NSE declares Karvy Stock Broking as defaulter, expels from membership

Daily COVID-19 Infections In US At New High

Daily COVID-19 infections in the United States reached a new high on Monday.

1,67,708 new cases recorded in the last 24 hours was the worst daily toll in the country since the pandemic began.

With this, the country’s total number of COVID-19 infections increased to 11205485, as per latest data from the Johns Hopkins University Center for Systems Science and Engineering.

1003 new deaths in the same period took the total casualties to 247220.

Since the beginning of this month, cases are multiplying in the United States, breaking all-time records day-by-day.

More than 100,000 COVID-19 cases have been announced nationwide every day since November 4, and are feared to touch the 200,000 mark as the winter approaches.

President-elect Joe Biden has warned that President Donald Trump’s non-co-operation in transition could cost lives due to lack of co-ordination to tackle the pandemic.

Addressing his supporters in Delaware on Monday, Biden said, “More people may die if we don’t co-ordinate.”

Meanwhile, the US Centers for Disease Control and Prevention said that breast milk is not a likely source of COVID-19 infection.

A revised guidance that the agency issued on Monday for women, who are breastfeeding while they have suspected or confirmed Covid-19, provides more clarity on the infection chances.

Intertek Group 4-month Revenue Down 9.9%; Says On Track To Deliver Resilient FY20 Performance

Intertek Group plc (ITRK.L) reported that its revenue for the four month ended October 2020 declined 9.9% to 941.0 million pounds from last year. At constant-currency rates, revenue for the period was down 6.2%.

Like-for-like revenue for the period declined to 939.6 million pounds from 1.04 billion pounds in the previous year.

For the first 10 months of the year, revenue fell to 2.27 billion pounds from 2.49 billion pounds in the previous year.

The company said that it is on track to deliver a resilient fiscal year 2020 performance, with a mid-single digit Like for Like revenue decline at constant rates, a margin reduction year-over-year, and a net debt of 570 million pounds – 590 million pounds, before any M&A and any significant movement in currencies, lower than 2019.

In 2020, the company expects to deliver a mid-single digit decline in Like for Like revenue at constant currency in Products division.

In 2020, the company expects Trade division to deliver a high single digit decline in revenue at constant currency.

In 2020, the company expects Resources division to deliver a mid-single digit decline in revenue at constant currency.

Oil Prices Rise On Demand Recovery Hopes

Oil prices rose on Tuesday, with Brent crude prices reaching their highest levels since March during intraday deals, as encouraging developments related to coronavirus vaccines and news that Joe Biden’s administration can formally begin its transition to power after President Trump helped stoked demand recovery hopes.

A possible easing of lockdowns in France and media reports suggesting that Biden would pick former Federal Reserve Chair Janet Yellen to be the next Treasury secretary also helped underpin investor sentiment.

Brent crude futures rose 34 cents, or 0.7 percent, to $46.40 a barrel, while U.S. West Texas Intermediate crude added 38 cents, or 0.9 percent, to $43.43 a barrel.

Brent crude oil hit a high of $46.56 earlier in the day, the highest level traded since early March before Saudi Arabia initiated a price war with Russia.

Traders, meanwhile, remained focused on a week of technical meetings by OPEC and its allies to prepare the ground for next week’s ministerial gathering, which will discuss extending oil output curbs into next year.

SpaceX Crew Reaches Space Station

SpaceX Crew Dragon Resilience with four astronauts aboard successfully docked to the International Space Station on late Monday night.

The hatch was opened about 1:10 a.m. EST on Tuesday, followed by a welcome ceremony at 1:40 a.m, in which NASA’s Associate Administrator for Human Exploration and Operations Kathy Lueders and Japan Aerospace Exploration Agency or JAXA President Hiroshi Yamakawa greeted the crew.

NASA astronauts Michael Hopkins, Victor Glover, Shannon Walker, and JAXA astronaut Soichi Noguchi have now started their six-month science mission on the station.

NASA’s SpaceX Crew-1 mission, the first NASA-certified commercial human spacecraft system in history, was lifted off aboard Elon Musk’s SpaceX Crew Dragon capsule from NASA’s Kennedy Space Center in Florida on November 15 atop a SpaceX Falcon 9 rocket.

The Crew-1 astronauts joined Expedition 64 Flight Engineer Kate Rubins of NASA, and station Commander Sergey Ryzhikov and Flight Engineer Sergey Kud-Sverchkov of Roscosmos, who arrived to the station October 14.

On November 19, the four astronauts and Rubins will participate in a news conference from the space station that will air live at 9:55 a.m. on NASA Television and the agency’s website.

They will discuss about upcoming expedition, which increases the regular space station crew size from six to seven astronauts.

The mission is the first of six certified, crew missions NASA and SpaceX will fly as a part of the agency’s Commercial Crew Program.

NSE declares Karvy Stock Broking as defaulter, expels from membership

The move was taken as the broker failed to comply with NSE guidelines.

The National Stock Exchange (NSE) has declared Karvy Stock Broking as a defaulter for non-compliance with the regulatory provisions of the bourse.

In addition, Karvy Stock Broking has been expelled from the membership of the exchange, the NSE said in a circular.

The move effective from November 23, was taken as the broker failed to comply with NSE guidelines, it added.

Under the guidelines, stock brokers are required to fulfill their obligations and should not involve in any misconduct, or unprofessional conduct among others.

Earlier, Karvy had unauthorisedly transferred securities of clients into its demat accounts by misusing the PoAs (Power of Attorney) given by its clients.

In November 2019, the market regulator Securities and Exchange Board of India (Sebi) had barred Karvy from taking new brokerage clients after it was found that the brokerage firm had allegedly misused clients’ securities to the tune of more than Rs 2,000 crore. The firm misused client collateral for its own trades.

Besides, Karvy was disabled (trading rights withdrawn) by the NSE in December 2019.