Street signs: Mahindra Logistics commands 20% premium in grey market

Shares of Mahindra Logistics are commanding a 20 per cent premium in the unofficial market. Mahindra and Mahindra’s (M&M’s) logistics arm’s Rs 830-crore IPO opens on Monday. The offering is a secondary share sale by parent M&M and private equity player Kedaara Capital. “Shares are changing hands at Rs 520 against the IPO price band of Rs 425-429. Strong growth track record and big management banner are keeping investor sentiment buoyant,” says a broker. 

Samie Modak

Break-out rally in bank stocks

The Bank Nifty rallied 4 per cent in the October series and is hovering near its life-time highs. The trend is positive as the October series rollover stood at 68 per cent, higher than the three-month average, indicating that the longs are holding their positions intact. Public sector banks may see some consolidation, considering the sharp rally in the last few sessions. Among private banks, HDFC Bank and Kotak Mahindra Bank have seen a build-up of long positions. The index could move towards 25,500 if it maintains to hold above 25,000 levels, with 24,500 as the support level on the downside, said experts.

Ashley Coutinho

Overseas investors miss SBI rally

The recent spurt in shares of State Bank of India (SBI) might not go down well with several big-ticket foreign portfolio investors (FPIs). Anticipating subdued earnings, FPIs had reduced their stake in India’s biggest public sector lender by nearly 50 basis points since June. Some of the big names such as Vanguard, BlackRock and Causeway Capital had slashed their holdings significantly in the bank in the last three months. Interestingly, some of the domestic mutual funds had stacked up their holdings in the country's top lender. Shares of SBI soared 28 per cent last week after the government announced the recapitalisation plan for public sector banks.  

Pavan Burugula