New Delhi: Market regulator SEBI has rejected Karvy Stock Broking’s plea to use its clients’ power of attorney to settle trades done by them and said securities worth Rs 2,300 crore of more than 95,000 clients were illegally transferred by the broker. After considering the facts and circumstances of the case, including enormity of the prima facie violations observed against Karvy, SEBI on Friday said it would not be prudent to allow the use of PoA by Karvy given to it by its clients. The markets watchdog further said clients of Karvy who seek to sell securities through the broker may do so by using electronic or physical Delivery Instruction Slip (DIS) only. PTI
Sliding auto sales hint at tough times ahead
New Delhi: After two disappointing quarters, GDP growth in the third quarter of the current fiscal (October to December) may also prove to be disappointing if the slow rise in GST collection and automobile sales are any indication. The country’s largest carmaker Maruti Suzuki India had posted a 2.3% increase in sales in October due to a number of initiatives taken by the government, including a loan mela in over 400 districts. But sales slid in November, registering a 3.3% drop as compared to the same period last year. It was the same story with other automobile manufacturers. Bajaj Auto, M&M, Tata Motors, Honda and Toyota Kirloskar also saw fall in sales. TNS
Manufacturing sector activity inches up in Nov
New Delhi: The country’s manufacturing sector activity saw a marginal rise in November as growth rates for new orders as well as production were modest amid competitive pressures and unstable market conditions, a monthly survey said on Monday. Subdued sales amid challenging economic scenario prevented hiring in November, with payroll numbers declining for the first time in 20 months, the survey said. Some firms were able to secure new work amid successful marketing and strengthening demand, but others struggled in the face of competitive conditions, amid challenging economic scenario and troubles in the automotive sector. PTI
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