Hyundai IPO subscribed 18% on Day 1; LIC MF reduces minimum SIP limits

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Hyundai Motor India garnered 18 per cent subscription on Tuesday, the opening day of the issue. The offering received bids for 17.81 million shares—three-fourths of which came from retail investors—as against 99.77 million on offer. A day earlier, Hyundai Motor had allotted 42.4 million shares worth Rs 8,315 crore to anchor investors at Rs 1,960 apiece, the higher end of its price band. The price range for the issue is Rs 1,865-Rs 1,960 per share, which values the country’s second-largest passenger car maker at Rs 1.51 trillion-Rs 1.59 trillion. Hyundai’s IPO closes on Thursday.

LIC MF reduces minimum SIP limits

LIC Mutual Fund on Tuesday announced a reduction in its systematic investment plan (SIP) amount with effect from October 16. The fund house has reduced daily SIP to Rs 100 and in multiples of Rs 1 thereafter for select schemes, while the monthly SIP limit has been reduced to Rs 200. Further, the quarterly SIP limit has also been brought down to Rs 1,000 for select schemes. The decision follows the market regulator Sebi’s push for bite-size SIPs or “sachetisation” of financial products for wider reach. “The launch of small-ticket SIPs will enable healthy participation of retail investors into mutual funds from smaller cities and towns to further drive financial inclusion across the country,” said RK Jha, managing director and chief executive officer, LIC Mutual Fund.

Angel One jumps 18% from strong Q2 show

Shares of Angel One rose over 18 per cent on Tuesday after the company’s second-quarter earnings surpassed Street expectations on the back of operational efficiencies. The stock ended at Rs 3,222, valuing the discount broker at Rs 29,000 crore. The company’s net profit for the quarter ended September 2024 rose 45 per cent quarter-on-quarter (Q-o-Q) to Rs 423 crore on total income of Rs 1,516 crore, which was up 7.5 per cent Q-o-Q. Angel One’s client base rose 11 per cent Q-o-Q to 27.5 million, while the number of orders rose 5.8 per cent to 489 million.

Garuda Construction gains 12% on debut

Shares of Garuda Construction and Engineering ended with a 12.5 per cent gain on Tuesday. After hitting a high of Rs 121 and a low of Rs 100, the stock ended at Rs 107, up Rs 12 over its issue price of Rs 95. Garuda’s Rs 264-crore IPO was subscribed over seven times. At the last close, the company was valued at Rs 994 crore. Founded in 2010, Garuda is primarily focused on the construction of residential and commercial buildings. The company also plans to venture into industrial and infrastructure projects.

Sebi revises position limits in the equity derivative segment

The Securities and Exchange Board of India (Sebi) on Tuesday revised the norms on monitoring of position limits for equity derivative segment. Position limits are specified to curb any manipulation or misuse owing to a significant ownership of derivative contracts by the stock brokers of traders. “The position limits for TMs (trading members), cumulatively for client and proprietary trades, in index Futures and Options contracts may be set at higher of Rs 7,500 crore or 15 per cent of the total OI (open interest) in the market,” noted the fresh circular. Till now this threshold was kept at Rs 500 crore or 15 per cent of the total OI. The changes were brought after discussion with the secondary market advisory committee and will be effective immediately. 

HDFC AMC Q2 net up 32% Q-o-Q at Rs 578 cr
 

HDFC Asset Management Company (AMC) on Tuesday reported a 32 per cent quarter-on-quarter jump in net profit to Rs 578 crore. Revenue from operations rose 38 per cent to Rs 887 crore. The asset manager’s average asset under manage­ment for the quarter stood at Rs 7.6 trillion up from Rs 5.25 trillion a year ago.