HDFC and HDFC Bank's merger - touted as India's biggest-ever corporate merger - pumped up shares of the two entities on the bourses. Shares of Housing Finance Development Corporation (HDFC) skyrocketed 9 per cent while those of HDFC Bank zoomed 10 per cent. In comparison, the benchmark S&P BSESensex and the Nifty50 indices settled 2.2 per cent higher on Monday.
Debt funds typically held 0-5 per cent of their portfolio in cash and cash equivalents before this Sebi diktat.
These sweeping financial sanctions follow the action earlier this week to cut off Russia's frozen funds in the United States to make debt payments.
Illustration: Uttam Ghosh/Rediff.com After a brief respite at the year's start, FPIs have dumped shares worth more than $5.7 billion (Rs 42,596 crore), taking the cumulative net outflows since October to $10.5 billion (Rs 78,466 crore), and adding to the volatility on the bourses. The figure would have been a lot worse had it not been for net purchases to the tune of $5.7 billion in the primary market from October to date.
A constitutional amendment bill to restore the powers of the states to make their own OBC lists was passed by Parliament on Wednesday, with the opposition and treasury benches joining hands in the Rajya Sabha to approve the legislation.
There are reports that the government may try to physically prevent opposition members and nearly two dozen PTI dissidents from reaching the Parliament House through protestors.
Expressing solidarity with the 12 suspended Rajya Sabha MPs, senior Congress leader Shashi Tharoor on Monday said he has decided to suspend hosting of a talk show on Sansad TV until the suspension of the legislators is revoked and a "semblance of bipartisanship restored to the conduct of Parliament".
Shiv Sena's Sanjay Raut said the Bharatiya Janata Party's national executive should pass a resolution to demand investigation by these agencies in the land case.
Catch all the action from the Upper and Lower House of Parliament.
The All India Majlis-e-Ittehadul Muslimeen MP from Hyderabad, chanted "Jai Bheem, Jai Meem, Takbeer Allahu Akbar, Jai Hind", after members from the ruling side shouted slogans of 'Jai Shri Ram', 'Bharat Mata Ki Jai' and 'Vande Mataram'.
Assume that the rupee will trend lower over the next 10 years as India increases overseas sovereign exposures, and your long-term asset allocation should be geared to deal with this trend, suggests Devangshu Datta
American banking major Citibank on Thursday announced that it will exit from the consumer banking business in India as part of a global strategy. The business comprises credit cards, retail banking, home loans and wealth management.
In the season of aviation action, Rakesh Jhunjhunwala-backed Akasa Air has secured the crucial no-objection certificate (NoC) from the civil aviation ministry. It expects to start operations next summer. The airline will now have to apply for the Directorate General of Civil Aviation for operations permit. Aviation sector has been in the limelight with the Tata Group winning the Air India bid last week.
Sri Lanka on Thursday signed an agreement with India to jointly redevelop the strategic World War II-era oil tank farm in the island nation's eastern port district of Trincomalee, in a new milestone in bilateral economic and energy partnership.
Oppn members went into the area of treasury benches carrying a black banner, which demanded Shah's resignation, as Speaker Om Birla continued with proceedings of the House.
It said New Delhi increased its purchase of foreign exchange over the first three quarters of 2017 which does not appear necessary.
The volume in the anonymous trading platform, NDS-OM, was Rs 7,210 crore - less than half the normal volume, but not as bad as the start of the day indicated.
Naidu said have shown no remorse and have instead justified their actions.
Christopher Wood, global head of equity strategy at Jefferies reiterate his bullish view on Indian equities on the back of a steady fall in Covid cases coupled with a sharp economic recovery in India, reports Puneet Wadhwa.
The votes for the state assembly polls will be counted on November 10. Prasad is in judicial custody in Jharkhand capital Ranchi after his conviction in fodder scam cases. He was recently granted bail by the Jharkhand High Court in the case related to Chaibasa treasury but could not come out of jail as his bail plea in another case of fraudulent withdrawals from Dumka treasury is being heard.
Indeed, there were frauds, and the politician-banker-industrialist nexus played a role in the rise of NPAs, but governance issues in Indian banking are far more nuanced and complex, reveals Tamal Bandyopadhyay.
In a drastic measure to stem any major disruption to the US economy as a result of the coronavirus outbreak, the Federal Reserve has cut its benchmark interest rate to almost zero and said it would buy USD700 billion in bonds. The covid-19 pandemic has sickened more than 156,000 people worldwide and left more than 5,800 dead. The death toll in the US stands at 68, while infections neared 3,700.
The Opposition parties need 172 members in the 342-member house to orchestrate the downfall of Prime Minister Khan.
The law allowed Jadhav to challenge his conviction in the high court through a review process which was a requirement of the ICJ verdict.
Among Sensex stocks, Maruti rose the most, followed by Tech Mahindra, Mahindra & Mahindra and Asian Paints. Gains in Reliance, TCS, Infosys, HCL Tech, HDFC and ICICI Bank also helped the barometer extend its rally for a second day.
On the Sensex chart, HDFC, L&T, SBI, Axis Bank, Bajaj FinServ and HDFC Bank were major laggards - dropping up to 2.62 per cent. NSE Nifty closed with a loss of 164.85 points at 15,080.75.
The Trump Administration called on the Pakistani government to deny sanctuaries to 'dangerous' individuals and organisations.
Britain said it had imposed asset freezes on Chelsea soccer club owner Roman Abramovich
'It was one of the most difficult and complex songs of my career.'
We have not suffered such huge price shocks across so many basic commodities, at the same time, in decades. Has the inflationary impact of all this been factored into stock prices as yet, asks Debashis Basu.
The bond market is not in a mood to reason with the Reserve Bank of India (RBI) on keeping yields low. The 10-year bond yields continued to rise for the fourth straight session to close at 6.202 per cent from its previous close of 6.135 per cent. The yield was at 6 per cent a week ago. The RBI wants the yields to remain at 6 per cent, but bond dealers say the central bank will have to step up its bond-buying programme.
L&T was the top gainer in the Sensex pack, rising over 3 per cent, followed by Bajaj Finance, Reliance Industries, IndusInd Bank, SBI and HDFC Bank. NSE Nifty surged 168.05 points to 14,653.05.
Out of the total potential loss, the share of state-run banks will be Rs 24,800 crore in FY18, while that of the private sector banks will be Rs 5,700 crore
While the tax treatment does legitimise past crypto transactions, there is a possibility that any, or all, private cryptocurrencies will be banned in future.
Flush with liquidity, banks are eager to lend. And, therein lies the problem, warns Tamal Bandyopadhyay.
Bajaj Finserv was the top gainer in the Sensex pack, rallying around 7 per cent, followed by Bajaj Finance, HDFC, L&T, ICICI Bank, Sun Pharma and NTPC. On the other hand, Tech Mahindra, ITC and M&M were the laggards.
In December, Aisha Shah was named as Partnerships Manager at the White House Office of Digital Strategy.
Rajya Sabha proceedings were adjourned for the day on Tuesday after repeated stoppages as opposition members continued to protest demanding the revocation of suspension of 12 members.
Experts disagree with the idea and the Reserve Bank of India (RBI), which has the sole right to print money, is not comfortable with it as well.
The Opposition intensified its noisy protests in Lok Sabha on Wednesday over Pegasus snooping, farm laws and other issues with some unruly members even hurling papers and torn placards in the House, but the government went ahead with its legislative agenda and three bills were passed amid the din.
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