI) for JBF Petrochemicals.

Plans for a stake sale by Bain and Advent were expedited after earlier efforts to list the company in India or the US fizzled out as technology stock valuations faced a global meltdown.

The IPO consists of an offer for sale of up to 1.72 crore shares by the promoters and selling shareholders. Bids can be made for a minimum of 46 shares and in multiples of 46 shares thereafter. The proposed primary offering is open for subscription till Friday, August 26.

The Dow Jones Industrial Average fell 414 points, or by 1.23%. S&P 500 and Nasdaq Composite dropped 1.43% and 1.62%, respectively.