Interarch Building Products' shares surge nearly 34% in market debut

Shares of construction solutions provider Interarch Building Products Ltd on Monday ended with a premium of nearly 34 per cent against the issue price of Rs 900.

The stock made its debut at Rs 1,291.20, surging 43.46 per cent from the issue price on the BSE.

During the day, it zoomed 46.22 per cent to Rs 1,316. Shares of the firm ended at Rs 1,196.45, up 32.93 per cent.

At the NSE, it listed at Rs 1,299, a jump of 44.33 per cent. The stock ended at Rs 1,203.10, surging 33.67 per cent.

The company's market valuation stood at Rs 1,990.94 crore.

In traded volume terms, 6.47 lakh shares of the firm were traded at the BSE and 70.50 lakh shares at the NSE during the day.

The initial public offering of Interarch Building Products got subscribed a whopping 93.46 times on the last day of subscription on Wednesday.

The Rs 600-crore initial share sale had a price range for the offer at Rs 850-900 per share.

Proceeds from the fresh issue will be used for capital expenditures, system upgrades and general corporate purposes.

Interarch Building Products is one of the leading turnkey pre-engineered steel construction solution providers in India with integrated facilities for design and engineering, manufacturing and on-site project management capabilities for the installation and erection of pre-engineered steel buildings.

Fincare Business sells 1.7% stake in AU SFB for Rs 803 cr

Fincare Business Services on Monday sold a 1.7 per cent stake in AU Small Finance Bank to investors like DSP Mutual Fund, Morgan Stanley and Societe Generale (SocGen) for Rs 803 crore via open market transaction.
 

Fincare Business Services was the promoter of erstwhile Fincare Small Finance Bank (SFB). In October last year, the board of directors of AU SFB and Fincare had approved an all-stock merger. This was the first-ever merger in the small finance bank space. (PTI)


Dow hits record high on increased Sep rate cut bets

The Dow and the S&P 500 inched up in choppy trading on Monday as markets cemented bets on an imminent rate cut by the Federal Reserve and awaited Nvidia results later in the week, while energy stocks were boosted after crude oil prices jumped. The blue-chip index led gains among peers and hit an intraday record high as markets welcomed U.S. Federal Reserve Chair Jerome Powell's comments on Friday, when he said "the time has come" to lower borrowing costs in the light of diminishing upside risk to inflation and moderating labor demand.

The main indexes rallied more than 1 per cent in the previous session, with the benchmark S&P 500 also nearing record highs. Rate-sensitive small caps logged their strongest day in six week as equities continued to pare losses from the market rout in early August. Odds of a 25-basis-point rate cut stand at 69.5 per cent, while those of a 50-bps cut are at 30.5 per cent, according to the CME Group's FedWatch tool. "The name of the game is the Fed. They did what the markets anticipated, so that's good news that they're going to start the easing cycle," said Thomas Hayes, chairman at Great Hill Capital LLC. (Reuters)