Page 87 - Stock Market

RBI interest rate decision, global trends to dictate stock mkts: Analysts

Stock markets will be driven by quarterly earnings by index majors, global trends and the RBI's interest rate decision this week after digesting news on budget proposals and US Federal policy outcome, say analysts. The trading activity of foreign investors and the movement of global oil benchmark Brent crude would also dictate trends in equities. "On the domestic front, the MPC (Monetary Policy Committee) meeting is scheduled from February 6-8. The Q3 quarterly results season will continue to remain in focus. Bharti Airtel, Power Grid, Nestle, Lupin and Tata Power will announce their results this week," said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd. Market participants will be keeping an eye on the movement of the rupee against the dollar and crude oil prices, Gour said. Investments by Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) will also be monitored, he added. "With the US Fed and interim Budget now behind, all eyes w

Northern Arc Capital files IPO papers with Sebi; to raise Rs 500 crore

Non-banking financial institution Northern Arc Capital Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial share-sale. The Initial Public Offering (IPO) is a combination of fresh issue of equity shares worth Rs 500 crore and an Offer For Sale (OFS) of up to 2.1 crore equity shares by investor shareholders, according to the Draft Red Herring Prospectus (DRHP) filed with Sebi on Friday. Those offering shares through the OFS include Leapfrog Financial Inclusion India (II) Ltd, Accion Africa-Asia Investment Company, Augusta Investments II Pte Ltd, Eight Roads Investments Mauritius II Ltd, Dvara Trust, and IIFL Special Opportunities Fund. Northern Arc Capital may consider mobilising up to Rs 100 crore in a pre-IPO round. Proceeds from the fresh issue will be used to meet future capital requirements of the company towards onward lending. Registered with the RBI, the company is a non-deposit taking non-banking financial company and has

BSE, NSE cut daily trading limit on Paytm shares to 10% after market rout

The new 10% limits will be applicable from Monday, the Bombay Stock Exchange and the National Stock Exchange said on their websites

4 IPOs to hit the market next week; Aadhar Housing refiles IPO papers

Capital Small Finance Bank (Rs 523-crore issue), Small Finance Bank (Rs 570 crore) and Rashi Peripherals', (Rs 600 crore) IPO opens on February 7, while Apeejay Surrendra Park's Rs 920-crore IPO opens

Front-running case: Sebi bans 7 cos from securities market for up to 3 yrs

Sebi on Wednesday barred seven entities from the securities market for up to three years and directed to disgorge 'unlawful profit' of Rs 35 lakh made by them in a case of front-running the trades of Sanctum Wealth Management (now known as Sanctum Wealth). Front-running refers to an illegal practice in the stock market where an entity trades based on advanced information from a broker or analyst before the information has been made available to its clients. In its order, Sebi has prohibited Kishan Vishram Nanda from the securities market for three years and six entities related to him for one year. Additionally, the regulator imposed a fine of Rs 5 lakh on Nanda. Besides, these seven entities have been directed to disgorge a sum of Rs 34,84,605 along with an interest of 12 per cent per annum. The present matter came out from an alert generated by Sebi's surveillance system indicating the suspected front-running of trades of Sanctum Wealth by certain connected entities. After this,

Apeejay Surrendra Park Hotels IPO: Price band fixed at Rs 147-155

The company, through its IPO, aims at raising Rs 920 crore comprising Rs 600 crore through a fresh share sale and Rs 320 crore through an offer for sale, it said

Nova Agritech shares jump nearly 43.39% to Rs 58.79 in debut trade

The stock listed at Rs 56, up 36.58 per cent from the issue price on the BSE. It later jumped 43.39 per cent to Rs 58.79

SME listings to undergo changes, AIBI to review eligibility, framework

Industry body forms committee to review networth threshold

Sebi bans individual from securities markets for unregistered PMS business

Markets regulator Sebi has restrained an individual from the securities markets for a period of two years for providing unregistered portfolio management services. The regulator also directed Sanbun Investments, its proprietor Nishaan Singh (Noticee) to cease and desist from acting as or holding himself out to be a portfolio manager. Sebi directed the noticee to refund Rs 16.19 crore received from clients and/or investors as fees or consideration or, in respect of their unregistered portfolio management activities within a period of three months, Sebi said in its order on Tuesday. The order came after Sebi received a complaint in October 2022 against Sanbun Investments, which is the sole proprietorship concern of Nishaan Singh. Pursuant to the receipt of the complaint, the regulator conducted an investigation to ascertain the veracity of the complaint and whether there had been any violation of PMS (Portfolio Managers) regulations. "I note that under the garb of providing courses

BLS E-Services IPO gets subscribed 42.74 times on day two of bidding

The Initial Public Offer (IPO) of BLS E-Services got subscribed 42.74 times on the second day of subscription on Wednesday. The IPO received bids for 58,56,83,352 shares against 1,37,02,904 shares on offer, as per data available with the NSE. The category for Retail Individual Investors (RIIs) attracted 125.26 times subscription, while the non-institutional investors part got subscribed 94.05 times and the portion for Qualified Institutional Buyers (QIBs) fetched 2.68 times subscription. The initial public offering of BLS E-Services Ltd was fully subscribed within minutes of opening for bidding on Tuesday. The company's IPO has a fresh issue of up to 2,30,30,000 equity shares. Its price range is Rs 129-135 a share. BLS E-Services Ltd on Monday mobilised Rs 126 crore from anchor investors. The company is a leading technology-enabled digital service provider, offering business correspondent services to major banks in India, assisted e-services; and e-governance services at grass-r

Rupee rises 6 paise to close at 83.04 against US dollar on strong sentiment

The rupee appreciated 6 paise to 83.04 (provisional) against the US dollar on Wednesday, supported by a firm trend in domestic equities. Market participants remained cautious ahead of the interim Budget, scheduled to be presented on February 1, traders said, adding that a strengthening American currency in the overseas market also capped the sharp gain in the local unit. At the interbank foreign exchange market, the local unit opened at 83.11 against the greenback. The unit hit an intraday low of 83.12 and a high of 83.01. The local unit finally settled at 83.04 (provisional) against the dollar, higher by 6 paise from its previous close. "The Indian rupee gained on Wednesday on positive domestic markets and expectations of fresh FII inflows. "We expect the rupee to trade with a slight negative bias on the strong Dollar on expectations that the US Federal Reserve will keep its monetary policy unchanged and declining odds of a rate cut in March 2024," Anuj Choudhary Research Analyst

NTPC Green Energy gets Dipam nod to get listed for raising Rs 10,000 crore

State-owned power giant NTPC has received approval from the Department of Investment and Public Asset Management to list its green energy arm NTPC Green Energy Ltd (NGEL) to raise up to Rs 10,000 crore, according to a source. NGEL is expected to go public to raise up to Rs 10,000 crore anytime after March, the source told PTI. The NTPC's proposal for NGEL listing was approved by the Department of Investment and Public Asset Management (DIPAM), as per the source. The company is planning to utilise the funds towards energy transition and setting up green energy projects, including solar and green hydrogen. In December 2023, NTPC CMD Gurdeep Singh told PTI that his company is looking towards listing its green energy vertical in the next 1-2 years, as it anticipates higher demand for power going forward. The company has a target to add 60GW of renewable energy capacity by 2030, which it expects to achieve even earlier. NGEL is a wholly-owned subsidiary of NTPC with an operational cap

Amara Raja jumps 7% to nearly 3-yr high; Exide Ind up 5% on heavy volumes

Amara Raja Energy hit a nearly three-year high of Rs 900 with a 7 per cent gain on the back of an over two-fold jump in average trading volumes

LIC's $30 billion market rally gives IPO investors chance at redemption

The state-owned life insurer's stock climbed 1.9% Tuesday, to close at its highest level since its IPO in May 2022

Microsoft, Alphabet stocks under pressure to show AI earnings boost

Microsoft Corp. and Alphabet Inc., two of the biggest players in AI-related software, will report after the market close

Profit booking in Reliance, drop in financials weigh on Indian shares

The blue-chip NSE Nifty 50 index declined 0.99% to 21,522.10 points and the S&P BSE Sensex fell 1.11% to 71,139.90

Grasim Industries Rs 4,000 crore rights issue over subscribed two-fold

Grasim Industries said its Rs 4,000 crore rights issue has been subscribed nearly two-fold on the final day of subscription on Monday. The company has received a cumulative bid for nearly 4.34 crore shares as against 2.21 crore shares offered by the Aditya Birla Group firm, according to an exchange filing. The rights were issued at Rs 1,810 per share, which was 16 per cent less than the prevailing market price. Shares of Grasim Industries Ltd on Monday settled at Rs 2,103.05 on BSE, up 1.37 per cent from previous close. In a separate filing to stock exchanges, Grasim Industries said it has repaid Rs 600 crore to investors of its commercial paper which matured on Monday. Grasim Industries' right issues opened on January 17. Earlier on January 4, the board of Grasim Industries had approved raising of Rs 4,000 crore through a rights issue to fund its next phase of growth by issuing 2.21 crore shares having face value of Rs 2, with a premium of Rs 1,810. In October last year, Grasim

Aditya Birla Sun Life AMC Q3 results: Profit grows 26% to Rs 209 crore

Aditya Birla Sun Life AMC on Monday reported a 26 per cent rise in its net profit to Rs 209.34 crore in the December quarter. In comparison, the company had posted a net profit of Rs 166.3 crore in the same quarter of the preceding fiscal, the asset management firm said in a regulatory filing. Total income grew to Rs 420.96 crore in the quarter under review as against Rs 363.17 crore in the October-December period of the preceding fiscal (2022-23). Aditya Birla Sun Life AMC, a joint venture between Aditya Birla Capital and Sun Life (India) AMC Investments Inc, is primarily the investment manager of Aditya Birla Sun Life Mutual Fund. It is one of the leading asset management companies in India.

Analysts downgrade SBI Card as poor asset quality, rising costs bite in Q3

SBI Card share price: Shares of the credit card arm of State Bank of India (SBI) tanked 6.5 per cent to Rs 710.5 per share on the BSE in Monday's intraday trade

BLS E-Services collects Rs 126 crore from anchor investors ahead of IPO

BLS E-Services Ltd on Monday mobilised Rs 126 crore from anchor investors a day before its Initial Public Offering (IPO). The company has allotted 93.27 lakh equity shares to 10 funds at a price of Rs 135 apiece, which is also the upper end of the price band, according to a circular uploaded on BSE website. Sixteenth Street Asian Gems Fund, Saint Capital Fund, Silver Stride India Global Fund, Aries Opportunities Fund, Aidos India Fund are among the anchor investors that have been allotted shares. The offer is entirely a fresh issue of 2.3 crore equity shares. The issue, with a price band of Rs 129-135 per share, will open for public subscription on January 30 and conclude on February 1. At the upper end of the price band, the IPO will mobilise Rs 311 crore. The company proposes to utilise net proceeds from the fresh issue to strengthen its technology infrastructure to develop new capabilities and consolidate its existing platforms, among others. The money will also be used to fu