The Financial Foxes

Shares of Mukka Proteins Ltd are set to make market debut on Thursday. Chances are the stock may deliver strong listing gains to investors, as hinted by the grey market trend. Ahead of its listing, shares of Mukka Proteins were commanding a GMP of Rs 35 per share in the grey market, suggesting a listing pop of 125 per cent. The GMP Was Rs 25-30 a few days ago. Mukka Proteins sold its IPO in the price band of Rs 26-28 per share. The issue ran from February 29 and March 4. The company raised a total of Rs 224 crore through its primary offering, which was entirely a fresh share sale of up to 8,00,00,000 equity shares. The issue was overall subscribed a solid 136.99 times, thanks to solid buying across all categories of investors. The quota for non-institutional bidders was subscribed 250.26 times while the portion reserved for qualified institutional investors was subscribed 189.28 times. The retail quota subscription stood at 58.36 times in the three-day bidding process. Mukk...

World's largest company in terms of valuation, Apple Inc has broadly been bearish in 2024. But in the longest run, this 48-year stock has multiplied investors' money and given multi-fold returns. Apple's all-time gains are by 140,833.33% so far. After carrying five stock splits, Apple has so far split 1 equity share into 240 equity shares. In total, since its listing, Apple has undergone five stock splits from, 1987 to 2020. And this is key to making maximum gains in this giant. Here's how!   2:1 Stock split: The first stock split to be ever announced by Apple was of 2:1 which came into effect from June 16, 1987. Here, 1 Apple share price, is split into two as the face value halved, taking the total number of shares to 2. 2:1 Stock Split: The second stock split was also of 2:1 which came into effect from June 21, 2000. Here, now the 2 share price of Apple will double to 4 shares (2x2). 2:1 Stock Split: The third time as well, Apple carried a stock split of 2...

Reserve Bank of India (RBI) Governor Shaktikanta Das said on Wednesday that India's growth in the ongoing financial year ending March could be 'very close' to 8 per cent. "I would not hesitate to say that India's GDP growth in FY24 will exceed 7.6 per cent, it might be closer to 8 per cent," he said in an interview with the news channel ET Now. He said India may grow at 7 per cent in FY25, as indicated by the RBI's Monetary Policy Committee (MPC). "I am quite optimistic about next year's GDP growth," Das added.  The Indian economy grew at its fastest pace in 1.5 years in the third quarter of FY24, led by strong manufacturing and construction activity. It may be noted that India's economy grew 8.4 per cent in the October-December quarter, surpassing expectations shared by economists. Growth in the third quarter was predicted at below 7 per cent.  In addition, the RBI has revised its growth forecast for India in FY24 from 7.3 pe...

Top most valuable companies in the World: As tech innovations and interest in them are shaping the global economy, investors are keen to observe the market capitalisation of the leading companies. In this article, we will give a detailed view of the top 7 companies in the world by market cap. World's top 7 most valuable companies by market cap 1. Microsoft 🔸Market cap - $2.991 trillion (as of March 05- Data - companiesmarketcap.com) 🔸Established: 1975 Considering the popularity and relevance of the Windows operating system, Microsoft as the world's most valued company is not a surprise. It has been ranked as one of the largest companies in the world. Although the company is widely known for Windows, Microsoft has a variety of services which are being used worldwide. This includes Office Suite software, surface computer and tablets, Azure cloud platform, Xbox video game consoles, among others. 2. Apple 🔸Market cap: $2.626 trillion (By March 05 Data- companiesmarke...

In light of the Punjab and Maharashtra Cooperative Bank's risky investments that led to its license revocation by the RBI , several organizations faced significant losses. While 95% of the bank's depositors received up to Rs. 5,00,000 as insured amount, certain social institutions and organizations with substantial deposits received the same amount, despite their higher stakes. Although some account holders were covered by insurance and received Rs. 5,00,000, others, including schools and charitable organizations, faced restrictions due to regulations prohibiting them from holding shares in banks or companies. Following the PMC bank's failure, the Central Government approved a Scheme of amalgamation with Unity Small Finance Bank Limited (Unity Bank). Under this scheme, all of PMC Bank's business, assets, and liabilities, including deposits, were transferred to Unity Bank. Depositors had no say in the amalgamation. Under the terms of the amalgamation scheme, ...

The Reserve Bank of India (RBI) has issued a directive aimed at enhancing consumer choice and competition in the credit card market. In a circular released on Wednesday, the RBI mandated that card issuers must provide their eligible customers with the option to choose from multiple card networks at the time of issuance or renewal. According to a press release, the central bank prohibited card issuers from entering into agreements with card networks that restrict them from availing the services of other card networks. The directive addresses concerns raised about restrictive practices prevalent in the credit card industry. The RBI identified arrangements between card issuers and card networks that limit customer choice as detrimental to the availability of options in the market. By taking decisive steps to promote consumer choice and fair competition, the RBI aims to foster a more dynamic and inclusive financial ecosystem. Key highlights of the RBI directive include the requ...

Meta CEO Mark Zuckerberg lost nearly $3 billion in a day after the company's flagship platforms Facebook and Instagram faced a global outage. Zuckerberg's net worth declined by $2.79 billion in a day to $176 billion on the Bloomberg Billionaires Index, but he maintained his position as the world's fourth-richest person. Following the hour-long global outage, Meta shares declined 1.6 per cent, leading to the erosion in Mark Zuckerberg's net worth. Meta shares closed the overnight trading session on Wall Street at $490.22 apiece.  Users of Facebook, Instagram, and Threads experienced difficulties accessing the social media platforms on Tuesday night. Additionally, Meta Quest users encountered issues logging in to their headsets. Many YouTube users also noted encountering an error while using the platform. The outage persisted for approximately one hour before all applications returned to normal functionality. During the outage, users reported encountering ...

JM Financial Ltd will be in focus on Wednesday after a media report suggested the market regulator Sebi will soon come out with an order on the NBFC for its alleged role in inflating IPO subscription numbers. The report came a day after the Reserve Bank of India (RBI) banned JM Financial Products from offering fresh loans against shares and debentures and that the NBFC denied any wrongdoing and said it would fully cooperate with the apex bank in its special audit initiative. Sebi observed certain malpractices being adopted in primary market activities in relation to IPO subscription numbers, said ET quoting a person close to the development. Business Today could not independently verify the report. As per ET, a JM Financial spokesperson said that Sebi sought some information as part of fact-gathering exercise. He categorically denied his company's alleged role in inflation of IPO subscription numbers. Sebi, as per the report, found three merchant bankers, including JM F...

A wave of selling in the technology sector rocked stock markets on Tuesday, causing major indexes to tumble. However, amidst the chaos, Bitcoin experienced a moment of triumph, surging to an unprecedented high above $69,000 before swiftly plummeting. The price of Bitcoin (BTC) reached an all-time peak of $69,191.95 early on Tuesday, only to retreat to around $62,000 by late afternoon, as some traders capitalized on profits. Despite this drop, the leading cryptocurrency by market capitalization has seen an impressive year-to-date increase of over 48%, nearly tripling in value over the past year alone. Flash Crash Sparks Uncertainty The sudden crash in Bitcoin's price left traders bewildered, with the cause remaining elusive. It took approximately 10 minutes for the price to rebound back to levels consistent with other exchanges. Flash crashes, such as this, are often attributed to various factors, including a lack of liquidity, where market sell orders outweigh resting b...

The initial public offering (IPO) of Popular Vehicles & Services is set to open for subscription on Tuesday, March 12. The issue will b sold in the price band of Rs 280-295 per share. Investors can bid for a minimum of 50 equity shares and its multiples thereafter. The three-day bidding for the issue will conclude on Thursday, March 14. Popular Vehicles and Services is engaged in the business of automobile dealerships in India. Incorporated in 1983, it provides complete services throughout the life cycle of vehicle ownership, including sales of new and preowned vehicles, servicing, spare parts distribution, driving schools, and third-party financial and insurance product sales. The IPO includes a sale of fresh equity shares worth Rs 250 and an offer-for-sale (OFS) of up to 1,19,17,075 equity shares by BanyanTree Growth Capital LLC. At the upper end of the price band, the company is looking to raise a total of Rs 601.55 crore. Anchor book for the issue will open on Monda...

Shares of Indian Railway Catering & Tourism Corporation Ltd (IRCTC) will be in focus on Wednesday morning after the railway PSU said a Memorandum of Understanding (MoU) has been signed between IRCTC and Swiggy (Bundl Technologies) to provide pre-ordered meals to passengers of Indian Railways through IRCTC e-Catering Services. As per said MOU, IRCTC said the service will be made available initially on Bengaluru, Vijayawada, Visakhapatnam & Bhubaneswar stations and the number of stations may be increased or decreased on mutual agreement during the currency of Proof of Concept (PoC). As part of the MoU, Swiggy will deliver food from its extensive restaurant network to passengers on the Indian railways starting with Bangalore, Bhubaneshwar, Visakhapatnam and Vijayawada. The service is likely to expand to 59 additional city stations in the coming weeks. Chairman and Managing Director at IRCTC, Sanjay Kumar Jain, said: "At IRCTC our focus has always been to explore n...