Groww jumps 18% to ₹175 as mcap tops ₹1 trillion; SBI crosses ₹9 trillion

The market capitalisation of State Bank of India on Monday crossed the Rs 9-trillion mark in intra-day trade

Groww jumps 18%; mcap tops Rs 1 trillion

 

Shares of Billionbrains Garage Ventures (Groww) on Monday rallied 18 per cent to Rs 175, valuing the country’s largest investment platform at Rs 1.08 trillion ($12 billion). Over its IPO price, the stock has gained 75 per cent, which has catapulted Lalit Keshre, co-founder and chief executive officer, into the $1 billion club.

 

SBI mcap tops Rs 9 trillion

 

The market capitalisation of State Bank of India (SBI) on Monday crossed the Rs 9-trillion mark in intra-day trade. The state-owned lender’s shares hit a record high of Rs 976.2 before paring some gains to close at Rs 972.5, up 0.53 per cent over its previous close. Earlier this month, SBI’s mcap had crossed $100 billion for the first time. Besides SBI, HDFC Bank and ICICI Bank are the only two lenders in the $100-billion-plus club. 

AceVector, Silver Consumer Electricals, Steel Infra Solutions get Sebi nod to float public issues

 

 

Three firms — AceVector, parent company of e-commerce marketplace Snapdeal, Silver Consumer Electricals and Steel Infra Solutions Company — have secured Sebi’s approval to launch initial public offerings (IPOs), an update with the markets regulator showed on Monday.

 

AceVector confidentially filed its draft IPO papers with Sebi in July, while the other two companies approached the regulator with their preliminary documents in August. The three firms obtained the regulator’s observations during November 11-12. In regulatory terms, Sebi’s observations are equivalent to clearance for launching a public issue.

 

Fujiyama Power Systems ₹828 cr IPO subscribed 2x on final day

 

The initial public offering (IPO) of Fujiyama Power Systems, which provides solutions for the rooftop solar industry, was subscribed to more than 2 times on the final day of share sale on Monday. The ₹828 crore IPO received bids for 5,63,26,400 shares as against 2,63,47,221 shares on offer, translating to 2.14 times subscription, according to data available with the NSE. The qualified institutional buyers’ category received 5.15 times subscription while the quota for non-institutional investors subscribed 88 per cent. The retail individual investors part was also subscribed fully. The firm said it has raised ₹247 crore from anchor investors.  

Artha Bharat opens GIFT City platform to 3rd-party fund managers 

 

Artha Bharat Investment Managers IFSC LLP on Monday said it has become the first fund manager in GIFT City to offer its platform to third-party fund managers. The firm is in talks with five investment managers planning to launch funds of $5-50 million using its regulatory and compliance setup. “This initiative enables entrepreneurial fund managers to leverage the advantages of GIFT City and launch regulated investment schemes for Indian and overseas investors using the robust risk management, controls and compliance platform that Artha Bharat has built,” said Sachin Sawrikar, managing partner.

 

Axis MF brings trial packs to mutual funds

 

Axis Mutual Fund (MF) has launched a ‘Micro Investment’ initiative wherein a first-time investor can take exposure in upto 10 schemes with ₹1,000. “Investors can diversify across 10 different schemes, track performance, and understand how markets work without the fear of losing big. This approach is like sampling multiple sachets before buying a full-size pack,” the fund house said. The feature, Axis MF said, will be available on its website for eligible investors.