Page 74 - Stock Market

LIC's Adani group portfolio value surges 51.6% at Rs 66,000 crore

LIC trimmed its stake in group flagship Adani Enterprises from 4.26 per cent to 3.93 per cent over the past year

LS poll result, RBI interest rate decision key events to watch this week

Trading in the equity market will largely depend on two major events this week - general elections result and the RBI interest rate decision - analysts said, adding that the benchmark indices may rally on Monday on exit polls' prediction of a massive win for the BJP-led NDA and strong GDP data. Exit polls on Saturday predicted that Prime Minister Narendra Modi will retain power for a third straight term, with the NDA expected to win a big majority in the polls. Counting of votes will take place on June 4. "All eyes are now on the most significant event of the past five years the outcome of the Lok Sabha elections, scheduled for Tuesday. Before that, market participants will react to the exit polls on Monday. "The market is approaching the event with caution, and the positive surprise from exit polls can lead to a rally as majority of the exit polls are giving 350+ seats to the NDA. Conversely, a negative surprise from actual results might trigger a knee-jerk reaction in the market,

Stocks, bonds set to gain as exit polls show landslide win for PM Modi

The polls suggest the Bharatiya Janata Party-led alliance will clinch substantially more seats than the 272 required for a majority in the 543-seat lower house of parliament

Top 100 firms must verify market rumours within 24 hrs starting today

The top 100 listed companies by market capitalization will have to confirm or deny any market rumour reported in the mainstream media from this Saturday. The rule will be applicable for top 250 companies from December 1. Under the Sebi's rule, these companies will have to 'confirm, deny, or clarify any reported event or information in the mainstream media that is not general in nature and that indicates that rumours of an impending specific material event' are circulating amongst the investing public within 24 hours from the reporting of the information. Sebi through its newly introduced rumour verification framework has excluded the price volatility in arriving at average market price for the purpose of corporate actions in a bid to make it fair for all investors at large. "The move would dissuade leaking of information that would affect the valuation in the given corporation action. This initiative of Sebi would help strengthen the rumour verification framework. It would help in

BSE acquires entire equity stake of S&P Dow Jones Indices in Asia Index

Leading stock exchange BSE Ltd on Friday said it has completed the acquisition of S&P Dow Jones Indices' entire equity stake in Asia Index Private Limited (AIPL), making it a wholly-owned subsidiary of the bourse. AIPL was a joint venture between S&P DJI and BSE and is best known for calculating and maintaining the popular index Sensex. In a statement, BSE said AIPL will continue to provide its services to clients who are subscribed to AIPL's indices or data products. "AIPL is committed to improving and expanding its product offerings by working closely with the financial market ecosystem and other relevant stakeholders," it added. In April, index provider S&P Dow Jones Indices announced that it was targeting to sell its entire equity stake in Asia Index by May 31.

Sebi slaps Rs 2.5 cr fine on TIL, former officials over 'fake' transactions

Markets regulator Sebi has imposed a penalty of Rs 2.5 crore on TIL Ltd and three former officials for indulging in fictitious purchase and sales leading to over-statement of sales and revenue for 2019-20 and 2020-21. The fine needs to be paid within 45 days, the Securities and Exchange Board of India (Sebi) said in its order. Individually, the regulator has levied a fine of Rs 1 crore each on TIL and Sumit Mazumder, who was the chairman and managing director at the time of the violation. He is also one of the promoters of the company. Besides, a penalty of Rs 25 lakh each has been imposed on then CEO Ramesh Aggarwal and former CFO Shibaditya Ghosh. In its order, Sebi noted that the modus operandi followed by TIL was that it had issued fictitious invoices in the past financial years, which were subsequently cancelled in the next financial years by the issuance of credit notes and re-invoiced on the same day without proper documents to increase the sales turnover or trade receivabl

Global investors lift India's derivative holdings to record $101 bn

Foreign funds' open interest, or the number of contracts outstanding in value terms, reached 8.4 trillion rupees ($101 billion) on the National Stock Exchange Tuesday

Kronox Lab Sciences IPO to open Jun 3; price band at Rs 129-136 per share

Speciality chemical company Kronox Lab Sciences on Wednesday said it has fixed a price band of Rs 129-136 a share for its initial share sale opening for public subscription on June 3. The three-day initial public offering (IPO) will conclude on June 5 and the bid for anchor investors will open for a day on May 31, according to the Red Herring Prospectus (RHP). The proposed issue is entirely an offer-for-sale (OFS) of 95.7 lakh equity shares by promoters Jogindersingh Jaswal, Ketan Ramani and Pritesh Ramani. At the upper end of the price band, the IPO size is estimated to be Rs 130.15 crore. Vadodara-based Kronox is a manufacturer of speciality fine chemicals. Its products find application in a wide spectrum of industries for diversified uses such as pharmaceutical formulations, active pharmaceutical ingredients, biotech, scientific research and testing, personal care, agrochemicals, animal health, and metallurgy, amongst others. It has three manufacturing facilities and a Research

TCPL Packaging stock zooms 8% post Q4 earnings; margins improve YoY

TCPL Packaging PAT was registered at Rs 37.7 crore in Q4FY24 as against Rs 35.7 crore in Q3FY24, a rise of 6 per cent YoY

Fewer BJP seats than 2019 will disappoint the market, says Mukul Kochhar

Kochhar explains that securing fewer than 303 seats would suggest the BJP has possibly peaked

Markets may witness gradual up-move ahead of LS poll results: Analysts

Equity markets may witness a gradual up-move this week with some volatility as both election and earnings season are nearing their end, analysts said, adding that global trends and trading activity of foreign investors would hold significance in dictating investors' sentiment. Benchmark indices, which had a record-breaking rally last week, would also track global oil benchmark Brent crude and the rupee-dollar trend. The monthly derivatives expiry on Thursday may also fuel volatility in markets. "We have reached the final curtain for the Q4 earnings season. Many companies, including names like Tata Steel, will release their financial results this week. Positive earnings from the final quarter could provide strength to the market to continue its bullish momentum. "We are very close to the Lok Sabha election results, and the election verdict will give a boost to FII flows," said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd. The results of the ongoing general electi

Kidney care provider Care India aims to raise Rs 35-40 crore through IPO

Kidney care provider Nephro Care India Ltd on Friday said it aims at raising Rs 35-40 crore through an initial public offering (IPO), the majority of which will be utilised to complete its multi-speciality hospital near Kolkata. The IPO will comprise a fresh issuance of 45.84 lakh equity shares with a face value of Rs 10 each, said Founder and MD of Nephro Care India, Dr Pratim Sengupta. "The IPO is scheduled next month on the NSE Emerge platform, and is subject to approvals from the bourse," Sengupta said. The promoter stake will stand at 60-65 per cent after dilution post the IPO, he said. The 100-bed multi-speciality hospital at Madhyamgram near the metropolis will be inaugurated on July 1 on National Doctor's Day, Sengupta told PTI here. The Kolkata-based company's upcoming medical facility is being set up at a cost of Rs 36 crore, including internal funding of around Rs 10 crore, he said. Nephro Care India, founded in 2014, also plans to open three more kidney care units in

ITC Q4 results today: Analysts see flattish quarter amid dip in margins

ITC Q4 results: ITC may report a flattish quarter with steady cigarette volume, weak paper volumes, offset by healthy hospitality sales revenue

Several key Asian share benchmarks fall on patient approach to rate cuts

MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.57 per cent. Australia's S&P/ASX 200 index was one of the biggest decliners

India needs 'balancing act' to manage bond index capital flows, says S&P

The index inclusion is expected to attract $40 billion in inflows in 18 months, according to estimates from Goldman Sachs Group Inc. and others

High-speed traders piling into big short on volatility in Indian market

Volatility in Indian equities has been subdued over the past year, compared to US and Hong Kong stocks, but traders are bracing for potential swings around parliamentary election results

Co-working space operator Awfis Space IPO fully subscribed on Day 1

The initial public offer of co-working space operator Awfis Space Solutions got subscribed 2 times on the first day of bidding on Wednesday. The Rs 599 crore initial share sale received bids for 1,74,46,143 shares against 86,29,670 shares on offer, as per NSE data. The category for Retail Individual Investors (RIIs) fetched 6.02 times subscription, while the quota for non-institutional investors got subscribed 2.76 times. The portion for Qualified Institutional Buyers (QIBs) received 30 per cent subscription. The Initial Public Offer (IPO) has a fresh issue of up to Rs 128 crore and an offer for sale of up to 1,22,95,699 equity shares. The price range for the offer is fixed at Rs 364-383 per share. Awfis Space Solutions Ltd on Tuesday said it has mopped up a little over Rs 268 crore from anchor investors. The issue will conclude on May 27. Promoter Peak XV Partners Investments V (formerly known as SCI Investments) as well as shareholders Bisque Ltd and Link Investment Trust are

Beacon Trusteeship IPO to open on May 28, price band at Rs 57-60 per share

Leading debenture trustee Beacon Trusteeship Ltd on Wednesday said it is aiming to raise a little over Rs 32 crore through its initial share-sale opening for public subscription on May 28. The Mumbai-headquartered company has fixed a price band at Rs 57-60 per share for the issue and the lot size will be 2,000 equity shares. The issue will conclude on May 30 and the bidding for anchor investors will open for a day on May 27. Post the successful completion of the IPO, shares of the company will be listed on NSE Emerge, Beacon Trusteeship said in a statement. The IPO comprises a fresh issue of 38.72 lakh equity shares worth Rs 23.23 crore and an Offer for Sale (OFS) of up to 15.48 lakh equity shares to the tune of Rs 9.29 crore. This takes the aggregate size to Rs 32.52 crore at the upper end of the price band. Those selling shares in the OFS are Prasana Analytics Private Limited and Kaustubh Kiran Kulkarni. Of the IPO proceeds, the company proposes to use Rs 7 crore to build up ...

Sebi amends rule to facilitate ease of doing biz for firms planning IPOs

To facilitate ease of doing business for companies planning IPOs, Sebi has said any change in the size of offer for sale (OFS) requiring fresh filing will be based on only one of the criteria -- either issue size in rupee or number of shares. Further, promoter group entities and non-individual shareholders holding more than 5 per cent of the post-offer equity share capital can be permitted to contribute towards the shortfall in minimum promoters' contribution (MPC) without being identified as a promoter, according to a notification issued by Sebi. Companies promoted by entrepreneurs often have several rounds of funding prior to listing their equity shares on the stock exchanges. In such situations, the promoters' holding may fall short of the minimum promoter contribution i.e., 20 per cent of the post-offer equity share capital. While the current ICDR (Issue of Capital and Disclosure Requirements) rule permits certain categories of investors to contribute equity shares held by them

Sebi changes rule to determine mcap, 6-month average to be used now

Markets regulator Sebi has revamped the method for calculating the market capitalisation of listed companies under the Listing Obligations and Disclosure Requirements (LODR) rules. Instead of using the market capitalisation of a single day (currently March 31), listed companies will now use the "average market capitalisation" for a six-month period. Market experts believe the market capitalisation of a listed entity keeps fluctuating on a daily basis based on market dynamics and, therefore, an average of market capitalisation figures over a reasonable period of time (six months) would more accurately reflect the market size of the listed entity and consequently the ranking, vis-a-vis its peers. The changes came after a recommendation of an expert committee chaired by Sebi's former whole-time member S K Mohanty in a bid to promote ease of doing business. The amendment aims to specify a defined period for calculating average market capitalisation. The new amendment would come into fo