Page 79 - Stock Market

Sebi cancels merchant bank registration of Karvy Investor Services

Capital markets regulator Sebi on Thursday cancelled the registration of Karvy Investor Services Ltd (KISL) as a merchant banker for breach of eligibility criteria. The order came after the Securities and Exchange Board of India (Sebi) conducted an inspection of Karvy Investor Services during March 15-17, 2023 and in the onsite inspection, the regulator found that the merchant banker was not functioning or operational both at the registered as well as in the correspondence address. Subsequently, the regulator had continued the inspection and found that Karvy Investor Services did not have the required infrastructure. "...by not having necessary infrastructure like adequate office space, equipment etc. and minimum two employees having the experience to conduct the business of merchant banker and having a director who is involved in a litigation connected with the securities market which has an adverse bearing on the business of the applicant and by not being fit and proper person, ..

This jewellery stock has zoomed over 300% in last 10 months on firm outlook

In the past 10 months, the market value of Kalyan Jewellers has jumped over four-fold or 305 per cent from a level of Rs 105.65 amid strong financial performance

Nifty rises 1,194 points to end FY24 on bullish note, Sensex jumps 655 pts

Benchmark equity indices Sensex and Nifty rallied for the second straight session on Thursday to end the 2023-24 fiscal on a bullish note, powered by across-the-board buying amid a bullish trend in global equities. Power, auto and metal stocks witnessed robust demand, even as a depreciating rupee weighed on sentiment, traders said. Extending its previous day's rally, the 30-share index jumped 655.04 points or 0.90 per cent to settle at 73,651.35. During the day, it zoomed 1,194 points or 1.63 per cent to 74,190.31. The NSE Nifty climbed 203.25 points or 0.92 per cent to end at 22,326.90. On a weekly basis, the BSE benchmark climbed 819.41 points or 1.12 per cent, and the NSE Nifty advanced 230.15 points or 1.04 per cent. In the 2023-24 financial year, Sensex jumped 14,659.83 points or 24.85 per cent, while the Nifty soared 4,967.15 points or 28.61 per cent. "Indian equities closed the day and fiscal year on an optimistic note, with volatility by the end of the session, as buying

Investors subscribe SRM Contractors IPO 86.57 times on last day of bidding

The initial public offer of SRM Contractors got subscribed 86.57 times on the last day of bidding on Thursday. The Rs 130.20 crore IPO received bids for 37,57,05,680 shares against 43,40,100 shares on offer, as per NSE data. The quota for non-institutional investors received 214.93 times subscription while the portion meant for Qualified Institutional Buyers (QIBs) got subscribed 59.59 times. The category for Retail Individual Investors (RIIs) fetched 46.97 times subscription. The Initial Public Offer (IPO) of fresh issue of up to 62,00,000 equity shares had a price range of Rs 200-210 a share. SRM Contractors mopped up Rs 39 crore from anchor investors on Friday. The company's IPO received 3.56 times subscription on the first day of bidding on Tuesday. It is an engineering construction and development company engaged primarily in the construction of roads (including bridges), tunnels, slope stabilization works and other miscellaneous civil construction activities in the Union ..

Strong economy, steady inflows power Nifty to best fiscal since 2021

India's growth has also outpaced its Asian peers, with the domestic economy speeding towards growth of 7.6% in fiscal 2024, the fastest among large economies

VIP Industries surges 13% after management unveils plans for FY25

VIP Industries was trading 12.5 per cent higher at Rs 523.65, as compared to 0.8 per cent gain in the S&P BSE Sensex

Smallcap stock zooms 10% as SBI MF buys 3% stake; HDFC MF holds 7% equity

Among non-promoter public shareholders, HDFC Mutual fund (via HDFC Balanced Advantage Fund) held 7.4 per cent stake in Savita Oil, according to data on BSE

Reliance Industries rally spurs market bulls; Sensex ends 526 pts higher

Reliance Industries rose 3.6 per cent to close at Rs 2,984, becoming both the biggest gainer and the biggest contributor to the Sensex and Nifty gains

Zomato, Nykaa: New-age stocks defy market fall; analysts see more upside

Data from ACE Equity shows that shares of Zomato, Nykaa (FSN-e Commerce), and PB Fintech have surged in the range of 4.6 per cent to 11.4 per cent in one month

Investors subscribe SRM Contractors IPO 17.40 times on day two of bidding

The initial public offer of SRM Contractors got subscribed 17.40 times on the second day of bidding on Wednesday. The Initial Public Offer (IPO) received bids for 7,55,13,970 shares against 43,40,100 shares on offer, according to data available with the NSE. The quota for non-institutional investors received 45.49 times subscription while the portion for Retail Individual Investors (RIIs) got subscribed 13.93 times. The category for Qualified Institutional Buyers (QIBs) fetched 2.41 times subscription. The IPO of fresh issue of up to 62,00,000 equity shares is in a price range of Rs 200-210 a share. SRM Contractors mopped up Rs 39 crore from anchor investors on Friday. The SRM Contractors' IPO received 3.56 times subscription on the first day of bidding on Tuesday. The firm is an engineering construction and development company engaged primarily in the construction of roads (including bridges), tunnels, slope stabilization works and other miscellaneous civil construction activiti

Crizac files IPO papers with Sebi for Rs 1,000 cr, consists entirely of OFS

Student recruitment solution provider Crizac Ltd has filed preliminary papers with markets regulator Sebi to garner Rs 1,000 crore through an initial public offering. The initial public offering (IPO) is entirely an offer for sale (OFS) by promoters, Pinky Agarwal and Manish Agarwal, with no fresh issue component. The OFS consists of sale of equity shares worth Rs 841 crore by Pinky Agarwal and up to Rs 159 crore by Manish Agarwal. The offer includes a reservation for subscription by eligible employees, according to the draft red herring prospectus (DRHP) filed on Tuesday. Since the issue is an OFS, Crizac will not receive any proceeds from the IPO. The Kolkata-based company offers international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, the Republic of Ireland, Australia and New Zealand. Crizac has established partnerships with leading universities in the UK and is a major player in student recruitment from India to the

P N Gadgil Jewellers files papers with Sebi to garner Rs 1,100 cr via IPO

Jewellery retail chain P N Gadgil Jewellers Ltd has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,100 crore through an initial public offering (IPO) to fund its expansion and pare debt. The Maharashtra-based company's proposed IPO is a combination of a fresh issue of equity shares worth up to Rs 850 crore and an offer for sale (OFS) of equity shares to the tune of Rs 250 crore by a promoter SVG Business Trust, according to the draft red herring prospectus (DRHP). At present, SVG Business Trust holds 99.9 per cent stake in P N Gadgil Jewellers. Of the IPO proceeds of Rs 850 crore, a total of Rs 387 crore will be utilised for the funding of expenditure towards setting up of 12 new stores in Maharashtra, Rs 300 crore for payment of debt, besides a portion will also be used for general corporate purposes. As on February 29, 2024, the company had total outstanding borrowings of Rs 377.45 crore, as per the draft papers filed last week. P N Gadgil Jewellers

Wockhardt hits the roof after completing Rs 480-cr QIP issue

The issue price of Rs 517 is at a discount of Rs 27.02 or 4.97%, to the floor price of Rs 544.02 per equity share set for the QIP issue.

ABB India hits new high on strong outlook; surges 46% from Feb low

Shares of ABB India hit a new high of Rs 6,341, as they rallied 7 per cent on the BSE in Wednesday's intra-day trade on strong business outlook

Panic selling may ensue if Nifty Bank falls below 46,536: How to trade?

If Nifty Bank breaches 46,536, the immediate next support levels are expected to be around 46,225 and 45,675

Tech call: Nifty below 20-DMA; S H Kelkar, Vidhi Specialty can rally 13-15%

Nifty closed on a weak wicket as its closed below its 5, 11 and 20 DMA. In the derivatives, we have seen aggressive Call writing at 22,200-22,300 levels

Trump's media co valued at nearly $9.6 bn as shares surge in trade debut

At $70.46, company's market capitalization was $9.55 billion on an undiluted basis. Trading in the shares under the new ticker "DJT" was briefly halted just after the opening bell due to volatility

Bharti Hexacom sets price band for Rs 4,275 cr IPO at Rs 542-570 per share

Bharti Airtel's arm Bharti Hexacom on Tuesday said it has fixed a price band of Rs 542 to Rs 570 per share for its Rs 4,275-crore initial public offering (IPO). The initial share-sale of the telecom operator's arm will be open for public subscription during April 3-5, and the bidding for anchor investors will open for a day on April 2, the company said in a public notice. This will mark the first public offering in the 2024-25 fiscal year. The company's IPO is entirely an offer-for-sale (OFS) of 7.5 crore equity shares, indicating a 15 per cent stake by Telecommunications Consultants India Ltd, with no fresh issue component. Since it is an offer-for-sale or OFS, Bharti Hexacom will not receive any proceeds from the IPO. At present, promoter Bharti Airtel holds 70 per cent stake and the remaining 30 per cent stake is owned by Telecommunications Consultants India. Bharti Hexacom provides telecommunication services in Rajasthan and the North East. At the upper-end of the price band

Tata powers Rekha Jhunjhunwala's portfolio in 2024; outperforms markets

Of top 10 companies in Rekha Jhunjhunwala's portfolio total 8 stocks have given positive returns; while Metro Brands and Fortis Healthcare recorded negative returns of 11 per cent and 4 per cent

Carlyle said to weigh $1 bn IPO for IT firm Hexaware Technologies

The US investment firm is speaking with potential arrangers to help prepare for an IPO in Mumbai this year or next, the people said