IDFC First Bank stock tanks after merger approval

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IDFC First Bank stock tanks after merger approval

IDFC First Bank was the talk of the town on D-Street today. After merger approval, the private bank tanked steeply on the bourses closing 4% lower at 78 rupees apiece. According to market experts, merger ratio being slightly tilted towards the non-banking lender, IDFC, was the main reason why IDFC First Bank tanked. While, shares of IDFC surged 2% to close at 111 rupees on the BSE. The merger process is expected to be completed by year end.

CLSA sees 14% upside on Bajaj Finance

Next news is on Bajaj Finance. The share price of the NBFC skyrocketed on the bourses after it came out with robust pre-quarterly results for the June quarter. According to business daily, ‘Mint’, brokerage houses CLSA and Morgan Stanley have revised upwards target price on Bajaj Finance. CLSA has upgraded the stock to buy from outperform. The brokerage has raised target price to 9,000 rupees per share from 6,000 rupees earlier. Morgan Stanley on the other hand remained overweight on the stock. It has raised the target price to 9,250 rupees per share.

Prabhudas Liladher sees up to 14% upside on these two banks

Brokerage firm Prabhudas Lilladher recently gave buy recommendations on two private sector banks. First is Kotak Mahindra Bank and second is DCB Bank. Prabhudas Lilladher has given target price of 142 rupees on DCB Bank. On Tuesday, the stock closed at 123 rupees apiece. According to the brokerage, the stock has upside potential of 14% from current levels. Prabhudas’s second pick is Kotak Mahindra Bank. Prabhudas Lilladher has given target price of 2110 rupees on the counter at 1780 rupees stop loss.

Nitilesh Pawaskar bullish on this QSR stock

Technical analyst, Nitilesh Pawaskar, has given buy call on two stocks. His first recommendation is Jubilant Foodworks. Pawaskar has given a target price of 570 rupees at 480 rupees stop loss. On Tuesday, Jubilant closed at 499 rupees per share. His second recommendation is Bharat Forge. He has given it target price of 900 rupees keeping 830 rupees stop loss. According to Pawaskar, after big consolidation on weekly chart, Bharat Forge is looking set for breakout. He has advised traders to buy Bharat Forge at 855 rupees.

Big blow for VI subscribers

Big blow to Vodafone Idea subscribers. The telecom has discontinued 99 rupees prepaid recharge plan. Now, Vodafone Idea’s minimum recharge plan will start from 129 rupees. Customers will get 200 mb data under this plan. While, minimum recharge plan of its rivals Reliance Jio and Airtel start from 155 rupees. Validity is 28 days. A Few months ago, Airtel had also scrapped its entry level prepaid recharge plan of 99 rupees. One by one telecoms are pushing up recharge plan tariffs. This has helped the telecoms report higher ARPUs in their quarterly results.

Govt to give ‘Star Ratings’ to Innova, Ertiga, Creta

From October 1, 2023, a few of eight seater vehicles in India will have star rankings that will be given by government agencies. Currently, automobiles are given star ratings based on criteria followed in developed countries. But government agencies giving star ratings to the automobiles will follow a native developed criteria. The ratings will be given to the automobiles based on performance in crash tests. The program under which India’s own native developed system of crash test will be done will be known as BNCAP or Bharat New Car Assessment Programme

Indian Bank giving 7.05% RoI under this special FD scheme

Indian Bank has rolled out special retail term deposit product “IND SUPREME 300 DAYS”. Depositors will get 7.05% interest on FDs of 300 days. Senior citizens will get additional rate of 0.50% i.e. 7.55% with the public lender. This special retail term deposit product is valid till August 31, 2023.

Most citizens deposited not exchanged Rs 2K notes

According to RBI, most of the citizens have submitted 2,000 rupee banknotes through deposits rather than exchange of currency notes. 85% of 2,000 rupee banknotes that came back since May 19, 2023, were deposited and not exchanged. Till now, value of 2,000 rupee banknotes that have come back was 2.55 lakh crore rupees. On May 19, RBI had asked the citizens to deposit or exchange 2,000 rupee banknotes. The apex bank has given citizens time till September 30, 2023, to deposit back 2,000 rupee notes

Senco Gold IPO’s RIIs’ quota completely subscribed on day one

The IPO of Senco Gold Limited was subscribed by 4 pm on first day on the D-Street. Retail and Non Institutional Investors’s quotas were subscribed 112%. The Mumbai based construction and development company is expected to earn few notches more than 405 crore rupees. Its stock was trading at GMP of 102 rupees on Tuesday.