Mon, Apr 29, 2024 11:14 AM
President of India’s portfolio owns 75 per cent stake
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The Insurance Regulatory and Development Authority (IRDA) has approved the transfer of shares in Reliance Capital's insurance subsidiaries to the Hinduja Group, which is a significant step in resolving the Reliance Capital issue, according to legal experts. Initially, IRDA had reservations about the proposed structure for Reliance Capital’s insurance subsidiaries.
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Bharti Airtel shares rose over 2% in early trade Wednesday, boosted by robust India numbers, even though consolidated net profit fell a sharp 31% on year hurt by devaluation of the Naira currency of Nigeria. In morning trade, the stock had given up some gains by trading up 0.3% at Rs1289.15, after touching an intraday high of Rs1312.80 on the BSE.
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Shares of Zomato Ltd. were trading a percent higher in trade Wednesday after a note from Nuvama Alternative and Quantitative Research said that the online food aggregator has seen an increase in weightage on the MSCI Global Standard Index. The quantum of the increase though, remains unknown. However, the domestic brokerage house projects that based on the increase in weightage.
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