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<ul><li>Fintech firm Fino Payments Bank will open its IPO on October 29 and close on November 2.</li><li>The firm is looking to raise ₹1,200 crore through the public listing including an offer for sale worth ₹900 crore.</li><li>The company claims to be the first profitable payments bank to hit the Indian stock market.</li></ul>The Navi Mumbai-based fintech company Fino Payments Bank will be the first payments bank to get listed on the stock exchanges, that too while making profits. The company claims to be the first profitable player in the payments bank space to hit the Indian stock market. Paytm is another payments bank firm in line to get listed soon. Although Paytm has received SEBI’s nod, it is yet to announce dates to launch its initial public offering (IPO). “We are the only scheduled payment bank, which is profitable, we have set up the bank on very low capital,” said Rishi Gupta, managing director and chief executive officer (CEO) of the payment bank. Paytm is one strong competitor for the firm, but its drawback is it is still making losses while Fino Payments Bank has turned profitable in FY21. Paytm reported a loss of ₹1700 crore in FY21. Fino Payments Bank has been operational for over four years now. The payment bank offers a diverse range of financial services including current account and savings account (CASA), micro ATMs, Aadhaar enabled payment system (AePS) transactions, domestic remittances etc., that are primarily digital. <div type="image" title="fino chart 3" height="900" width="1200" msid="87280392" hostid="261"></div> The bank operates through over 6.41 lakh merchants’ network, 143 customer service points and 54 branches across pan India. The bank focuses on the unserved and underserved population, especially in rural and semi-urban areas where financial inclusion is required. The company earns revenue through fees and commissions from its merchant network and strategic commercial relationships. Although Fino is a profitable firm, it has a long way to go in comparison to market leader Paytm Payments Bank that has 100 times more merchant clients. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fino Payments Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm Payments Bank </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total merchants </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.41 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.4 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total deposits </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,870 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,200 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total income </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹790 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,800 crore </td></tr></tbody></table> Further, analysts say that Fino Payments Bank could be eligible for a small finance bank licence within one year, which would open more growth opportunities. A report by B &amp; K Securities said that, “The bank has already completed over 4 years as a payment bank and hence it could become eligible for a small finance bank licence within next 1 year, which would open altogether different growth avenues.” <keyword id="6515163" type="General" weightage="20" keywordseo="fino-payments-bank-ipo" source="Orion">Fino Payments Bank IPO</keyword> to open this week The IPO of the company will open on October 29 and close on November 2. The company is looking to raise ₹1,200 crore through public listing including ₹900 crore through an offer for sale of 1.56 crore shares and ₹300 fresh issue of 52 lakh shares. The price band of the IPO is set at ₹560-577 per share. Promoter Fino Paytech will sell 52 lakh shares in the IPO. The bank plans to utilise the net proceeds from the fresh issue towards augmenting its tier-I capital base to meet its future capital requirements. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Issue details </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹560 to ₹577 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO open date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">October 29 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO close date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 2 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Allotment date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 9 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Initiation of refunds </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 10 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit of shares to demat account </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 11 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO listing date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 12 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minimum lot </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">25 </td></tr></tbody></table> SEE ASLO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/sanjiv-goenka-makes-a-billion-dollar-comeback-to-the-worlds-biggest-t20-stage/articleshow/87277384.cms">Sanjiv Goenka makes a billion dollar comeback to the world's biggest T20 stage</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/after-raising-2-billion-since-2020-byjus-is-now-looking-to-raise-another-500-million-in-debt-to-acquire-more-businesses/articleshow/87276471.cms">After raising $2 billion since 2020, Byju’s is now looking to raise another $500 million in debt to acquire more businesses</a>

Fino Payments Bank will be the first fintech startup in India to get listed on the bourses and it is profitable

<ul><li>Shares of <keyword id="11265920" type="UNKNOWN" weightage="20" keywordseo="Krsnaa-Diagnostics-IPO">Krsnaa Diagnostics IPO</keyword> listed at over 7% premium from its price band of ₹933-954 per share.</li><li>The IPO was subscribed 64.40 times on the last day of the bidding.</li><li>The market capitalisation of the company stood at ₹3,281 crore.</li></ul>Shares of Krsnaa Diagnostics IPO made a decent listing on National Stock Exchange (NSE) and BSE at over 7% premium from its price band of ₹933-954 per share. Post listing, the market capitalisation of the company stood at ₹3,281 crore, according to BSE data. The shares of Krsnaa Diagnostics were trading at ₹1,057, 10.7% higher at 10.04 a.m., on August 6. The grey market price of the stock had suggested around 30-33% premium over the upper price band of ₹954. Moreover, the IPO received good demand from investors on the last day of the initial public offering (IPO) bidding process as the issue size was subscribed 64.40 times on the last day. It received bids for 45.80 crore shares as against 71.12 lakh shares on offer. The issue was open for subscription between August 4 and August 6. Krsnaa Diagnostics offers a wide range of diagnostic services such as imaging (including radiology), pathology/clinical laboratory and tele-radiology services to public and private hospitals, medical colleges and community health centres across India. “We like unique and scaled business model of company. Company with its strong brand equity has extensive footprint across India with robust infrastructure. With robust revenue visibility, the company is well positioned to capitalize on healthcare spending across public and private sectors. Hence we recommend “Subscribe” on issue both for listing gains &amp; long term perspective,” said a report by Hem Securities. The company was looking to raise ₹1,213 crore at the higher end of the price band of ₹933-954 per share. It will use the proceeds to aid its expansion plans and set up new diagnostics centres in different parts of the country — Punjab, Karnataka, Himachal Pradesh and Maharashtra. A part of the proceeds would also be used for repayment and prepayment of loans. SEE ALSO <a href="https://www.businessinsider.in/business/news/paytm-ipo-former-one-97-communication-director-urges-sebi-to-stall-the-public-issue/articleshow/85293132.cms">Paytm IPO: Former One 97 Communication director urges SEBI to stall the public issue</a> <a href="https://www.businessinsider.in/tech/news/windows-11-microsoft-rolling-out-updated-snipping-tool-calculator-and-mail-apps/articleshow/85292943.cms">Windows 11 Microsoft rolling out updated snipping tool, calculator and mail apps</a> <a href="https://www.businessinsider.in/business/corporates/news/infibeam-avenues-is-looking-to-acquire-a-point-of-sale-company/articleshow/85292156.cms">INTERVIEW: Infibeam Avenues is looking to acquire a point-of-sale company</a>

Shares of Krsnaa Diagnostics gets a tepid reception at the bourses, list at 7% premium

<ul><li>Shares of healthcare and wellness products distributor Nureca Limited made a strong debut today on exchanges with prices listing at about 59% higher at ₹634 apiece.</li><li>The company's market value expanded to ₹665 crore after the listing.</li><li>The company, incorporated in 2016, engages in the business of home healthcare and wellness products.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul>Shares of healthcare and wellness products distributor Nureca Limited made a strong debut today on exchanges with prices listing at about 59% higher at ₹634 apiece, compared to IPO issue price of ₹396-400. Within minutes after listing, the shares of Nureca gained 5% of their value and were trading at ₹666 apiece at 10:05 am in a robust market. The company's market value expanded to ₹665 crore after the listing. The company, incorporated in 2016, engages in the business of home healthcare and wellness products. It sells blood pressure monitors, pulse oximeters, thermometers, nebulisers, and self-monitoring glucose devices under the brand name Dr Trust. Nureca's asset-light business model was successful in attracting investment experts. The model allows Nureca to enter into agreements with vendors who manufacture the products as per the specifications. This allows the company to quickly scale its operations at a predetermined cost without incurring any capital expenditure on manufacturing facilities. The initial public offer of Nureca, which closed last month, was subscribed 40 times. The offer of the Nureca, which got fully subscribed on the first day itself on February 16, received bids for 5.5 crore shares against 14 lakh shares on offer. The category reserved for retail investors received the strongest response and was subscribed 166.65 times. The non-institutional investors' category was subscribed 31.59 times, and qualified institutional buyers(QIBs) was subscribed 3.10 times. Grey market premium fizzled out ahead of the listing Although the high number of subscriptions showed an excellent demand for its shares, just days ahead of the listing, the company's grey market premium fizzled nearly 50%, amid the high market volatility this week. The shares that were earlier commanding a premium of ₹150-160 were significantly down to ₹70-80 a share. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/nse-halts-trading-after-data-glitches-stop-nifty50-and-bank-nifty-from-updating/articleshow/81186539.cms">India’s largest stock exchange halts trading after data glitches stop Nifty50 and Bank Nifty from updating</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-is-putting-lane-separators-on-river-ganga-to-avoid-putting-traffic-signals-and-cops/articleshow/81202713.cms">Traffic jam on the Ganga - one of India's largest rivers will now get lane separators to deal with crowded boats</a>

Nureca stocks debut on bourses at 59% premium over IPO price

<ul><li>The shares of RailTel listed at about 16% higher at ₹109 apiece, compared to the IPO issue price of ₹93-94 per share.</li><li>Within minutes after listing, the shares of RailTel gained 7% of their value and were trading at ₹111.7 apiece at 10:05 am in an otherwise tepid market.</li><li>The listing is also in line with analysts expectations — which predicted listing gains above 15%.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul>The ₹819 crore ($112 million) initial public offering (IPO) of state-run RailTel Corp made a decent debut after a tremendous investor response. The shares of RailTel listed at about 16% higher at ₹109 apiece, compared to the IPO issue price of ₹93-94 per share. Within minutes after listing, the shares of RailTel gained 7% of their value and were trading at ₹111.7 apiece at 10:05 am in an otherwise tepid market. The company's market value expanded to ₹3,669 crore after the listing. RailTel is a government-owned information and communications technology (ICT) infrastructure provider firm and India's largest neutral telecom infrastructure provider. Nearly all the brokerages have given a ‘subscribe’ rating for the issue, citing long term as well as listing gains. According to investment experts, the best thing is the company’s exclusive right to generate additional revenues by creating nationwide broadband and multimedia networks by laying optical fibre cable along railway tracks. The IPO was subscribed 42 times and generated bids worth more than ₹259.42 crore against the offer size of 6.12 crore shares. The portion of the IPO reserved for retail investors was subscribed 16.78 times, whereas the qualified institutional buyer was subscribed 65.29 times. Grey market premium fizzled out ahead of the listing Although the high number of subscriptions showed an excellent demand for its shares, just days ahead of the listing, the company's grey market premium fizzled nearly 62%, amid the high market volatility this week. The shares that were earlier commanding a premium of ₹35-40 were significantly down to ₹10-15 a share. The listing is also in line with analysts expectations — which predicted listing gains above 15%. “We expect <keyword id="293520" type="COMPANY" weightage="20" keywordseo="RailTel-Corporation">RailTel Corporation</keyword> to list at a premium of around 15% above the issue price. Company has priced its issue at 21.4x PE on a FY20 trailing basis, which is quite reasonable by looking at the strong future growth rates of the company,” said Keshav Lahoti, Associate Equity Analyst at Angel Broking. The price-to-earnings (P/E) ratio shows the price that the market is willing to pay for a stock based on its earnings. Higher the P/E, the more expensive the stock. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/india-saw-the-birth-of-two-new-unicorns-this-week-both-their-valuations-have-swelled-multiple-times-in-just-a-few-months/articleshow/81221476.cms">India saw the birth of two new unicorns this week – both their valuations have swelled multiple times in just a few months</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/whatsapp-signal-and-telegram-face-a-catch-22-situation-as-indias-new-social-media-rules-threaten-encryption/articleshow/81221070.cms">Whatsapp, Signal and Telegram face a catch-22 situation as India’s new social media rules threaten encryption</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/whatsapp-signal-and-telegram-face-a-catch-22-situation-as-indias-new-social-media-rules-threaten-encryption/articleshow/81221070.cms"></a>

RailTel makes a decent debut — shares list on bourses at 16% premium

The Indian <keyword id="6355302" type="UNKNOWN" weightage="20" keywordseo="Rupee">rupee</keyword> depreciated by 30 paise to 76.83 against the US dollar in opening trade on Tuesday, tracking weak domestic equities and strengthening of the US dollar overseas. Forex traders said the rupee opened on a weak note as the US Dollar edged higher past the 100 level mark. The rupee opened weak at 76.79 at the interbank forex market and then fell further to 76.83, down 30 paise over its last close. The rupee had settled at 76.53 against the US dollar on Monday. "Investors braced for further cues on the economic toll from the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> in a week lined with corporate earnings and data this week," <keyword id="197560" type="COMPANY" weightage="20" keywordseo="Reliance-Securities">Reliance Securities</keyword> said in a research note. Domestic <keyword id="58556" type="PERSON" weightage="20" keywordseo="bourses">bourses</keyword> opened on a negative note with benchmark indices Sensex trading 915.95 points lower at 30,732.05 and Nifty down by 256.60 points at 9,005.25. According to Reliance Securities, "rupee could track domestic equity markets, which could track a fall in Asian equities" "Asian equity markets could track a fall in Wall Street after US crude futures turned negative for the first time in history, weighed down by the collapse in oil demand as the coronavirus pandemic derails the global economy," the Reliance Securities note added. WTI crude oil futures collapsed to negative, while <keyword id="144508" type="COMPANY" weightage="20" keywordseo="Brent">Brent</keyword> crude futures, the global oil benchmark, fell 0.78 per cent to USD 25.37 per barrel. Moreover, market participants are also concerned that the sharp rise in coronavirus cases, could weigh on the economy. The number of cases around the world linked to the new coronavirus has crossed over 24.81 lakh. In India, nearly 18,600 coronavirus cases have been reported so far. Foreign institutional investors (FIIs) were net sellers in the capital markets, as they sold shares worth Rs 265.89 crore on Monday, as per provisional data. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.20 per cent to 100.15.

Rupee plummets by 30 paise— at 76.83 against US dollar in early trade

New Delhi, Mar 13 () Stock market witnessed a halt in trading for the first time in more than 12 years on Friday morning after benchmarks hit circuit breakers on panic selling triggered by concerns over coronavirus pandemic.The BSE and NSE stopped trading for 45 minutes starting from little past 9.20 am.To curb excessive volatility, circuit breakers are triggered on the basis of three thresholds for stock movement -- 10 per cent, 15 per cent and 20 per cent. The BSE and the NSE compute the index circuit breaker limits for 10 per cent, 15 per cent and 20 per cent levels on a daily basis based on the previous day's closing level of the index rounded off to the nearest tick size, HDFC Securities said citing regulatory framework. For 10 per cent movement before 1 pm, trading is halted for 45 minutes. The break time is 15 minutes for 10 per cent movement between 1 pm and 2.30 pm while there would be no halt in case the same happens after 2.30 pm. As per norms, trading would be halted for 1.45 hours if there is 15 per cent movement before 1 pm and 45 minutes for such movement between 1 pm and 2 pm. Trading would be stopped for the day in case the 15 per cent movement is on or after 2 pm. Finally, a 20 per cent movement at any point of time would result in complete halt of trading for the day. Geojit Financial Services Chief Investment Strategist V K Vijaykumar said the last time there was a circuit freeze and trading halt was on January 22, 2008. There was also a brief trading halt on the National Stock Exchange on October 5, 2012 due to a freak trade. Before trading was halted on Friday, nearly Rs 13 lakh worth investor wealth evaporated in less than 15 minutes of market open. "Last time, we had a circuit freeze and halt to trading was on January 22, 2008 when the Sensex had its biggest till date loss of 1,408 points. This was also the first ever four-digit crash in the Sensex. The global financial crisis and fears about a global recession had caused the crash," Vijaykumar said.HDFC Securities Head of Retail Research Deepak Jasani said halting of trade is basically "cooling down period" for investors. RAM MKJ

Bourses halt trading for first time in 12 years

The Indian rupee continued its downward journey on Monday, sliding another 16 paise to 74.03 against the US <keyword id="35208" type="ORGANIZATION" weightage="20" keywordseo="dollar">dollar</keyword> in opening trade, tracking weak opening in domestic equities amid mounting fears of a coronavirus-led economic slowdown. Forex traders said weak opening in domestic equities and foreign fund outflows dragged the local unit. Though weakening of the American currency in the overseas market and easing crude oil prices supported the rupee, but traders believe there is mounting fears of recession in major economies due to the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> outbreak and this could weigh on the local unit. The rupee opened weak at 73.99 at the interbank forex market and then fell further to 74.03, down 16 paise over its last close. The rupee had settled at 73.87 against the US dollar on Friday. The overall confirmed cases on the mainland reached 80,735 by the end of Sunday which included 3,119 people who have died so far, 19,016 patients undergoing treatment and 58,600 patients discharged after recovery, China's <keyword id="6407801" type="COMPANY" weightage="20" keywordseo="national-health-commission">National Health Commission</keyword>, (NHC) said. <keyword id="144508" type="COMPANY" weightage="20" keywordseo="Brent">Brent</keyword> crude futures, the global oil benchmark, tanked 30 per cent to USD 31.69 per barrel. Foreign institutional investors (FIIs) remained net sellers in the capital markets, as they sold shares worth Rs 3,594.84 crore on Friday, as per provisional data. Stock markets plunged around Asia on Monday. Domestic <keyword id="58556" type="PERSON" weightage="20" keywordseo="bourses">bourses</keyword> opened on a negative note as well with benchmark indices Sensex trading 1474.42 points down at 36,102.20 and Nifty down 406.15 points at 10,583.30. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.82 per cent to 95.16. The 10-year government bond yield was at 6.07 per cent in morning trade.

Coronavirus: Rupee slides further by 16 paise as slowdown fears mount

Mumbai, Jun 12 () Private sector lender Yes Bank on Friday said it has received approval of leading bourses BSE and National Stock Exchange for re-classification of the promoter shareholding. Part of shareholding classified as "promoter shareholding" now stands at zero. The bank first informed the bourses during the day, saying Sebi has admitted its application for the de-classification of its founding promoters Rana Kapoor and Madhu Kapur families and firms linked to them. The two families' collective holding has dropped to only 1.42 per cent of the shareholding after the reorganisation of the shareholding following the over Rs 10,000 crore bailout of the struggling lender in March led by SBI in a scheme led by the central government. In the letter, Sebi said that the Reserve Bank had advised the bank to reclassification of the promoters through a communication dated May 20. "...reclassification is a procedural formality and a consequence of the scheme approved and notified by the central government," the letter from Sebi granting the exemption said. Later in the evening, the bank informed that both the leading bourses - BSE and NSE - have approved the reclassification of the promoter group. On May 30, Yes Bank had informed that it will reclassify its shareholding as the Madhu Kapur group had consented to be categorised as public stake holders. Following ouster of Rana Kapoor, who is in police custody on alleged charges of corruptions and financial mismanagement among others, Yes Bank is now led by State Bank of India alongside several private sector lenders after the initiation of the reconstruction scheme. Troubles at Yes Bank started after the death of Ashok Kapur who was killed in the 2008 terror attack at the Taj hotel in Mumbai. As a co-founder Rana Kapoor sought to control the bank hence entangling the lender into legal hurdles besides inviting strain into family relations. AA MR MR

Yes Bank gets bourses approval for re-classification of promoter shareholding

New Delhi, Feb 27 () The government's offer-for-sale (OFS) for selling up to 10 per cent stake in railway PSU RITES opened on stock exchanges on Thursday. The floor price for the OFS has been fixed at Rs 298, which is a discount of 6 per cent over Wednesday's closing price of Rs 318.05. The government is selling 5 per cent stake in the company, with an option to retain an over subscription of another 5 per cent, taking the total issue size to 10 per cent. The share sale opened for institutional investors on Thursday, while retail buyers can put in their bids on Friday. "For retail open on 28.02.20 with discount of Rs 8 over cut off price," Secretary in the Department of Investment and Public Asset Management (DIPAM) said in a tweet. Government currently holds 77.39 per cent stake in RITES and with this share sale the company would become compliant with Sebi's minimum public shareholding requirement. Shares of RITES were trading at Rs 302.45, down 4.90 per cent on BSE. JD DRRDRR

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