Jio Financial Services is set to be delisted from multiple FTSE Indices due to its failure to commence trading within 20 business days. FTSE Russell’s notification indicated that the company hadn’t provided a confirmed trading date since its inclusion on July 20. This exclusion will take effect from August 22. The announcement coincides with Reliance Industries Ltd’s efforts to list shares from its financial services arm. Earlier reports suggested that a listing date could be revealed around the time of the company’s upcoming annual general meeting.
The National Stock Exchange of India (NSE) announced adjustments to its primary indices on August 17th. These adjustments entail the removal of ACC, Nykaa, and HDFC Asset Management Company (HDFC AMC) from the Nifty Next 50 index, effective from September 29th. Additionally, Indus Towers and Page Industries will also be replaced in the Nifty Next 50. In their stead, Punjab National Bank, Shriram Finance, Trent, TVS Motor, and Zydus Lifesciences will be added.
According to a Bloomberg report, JSW Steel Ltd is contemplating acquiring a 75% stake in Teck Resources’ steelmaking coal business, Elk Valley Resources. An earlier July report from Bloomberg had hinted at JSW’s interest in up to 20% of Teck’s coal business. The potential transaction could value the coal business at $8 billion, setting it in competition with a previous bid by Swiss commodities giant Glencore. While Teck confirmed having received indications of interest in its coal operations, the report did not disclose the parties involved.
Union minister Ashwini Vaishnaw announced that the government has now made police verification of SIM card dealers mandatory, discontinuing the provision of bulk connections to counter fraudulent activities. Vaishnaw stated, “We have made police verification of SIM dealers mandatory to curb fraud. Dealers found violating norms will face a penalty of ₹10 lakh.” The minister highlighted that there are around 10 lakh SIM dealers, allowing them ample time for the necessary police verification.
The Reserve Bank of India has granted approval for the appointment of PR Seshadri as the Managing Director & CEO of South Indian Bank. This appointment is set to last for three years, beginning from October 1, 2023. As noted in the South Indian Bank’s statement, PR Seshadri is an accomplished banker with a wealth of experience across various business domains, functional areas, and geographic regions..
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