India has just a decade to become a developed nation: SBI

India has only one decade to change its status into a developed country and will ne­ed to focus on education, failing which the much-hai­led ‘demographic dividend’ will turn into a disadvantage, a report said on Wednesday.

If India is not able to get its act together, it will never be able to go into the developed group of nations, the report by the research wing of country’s largest lender SBI warned.

SBI CMD’s salary is too little compared to HDFC Bank MD’s

State Bank of India (SBI), one of the world’s 50 largest banks, pays a pittance to its top management personnel when compared to salaries earned by their counterparts in top private banks.

SBI chairman and managing director Rajnish Kumar drew a gross salary of Rs 14.25 lakh for six months since taking over as the bank chief in 2017-18. Kumar was elevated to the post on October 7, 2017. His remuneration as SBI chief consisted of basic salary of Rs 13.48 lakh and a dearness allowance of Rs 73,968 and other component of Rs 3,000, according to SBI annual report for 2017-18.

TCS plans another share buyback; shares up 2.43%

Shares of Tata Consultancy Services TCS), India’s largest company by market capitalisation, jumped by almost 3 per cent on Wednesday after the company informed stock exchanges that its board will consider share buyback on June 15.

TCS shares finally settled the day at Rs 1,824.20 on BSE, 2.43 per cent higher than its previous close. Its market capitalisation soared by around Rs 17,000 crore to Rs 6.98 lakh crore from 6.81 lakh crore a day earlier.

Artificial intelligence can bridge rich-poor divide: Fadnavis

Dismissing the fear of unemployment due to artificial intelligence (AI), Maharashtra chief minister Devendra Fadnavis has said AI would create more jobs and help in bridging the gap between the rich and the poor. “On the contrary, it will create even more jobs and not just that, it will repair and solve ma-ny problems. Artificial intelligence has the power to bridge the gap between the rich and the poor,” he said at a panel discussion on Governance and Artificial Intelligence with Vice Premier of Quebec Dominique Anglade in Montreal.

Rites sets IPO price band at Rs 180-185

The initial public offering of Rites, a state-owned company under the ministry of railways, will open on June 20.

Rites, which provides transport infrastructure consultancy and quality assurance services in India and abroad, proposes to raise Rs 466 crore by divesting 12.6 per cent stake in a price band of Rs 180-185 per share of Rs 10 face value. Retail investors and employees will be offered a discount of Rs 6 per equity share.

Sebi orders probe into ASM list leak

SEBI has initiated a probe into the alleged leak on May 31 of a list of stocks ahead of their being placed under Additional Surveillance Measures (ASM). The regulator ordered the probe following reports that the list was leaked and players have sold stocks before the official communication was made public.

It is suspected that operators in Mumbai and Gujarat may have had access to the list ahead of its official release on May 31 and that they used the information to profit from it by short-selling the stocks on the list.

Trading curbs now on more stocks

To curb manipulation, exchanges have added to the list of stocks in which trading curbs were imposed as 447 scrips have new circuit filters on the higher side, while 38 scrips on the lower side.

According to exchange officials, the additional surveillance measure (ASM) has been put in place to check any price-volume manipulation or abnormal price rise that is not in sync with financial health or fundamentals of the company.

Officials & market operators’ Nexus suspected

Sources said, Sebi is trying to figure out whether the leak happened at its end or from the exchanges which put the notification on the website after the trading hours on May 31.

It is suspected that there is a nexus between officials and market operators who took advantage of having prior price sensitive information to make gains.

Measure to curtail speculative activities

The Securities and Exchange Board of India and stock exchanges have introduced additional surveillance measures (ASM) on stocks with surveillance concerns such as price variation, volatility etc. The measure which is expected to protect small investors, will curtail speculative activities in the stocks.