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HDFC-HDFC Bank merger powers D-Street: Sensex, Nifty50 jump over 2%
The frontline indices jumped more than 2 per cent on Monday as the announcement of the plan to merge HDFC into HDFC Bank set their stocks soaring. The Sensex and the Nifty50 reclaimed the 60,000 and 18,000 levels for the first time since January 18. HDFC and HDFC Bank surged more than 9 per cent each and accounted for over two-thirds of the gains in both indices.
LIC IPO: Govt may increase allotment size to align offer with Sebi's rules
The Centre may increase the allotment of its shares in the initial public offering (IPO) of Life Insurance Corporation of India (LIC), to align the offer with the Securities and Exchange Board of India’s (Sebi’s) listing guidelines. The market regulator has approved the insurer’s updated draft red herring prospectus (DRHP), paving the way for the Centre to file the red herring prospectus (RHP) for India’s biggest IPO. The consultations on the updated DRHP filed by LIC have involved aligning the IPO with the Sebi’s regulation.
Trade deficit widens to $192 billion in FY22; imports at record high
India’s trade deficit widened to $192 billion in financial year 2021-22 (FY22) as imports hit a record high of $610 billion because the value of inbound petroleum shipments nearly doubled as compared to a year earlier. The sharp 94.33 per cent jump in petroleum imports’ value was because of the rise in global crude oil prices as a result of the Russian invasion of Ukraine. The Share of petroleum imports out of India’s total imports was 26 per cent in FY22, preliminary data released by the commerce and industry ministry showed.
Commodity play
Gold - Rs 51250/10gm, Silver – Rs 66540/kg, Brcrude – Rs 8320/barrel, Degumsyoil – Rs 1435/10kg, Copper – Rs 818/kg.
Corporate News
Vodafone raises stake in debt-ridden Vi to 47.61% through Prime Metals.
PVR-Inox combined pipeline at 2,000 screens; plan to double in seven years.
CCI to probe Zomato, Swiggy for alleged unfair business practices.
Sector in Focus - Banks, Real-Estate, Metals & Chemicals.
HDFC-HDFC Bank merger powers D-Street: Sensex, Nifty50 jump over 2%
The frontline indices jumped more than 2 per cent on Monday as the announcement of the plan to merge HDFC into HDFC Bank set their stocks soaring. The Sensex and the Nifty50 reclaimed the 60,000 and 18,000 levels for the first time since January 18. HDFC and HDFC Bank surged more than 9 per cent each and accounted for over two-thirds of the gains in both indices.
LIC IPO: Govt may increase allotment size to align offer with Sebi's rules
The Centre may increase the allotment of its shares in the initial public offering (IPO) of Life Insurance Corporation of India (LIC), to align the offer with the Securities and Exchange Board of India’s (Sebi’s) listing guidelines. The market regulator has approved the insurer’s updated draft red herring prospectus (DRHP), paving the way for the Centre to file the red herring prospectus (RHP) for India’s biggest IPO. The consultations on the updated DRHP filed by LIC have involved aligning the IPO with the Sebi’s regulation.
Trade deficit widens to $192 billion in FY22; imports at record high
India’s trade deficit widened to $192 billion in financial year 2021-22 (FY22) as imports hit a record high of $610 billion because the value of inbound petroleum shipments nearly doubled as compared to a year earlier. The sharp 94.33 per cent jump in petroleum imports’ value was because of the rise in global crude oil prices as a result of the Russian invasion of Ukraine. The Share of petroleum imports out of India’s total imports was 26 per cent in FY22, preliminary data released by the commerce and industry ministry showed.
Commodity play
Gold - Rs 51250/10gm, Silver – Rs 66540/kg, Brcrude – Rs 8320/barrel, Degumsyoil – Rs 1435/10kg, Copper – Rs 818/kg.
Corporate News
Vodafone raises stake in debt-ridden Vi to 47.61% through Prime Metals.
PVR-Inox combined pipeline at 2,000 screens; plan to double in seven years.
CCI to probe Zomato, Swiggy for alleged unfair business practices.
Sector in Focus - Banks, Real-Estate, Metals & Chemicals.