Mukesh Ambani may have disappointed analysts and media by not mentioning anything about the much-anticipated initial public offers, listings of Reliance Retail and RJio, but he certainly pleased the investor community by announcing a bonus share issue of 1-for-1.

It surprised many, albeit pleasantly, because a bonus issue at this juncture was not really on the cards. However the company generates healthy cash flows and rewarding shareholders should not be difficult.

A stock market veteran, who is frequently quoted in the media, captured the market sentiments accurately, “That’s why I call him Mu-’Cash’ ... hain bhai hero worship .. us bande ne mera portfolio badhaya hai“ (yes it is hero worship.. the gentleman is responsible for my portfolio appreciation).

Modi’s retort

Prime Minister Narendra Modi didn’t hold back at the Global FinTech Festival in Mumbai on Friday, taking a cheeky swipe at former Finance Minister P. Chidambaram over the meteoric rise of UPI in India.

In classic Modi style, he quipped, “Some parliamentarians (read: Chidambaram) objected there are no banks, internet, or electricity in villages. They think they were first in line when Maa Saraswati was distributing sense!”

The PM’s playful jab comes as a response to critics who doubted the feasibility of digital payments in India’s rural landscape. Modi’s quick wit reminds us that sometimes, the best comebacks are served with a slice of humour.

Unending NSE IPO saga

There is buzz again over the NSE’s long-awaited IPO, which could raise a staggering ₹28,000-30,000 crore, making it the largest since LIC and Paytm.

But with the co-location case still looming in the Supreme Court and no clear timeline for resolution, market insiders say NSE’s IPO could still be a year away.

Meanwhile, NSE is busy with a bonus share issue, but this too will have its twists and turns. All eyes are now on SEBI!

Jio centre too small?

With over 50,000 footfalls and 300 plus exhibitors, the three-day Global Fintech Festival’s venue — Jio World Convention Centre, possibly the biggest such centre in the country, was swarming with participants, local as well as foreign. The Festival has attained such a scale that exhibitors are almost packed like sardines in the designated area.

One cannot walk through the aisle in the exhibition area without brushing against others. Participants have to join long queues to get lunch.

Reaching and exiting the venue was a costly affair. with autos and cabbies charging twice-thrice the normal fare. At a fireside chat with Christopher J. Waller, Member of the Board of Governors of the Federal Reserve System, P Vasudevan, Executive Director, RBI, suggested that the next edition of GFF should be held in Las Vegas, which boasts of one of the world’s largest convention centres.