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UBS bought over 81 lakh shares in IDFC Limited on Wednesday for Rs 88 crore through UBS Principal Capital Asia Limited via a block deal. The shares were purchased at a price of Rs 107.92 apiece.IDFC Limited shares will be suspended from trading with effect from Thursday, October 10 which is the record date for the merger of IDFC First Bank and IDFC.Post the merger, IDFC First Bank will witness a weight-up in the Bank Nifty index. The increase in weightage is likely to attract $ 39 million in the form of passive funds, according to a report by domestic brokerage firm Nuvama Institutional Equities.According to Nuvama, NSE indices will be making the necessary adjustments today during the last 30 minutes of trading. However, due to the adjustments, other constituents will experience a slight decrease in their respective weights.HDFC Bank and ICICI Bank are likely to witness an outflow of about $11 million and $10 million, according to the Nuvama research report.The existing Futures & Options (F&O) contracts for IDFC Ltd set to expire in October, November, and December 2024, will now expire today, i.e, October 9, 2024. These contracts will be settled physically, and physical delivery margins will be applied to open positions in accordance with the exchange policy.As per the merger scheme, IDFC shareholders will receive 155 fully paid-up equity shares of IDFC First Bank Ltd for every 100 shares they hold in IDFC Ltd, based on the record date of October 10, 2024.IDFC Ltd, established in 1997, is a financial services company in India that began by providing infrastructure financing and later diversified into asset management, investment banking, and other financial services.Shares of IDFC Ltd today ended at Rs 108 on the BSE, down by Rs 1.95 or 1.77% while IDFC Bank shares settled at Rs 72.50, down by 0.88%.Also Read: TCS Q2 results preview: Revenue may grow by up to 7.7% YoY while 8-10% uptick in PAT seen(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

In a nation of more than 140 crore people, there have been few businessmen with greater respect than Ratan Tata.Ratan Tata, the celebrated Indian industrialist and former chairman of Tata Sons, passed away on Wednesday at the age of 86.He stood out as a prominent business tycoon and philanthropist whose success story has profoundly impacted India’s economy. Often described as shy and a loner, Ratan Tata, one of India's most internationally-recognised business leaders, served as the chairman of 'Tata Group' for more than two decades when he retired at the age of 75 in 2012.Tata was one veteran industry leader with no massive controversy. Known for his business acumen, vision and strong work ethics, he turned his family business into an international empire. During his tenure, the group's revenues grew manifold, totalling over $100 billion in 2011-12.Also Read | Ratan Tata, the Tata Sons chairman emeritus, passes away at 86Ratan Tata: Humble beginnings and steady riseBorn in 1937 into the illustrious Tata family, Ratan Tata faced personal challenges early on, with his parents' separation at the age of 10 and subsequent upbringing by his grandmother. But this helped him inculcate resilience and a deep understanding of family values.Despite growing up in a luxurious home and with qualifications including a degree in architecture and structural engineering from Cornell University and the Harvard Advanced Management Program to his name, Ratan Tata rejected a job offer from IBM. He started working on the shop floor of Telco (now Tata Motors) in 1962 where he shoveled limestone and was a team member in the blast furnaces.Also Read: How Ratan Tata impacted millions beyond the boardroomHe built his career from the ground up, worked with different companies within the Tata Group and eventually became the director of National Radio and Electronics (NELCO) in 1971. It took him nine years to move from an apprentice to a director but he never shied away from working hard, showing unwavering commitment and dedication to understand the on-ground realities and nuances of the common man. He steadily rose through the ranks, honing his skills and gaining invaluable experience in diverse industries across the group.“Our grandmother taught us to retain dignity at all costs, a value that’s stayed with me until today.” – Ratan TataRatan Tata: The Risk TakerTake a look anywhere in India - there's one brand you will find almost everywhere - Tata. It would be hard to find a person in the country who has not used a Tata product or service. From Tata salt to Tata Motors - you name it, they have it. Tata is perhaps India's most ubiquitous brand.But this journey was far from easy. Despite odds, Ratan Tata showed rare courage and pulled off big acquisitions.In 1991, when Ratan Tata took over from JRD Tata as Chairman of Tata Sons and Chairman of the Tata trusts, he began restructuring of the Tata group at a time when the Indian economic liberalisation was under way.Also Read | Ratan Tata passes away at 86; meet his successors, the next-gen Tata scionsThe growth and globalisation drive of the Tata group gathered pace under his stewardship and the new millennium saw a string of high-profile Tata acquisitions. Among them were Tetley for $431.3 million, Corus for $11.3 billion, Jaguar Land Rover for $2.3 billion, Brunner Mond, General Chemical Industrial Products and Daewoo for $102 million.These daring moves under Ratan Tata's astute leadership helped the Tata group to expand its global footprint, reaching over 100 countries, thus giving a significant boost to the Indian industrial sector. He has been credited with turning Tata from a largely India-centric company into a global business.The company also bought hotels, chemical companies, communications networks and energy providers around the world.Moreover, the returning of Air India back into the Tata fold was widely seen as a way of honouring his forefathers, as it was founded by his uncle and mentor Jehangir Ratanji Dadabhoy Tata in 1932."The biggest risk is not taking any risk. In a world that is changing quickly, the only strategy that is guaranteed to fail is not taking risks."Ratan Tata’s Mass connectYou can hardly cross a street in India without seeing a Tata truck, bus or SUV.Ratan Tata tapped into the pulse of the Indian market to understand people's needs and daily lives. He led initiatives like the Tata Nano, world's cheapest car designed for affordability and mass mobility, and not to forget Tata Indica, a pioneering attempt at creating a truly Indian car.“I remember seeing a family of four on a motorbike in the heavy Bombay rain — I knew I wanted to do more for these families who were risking their lives for lack of an alternative," Tata had recalled, giving the reason why he decided to come up with Tata Nano. This reflected Ratan Tata's unwavering belief in empowering the common man."The greatest pleasure I've had is trying to do something, everybody says 'could not be done.'"- Ratan TataRatan Tata: A Lifetime of givingRatan Tata's vision extended beyond profit. He was deeply committed to social responsibility and sustainability. Ratan Tata ranked 433 in the IIFL Wealth Hurun India Rich List 2021. This perhaps was because he was also one of the most generous philanthropists.His foundation Tata Trusts, one of India's largest charitable organisations, has built technology centres to provide scholarships to students and support projects related to healthcare, education, rural development and sustainable living. He also donated Rs 500 crore when the world was fighting the deadly pandemic, a move that earned him numerous praises.Ratan Tata also donated $50 million to his alma mater, Harvard Business School for building an executive center. The Tata Trusts have financed many educational institutes such as the Indian Institute of Science and various IIM campuses.In the aftermath of the deadly 26/11 attacks in Mumbai, Ratan Tata set up the ‘Taj public Service Welfare Trust’ to help the victims and their families get rehabilitated.The visionary industrialist also invested in a startup that connects senior citizens with young graduates for meaningful friendships. He had backed over 50 startups including eyewear retailer Lenskart, digital payments brand Paytm, electric vehicle startup Ola Electric Mobility and online stock trading platform Upstox.His love for dogs needs no introduction. Tata Sons' global headquarters at Bombay House is home to several strays who are looked after by the group.Ratan Tata also found his assistant Shantanu Naidu through their mutual love for dogs. Naidu connected with Tata when he sought funding for his first startup, Motopaws, a social enterprise that provided reflective collars for street dogs.In 2021, social media users were full of praise for Ratan Tata when he travelled from Mumbai to Pune to visit a former employee who had been unwell for two years.The government recognised his contributions to the industry and society and awarded him with Padma Bhushan in 2000 and the Padma Vibhushan in 2008, both of which are among India's highest civilian awards. He had also received honorary doctorates from several universities in India and overseas.A revered figure in India, Ratan Tata's unpralled legacy is multi-faceted.

A small negative candle was formed on the Nifty daily chart with a long upper shadow. Technically, this market action signals rejection of bulls at the hurdles. Hence, this pattern could mean chances of further softness in the market.The short-term trend of Nifty is still positive, but the display of lack of strength in the present upside bounce is likely to result in further weakness near recent lows, before showing another round of upmove. Immediate resistance to be watched at 25,250, said Nagaraj Shetti of HDFC Securities.In the open interest (OI) data, the highest OI on the call side was observed at 25,100 and 25,000 strike prices, while on the put side, the highest OI was at 25,000 strike price followed by 24,900.What should traders do? Here’s what analysts said:Jatin Gedia, SharekhanOn the daily charts, we can observe that Nifty is in a pullback mode after correcting 1,500 points. we believe that the pullback is not complete and there is scope for further upside till 25,350 – 25,500. Hence the intraday corrections should be used as a buying opportunity. One should keep a stoploss of 24,800 for the long positions.Hrishikesh Yedve, Asit C Mehta Investment IntermediatesTechnically, on the daily chart, the index formed a small red candle followed by an insider bar candlestick and is still holding above short-term trend line support. As long as the index holds above the low of 24,690, levels of 25,150–25,350 could be possible. However, a close below 24,690 could lead to a fresh breakdown.Rupak De, LKP SecuritiesThe Nifty opened higher but struggled to maintain gains, leading to a weaker close. On the hourly chart, the index closed just above the 20DMA, indicating that the very short-term trend remains positive and is likely to stay so as long as it holds above 24,940. However, a drop below 24,940 could trigger a correction down to 24,800/24,700. On the upside, 25,100 may act as resistance.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)