Business News at 05:30 pm on 3rd July, 2024

HDFC Bank’s share price surged over 3% to reach a record high in early trade on Wednesday, driven by expectations of substantial passive fund inflows amid a likely increase in the bank’s weight in the MSCI index. The shares of HDFC Bank jumped as much as 3.66% to a fresh high of Rs 1,794.00 apiece on the NSE. The recent shareholding pattern of HDFC Bank reveals that foreign institutional investors (FII) ownership in the bank has dropped below 55%, a development anticipated to boost the stock’s weightage in the MSCI index, subsequently leading to higher passive inflows. According to BSE data, as of June 2024, FII ownership in HDFC Bank stands at 54.8%.

Moving on, The stock of Vraj Iron and Steel debuted at Rs 240 on NSE, a premium of 16% to the issue price. Vraj Iron and Steel IPO collected Rs 171 crore from investors. The IPO had an entirely fresh segment of 8.3 million shares. It was opened to investors on June 26 and bidding ended on June 28. The allotment was finalised on July 1. The company kept the IPO price band in a range of Rs 195 to Rs 207 per equity share. A retail applicant had to bid for at least one lot, containing 72 shares valued at Rs 14,904. Aryaman Financial Services was the book-running lead manager of the Vraj Iron and Steel IPO, while Bigshare Services handled the work of the registrar for the issue.

Furthermore, Investing in a foreign country may seem daunting, but if you are a native of India who has relocated for work or obtained citizenship elsewhere, there are still investment opportunities available to you. India offers a wide range of options within its financial sector that can yield profitable returns. Non-Resident Indians (NRIs) have the chance to capitalize on unique opportunities and face specific challenges when investing in India. With the growing Indian economy, NRIs can explore various avenues to achieve higher investment returns in their native land. Investing in long-term instruments can significantly enhance returns through the power of compounding. Equity linked savings schemes (ELSS), public provident funds (PPF), and SIPs are excellent options for you to grow your money slowly but steadily.

Additionally, Bajaj Allianz Life has announced the launch of Bajaj Allianz Life Nifty Alpha 50 Index Fund that will be available for investors looking to purchase ULIP products. According to the company, this new fund presents a unique opportunity for investors to capitalize on the growth potential of high-alpha stocks, diversify their portfolios, and enjoy the benefits of an index-based investment approach, along with a life cover. The NFO period for Bajaj Allianz Life Nifty Alpha 50 Index Fund starts on 1st July and ends on 15th July, 2024. The fund aims to provide capital appreciation by investing in equities that are part of the Nifty Alpha 50 Index, which includes the 50 stocks with the highest alpha from the top 300 stocks by free-float market capitalization.

In 2023, New Zealand saw an unprecedented increase in the influx of foreign students. The latest figures from Education New Zealand show that 69,135 international students signed up with schools and colleges throughout the nation in 2023. This number marks a significant 67% jump from the previous year and is 60% higher than the number of students enrolled in 2019, just before the worldwide pandemic. Dr. Linda Sissons, Acting Chief Executive of Education New Zealand, expressed enthusiasm over the numbers, stating, “Over 69,000 enrolments from international students all over the world is good news for our education sector and positive for our communities.” She highlighted that these figures underscore New Zealand’s growing reputation as an attractive destination for studying, offering a high-quality learning experience within a safe and welcoming environment.

Furthermore, Zerodha’s co-founder and CEO Nithin Kamath said that the broking house will have to shift from its zero brokerage model or will have to raise brokerage charges on the F&O segment. This came after SEBI issued a new circular mandating all market infrastructure institutions, like stock exchanges, to be “true to the label” in fees they levy. “Since 2015, when we went 0 brokerage on equity delivery, we have subsidised equity investments with the revenue from the F&O trading activity. This structure could now potentially change,” said Kamath in a blog post. Stock exchanges charge transaction fees based on the overall turnover contributed by brokers. SEBI has asked stock exchanges, depository institutions, and other market infrastructure institutions to charge all its members uniformly and not based on trading volumes.

Lastly, The benchmark equity indices ended Wednesday’s trading session in the positive territory. The NSE Nifty 50 gained 162.65 points or 0.67% to settle at 24,286.50, while the BSE Sensex jumped 545.34 points or 0.69% to 79,986.80. The broader indices ended in mixed territory, with gain led by Large-cap and Mid-cap stocks. Bank Nifty index ended higher by 921.15 points or 1.77% to settle at 53,089.25. Financial Services and Banking stocks outperformed among the other sectoral indices while Media stocks shed. Tata Consumer Products, HDC Bank, Adani Ports, Axis Bank, and Kotak Mahindra Bank are the top gainers on NSE Nifty 50 index, whereas the top laggards include Titan Company, TCS, Reliance Industries, Hindalco Industries, Divis Lab.