Page 12 - Market News

Jain Resource Recycling IPO receives 73% subscription on day one

The initial public offer of Jain Resource Recycling Ltd received 73 per cent subscription on the first day of bidding on Wednesday. The three-day IPO got bids for 2,27,44,384 shares against 3,12,49,999 shares on offer, as per NSE data. The quota for qualified institutional buyers (QIBs) garnered 1.11 times subscription. The category for retail individual investors (RIIs) received 51 per cent bidding, and the portion for non-institutional investors got subscribed 12 per cent. Jain Resource Recycling Ltd has mobilised a little over Rs 562 crore from anchor investors. The IPO, with a price band of Rs 220-232 per share, will conclude on September 26. At the upper end, the company is valued at over Rs 8,000 crore. The Tamil Nadu-based company's IPO has a fresh issue of equity shares aggregating to Rs 500 crore and an offer for sale (OFS) valued at Rs 750 crore. The OFS comprises the sale of shares worth Rs 715 crore by promoter Kamlesh Jain and Rs 35 crore by shareholder Mayank ...

Volume gains in auto segment positive for paints major Kansai Nerolac

Among listed companies, Kansai Nerolac has the highest exposure to the auto segment, with 30 per cent of its sales coming from this segment

Balanced advantage funds steadily load up on equities as valuations ease

Equity exposure of most schemes now above 50%

Street signs: Vix hits snooze, IPO stampede, and Damani's double down

Market calm deepens with Vix below 10, IPOs surge to a monthly record, and Radhakishan Damani raises his stake in Blinkit's parent Eternal, signalling faith in quick commerce

Sebi approves Zelio E-Mobility's ₹78 crore IPO for electric vehicles

Electric vehicle maker Zelio E-Mobility Ltd on Friday said it has received approval from capital market regulator Sebi for its SME IPO to raise Rs 78 crore. The company has already got the DRHP (draft red herring prospectus) approval. The IPO may go live at the end of this month, Zelio E-Mobility said in a statement. The IPO, with Hem Securities Ltd as the Book Running Lead Manager, is expected to support the company's next phase of growth, it said, adding that investor participation details and specific use of proceeds will be shared closer to the issue. Citing provisional figures, Zelio said that during FY25, it had a revenue of Rs 172.19 crore, and profit after tax of Rs 16 crore. "Between FY23 and FY25, revenue grew at a CAGR (compound annual growth rate) of 83.29 per cent, and PAT expanded at a CAGR of 128.76 per cent," it added. Founded in 2021, Zelio has an installed annual capacity of 72,000 units. Its portfolio includes a range of electric scooters and three-wheelers ...

Sebi proposes regular updates of NAVs by AIFs in depository systems

To promote transparency in the Alternative Investment Fund (AIF) ecosystem, Sebi on Friday proposed that AIFs should regularly update the net asset value (NAVs) of their units in the depository system. In its draft circular, Sebi has "proposed to leverage upon the depository infrastructure such that AIFs may be required to maintain updated NAV of the units issued to investors based on valuation of their investments in the depository system". Further, Sebi proposed that AIFs or their Registrar and Transfer Agent (RTA) should upload the NAV of ISINs of all AIF units in the depository system, within 15 days of valuation of the investment portfolio. The valuation date will be taken as the date of the valuation report if done by an external valuer, and as the date it is recorded in the fund's internal records if done by an internal valuer. For existing schemes of AIFs, Sebi said that AIFs or their RTAs should upload the latest NAV of ISINs pertaining to all AIF units in the depository .

Sebi, RBI discuss steps to boost trading in corporate bond derivatives

Securities and Exchange Board of India and the Reserve Bank of India are in discussions on corporate bond index derivatives to strengthen trading activity in corporate debt securities, Sebi whole-time member Ananth Narayan G said on Friday. Speaking at the ASSOCHAM National Council for Corporate Bonds, Narayan said, "Corporate bond index derivatives trading is another frontier in this regard. Good discussions are ongoing between Sebi and RBI, and we are hopeful that we will see progress soon." He pointed out that secondary bond volumes are about Rs 1.4 lakh crore a month, while equity markets trade around that much in a single day. If bond trading can be made more comparable to equity trading-- in terms of settlement, platforms, and even trading culture the investment class could see significant growth, he added. In 2023, Sebi allowed stock exchanges to launch derivative contracts on indices of corporate debt securities rated AA+ and above, but the move failed to gain traction. On

Urban Company IPO subscribed 103.6 times on final day of bidding

The Gurugram-based company plans to raise Rs 472 crore through selling new shares, and existing investors plan to sell stakes worth Rs 1,428 crore

US, China rally reignites investor interest in international mutual funds

Net inflows, account additions highest at a multi-month high in August

S&P 500, Nasdaq reach record highs after weak US jobs data; Broadcom surges

The Dow Jones Industrial Average rose 35.2 points, or 0.08%, at the open to 45,656.49

Sebi initiates investigation into Jane Street amid continued complaints

SEBI on July 4 temporarily barred the firm from local markets on allegations of market manipulation, which the company has denied

Early GST euphoria gives way to mkt fatigue amid tariff, earnings worries

The BSE Sensex, after rising as much as 889 points (1.1 per cent) during the day, closed at 80,718 - up 150 points, or 0.2 per cent

Street Signs: Outpaced on the global racetrack, 'Growwing' against the tide

YTD, the benchmark Nifty 50 is up less than 3 per cent, falling well behind the broader EM index. This underperformance reflects, in part, foreign investors trimming exposure to Indian equities

Barring a few macro risks, oil marketing firms seem to be in a sweet spot

China today has the largest refining capacity globally, with its refining capacity to reach 21 million barrels per day (mb/d) in 2025

Vikran Engineering IPO sees 23.59 times subscription on last day

The initial public offer of infrastructure company Vikran Engineering Ltd received 23.59 times subscription on the last day of share sale on Friday. The Rs 772-crore IPO got bids for 1,38,59,17,880 shares against 5,87,39,128 shares on offer, as per NSE data. The portion meant for non-institutional investors garnered 58.58 times subscription, while the quota for Qualified Institutional Buyers (QIBs) got subscribed 19.45 times. Retail Individual Investors (RIIs) portion fetched 10.97 times subscription. Vikran Engineering on Monday mobilised Rs 231.6 crore from anchor investors. The price band has been fixed at Rs 92-97 per share. The initial public offer (IPO) is a mix of fresh issue of shares of about Rs 721 crore and an offer-for-sale portion worth Rs 51 crore by the promoter. The Mumbai-based company intends to utilise proceeds from the fresh issue to the tune of Rs 541 crore for funding working capital requirements and the rest for general corporate purposes. Vikran Engineeri

BoM plans ₹2,000 crore equity issue; govt stake to fall below 75%

Bank of Maharashtra will raise Rs 2,000 crore via equity issue by FY26 to meet SEBI's 75% public shareholding rule, reducing government stake from nearly 80%

IndiGo, Max Healthcare Institute set for $1 billion passive bonanza

Meanwhile, they will offload shares worth around ₹2,500 crore and ₹2,000 crore from two-wheeler major Hero MotoCorp and IndusInd Bank on account of their removal from the 50-stock index

Markets regulator Sebi proposes changes to block deal framework

The regulator proposed to keep two windows for such deals, the morning session 8:45 am IST to 9:00 am IST, and the afternoon session 2:05 pm IST to 2:20 pm IST

Sebi appoints three executive directors to key leadership roles

Market regulator Sebi has announced that three executive directors -- Amit Pradhan, Avneesh Pandey and Sanjay Chandrakant Purao -- took charge on Friday. Before their promotions as executive directors, Pradhan, Pandey and Purao were holding the positions of chief general managers at Sebi. In his new role, Pradhan will handle legal affairs and the prosecution & settlement department, while Pandey will manage the information technology department. Purao will take care of the corporation finance investigation department, recovery and refund, along with the internal investigation department, the regulator said in three separate statements. In his prior role, Pradhan was Chief General Manager and Regional Director at Sebi, heading the Northern Regional Office in New Delhi. He has about 28 years of experience in legal and regulatory affairs, enforcement, policy development at Sebi, Insolvency and Bankruptcy Board of India (IBBI) and Competition Commission of India (CCI). He has also ...

Avendus Spark under scrutiny after error in Clean Science share sale

Clean Science shares fell as much as 9.3 per cent but pared their losses to close 2.7 per cent lower in Mumbai