Street signs: Burger King GMP at 40%, FPI legroom in IndusInd, and more

Shares of IndusInd Bank have surged 47% in November - third-most among Nifty companies

Burger King GMP at 40%

Investors are looking to get a bite of the Burger King India IPO. The grey market premium (GMP) for the stock has shot up to 40 per cent of the IPO price. Analysts are of the view that the stock is priced at an attractive discount to listed peers such as Jubilant FoodWorks, which operates Domino’s Pizza and Westlife Development, master franchise for McDonald's in western and South India. “The grey market is giving a thumbs up to the IPO. The restaurant business is seeing a quick revival post easing of the lockdowns. Also, popular retail brands have done well in the stock markets,” said an analyst.

Broker defaults see an uptick

Karvy Stock Broking and Anugrah Stock & Broking have joined the list of brokers that have been expelled by NSE and BSE from membership and declared defaulters this past week. Since September 2019 at least 17 brokers have been declared as defaulters by NSE and 16 by BSE. The recent economic pain compounded by the Covid-19 pandemic has left a string of brokerages unable to meet their regulatory obligations. Exchanges have also beefed up their inspections of brokers. With compliance norms set to get more onerous the defaulters list may continue to grow in the months ahead, said experts.

FPI legroom shrinks in IndusInd 

 

Shares of IndusInd Bank have surged 47 per cent in November — third-most among Nifty companies. Following the sharp rally, the investment legroom for foreign portfolio investors (FPIs) has reduced to just about Rs 300 crore. The current FPI holding in the lender is 73.52 per cent, just below the permissible limit of 74 per cent. “The utilisation of limit shows that overseas investors are bullish on the stock. However, with little investment room left, many will be discouraged from taking aggressive positions in the counter,” said an analyst.