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[ad_1] NEW DELHI: Both Indian indices continued their upward journey on Monday, with the BSE Sensex closing above the historic 65,000 level for the first time ever. The BSE Sensex, rallying for the fourth consecutive session, soared by 486.49 points or 0.75% to achieve a new all-time closing high of 65,205.05. Intraday, it reached a peak of 65,300.35, gaining 581.79 points or 0.89%. Similarly, the NSE Nifty climbed 133.50 points or 0.70% to close at a record high of 19,322.55. It also hit an all-time intraday peak of 19,345.10, surging by 156.05 points or 0.81%. Financial services stocks were the major gainers. Leading the charge, HDFC and HDFC Bank, prominent index heavyweights, witnessed gains of 1.75% and 1.08% respectively. This surge came after the approval of their $40 billion merger, with July 1 designated as the effective date. Banks reached a new record high for the second consecutive session, while public sector banks experienced a notable rise of 3.61%, emerging as ...

[ad_1] NEW DELHI: HDFC Bank on Thursday became the second most valuable company by market capitalisation, overtaking IT behemoth Tata Consultancy Services. At the close of trade, HDFC Bank, which recently completed the merger of its mortgage financier parent HDFC into itself, commanded a market capitalisation (mcap) of Rs 12,72,718.60 crore, which was Rs 5,826.95 crore more than TCS ' Rs 12,66,891.65 crore valuation on the BSE. Shares of HDFC Bank ended at Rs 1,688.50 apiece, up 0.22 per cent on the BSE. During the day, it climbed 0.36 per cent to Rs 1,690.95. However, shares of TCS dipped 0.25 per cent to end at Rs 3,462.35 each. During the day, it fell 1 per cent to Rs 3,436. HDFC, the parent of HDFC Bank, merged into the lender on July 1. The USD 40 billion merger, the largest such deal in the Indian corporate history, was driven by a changing regulatory landscape, which limited the advantages for HDFC continuing as a non-bank lending entity. Reliance Industries is the ...

[ad_1] NEW DELHI : The mega-merger of the HDFC Bank and its parent company the Housing And Development Finance Corporation (HDFC) was one of the biggest news from the banking sector recently. The merger has made HDFC the 4th largest bank in the world and brought the spotlight back on Hasmukh Thakordas Parekh – the man who was the pioneer of Housing Finance in India and founded the Housing Development Finance Corporation in 1977. HDFC – the brainchild of Hasmukh Thakordas Parekh – has since come a long way, overcoming several obstacles in the evolution from a fledging start-up to India’s leading provider of Housing Finance. For his invaluable contribution to the housing finance industry and the banking sector in India, Parekh was awarded the Padma Bhushan by the Government of India in 1992. The London School of Economics also conferred on him an honorary fellowship. Inspiring Story of Hasmukh Thakordas Parekh    cre Trending Stories Hasmukh Thakordas Parekh was born o...

[ad_1] Stocks to Watch on July 6:  Nifty futures traded 33 points, or 0.17 per cent, lower at 19,479, signaling that Dalal Street was headed for a negative start on Thursday. Here’s a slew of stocks that will be in focus today for various reasons. Tata Power: Tata Power has received Letter of Award (LoA) to implement smart metering project in Chhattisgarh State Power Distribution Company. The value of project is Rs 1,744 crore, and the project will be spanned over a period of 10 years. Adani Enterprises: According to a report, Adani Enterprises has fully repaid Rs 10 crore of commercial paper, which is unsecured, short-term debt. The company redeemed the commercial paper on July 5, which was the date of its maturity. There is no outstanding amount remaining. JSW Steel, Zomato, JBM Auto: JSW Steel will replace Housing Development Finance Corporation (HDFC) in the S&P BSE Sensex effective from July 13. Moreover, JBM Auto Components will replace HDFC Ltd in S&P BSE 500 index;...