Author: Manu

India’s two stock exchanges, the NSE and the BSE, will observe a trading holiday on Monday, May 20. This rare closure comes in light of the fifth phase of the Lok Sabha elections, 2024, where Mumbai, the nation’s financial powerhouse, will be casting its votes. The decision underscores the critical nature of the elections, ensuring that both logistical and security concerns are addressed. Mumbai, home to the financial markets and the headquarters of the NSE and BSE, will see intense political activity as it participates in the fifth round of the general elections. All seven parliamentary constituencies in Mumbai and…

The Indian rupee strengthened to a three-week high against the US dollar on Friday, closing at Rs 83.33. According to Bloomberg data, this marked a 17-paise improvement from its previous close of Rs 83.50. The local currency’s ascent is attributed to banks’ persistent selling of the greenback, likely on behalf of foreign funds. The reason for this move was Shriram Finance Ltd’s significant stake sale. The financial entity offloaded its stakes in Shriram Housing Finance Ltd. to Warburg Pincus for a substantial Rs 4,630 crore, executed through Mango Crest Invest Ltd. This transaction resulted in robust dollar inflows, bolstering the…