Power Grid Raises Capex to ₹23,000 Crore Amid Rising Electricity Demand

State-run Power Grid Corporation of India Limited (PGCIL) has revised its capital expenditure target for the current financial year to ₹23,000 crore, a significant increase from the previously set ₹18,000 crore. The move comes amid rising electricity demand and the company’s growing portfolio of transmission projects.

PGCIL currently has transmission projects worth ₹1,47,000 crore in progress. The company has also outlined its future capital expenditure plans, projecting ₹28,000-30,000 crore for FY26 and ₹35,000 crore for FY27, indicating a continued focus on expanding India’s power transmission infrastructure.

Breakdown of Capex Allocation

The company is investing heavily in projects awarded through different bidding mechanisms. Of the ₹23,000 crore allocated for FY25:

  • ₹14,209 crore is being spent on projects secured through tariff-based competitive bidding (TBCB)
  • ₹3,914 crore is allocated to projects under the Regulated Tariff Mechanism (RTM)

Previously, PGCIL had planned a capital expenditure of ₹20,000 crore each for FY26 and FY27, but the company has now increased its investment by nearly ₹10,000 crore, highlighting the scale of infrastructure development required to meet growing electricity needs.

Key Transmission Projects

PGCIL is actively involved in both interstate and intrastate transmission projects, ensuring efficient power evacuation for India’s growing renewable energy sector. Among its major projects, the company is executing two high-voltage direct current (HVDC) transmission lines:

  • Khavda to Nagpur HVDC Line – ₹35,000 crore project
  • Pang to Leh HVDC Line – ₹20,000 crore project

Both projects are expected to be completed over the next five years.

HVDC technology allows precise control over power flow, making it a preferred choice for managing India’s transmission network, especially with the increased integration of renewable energy sources. The government is encouraging HVDC deployment due to its ability to stabilise grids and efficiently transmit power over long distances.

PGCIL’s Strategic Expansion

PGCIL’s increased capital expenditure aligns with India’s push for strengthening power transmission infrastructure and supporting the nation’s renewable energy transition. The company continues to execute large-scale projects that will enhance grid stability and ensure seamless power distribution across the country.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Top Midcap and Smallcap Mutual Funds by Lump Sum Investment Returns

Midcap and smallcap mutual funds invest in medium- and small-sized listed businesses. Stocks ranked from 101st to 250th by market capitalisation fall under the midcap segment, while those ranked 251st and beyond are categorised as smallcaps.

According to data from the Association of Mutual Funds in India (AMFI), eight top-performing midcap and smallcap funds have outperformed their respective benchmarks—Nifty Midcap 150 TRI (23.30% annualised return) and Nifty Smallcap 250 TRI (24.57% annualised return). These schemes have rewarded investors with annualised returns ranging from 25% to 39% in the last five years, with a one-time investment of ₹75,000 appreciating to ₹2,30,000-₹3,92,000.

Top 8 Midcap and Smallcap Mutual Funds

Here are the top eight mutual funds based on their 5-year returns:

Midcap Funds

  1. Quant Mid Cap Fund – Delivered an annualised return of 30.09%, with a lump sum investment of ₹75,000 growing to ₹2,79,000.
  2. Motilal Oswal Midcap Fund – Generated a 27.72% annualised return, translating ₹75,000 into ₹2,55,000.
  3. Edelweiss Mid Cap Fund – Yielded a 25.97% annualised return, growing ₹75,000 to ₹2,38,000.
  4. HDFC Mid-Cap Opportunities Fund – Provided an annualised return of 25.17%, turning ₹75,000 into ₹2,30,000.

Smallcap Funds

  1. Quant Small Cap Fund – Led the smallcap segment with a 39.17% annualised return, growing ₹75,000 into ₹3,92,000.
  2. Nippon India Small Cap Fund – Achieved a 29.63% annualised return, with a corpus increase to ₹2,75,000.
  3. Bank of India Small Cap Fund – Recorded a 29.25% annualised return, growing ₹75,000 to ₹2,71,000.
  4. Tata Small Cap Fund – Provided a 27.72% annualised return, turning ₹75,000 into ₹2,55,000.

Benchmark Performance Comparison

The midcap and smallcap mutual funds listed above have consistently outperformed their respective benchmarks:

  • Nifty Midcap 150 TRI: 23.30% annualised return
  • Nifty Smallcap 250 TRI: 24.57% annualised return

The above mutual funds have demonstrated robust growth in the past five years, significantly outperforming benchmark indices.

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Did Jio Buy Hotstar: Merger Deal Amount and Ownership Details

In a landmark move reshaping India’s entertainment industry, Reliance Industries and The Walt Disney Company have merged their streaming services, JioCinema and Disney+ Hotstar, to launch a unified platform named JioHotstar. This strategic alliance, valued at roughly $8.5 billion, positions JioHotstar as a formidable contender in the nation’s burgeoning over-the-top (OTT) market.

Merger Details and Ownership Structure

The merger, finalised on November 14, 2024, resulted in the formation of a joint venture where Reliance holds a 63.16% stake, and Disney owns the remaining 36.84%. This collaboration consolidates their digital assets, including over 120 television channels and two streaming services, under the JioHotstar brand. Nita Ambani serves as the chairperson of the new entity, with media veteran Uday Shankar as vice-chairperson.

Unified Content Library and Subscription Model

JioHotstar amalgamates the extensive content libraries of both JioCinema and Disney+ Hotstar, offering users a vast array of entertainment options. Subscribers can access a diverse range of content, including Bollywood films, international movies, regional programming, and exclusive sports events. The platform has introduced flexible subscription plans, starting at ₹149, with an ad-free premium version available for ₹499 for a 3-month period.

Strategic Focus on Sports Streaming

A significant aspect of this merger is the consolidation of sports streaming rights. JioHotstar now holds exclusive digital rights to major sporting events, including the Indian Premier League (IPL), International Cricket Council (ICC) tournaments, and English Premier League football. The platform plans to implement a hybrid streaming model, offering free access up to a certain threshold, after which a subscription will be required. This approach aims to attract a broad audience while encouraging long-term subscriptions.

Leadership

The digital division of JioHotstar is led by Kiran Mani, a former Google executive who oversees the platform’s operations and strategic direction. With a combined user base exceeding 500 million, JioHotstar is poised to redefine the OTT landscape in India, offering a comprehensive entertainment hub that caters to diverse viewer preferences. The merger signifies a strategic move to capitalise on India’s growing demand for digital content, positioning JioHotstar as a central player in the competitive streaming market.

Impact on Existing Subscribers

Current subscribers of JioCinema and Disney+ Hotstar will experience a seamless transition to JioHotstar. Their existing plans will remain valid, but access will now be through the JioHotstar app and website. This integration ensures that users retain their subscriptions while benefiting from an expanded content library and enhanced streaming experience.

This collaboration between Reliance and Disney not only enhances their market presence but also sets a new benchmark for content delivery and user engagement in India’s dynamic digital entertainment sector.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Ola Consumer Reports EBITDA Profitability in FY24 Despite Revenue Decline

Ola Consumer, which is preparing for an initial public offering, reported a decline in its total revenue for the financial year ending March 2024. The company’s revenue from operations and other income stood at ₹2,368 crore, compared to ₹3,000 crore in FY23, marking a 21% decline year-on-year.

The standalone revenue of ANI Technologies, which operates Ola Cabs, was ₹1,906 crore in FY24, down from ₹2,135 crore in FY23. Despite the decline in revenue, Ola Consumer reported EBITDA profitability in its mobility and financial services segments. EBITDA, excluding discontinued operations, increased significantly to ₹271 crore from ₹87 crore in the previous year.

Expansion Across Mobility and Financial Services

Ola Consumer rebranded from Ola Cabs last year to reflect its expansion beyond ride-hailing. The company has introduced several initiatives to strengthen its business and improve operational efficiency.

The company launched a premium ride-hailing service and expanded its two- and three-wheeler ride-hailing operations to Tier-II and Tier-III cities. It is also increasing the adoption of electric vehicles, aiming to lower operational costs and attract more drivers to its platform. The use of electric vehicles is expected to help improve affordability for consumers while ensuring better unit economics for the company.

Ola Consumer also introduced a rewards programme in August 2024, allowing users to earn incentives on transactions across its services.

E-commerce and Logistics Expansion

The company has expanded its presence in food delivery, groceries, and related commerce through the Open Network for Digital Commerce. Currently, it fulfils over 80 percent of last-mile logistics requests on the network. In addition to last-mile delivery services, the company plans to offer automated and AI-enabled warehousing solutions for businesses looking to optimise inventory management.

Ola Consumer is also working on onboarding more sellers to build its catalogue depth on the Open Network for Digital Commerce. The company is developing an artificial intelligence-based shopping co-pilot that aims to provide a seamless shopping experience across various platforms.

Financial Services Growth

In financial services, Ola Consumer launched a unified payments interface on its platform, enabling users to make digital payments for rides, food, and groceries. The company has also expanded into personal loans through Ola Financial Services, leveraging its access to premium customers with strong credit profiles.

Conclusion

With its focus on mobility, financial services, e-commerce, and logistics, Ola Consumer is working towards diversifying its revenue streams ahead of its initial public offering. The company continues to expand its services and enhance operational efficiencies to strengthen its position in the market.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

HDFC Life Raises ₹1,000 Crore via Subordinated Debt Debentures

HDFC Life Insurance Company Limited has successfully raised ₹1,000 crore through the issuance of unsecured, non-convertible debentures. The company’s 52-week high was at ₹760.95, while the 52-week low was ₹511.10.

The Capital Raising Committee approved the allotment of 1,00,000 debentures, each carrying a face value of ₹1,00,000. The debentures have a tenure of 10 years and are set to mature on February 14, 2035. They carry a fixed coupon rate of 8.10 per cent per annum, with interest payments scheduled to begin annually from February 2026.

The issue has received a AAA stable rating from ICRA Limited and CARE Ratings Limited, 2 of India’s major credit rating agencies, reflecting the company’s strong creditworthiness.

Regulatory Compliance and Listing

As per the regulatory filing, the debentures will be listed on the Wholesale Debt Market segment of the National Stock Exchange of India Limited. The issuance complies with the regulations set by the Insurance Regulatory and Development Authority of India for capital structure management.

The company has clarified that the debentures are unsecured and do not carry any form of guarantee. They prioritise the claims of policyholders and other creditors over debenture holders. The issue was conducted on a private placement basis, with all securities issued in dematerialised form to identified investors.

The listing on the exchange will enable greater transparency and liquidity for institutional investors. By offering fixed returns over a long-term period, these debt instruments provide an option for investors seeking stable income from a highly rated financial entity.

Strengthening Capital Base

The capital raised through this issuance forms a part of HDFC Life’s broader financial strategy aimed at strengthening its capital base. With rising regulatory requirements and evolving market conditions, the move enables the company to reinforce its financial position while maintaining adequate solvency levels.

The life insurance sector in India has seen increased capital-raising activities in recent years as companies seek to expand their operational scale and product offerings. By issuing subordinated debt, HDFC Life is securing long-term funding that can support future growth while optimising its capital structure.

With this latest round of fundraising, the company remains well-positioned to meet its long-term objectives while complying with regulatory capital requirements.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

India’s New Income Tax Bill Grants Authorities Broad Digital Access

India’s New Income Tax Bill Grants Authorities Broad Digital Access

Summary: India’s proposed Income Tax Bill, 2025, seeks to grant tax authorities access to taxpayers’ digital records, including social media accounts.

The Indian government has introduced the Income Tax Bill, 2025, aiming to replace the existing Income Tax Act, 1961. Among the significant changes proposed, the bill grants tax authorities explicit powers to access a taxpayer’s digital records, online financial accounts, and virtual assets during searches.

Expanded Digital Access for Authorities

The proposed bill grants tax authorities access to emails, social media accounts, trading platforms, and cloud storage, areas that were not explicitly covered under the existing law. Finance Minister Nirmala Sitharaman stated that the objective is to modernise the income tax framework and enhance enforcement measures.

Legal experts, however, have expressed concerns about the broad scope of these powers and their implications for taxpayer privacy. They argue that without clear safeguards, the expanded access could lead to potential misuse and excessive scrutiny of personal data.

What Changes Under the New Bill?

Currently, tax authorities have been requesting access to laptops, hard disks, and emails as part of investigations, but this has been subject to legal challenges due to the lack of clear legislative backing. The new bill eliminates any ambiguity by including “virtual digital space” as a recognised category that can be examined during searches.

The definition of virtual digital space includes:

  • Email servers
  • Online trading and investment accounts
  • Banking accounts
  • Social media platforms
  • Cloud storage and digital applications

If a taxpayer refuses to provide access, authorities will have the power to override system restrictions and access the necessary records.

Concerns Over Privacy and Compliance

While the government maintains that these measures are essential for curbing tax evasion and financial fraud, legal and privacy experts have flagged several concerns.

One major issue is the potential for misuse. Granting tax authorities direct access to personal and financial accounts without sufficient safeguards could lead to overreach and unnecessary scrutiny. Without clear procedural limitations, individuals could be subjected to investigations that extend beyond tax matters.

Another concern is the potential violation of privacy. Unlike earlier tax laws that focused on physical documents and assets, this bill allows authorities to examine private social media interactions and cloud-based financial data. Legal experts argue that this expansion of scope could be intrusive and may require additional oversight to prevent excessive surveillance.

The legal implications of the bill are also under discussion. Since it extends investigative powers beyond existing frameworks, it may face legal scrutiny regarding data protection laws and constitutional rights. The ability of tax authorities to override access restrictions raises questions about how taxpayer rights will be safeguarded.

Road Ahead

The bill is set to be reviewed by a parliamentary select committee before any final approval. While its proponents argue that it strengthens tax compliance, critics emphasise the need for clear guidelines to prevent unwarranted surveillance and taxpayer harassment.

As India moves towards greater digitisation in financial governance, finding a balance between tax enforcement and privacy rights will be crucial in determining the effectiveness of this law. The outcome of the parliamentary review will likely shape how these powers are implemented and whether additional safeguards will be introduced.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Bajaj Finserv Share Price Update: Marginally Up on February 14, 2025

As of 10:17 AM IST on February 14, 2025, Bajaj Finserv Ltd.’s share price reached ₹1,865.60 up 0.9% from yesterday’s close of ₹1,849.25 per share. While the market movement was marginal, the company’s ongoing discussions with Germany’s Allianz SE could shape its long-term strategy.

Bajaj Finserv’s Push for Control

Bajaj Finserv is negotiating to buy out Allianz SE’s 26% stake in their life and general insurance joint ventures. In October 2024, Bajaj Finserv informed the stock exchanges that Allianz was “actively considering” an exit.

Sanjiv Bajaj, chairman and managing director of Bajaj Finserv, emphasised in an interview with Bloomberg TV, the company’s leadership stance, stating, “You can have only one captain of the ship. We are the captain of this ship, and we’ve run this ship well.” While he acknowledged that the partnership has performed well, he highlighted the need for greater control over operations.

Regulatory Changes and Market Outlook

These developments coincide with recent regulatory changes. The Union Budget proposed increasing the foreign direct investment (FDI) limit in the insurance sector to 100%. If Allianz SE decides to exit, Bajaj Finserv could have an opportunity to consolidate its holdings in these ventures.

Sanjiv Bajaj also expressed optimism about the broader financial sector, particularly in the wake of tax concessions announced in the budget. He noted that increased disposable income and savings could drive demand for loans, forecasting a 20%-25% growth in lending to individuals.

Inclusion in RBI’s Upper Layer Framework

Bajaj Finance, a key subsidiary of Bajaj Finserv, was recently included in the Reserve Bank of India’s “upper layer” of non-banking financial companies (NBFCs). This classification subjects it to tighter regulatory oversight, aligning it more closely with banks.

While this move increases compliance requirements, Bajaj sees it as a positive step, stating that NBFCs no longer need to transition into banks to expand. Instead, the new framework allows shadow lenders to grow within a regulated structure.

Conclusion

Bajaj Finserv’s push to gain full control over its insurance ventures reflects its long-term growth strategy. With regulatory changes opening new avenues and financial sector reforms supporting credit expansion, the company remains well-positioned to navigate evolving market dynamics.

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Rashmi Saluja Removed as Director of Religare Enterprises After Shareholder Rejection

Religare Enterprises has announced that its Executive Chairperson, Rashmi Saluja, is no longer a director on the company’s board. The decision follows a shareholder vote at the company’s 40th Annual General Meeting (AGM) held on February 7, 2025, where 97% of the votes cast were against her reappointment.

According to a regulatory filing, Saluja ceased to be a Non-Independent Director with effect from February 7, 2025. Religare, a Non-Banking Financial Company (NBFC), is regulated by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). Following an RBI clarification received on Thursday, the company confirmed her removal from the board.

Burmans’ Open Offer and Regulatory Developments

The Burman family’s open offer to acquire an additional 26% stake in Religare commenced on January 27, 2025, after obtaining regulatory approvals. However, a competing offer from US-based investor Danny Gaekwad led to a Supreme Court intervention.

Minority shareholder Sapna Rao and US-based investor Danny Gaekwad have filed two separate Special Leave Petitions against SEBI. Gaekwad had made a counter-open offer to acquire a stake in Religare Enterprises at ₹275 per share, against the Burman family’s ₹235 per share offer.

The legal challenges and competing bids have added further complexity to the ongoing ownership battle over Religare Enterprises. The open offer is for the acquisition of up to 9,00,42,541 fully paid-up equity shares, each with a face value of ₹10, representing 26% of Religare’s expanded voting share capital.

As of September 30, 2024, the Burman family, through its entities—Finmart Private Ltd, Puran Associates Private Ltd, VIC Enterprises Private Ltd, and Milky Investment & Trading Company—held a collective 25.12% stake in Religare. If the open offer is fully subscribed, their stake would rise to 53.94%.

Regulatory and Governance Developments

In September 2023, the Burman family, which promotes Dabur India and has interests in other businesses, announced a ₹2,116-crore open offer to acquire 26% of Religare. Soon after, the Burmans raised concerns with SEBI, alleging violations of insider trading rules by Saluja and claiming she had appointed board members of her choice.

Religare’s independent directors contested these allegations, raising concerns about potential regulatory breaches by Burman family entities. They escalated the matter to SEBI, RBI, and the Insurance Regulatory and Development Authority of India (IRDAI), and the shareholder decision, along with ongoing regulatory developments, is expected to shape the future governance structure of Religare Enterprises.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in securities market are subject to market risks, read all the related documents carefully before investing.

Prudential Hires Citigroup for ICICI Prudential Asset Management’s India IPO

Prudential Plc is working with Citigroup Inc. on a potential initial public offering (IPO) of its Indian unit, ICICI Prudential Asset Management Company according to news sources. The proposed listing could raise approximately ₹8,000 crore, though discussions are still in early stages, and details may evolve. Additional banks are expected to join the process as it progresses.

ICICI Prudential Asset Management is a joint venture between ICICI Bank, India’s second-largest private-sector lender, and Prudential Plc, a UK-based insurer.

According to news reports, Prudential Plc has stated that it is evaluating a partial divestment of its holding in ICICI Prudential Asset Management, with the intent to return proceeds to shareholders. ICICI Bank has indicated that it plans to retain a majority stake in the asset management company after the listing.

India’s IPO Market and Prudential’s Broader Strategy

Fundraising via IPOs in India hit another landmark as economic growth, favourable market conditions, and improvements in the regulatory framework helped companies raise a record ₹1.6 lakh crore in 2024. Hyundai Motor India’s historic IPO, the largest in the country’s history, raised ₹27,870 crore.

India remains a key market for public listings, with significant capital inflows making it the second-largest IPO market globally after the US. Given the strong demand for new listings, ICICI Prudential Asset Management’s potential IPO could attract significant interest from investors.

Prudential Plc is also exploring strategic options for its Asian asset management arm, Eastspring Investments. This may include selling a minority stake to support the business’s expansion, as reported by Bloomberg News.

Conclusion

The proposed IPO of ICICI Prudential Asset Management is set to be a significant development in India’s asset management industry. If successful, the listing will provide Prudential Plc with an opportunity to unlock value from its investment while ensuring that ICICI Bank continues to retain control over one of India’s leading asset managers.

The offering could also create substantial liquidity for existing shareholders, allowing them to monetise their stakes while enhancing the company’s overall market positioning. As India’s asset management sector continues to expand, driven by rising retail participation and increased interest in mutual fund investments, the timing of the IPO aligns with broader industry trends and ICICI Prudential Asset Management’s entry into the public market could further strengthen investor confidence in the sector.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in securities market are subject to market risks, read all the related documents carefully before investing.

Indian Stock Market to See More Than ₹50,000 Crore Share Unlock as Lock-In Periods Expire

The Indian stock market will see a large number of shares becoming available for trade as lock-in periods for 62 companies end between February 12 and April 10. As per Nuvama Alternative & Quantitative Research, the total value of these unlocked shares is estimated to be more than ₹50,000 crore. While this may add to the market supply, many of these shares are still held by promoters and key investors, meaning they may not be sold immediately.

1-Month Lock-In Expirations

In the next few weeks, several companies will have their pre-listing shareholder restrictions lifted.

These unlocks may increase trading volumes depending on investor activity.

3-Month Lock-In Expirations

Beyond the next month, 21 more companies will have shares becoming available in the market.

These releases may bring more liquidity into the market, though the actual impact will depend on whether investors sell or hold their shares.

Conclusion

Even though a large number of shares are becoming available, not all of them will be sold immediately. Many of these shares are still held by institutional investors and promoters who may choose to hold on to them. The effect on stock prices and trading volumes will depend on market sentiment at the time of the unlocks. The unlocking of shares may influence market dynamics in multiple ways.

Market participants will be watching these expirations closely to see how they affect liquidity and stock movements in the Indian markets.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in securities market are subject to market risks, read all the related documents carefully before investing.