Big Indian crypto exchanges CoinSwitch Kuber and WazirX have disabled rupee deposits for the purchase of cryptocurrency using a widely-used state-backed transfer system, spurring users to voice concern on social media.

India has spent years on a law to ban or regulate cryptocurrencies, with its central bank backing a ban over their threat to financial stability, but a recent decision to tax income from them suggests acceptance by authorities.

Shares of Poonawalla Fincorp (formerly known as Magma Fincorp) hit 52-week high of Rs 343.75, after rallying 8 per cent on the BSE in Wednesday’s intra-day trade on healthy earnings hopes. The stock of Cyrus Poonawalla group promoted non-banking finance company (NBFC) has zoomed 44 per cent in the past one month, as compared to 6 per cent gained in the S&P BSE Sensex.

At 10:24 am; Poonawalla Fincorp traded 6 per cent higher at Rs 335.40 on back of heavy volumes. In comparison, the S&P BSE Sensex was up 0.08 per cent at 58,622 points.

Hariom Pipes made a strong market debut with equity shares of the company getting listed at Rs 214, a 40 per cent premium against its issue price of Rs 153 per share, on the BSE on Wednesday. At 11:51 AM, the stock was locked at maximum upper limit of the day at Rs 224.70, up 46 per cent against its issue price.

A combined 4.1 million equity shares had changed hands and there are pending buy orders for 430,000 shares on the NSE and BSE. In comparison, the S&P BSE Sensex was down 0.02 per cent at 58,563 points.

Shares of Anand Rathi Wealth zoomed 16 per cent to Rs 711.95 on the BSE in Wednesday’s intra-day trade after the company reported strong results with its profit after tax (PAT) and operating profit more-than-doubling in the March quarter (Q4FY22).

The company’s assets under management (AUM) rose 23 per cent year-on-year (YoY) to Rs 32,906 crore during the quarter, which helped it to deliver strong growth in topline and much higher margins.

India’s markets regulator on Tuesday fined BSE Rs 3 crore and the National Stock Exchange (NSE) Rs 2 crore for “laxity” in detecting misconduct by Karvy Stock Broking (KSBL).

The Hyderabad-based brokerage misused securities worth Rs 2,300 crore belonging to more than 95,000 clients by pledging them without authorisation, said the Securities and Exchange Board of India (Sebi). The firm and its group entities used funds the to raise Rs 851 crore from eight banks.

SINGAPORE (Reuters) - Indian Oil Corp, the country's top refiner, has purchased a total of 4 million barrels of crude via tenders for May and June loading, traders said on Wednesday.

The refiner bought 2 million barrels of Murban crude and another 2 million of West African crude, they added. It was not immediately clear which West African grades IOC had purchased.

The Enforcement Directorate has summoned Manu Kumar Jain, Xiaomi's former India managing director, to appear before it in a probe linked to the firm's business practices conformed with Indian foreign exchange laws, said sources on Wednesday.

Jain has been asked to appear before the investigators by 11 am on Wednesday at its Delhi headquarters.

Private sector lender HDFC Bank is hopeful that the proposed merger with the parent HDFC Ltd will pave the way for its entry into global indices such as the MSCI and FTSE.

The country’s largest bank in terms of market value—and the world’s seventh largest—is currently not part of any major global indices due to limited investment legroom for foreign portfolio investors (FPIs).

Bharti Airtel fought difficult battles and emerged stronger as a "very stable organisation", after a five-year storm in the telecom industry that was marked by falling revenue and high debt, the company's Chairman Sunil Mittal said on Tuesday.

Speaking at an event organised by the All India Management Association (AIMA), Airtel's top honcho said an important inflection point in his life came with the first mobile licence in 1992 against very stiff odds.

The global coronavirus caseload has topped 499.8 million, while the deaths have surged to more than 6.18 million and vaccinations to over 11.11 billion, according to Johns Hopkins University.

In its latest update on Tuesday morning, the University's Center for Systems Science and Engineering (CSSE) revealed that the current global caseload and the death toll stood at 499,748,065 and 6,181,560 respectively, while the total number of vaccine doses administered has increased to 11,110,770,965.

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