Here are the top personal finance news of the day:
Good news for Aadhaar card users. If you have not updated your Aadhaar yet, you can still update it for free. The central government has once again extended the date for free update of Aadhaar card details. The organization which issues Aadhaar, UIDAI, has given this information. According to the information given on the UIDAI website, the time limit for updating documents such as identity card and address proof in Aadhaar has been extended till September 14. Earlier this deadline was till June 14, 2023. So, now you have three months to update you’re aadhaar card for free.
IKIO debuts at 38% premium than IPO issue price
Shares of IKIO Lighting made a lightning market debut on Friday. The stock debuted at nearly 38% premium at 391 rupees. At the end of the day, the scrip closed more than 3% higher from the opening price at 403 rupees on the bourse. the stock still trades over 42% higher than the issue price of 285 rupees. The IPO of IKIO Lighting, to raise 606 cr rupees, was subscribed more than 66 times. Listing at nearly 38% premium meant, IPO allottees made lot of profit on the inaugural day. Overall, the stock market was buoyant on Friday. Sensex closed more than 440 points higher above 63,300 points. While, Nifty closed above 18,820 points.
Prabhudas increases target price on this cable stock
Brokerage firm Prabhudas Lilladher has increased target price on KEC International to 578 rupees. Earlier, the brokerage had given target price of 559 rupees on the counter. On Friday, the cable stock closed at 550 rupees apiece. Which means, the brokerage sees 5% upside in the stock. The brokerage has accumulated rating on the counter. The firm is currently trading at PE of 26x by 12x. The brokerages sees continuous improvement in EBITDA margin and revenue.
Choksi cannot withdraw from bank a/c: Sebi
Sebi has ordered attachment of bank accounts, demat account and mutual fund holdings of fugitive businessman Mehul Choksi. This does not pertain to the PNB scam of more than 14,000 crore rupees that he had committed along with his nephew Nirav Modi. It pertains to another case of manipulation of stocks of Gitanjali Gems. Choksi has been accused of manipulating the stock prices to his own advantage. Sebi has also banned Choksi from securities market for 10 years. The capital market regulator has also asked all the banks, depositories and mutual funds not to allow any debit from the accounts of Choksi. Sebi has fined Choksi 5.35 crore rupees on the Gitanjali Gems scam.
Kotak Bank to give FD-like interest on savings
If you are a Kotak Mahindra Bank account holder, then, this news will bring music to your ears.Kotak Mahindra Bank account holders will get up to 7% interest rate on balance above 25,000 rupees in their savings account. Yes, FD like interest on savings account. But for this, account holders will have to add the ActiveMoney feature to their savings account. Moreover, they can withdraw money from savings account without any limit and penalty. Virat Diwanji, group president and head – consumer banking at Kotak said that the bank aspires to change the paradigm of the savings culture of Indians by offering customers FD-like interest rate on their savings accounts.
NPS subscriber base almost double of APY: PFRDA
PFRDA Chairman Deepak Mohanty said people are investing in government backed pension schemes thick and fast in the country. NPS subscriber base has already crossed 10 crore mark. It has almost double subscribers than Atal Pension Yojana. NPS constitutes 97% of total AUM of government backed pension schemes of PFRDA. On total AUM of all the three pension schemes of PFRDA, i.e. NPS, APY and NPS Lite, Mohanty said, the total AUM of all these three schemes is expected to cross landmark figure of 10 lakh crore rupees mark in the first half of current financial year. According to Mohanty, government is looking to encourage more and more people to subscribe to the NPS. Further Mohanty said in case of another investment scheme of teh government i.e. the Pradhan Mantri Jan Dhan Yojana almost 50% of subscribers are young people. They belong to age cohort of 18 to 40 years.
IDBI Bank hikes FD rates
IDBI Bank has raised interest rates on fixed deposits. The private bank will give as high as 6.80% on FDs of 1 year to 2 years. On tax saver 5 year FDs, account holders will get 6.50% interest rate. Apart from all these different FDs, IDBI Bank gives 7.15% on Amrit Mahotsav FD scheme of 444 Days.
US based private equity firm continuously selling stake in Axis Bank
US-based private equity major Bain Capital divested 0.7 per cent stake in private sector lender Axis Bank. The transaction took place in open market at average price of 968 rupees per share. Bain Capital will get more than 2,000 crore rupees. Earlier also the private equity major had reduced its stake in Axis Bank. It has been a long time shareholder of Axis Bank. Selling of shares by a private equity firm in a company is generally looked at from not so positive view point. Plus, it can have short term repercussions on the company’s stock price.
SEBI directs co to act on rumours in just 24 hours
The capital markets regulator SEBI has directed top 100 listed companies to give clarification or confirmation on any rumors spread about them within just 24 hours with the exchanges. The top 100 listed companies by market capitalization are required to abide by this rule from October 1. While, next 150 companies will be required to abide by this rule from April 1, 2024. This will help check any wrong information being circulated against companies name in the media. Companies can prevent sharp fluctuations in share price by avoiding such malicious information being circulated against their reputation.
