Finance

Jio Financial Services holds a position in both the benchmark indices. However, it is slated to be delisted from both the Nifty and Sensex indices after the conclusion of the third trading day following its listing, which is scheduled for August 24. In its debut trading session, shares of Jio Financial Services experienced a lower circuit, dropping by 5% to Rs 251.75 on Monday after being listed. The stock is set to be removed from both the Nifty50 and Sensex indices after a span of three days from its listing. Upon its listing on Monday, shares of Jio Financial Services (JFS) encountered a lower circuit during their first trading session. The stock debuted at Rs 265 per share, representing a slight premium of over 1% compared to its derived price of Rs 261.85 on July 20, which marke...

Zomato's shares experienced a 12% surge in value following the announcement of its first-ever quarterly profit. The company reported a net profit of ₹2 crore and recorded revenue amounting to ₹2,416 crore during the quarter. This favorable financial performance has led to an increase in investor confidence, resulting in a significant rise in Zomato's stock price. Zomato's share price witnessed a significant increase of 12% during early trade after the company reported its first-ever quarterly profit. The stock opened at ₹89, rising from yesterday's closing price of ₹86.22. It further surged to reach a high of ₹98.39 in the morning trade, reflecting a 12% jump. At the time of writing, Zomato shares were trading at ₹96.23, showing a gain of ₹10 or 11.61%. Zomato announced its first-qua...

On Monday, July 24, ITC officially announced the demerger of its hotel business, confirming previous speculations. However, instead of a positive response from investors, the news led to a significant selloff in ITC's stock. The shares experienced a sharp decline of 3.87%, closing at ₹470.90. Interestingly, during the same intraday session, the stock had surged to a fresh 52-week high of ₹499.60 before the selloff occurred. This volatility in the stock price indicates that the market's reaction to the demerger news was mixed and influenced by various factors. According to a regulatory filing made by ITC, the company's board has given its in-principle approval for the demerger of its hotels business. Under the proposed scheme of arrangement, ITC will hold approximately 40% stake in the n...

In the special pre-open session on the National Stock Exchange (NSE), the share price of Jio Financial Services settled down at ₹2,580 apiece. However, on the Bombay Stock Exchange (BSE), it settled at ₹2,589 per share during the same session. In the Reliance-JFSL demerger, eligible shareholders of Reliance Industries Ltd will receive one Jio Financial Services Ltd share for each RIL share they hold. The Jio Financial Services share price is set to list at ₹273 per share on the National Stock Exchange (NSE). This calculation was derived after the Reliance share price settled at ₹2,580 per share on the NSE in a special pre-open session on Thursday. The closing price of RIL stock on the NSE was ₹2,853 apiece, resulting in the JFSL share value of ₹273 (₹2,853 - ₹2,580). Sumeet Bagadi...

On Tuesday, Union Home Minister and Minister of Cooperation, Amit Shah, inaugurated the 'Central Registrar of Cooperative Societies (CRCS)-Sahara Refund Portal' in New Delhi. This launch comes in response to a Supreme Court judgment on March 29, which mandated the transfer of Rs. 5000 Crores from the "Sahara-SEBI Refund Account" to CRCS. The purpose of this transfer is to facilitate the disbursement of dues to legitimate depositors who have invested in the Sahara Group of Cooperative Societies. The CRCS-Sahara Refund Portal aims to streamline the refund process for eligible depositors who have participated in financial products or schemes offered by the Sahara Group in the past. This initiative ensures that depositors can now claim their refunds seamlessly through the online portal. ...

According to Nuvama Alternative Research, IDFC First Bank is considered the top probable contender for inclusion in the MSCI August 2023 Standard Index. However, for the stock to meet the requirements for inclusion, it would need to experience a rally of approximately 10 percent from its current levels. On July 4, the share price of IDFC First Bank declined by over 5 percent following the announcement of the share swap ratio for its merger with IDFC Ltd. Shareholders of IDFC Ltd will receive 155 equity shares of IDFC First Bank for every 100 equity shares held. Based on the closing price on July 3, IDFC shareholders are receiving a premium of 17 percent, indicating a premium of 24 percent based on the previous Friday's closing price. As a result, IDFC Ltd's stock surged 2 percent, wh...

HDFC Bank shares closed 1.51% higher at ₹1,701.75 apiece on BSE on Friday. On Monday, HDFC Bank shares experienced a gain of over 2% and reached a new 52-week high. This surge was attributed to the merger between HDFC Bank and Housing Development Finance Corporation (HDFC), which officially took effect on July 1, following the necessary approvals. As a result of this merger, HDFC Bank has become the largest private lender in India, currently ranking fourth in terms of equity market capitalisation. The shares of HDFC Bank opened at ₹1714.90 apiece on the BSE. Closing at ₹1,701.75 apiece on Friday, HDFC Bank shares registered a 1.51% increase. Market analysts predict that the corporate action and the subsequent strong gap up opening have propelled the stock prices above their multi-mon...

Today marks the last date for linking PAN (Permanent Account Number) with Aadhaar in India. If individuals fail to complete this process, certain consequences may arise. The linkage of PAN with Aadhaar is an essential requirement mandated by the government for various financial transactions and official purposes. If individuals do not link their PAN with Aadhaar by the deadline, their PAN cards may become inoperative. This means that without a valid PAN-Aadhaar linkage, individuals may face difficulties in conducting financial transactions such as opening bank accounts, filing income tax returns, or making significant purchases. Furthermore, individuals who do not link their PAN with Aadhaar within the prescribed timeframe may also be subject to penalties or face legal consequences. ...