Stocks to Watch: RIL, IDFC, IDFC First, HMA Agro, Bajaj Finance, BoM
Reliance Industries: Reliance Jio will begin selling Jio Bharat V2 4G phone which will be internet-enabled, at ₹999, from 7 July targeting India’s 250 million feature phone users that use data-devoid 2G devices. The carrier said Monday that the phone will be available across all offline channels including Jio and Reliance Retail stores. The device will allow phone users to access JioCinema, JioSaavn, and FM Radio, and make UPI payments through JioPay, at plans starting ₹123 a month.
The telco will conduct a beta trial for the first one million Jio Bharat phones. IDFC/IDFC First Bank: The boards of IDFC Financial Holding Co. Ltd, IDFC Ltd, and IDFC First Bank on Monday approved a merger under which shareholders of IDFC will get 155 equity shares of the bank for every 100 shares held.
The merger entails the amalgamation of IDFC Financial Holding into and with IDFC, and of IDFC into and with the bank. The merger proposal was approved in principle by the boards in December 2021. According to a regulatory filing on Monday, the merger will simplify the corporate structure of IDFC Financial Holding, IDFC Ltd, and IDFC First Bank by consolidating them into a single entity.
HMA Agro Industries: HMA Agro Industries, a frozen meat exporter, is set to make its stock market debut on Tuesday, July 4, with its equity shares listing on both the NSE and BSE exchanges. Trading will commence at 10 AM following the listing, and the offer price for the shares was fixed within the range of ₹555-585. The allotment was made at the upper band of the offer.
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