Market Updates

"The current grey market premium (GMP) of Udayshivakumar Infra is Rs 10 as of March 23rd, 2023. Considering the upper band price of Rs 35, the share could give a listing gain of 28% to investors," Manish Khanna, Co-founder of Unlisted assets, said.

About 50% of the offer will be available for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Bidders, and not less than 35% will be reserved for retail investors. The offer also includes a reservation for subscription by eligible employees.

According to market sources, the grey market premium (GMP) of Udayshivakumar Infra, which indicates the premium commanded by shares in the unlisted market, has dropped down to Rs 6-7.

The proposed IPO will have both fresh issue of shares and offer for sale components.

“We had planned (the IPO in) March 2022 but before that the Ukraine war happened and Nasdaq started crashing. So, all the multiples were going down,” Taku said on the sidelines of an event, adding that the fintech firm continues to be in an IPO ‘ready mode’.

According to market sources, the grey market premium (GMP) of Udayshivakumar Infra, which indicates the premium commanded by shares in the unlisted market, was unchanged at Rs 10. Analysts are mixed on whether investors should subscribe to the IPO given muted market sentiments.

IndiaFirst Life Insurance Company recorded its highest five-year growth in terms of New Business Individual Rated Premium (IRP) amongst life insurers with PSU bank percentage, with a CAGR of 27.3% between fiscal 2017 to fiscal 2022.

Managing director Mahesh Bhanushali had earlier expressed his gratitude for the overwhelming response the IPO received. He said strong demand for the issue reflected the investors' trust and confidence in the company's growth prospects and the management.

According to market sources, Udayshivakumar Infra shares are commanding a premium of Rs 10 in the unlisted market, which is higher than the previous day.

According to market analysts, the grey market premium, which indicates the premium commanded by shares in the unlisted market, fell sharply from subscription closing date to around Rs 15. The company has fixed a price band of Rs 133-140. At the upper end, the company's shares are expected to get listed at 10% premium.

The company has 46 work orders in hand having an aggregate order book value of Rs 1,291 crore, as of the December quarter. Out of these, 30 are ongoing and 16 are new work orders, which are yet to start.

The six companies had filed their preliminary initial public offering (IPO) papers with Sebi between September 2021 and May 2022 and their papers were returned during January-March (till March 10).

DIPAM will drive the listing process for which the Centre had given initial approval in 2017.

About 60% of the offer is reserved for retail investors, while 30% is set aside for non-institutional investors. Meanwhile, 10% of the issue is reserved for Qualified institutional buyers (QIB).

Out of the total 37,84,000 equity shares on offer, not more than 17,97,000 equity shares have been reserved for Qualified Institutional Buyers (QIB). A total of 5,39,100 shares have been reserved for Non-Institutional Investors (NII) and the rest for retail individual investors.

In an interview with PTI, Ramdev assured his investors and public shareholders that there would be no impact of Patanjali Foods Ltd's (PFL) operation and financial performance and its growth trajectory will remain intact.

Equity markets were plagued by a host of issues this year including rising interest rates, slowing economic growth, Adani crisis and the latest fallout of the banking crisis in the US. Benchmark Nifty is currently 10% down from its peak.

It is not planning to seek a fresh approval for the IPO immediately from the Securities & Exchange Board of India because of the current choppy market. "We’re not in a hurry to go and, you know, sell it at any cost," managing director K Srinivas told ET.

According to analysts, the grey market premium, which indicates the premium commanded by shares in unlisted markets stoo Rs 20. The company has fixed a price band of Rs 133-140. At the upper end, the shares are expected to list at 14% premium over the issue price.

The ₹412-crore IPO comprised a fresh share issue of ₹180 crore and an offer for sale of 3.93 million shares by existing shareholders. As part of the offer for sale, Nilekani's family trust offloaded 1.44 million shares.

Global Surfaces, which is into processing natural stones and manufacturing engineered quartz, has collected Rs 46 crore from anchor investors and set a price band of Rs 133-140 per share. At the upper end of the price band, the company is expected to fetch Rs 155 crore from the IPO

The proceeds from the IPO will be used for funding additional working capital, investment in strategic acquisitions and other general corporate purposes.

The company's grey market premium is at 18, according to market analysts.The issue was subscribed 5.44 times, driven by strong interest from retail investors

The company has fixed a price band of Rs 133-140. The company plans to raise about Rs 154.98 crore at the upper end of the price band

Religare broking said the company has a strong opportunity in the international market and its new products and designs would aid growth and increase operational efficiency. The brokerage has a "neutral" rating on the public offer.

The price band for its initial public offering has been fixed at Rs 133-140 per share. Investors can bid for a minimum of 100 equity shares and in multiples of 100 equity shares thereafter

Global Surfaces will be open for subscription on Monday to raise funds through an initial public offering. The company will raise Rs 155 crore at the upper price band of the issue. The shares of the company will be listed on both NSE and BSE. The company will be offering 1,10,70,000 equity through the initial public offering through the book-building process.

The size of the IPO wasn’t disclosed. However, according to Krishna Raghavan, Founder, UnlistedKart, a SEBI-registered research analyst firm, Tata Technologies' recent buyback valued the company at Rs 16,080 crore, indicating that the offered size could be at least Rs 3,800 – Rs 4,000 crore.

The Flipkart IPO has been in the works since the last few years and it was earlier reported that the company is eyeing a listing on Wall Street

Under the IPO, Tata Motors intends to sell 81,133,706 shares of its subsidiary. Two other shareholders - Alpha TC Holdings and Tata Capital Growth Fund I - of the company are also selling shares in the offer.

The IPO is being launched by way of an offer for sale (OFS) of up to 95,708,984 equity shares, representing approximately 23.60% of its paid-up share capital.

The IPO comprises fresh issuance of 85.20 lakh equity shares and an Offer For Sale of up to 25.5 lakh equity shares by promoters Mayank Shah and Sweta Shah. The company said IPO proceeds will be used for investment in its arm Global Surfaces FZE for part-financing its capex requirements of setting up the manufacturing facility in Dubai and other general corporate purpo

Aakash Educational Services will issue convertible notes that will convert into equity at a discount of 20% to the listing price of the unit’s planned initial public offering

The part reserved for retail investors was subscribed 4.31 times, while non-institutional investors (NIIs) and qualified institutional buyers (QIBs) parts were subscribed 1.4 times and 7.83 times respectively. The shares are expected to be listed on the exchanges on March 14.

The preparations for the IPO are expected to be kick-started in the U.S. in the coming days, the sources said. The valuation range has not yet been finalized but Cambridge, England-based Arm is hoping to be valued at more than $50 billion during its share sale, the sources said

According to the draft papers, the issue with a face value of Rs 2 per equity share consists of a fresh issue of equity shares worth up to Rs 140 crore and an offer-for-sale (OFS) of up to 77,58,620 equity shares by Nutalapati Venkatasubbarao

However, the draft offer documents for the IPO were withdrawn on February 28 and the reasons for the withdrawal have not been disclosed, an update with the markets regulator showed on Monday

The portion reserved for retail investors was subscribed 4.31 times, while the category for non-institutional investors (NIIs), including high-net-worth individuals, was subscribed 1.4 times. The qualified institutional buyers' segment saw bidding for 7.83 times the shares set aside to them.

The retail portion was subscribed 4.31 times, while non-institutional investors (NIIs) made bids 1.4 times more than the reserved bit. Qualified Institutional Buyers (QIBs), who largely stayed on the sidelines for two days, came to the party on the last day making bids 7.83 times more than the allotted part.

Qualified institutional buyers, who stayed on the sidelines for most part on Day 2, started bidding towards fag end of the day and the part reserved for them was subscribed 6%. Tomorrow is the last day for subscription to the public issue.

Most analysts say the public offer is decently valued and have recommended investors to subscribe to the issue. They say Divgi Torq is one of the few players in the country that has the ability to develop and supply system level transfer cases and is the only company to make torque couplers.

Ahead of the IPO, Divgi has raised Rs 185 crore from anchor investors, in which several mutual funds like ICICI Prudential Smallcap Fund, Nippon India Smallcap Fund, Motilal Oswal Large and Midcap Fund among others have participated.

The Divgi TorqTransfer IPO consists of fresh equity issue worth Rs 180 crore and an offer for sale (OFS) of 39.34 lakh shares by investors and other selling shareholders.

Divgi TorqTransfer Systems plans to raise up to Rs 412 crore through an initial public offer. Of this, Rs 180 crore would be through a fresh issue of shares mainly for expansion plans while the balance is an offer for sale by investors and promoters

IRM Energy’s IPO is a complete fresh issue of up to 10,100,000 equity shares with a face value of Rs 10 per equity share. Meanwhile, Lohia Corp’s public issue is a complete offer-for-sale (OFS) of up to 31,695,000 equity shares by existing shareholders with a face value of Re 1 per unit

Going by the draft papers, staffing firm FirstMeridian Business Services Ltd's Rs 740-crore IPO comprises fresh issuance of equity shares worth Rs 50 crore and an Offer-For-Sale (OFS) of Rs 690 crore.

The IPO includes a fresh issue of ₹180 crore and an offer for the sale of up to 3.93 million equity shares. The company intends to meet capital expenditure requirements for the purchase of equipment and machinery from the net proceeds of the fresh issue.

The 62-year-old company, popular for its sustainable and traditional Indian wear, said it may consider going public in the future and that several global ESG-focused funds had expressed an interest to invest. It did not give details.

The red herring prospectus (RHP) of the IPO shows that the weighted average cost of acquisition for Nilekani's firm was Rs 125.28. Considering that shares would be allotted to IPO investors at the upper price band of Rs 590, Nilekani will make a neat profit of Rs 66.98 crore or 370% return from his investment of about Rs 18 crore.

Indiabulls Enterprises Ltd is another stock that will move from Stage II to Stage I of the long term ASM framework.

The shares were sold at an average price of Rs 762.55 per piece, taking the transaction value to Rs 105.41 crore.

"The Board of Directors of the Company, based on the recommendation of the Human Resources, Nomination and Remuneration Committee, at its meeting held on March 24, 2023, has designated Shri Srikanth Venkatachari (Joint Chief Financial Officer of the Company since 2011) as the Chief Financial Officer of the Company with effect from June 1, 2023," the release stated.

The retail portion of the OFS also received an overwhelming response, with the government getting bids for 14,50,924 shares against 11,70,357 shares on offer for the category.

Just a couple of weeks ago, threats to financial stability barely registered on the troubleshooting list for central bankers. Now they’ve rocketed toward the top. Powell and his peers say preventing a re-run of the inflationary 1970s remains priority number one. But the signal is shifting

India's foreign exchange reserves rose by USD 12.798 billion to reach USD 572.801 billion in the week that ended on March 17, as per the Weekly Statistical Supplement by the Reserve Bank of India. The bank said that foreign currency assets that contribute significantly to the reserves grew by USD 10.485 billion to USD 505.348 billion, while gold reserves rose by USD 2.187 billion to USD 44.109 billion. However, the country's total forex reserves have been decreasing due to the central bank's efforts to defend the rupee in the face of global pressures.

Banking stocks, including those of Deutsche Bank, dropped amidst concerns that regulators and central banks have not tackled the worst shock to the sector since the 2008 global financial crisis. The euro fell against the dollar, and bond yields and the costs of insuring against bank defaults rose despite policymakers' efforts at reassuring investors. While both U.S. and European banks’ stocks declined, Deutsche Bank experienced the most significant drop—losing over 12% of its value. As a consequence of the market turmoil, investors were looking for support from authorities worldwide to ensure a stable banking sector.

How will this change in taxation impact the derivatives market and who will be affected the most?

Banking stocks slid in Europe with Deutsche Bank and UBS Group hit hard by worries that the worst problems in the sector since the 2008 financial crisis have not yet been contained.

NPS is a voluntary low-cost investment plan designed to enable people to plan for their retirement. One can invest in this scheme through systematic savings during his/her working lifetime. It is also an effective way to save on tax payouts.

Physical gold dealers in India had to offer the biggest discounts in over a year to attract buyers who were deterred by record-high gold prices last week. There were concerns that festivities in Maharashtra and Karnataka would fuel the purchase of the commodity. In contrast, there was steady demand for gold in China, with premiums going down slightly as the banking crisis continued. Market uncertainty has given investors reason to rely on safe-haven assets, keeping the demand sturdy worldwide.

The Dow Jones Industrial Average rose 0.11%, the S&P 500 gained 0.17% and the Nasdaq Composite dropped 0.18%

Euro zone yields fell as investors anticipate fewer rate hikes from the European Central Bank, while lingering banking stability concerns boost demand for safe-haven assets. German 10-year government bond, the bloc's benchmark, fell 10 basis points, to 2.08%, while the German two-year yield, which is most sensitive to policy rate expectations, fell 14 basis points to 2.34%. Investors have been trying to balance the expectation for a quick end to the Federal Reserve's monetary tightening cycle against remarks from ECB hawks calling for more rate hikes. Market focus will turn to next week's euro preliminary inflation reading for March, which may boost future rate hike expectations.

So far this week, gold prices have surged almost 2.50 per cent on the back of safe haven demand and traders expect US central bank may pause its rate hike cycle, Gandhi said.

The recent fall has faded hopes of sustained recovery, and we might again end up seeing range-bound moves in the index. Needless to say, the major support is intact at 16,800 in Nifty. We thus reiterate our view to limit positions and maintain positions on both sides.

The reason is outside observers usually look at headline numbers of trading volumes and assume that broking is a huge opportunity with a large revenue pool that will grow forever. In reality, it's a cyclical business that tends to revert to the mean, the billionaire startup founder said.

The Nifty Pharma index closed 0.22 per cent down at 11755.35.

The Nifty IT index closed 0.23 per cent down at 27935.65.

The NSE Nifty index closed 131.85 points down at 16945.05

The 30-share BSE Sensex closed down 398.18 points at 57527.1

The 30-share BSE Sensex closed down 398.18 points at 57527.1

The NSE Nifty index closed 131.85 points down at 16945.05

​Sensex fell 400 points to 57,527, while Nifty settled at 16,945, down 0.77% or 132 points.

The 30-share BSE Sensex closed down 398.18 points at 57527.1

The 30-share BSE Sensex closed down 398.18 points at 57527.1

62% of employers are giving a strong indication of hiring freshers from sectors including IT, telecom, BFSI, FMCG, and any consumer-facing businesses, according to Jaideep Kewalramani, COO at TeamLease Edtech. Demand remains strong, but hiring sessions may be delayed or adjusted, given cyclical patterns in the market. While there is some softness in the market at certain levels, there is still enough demand to absorb all new talent coming onto the market, Kewalramani noted.

IZMO, Sterling Tools, Cyient, Nagreeka Capital and Binani Ind, hit their fresh 52-week highs during the day.

In January 2021, the charges were earlier increased by 6% partly, to augment the investor protection fund trust.

Former HR Head of Infosys, Nandita Gurjar, advises freshers to focus on building their skills and competence, and joining organizations that appreciate learning, rather than focusing on salary expectations. She also suggests that freshers can start their career in any industry, as every industry has become a tech industry. While layoffs may be happening in certain industries, there are also job opportunities available for freshers, depending on the skills they possess, and companies are hiring in different sectors.

It seems traders are not comfortable with their risk exposures into the weekend as the moves in global markets have shown we may not be out of the woods on these banking issues, said a trader at a Mumbai-based bank.

The Nifty Bank index closed 0.56 per cent down at 39395.35.

The 30-share BSE Sensex closed down 398.18 points at 57527.1

In the Nifty pack, 10 stocks closed in the green, while 40 stocks ended in the red.

The 30-share BSE benchmark Sensex plunged 398 points or 0.69% to settle at 57,527. The broader NSE Nifty dropped 132 points or 0.77% to end at 16,945.

European banks fell 4.5% and were set for their third week of declines, after the failure of U.S. midsized lenders and the turmoil at Credit Suisse highlighted growing risks to banks in the wake of tightening financial conditions.

The Nifty Auto index closed 0.76 per cent down at 12113.4.

European banks have had a rough ride in the last week with a state-backed rescue of Credit Suisse and turmoil among regional U.S. banks fuelling concerns about the health of the global banking sector.

In today's world, our identity is not limited to our physical presence but extends to our digital footprint. Our digital identity represents ourselves in the virtual world, encompassing various aspects such as email addresses, phone numbers, social media profiles, and other online activities.

Bajaj Finserv, Bajaj Finance, Adani Ent., Tata Steel and Hindalco were among the top losers on NSE in today's trade.

Under the new rules, option traders will have to pay Rs 6,200 for every Rs 1 crore worth of turnover as against Rs 5,000 that is being paid currently. This translates into a hike of around 25%.

The brokerage firm does not expect any exclusions at this point in time in MSCI India Standard Index.In Friday's trade, Hindustan Aeronautics stock was trading 4.4% higher at Rs 2,608 on the BSE. In the last one year, the stock has also surged over 85%.

Kotak Institutional Equities remains positive on Indian banks and see limited impact on them of the risks emanating from a possible global slowdown on lenders back home. We believe that Indian banks would fare reasonably better in this leg of the cycle, KIE said.