July 7 Public Holiday: Muharram Observance May Affect Schools, Markets, Banks, And Exchanges
Muharram, marking the beginning of the Islamic New Year, is expected to be observed in India on either July 6 or 7, 2025, depending on the moon sighting. While the official date is currently listed as July 6, it may shift to July 7 if the moon is not sighted in time.
Closures on Muharram Observance
On the day of observance, schools, colleges, government offices, post offices, and many private offices across India will remain closed. The public holiday applies to most regions of the country and is recognized as a day of national significance.
Banks and financial institutions will also shut operations on the day of Muharram, affecting public banking services. Citizens are advised to complete essential transactions ahead of time.
Stock Markets and Commodity Exchanges Closed
Both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) will remain closed for trading on Muharram. The suspension will affect all segments, including equity, equity derivatives, SLB (Securities Lending and Borrowing), currency derivatives, and interest rate derivatives.
The Multi Commodity Exchange (MCX) will remain shut during the morning session on the day of Muharram. However, trading will resume in the evening session from 5:00 PM to 11:30/11:55 PM.
Significance of Muharram in Islam
Muharram is one of the four sacred months in the Islamic calendar. The 10th day, known as Ashura, is particularly significant for Shia Muslims, who mourn the martyrdom of Imam Hussein ibn Ali, the grandson of Prophet Muhammad, at the Battle of Karbala in 680 AD.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
2 hours ago
- Mint
NSE to introduce liquidity enhancement scheme for upcoming electricity futures
The National Stock Exchange on Friday in an attempt to increase participation in the upcoming electricity futures contracts announced a liquidity enhancement scheme for the segment. In a circular on June 27, the NSE announced that the enhancement scheme will be effective from July 11. 'NSE is now pleased to introduce LES in Electricity Futures (Monthly Base Load) with effect from July 11, 2025, to encourage active participation and market development,' it said. The exchange — the largest in terms of market share in both derivative and cash segments — in May had received a green signal from the regulators to launch electricity futures contracts. The NSE has been focussing more on the segment, given the demand of power derivatives in the global market. Electricity futures are a financial contract whereby participants can lock the prices of electricity on a particular day for a certain month in the future. People who can trade in this future can include trading member, corporate buyer, generator, trader, or financial institution approved by the SEBI. No actual power is delivered through electricity futures. In its Friday circular, the NSE said that trading members who are interested in providing continuous quotes as Market Makers (MM) are required to register with the exchange. 'The exchange will appoint two Market Makers (MM1 & MM2) for Electricity Futures contract based on a competitive bidding procedure. The successful bidder shall be appointed as MM for a period of 6 months from the date of launch of LES on Electricity Futures,' it said. The interested people must register with the exchange by July 2, it said. In terms of incentives, Market Maker 1 will be eligible for a monthly incentive of ₹ 85 lakh, and Market Maker 2 will get ₹ 45 lakh provided they meet all quoting conditions. NSE specifies four criteria to become a market maker to trade in electricity futures: 1. Net worth of ₹ 5 crore. 2. No serious disciplinary action against the member in the last year. 3. Member should have algo registration in commodity derivatives segment. 4. The member (or group entity) must demonstrate a reasonable understanding, experience in or ownership of assets, companies, customers, or plants in at least one segment of electricity sector value chain, including generation, transmission, distribution, power trading, equipment supply, or Engineering, Procurement and Construction (EPC).
Economic Times
6 hours ago
- Economic Times
IPO watch: Which Indian startups are next to hit the stock market?
The last few months have seen a surge in startups and new-age internet firms preparing for initial public offerings (IPOs), with some already filing their draft papers and others nearing completion of the process. Wakefit, a mattress and furniture maker, and Pine Labs, a merchant payments company, are the latest in the series of firms to file their IPO papers. The companies poised to enter the stock market belong to a wide range of sectors, from fintech to consumer goods and logistics. Here's a list of the companies in the run and their IPO plans: Companies that have filed IPO papers Wakefit: The company filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi), aiming to raise Rs 468 crore through a fresh issue. The funds will be used to open 118 new retail outlets and upgrade existing ones. The IPO also includes an offer-for-sale (OFS) component. Groww: This online investment platform has filed its DRHP confidentially. The IPO is estimated to be worth $700 million to $1 billion, and the shares will be listed on the NSE and BSE. Pine Labs: The Noida-based payments company is looking to raise Rs 2,600 crore through a fresh issue and an OFS of up to 147.8 million shares. It is backed by major investors like Mastercard, PayPal, and Temasek and is targeting a valuation of $4–$5 billion. Also Read: Decoding Pine Labs' DRHP: Fintech aims to raise Rs 2,600 crore via an IPO Shiprocket: Backed by Zomato and Temasek, this ecommerce enablement platform filed its IPO papers confidentially in May. It aims to raise Rs 2,000–2,500 crore, including a fresh issue of Rs 1,000–1,100 crore. Urban Company: The at-home services platform filed its DRHP in April for a Rs 1,900 crore IPO. This includes a Rs 429 crore fresh issue and a Rs 1,471 crore OFS by investors like Accel and Tiger Global. Boat: The parent company, Imagine Marketing, filed confidential IPO papers earlier this year. The company, however, said that this doesn't necessarily mean that it will launch the IPO. Boat is likely targeting a valuation exceeding $1.5 billion, which may change closer to the IPO filing date. Capillary Technologies: The customer engagement and loyalty provider filed for an IPO, including a Rs 430 crore fresh issue and an OFS of 18.3 million shares. This marks its second attempt at going public after shelving plans in 2021. Companies preparing to file IPO papers Meesho : The ecommerce platform has received shareholder approval to raise Rs 4,250 crore (about $500 million) through a fresh issue. Having recently shifted its domicile back to India, it is expected to file its DRHP in the next few weeks. Lenskart: Back in February, ET reported that the eyewear brand is planning a $1 billion IPO, with a target valuation of around $10 billion. The SoftBank-backed company has already converted into a public limited entity. Shadowfax: ET reported on Friday that this logistics startup plans to file its DRHP confidentially within a month. The IPO is expected to raise Rs 2,000–2,500 crore, with around half as a fresh issue. Zetwerk: The manufacturing unicorn plans to go public within the next 12 to 24 months and will start preparations for its listing in the ongoing fiscal year, founder and chief executive Amrit Acharya told its employees in April. PhonePe: The digital payments giant is aiming for a $1.5 billion IPO later this year, with plans to file its DRHP by August. The expected valuation is around $15 billion, up from $12 billion in 2023.
NDTV
7 hours ago
- NDTV
July 7 Public Holiday: Muharram Observance May Affect Schools, Markets, Banks, And Exchanges
Muharram, marking the beginning of the Islamic New Year, is expected to be observed in India on either July 6 or 7, 2025, depending on the moon sighting. While the official date is currently listed as July 6, it may shift to July 7 if the moon is not sighted in time. Closures on Muharram Observance On the day of observance, schools, colleges, government offices, post offices, and many private offices across India will remain closed. The public holiday applies to most regions of the country and is recognized as a day of national significance. Banks and financial institutions will also shut operations on the day of Muharram, affecting public banking services. Citizens are advised to complete essential transactions ahead of time. Stock Markets and Commodity Exchanges Closed Both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) will remain closed for trading on Muharram. The suspension will affect all segments, including equity, equity derivatives, SLB (Securities Lending and Borrowing), currency derivatives, and interest rate derivatives. The Multi Commodity Exchange (MCX) will remain shut during the morning session on the day of Muharram. However, trading will resume in the evening session from 5:00 PM to 11:30/11:55 PM. Significance of Muharram in Islam Muharram is one of the four sacred months in the Islamic calendar. The 10th day, known as Ashura, is particularly significant for Shia Muslims, who mourn the martyrdom of Imam Hussein ibn Ali, the grandson of Prophet Muhammad, at the Battle of Karbala in 680 AD.
