FedFina to raise up to ₹1,400 crore from IPO this year
Federal Bank subsidiary Fedbank Financial Services (FedFina) is aiming to raise up to ₹1,400 crore through an Initial Public Offering (IPO) by the end of 2023, a top official at its promoter entity Federal Bank has said. The Non-Banking Finance Company (NBFC) arm of the South-based bank re-filed its Draft Red Herring Prospectus for an […]
Nuvama Private sees Nifty 50 scaling to 22000-23000 levels in 12 months
Nuvama Private, the private banking arm of Nuvama Group, a wealth management firm, sees Nifty50 scaling up to 22,000-23,000 levels in the next 12 months, Alok Saigal, President & Head, has said. Saigal sees Foreign Portfolio Investors (FPI) inflows—which were close to ₹80,500 crore between April and July this year—to remain the primary growth driver […]
Motilal Oswal, Raamdeo Agarawal to donate 5% each of MOFSL shares for charity
Motilal Oswal and Raamdeo Agarawal, promoters of the Motilal Oswal Financial Services (MOFSL) will donate five per cent of equity stake by each of them for charitable purpose. They will donate a total of approximately 1.48 crore shares. In a disclosure to the exchanges, they said, “It will be our endeavour to spend the entire […]
Rupee falls 32 paise to close at 82.24 against US dollar
The rupee plunged 32 paise to close at 82.24 (provisional) against the US dollar on Friday amid renewed foreign fund outflows and negative trends in domestic equity markets. An elevated level of crude prices nearing $84 a barrel also weighed on the domestic unit even as the American currency gained strength on the back of […]
SEBI mandates FPIs to disclose Legal Entity Identifier code
Market regulator SEBI has mandated all foreign portfolio investors (FPIs) to disclose their Legal Entity Identifier (LEI) code. This code is a unique global 20-character code to identify legally distinct entities that engage in financial transactions. LEI is conceived as a key measure to improve the quality and accuracy of financial data systems for better […]
Tech Mahindra’s shares dive after disappointing Q1 results
Tech Mahindra’s shares went down by 4.37 per cent as the company’s Q1FY24 performance raised concerns among investors. The company reported a significant decline in its consolidated net profit for the April–June quarter of fiscal year 2023–24. The net profit stood at ₹692.5 crore, marking a sharp 38 per cent decrease compared to ₹1,131 crore […]
AB Sun Life AMC profit up 80 pc on higher AUM
Aditya Birla Sun Life Asset Management Company has reported that net profit increased 80 per cent in June quarter to ₹185 crore against ₹103 crore logged in the same period last year. Income was up 42 per cent at ₹389 crore (₹274 crore) as the asset under management (AUM) increased. Expenses increased 12 per cent […]
Stock to buy today: Zee Entertainment Enterprises (₹235.35)
The short-term outlook is bullish for Zee Entertainment Enterprises Ltd (ZEEL). The stock surged 6 per cent on Tuesday. This sharp rise has happened from around the 200-Day Moving Average (MA) support. The 200-Day MA currently at ₹222 will now act as a good support and limit the downside. The cross over between the 21- […]
MapmyIndia becomes top app on Apple Store
MapmyIndia’s indigenous mapping and navigation app, Mappls, has secured the top spot on the Apple iOS App Store, leading in all categories, including Navigation. Surpassing Google Maps, which ranks 7th on the App Store, Mappls has also dominated the Maps & Navigation category on the Android Google Play Store, ranking among the Top 15 apps […]
Why ITC’s stock tumble 4 per cent on Monday?
Diversified conglomerate ITC Ltd.’s decision to demerge the hotel business into a wholly owned subsidiary sent the company’s stock price crashing by nearly four per cent on Monday. According to Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities, the hotel division had been a capital guzzler while contributing less than five per cent […]