LIC gets nod from RBI to raise HDFC Bank stake to 9.99%
HDFC Bank announced on Thursday that the Reserve Bank of India (RBI) has granted approval for the Life Insurance Corp. of India (LIC) to acquire an additional 4.8% stake in the country’s largest private sector lender. LIC currently holds a 5.19% stake in HDFC Bank.
According to a stock exchange filing by HDFC Bank, the RBI has advised LIC to complete the acquisition of the additional HDFC Bank shares within a year. However, LIC must ensure that its overall holding in the bank does not exceed 9.99% of the paid-up share capital or voting rights of the bank at any given time.
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Railway stocks dip post-Budget announcement as railway expenditure less than market estimate; should you invest now-
Railway-linked stocks, including IRFC, Rail Vikas Nigam (RVNL), Railtel, and others, witnessed a dip in their stock prices following Finance Minister Nirmala Sitharaman’s conclusion of her interim Budget speech in the Lok Sabha on Thursday.
Shares of IRFC, RVNL, Railtel, and other related stocks are grappling with losses ranging between 3% and 5% post budget speech.
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Despite the market’s anticipation, the Budget allocated a capital expenditure (capex) of ₹2.55 lakh crore for the Indian Railways. While this figure is marginally higher than the ₹2.4 lakh crore announced in the previous year’s Budget, brokerages had anticipated a more substantial increase in r…