These 6 financial services stocks hit new 52-week high, gain up to 35% in a month
HDFC Bank’s $173 billion merger with its parent creates a ‘lucrative’ arbitrage trade in India
Domestic equity mutual fund managers in India have reportedly purchased a net $570m worth of HDFC shares ahead of its merger with parent company Housing Development Finance Corp. in a “lucrative” arbitrage trade, according to Prime Database. Capitalising on the share-swap ratio upon completion, fund managers hope the merger will enable them to purchase shares […]
Federal Bank pauses $244 million unit stake sale: Report
Federal Bank has put on hold the sale of a stake in its subsidiary, Fedbank Financial Services, as it is unable to reach a consensus with potential investors over the unit’s valuation. The bank had hoped to raise as much as INR20bn ($275m) from the sale. Federal Bank has also decided to focus on a […]
Very optimistic about FTA with India, says UK Investment Minister Lord Dominic Johnson
Addressing a UK-India Infrastructure Summit hosted by the City of London Corporation as part of the India Global Forum UK-India Week, Johnson said he is “very optimistic” about an FTA even as he declined to put a timeframe to it.India and the UK recently concluded their tenth round of FTA negotiations and an 11th round […]
Indian firms exhibit viable debt servicing capacity despite rise in borrowing cost: RBI
ICR for non-IT services sector crossed unity, where all subsectors except telecom group had viable ICR level, RBI said.ICR is the ratio of earnings before interest and tax to interest expenses. The minimum value for a viable ICR is 1.
HDFC buys additional 0.7% stake in HDFC Life through open market transactions
HDFC has purchased an additional 0.7% stake in HDFC Life through open market transactions. The deal was executed at an average price of Rs 667. HDFC already owns around 48.65% stake in the subsidiary. Once HDFC twins merger is complete, HDFC Bank will be 100% owned by public shareholders, with HDFC holding only 41% stake […]
Underperformance notwithstanding, risk-reward in RIL stock attractive: JPMorgan
Reliance Industries stock has underperformed YTD compared to its peers across various segments. However, a 12-month risk-reward outlook for the stock is favourable, according to JPMorgan. The bank has retained an “overweight” rating on the stock with a price target of INR 2,960 ($39.5), representing a nearly 19% upside from current levels. JPMorgan believes that […]
Spike in tomato prices temporary phenomenon; prices will cool down soon: Govt official
According to the data maintained by the Department of Consumer Affairs, the average price of tomato on an all-India basis is Rs 46 per kg on June 27. The modal price is Rs 50 per kg while the maximum price is Rs 122 per kg. Across four metros, the retail price of tomato in Delhi […]
Tech View: Nifty forms a morning star like pattern. What traders should do on Wednesday
The daily and hourly momentum indicator gave divergent signals. Heavy put writing additions were seen at 18,700 strike, making it a strong support for Nifty as we head into the final day of the June series expiry on Wednesday. Option activity at 18,800 strike will provide cues about Nifty Intraday direction on Wednesday, said Ashwin […]
9 stocks that earned upgrades in last 1 month. Check out revised target prices
Several brokerages have upgraded the target prices on a number of counters in the last one month. These stocks belong to various sectors like auto, pharma, oil & gas and others.