Street Signs: Name change fails to cut ice, Blue Jet GM at 25%, and more

The NSE Nifty declined by 1.1% after posting marginal gains in the preceding two weeks amid geopolitical tensions in West Asia and rising yields

Dhyaani’s AI rebrand sinks like a stone

Artificial intelligence is the current buzzword. In an attempt to capitalise on this trend, a lesser-known BSE-listed company, Dhyaani Tile and Marblez, has proposed changing its name to Dhyaanii Artificial Intelligence or Dhyyaani Artificial Intelligence. However, this move has failed to resonate with investors. The company’s stock hit a 5 per cent down limit on consecutive days after the announcement. It’s worth noting that such a strategy has worked in the past. During the peak of the pandemic, companies with ‘oxygen’ in their names rallied, even though they had nothing to do with oxygen manufacturing. Similarly, during the dot-com bubble in 2000, some companies resorted to changing their names to incorporate IT or dot-com.

Blue Jet soars high on IPO launchpad with 25% lift-off

Shares of the pharmaceutical company Blue Jet Healthcare were trading at a 25 per cent premium in the grey market ahead of its Rs 840 crore initial public offering (IPO), which is set to open on Wednesday. The price range for the IPO is Rs 329–346 per share, whereas the shares were being traded at over Rs 430. Blue Jet’s IPO is solely a secondary share sale by its promoters. At the top end of the price band, Blue Jet is valued at Rs 6,000 crore. For the three months ending June 30, Blue Jet reported a net profit of Rs 44 crore on a total income of Rs 185 crore.

Nifty teeters on a high wire between 19,300 and 19,750

The National Stock Exchange Nifty declined by 1.1 per cent after posting marginal gains in the preceding two weeks amid geopolitical tensions in West Asia and rising yields. The market trajectory this week will depend on quarterly results and global markets. “We haven’t seen major selling, but every small bounce is being sold. Banking stocks are underperforming, and without them, it will be tougher for the Nifty to rise. A spike in crude prices and foreign portfolio investor selling will also likely exert pressure on equities. We believe the Nifty will trade in the range of 19,300–19,750, with the upside being capped,” said Chandan Taparia, head of derivatives and technical research at Motilal Oswal.