Why RailTel Corporation shares rallied 86% in 3 sessions businesstoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstoday.in Daily Mail and Mail on Sunday newspapers.
Shares of RailTel Corporation of India (RailTel) rallied 17 per cent to Rs 142.45 on the National Stock Exchange (NSE) in intra-day trade on Monday after the institutional investors bought a stake in the company via open market on its debut day on Friday. The stock of the state-owned telecom infrastructure provider made a strong debut on the bourses as it got listed at a 28 per cent premium at Rs 120.60. With today’s rally, it has zoomed 52 per cent from its issue price of Rs 94. On Friday, February 26, Goldman Sachs India Fund and Nippon India Mutual Fund collectively bought 10.7 million equity shares of RailTel worth Rs 120 crore through block deals on the NSE, the exchange data shows.
Here are the top stocks that are likely to be in focus today:
Affle India: The company at its board meeting approved the fundraising of upto Rs 1,080 crore.
IOC: Indian Oil Corporation (IOC) will invest Rs 32,946 crore to expand Panipat refinery capacity to 25 million tonne per year from 15 million tonne per year earlier.
Auto stocks: Auto sales figures would start trickling in from March 1 onwards. Car and tractor makers are likely to report a strong set of auto sales numbers for the month of February, but growth in two-wheeler sales may not be as strong, according to analysts. Stock-specific action is expected in the auto companies on the back of these numbers.
Read more about RailTel Corp spurts after Goldman Sachs, Nippon MF acquire stake on Business Standard. RailTel Corporation of India surged 18.49% to Rs 143.85 after Goldman Sachs India Fund bought 37,09,685 shares (or 1.15% stake) of the company at an average price of Rs 113.57 per share on Friday (26 February 2021).
Updated Feb 20, 2021 | 09:21 IST
Interest on employee’s contribution towards Provident Fund (PF) account above Rs 2.5 lakh per annum will be taxable with effect from April 1. This will affect VPF investors Debt mutual funds v/s VPF: Which is better for high-salaried individuals post Budget rule-change | Photo Credit: Thinkstock
One proposal in the Union Budget 2021 which is likely to hit wealthy investors in voluntary provident fund (VPF) may prompt them to instead move to debt mutual funds.
According to the proposal which comes into effect on April 1, 2021, interest on employee’s contribution towards Provident Fund (PF) account above Rs 2.5 lakh per annum (which means the minimum basic salary of Rs 1.75 lakhs) will be taxable with effect from April 1. Earlier the interest earned on PF was exempt from tax.