Following SEBI's latest move, shares of this company soared 12 per cent on Friday, reaching at a near one-year high!
While the merger will elevate HDFC Bank to the position of fourth-largest bank in the world, it is necessary to monitor the performance of other HDFC Group stocks.
The Indian benchmark indices got off to an impressive start on Friday and continued to climb throughout the session, reaching all-time highs on the bourses! The BSE Sensex surged 1.26 per cent to 64,718 level at the close. The Nifty 50 index climbed 1.14 per cent to a level of 19,189.
After the latest SEBI board meeting's decision to defer the proposed reduction in expense ratio of the asset management companies (AMCs), shares of the majority AMCs skyrocketed. The SEBI meeting outcome is expected to help AMCs to maintain their profitability in the foreseeable future, which has boosted buying interest among market bulls.
With a significant increase in trading volume, shares of HDFC Asset Management Company Ltd, the top BSE Largecap gainer on Friday, soared more than 12 per cent. Shares were trading close to their 52-week high of Rs 2,314 per share on the BSE, after experiencing a significant rally over the past two weeks.
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The merger of HDFC Bank and HDFC could boost access to banking services, broaden the scope of available financial products and services, and improve customer support thanks to the combined resources of the two entities. While the merger will elevate HDFC Bank to the position of fourth-largest bank in the world, it is necessary to monitor the performance of other HDFC Group stocks.
Keep a close eye on this stock for the upcoming sessions!