EARNINGS
Average Nifty 50 stock offers 26% upside after sharp decline in 2022
The upside is from the fair value of the stock, measured by the average of price targets for the counter
BUSINESS
IndiGo shares jump 10% as airline plans to hike fares with focus on profitability
The firm reported a consolidated net loss of Rs 1,681.80 crore . Revenue of the company jumped 29% from a year ago to Rs 8,020.75 crore. Operating profit margin contracted sharply to 2.1% in the quarter from 10.4% a year ago.
BUSINESS
Paint stocks in the red after Grasim doubles capex plan
Grasim has accelerated the execution of paints capacity of 1.33 billion litres, with commissioning of plants to start in phases starting fourth quarter of FY24
BUSINESS
Metal stocks melt down as government imposes export duties
ICICI Securities has said it is an "extremely negative development" for the steel sector and it expects broad-based multiple de-rating
POLITICS
Bond prices and rupee fall as fuel tax cut sparks fiscal slippage worries
According to Barclays, tax cuts on motor fuels, cooking gas subsidies and duty cuts on imports could ease prices but widen fiscal deficit to 6.9% of GDP, significantly overshooting budgetary estimates of 6.4%.
BUSINESS
Delhivery slides below IPO price in grey market ahead of Tuesday listing
The stock was already seeing muted volumes in the grey market after the IPO saw a dull response from retail and high net worth investors.
BUSINESS
Chennai Super Kings corrected 15-20% in unlisted markets over a month
Analysts blamed the correction on concerns over the team leadership among others.
BUSINESS
Aether Industries sets price band at Rs 610-642 a share for its IPO
Earlier, the firm said its IPO will open on 24 May for subscription and close on 26 May. The basis of allotment expected on May 31, credit of shares expected on Jun 2 and the firm may be listed on exchanges on 3 June.
BUSINESS
Aether Industries IPO opens on May 24
The IPO consists of a fresh issue of Rs 627 crore and an offer for sale of up to 2.82 million shares by its shareholders and promoters
BUSINESS
Tepid listing of LIC shares leaves investors poorer by over Rs 50,000 crore
At close, the stock settled at Rs 872.70 on the BSE, down 8.04% from issue price of Rs 949, while its mcap stood at Rs 5.52 trillion
BUSINESS
LIC share lists with 9.4% discount, stock debuts on BSE at Rs 867
Investors must be aware that the business of insurance is long term in nature and therefore experts recommend investors to stay with the company for the long term
BUSINESS
LIC listing today | Big PSU IPOs laggards on Indian bourses
India's biggest PSU IPO was Coal India, which listed in November 2010 with an issue price of Rs 245 a share. Currently it trades more than 42 percent lower than its issue price. The firm raised over Rs 15,000 crore via the IPO.
INDIA
Inflationary trends drive 10-year government bond yields up 7 bps
At 9.45am, the 10-year bond yield was trading at 7.32%, up 8 basis points from its previous close of 7.26%. Bond yields and prices move in opposite directions
INDIA
Digital signature certifier eMudhra sets IPO price band at Rs 243-256
Earlier the firm said its IPO will open on 20 May and close on 24 May. The anchor investor bidding will start on 19 May. Allotment is expected on 30 May and the firm will list on exchanges on 1 June.
INDIA
Rupee hits fresh record low of 77.58 against US dollar
The currency opened at 77.56 a dollar and touched a fresh record low of 77.58 a dollar. At 9.30am, the domestic currency was trading at 77.57 a dollar, down 0.4 percent from its previous close
BUSINESS
Paradeep Phosphates sets IPO price band at Rs 39-42 a share
The IPO consists of a fresh issue of Rs 1004 crore while an offer for sale of upto 118.51 million by its existing shareholders and promoters. At the upper price band, the firm plans to raise around Rs 1502 crore.
COMPANIES-2
LIC's grey market premium turns negative
From a peak of Rs 95 a share, it has fallen to negative Rs 15 apiece. Lukewarm response from foreign investors is the prime reason. The IPO was subscribed mostly by retail and domestic institutional buyers.
BUSINESS
Luxury watch retail player Ethos prices IPO at Rs 836-878 a share
IPO will open on 18 May for subscription and close on 20 May. The anchor book will open on 17 May.
BUSINESS
IT stocks fall even as rupee weakens amid bleak outlook, margin pressure
Macroeconomic factors including uncertainty related to the ongoing Russia-Ukraine war are likely to have some impact on IT services companies with considerable presence in Eastern Europe
BUSINESS
Aadhar Housing finally gets SEBI nod for IPO after 15 months of filling draft papers
Blackstone-backed BCP Topco holds 98.72 percent stake in Aadhar Housing and it plans to raise Rs 5,800 crore by pairing its controlling stake in the housing finance company.
STOCKS
Rupee slips to record low of 77.28 against dollar
At 9.10am, the home currency was trading at 77.28 a dollar, down 0.48% from its previous close of 76.93. The currency opened at 77.06 and touched a low of 77.31 a dollar. Last time, the Rupee hit a low of 79.98 on 7 March 2022.
COMPANIES-2
Venus Pipes sets price band at Rs 310-326 a share
The anchor book for the IPO, which comprises a fresh issue of 5.07 million shares, opens May 10. Shares will be credited to allottees on May 23 and the firm will list on exchanges the next day.
INTERVIEW
MC Interview | Bank of Baroda's chief economist on why did RBI choose to hike rates off-policy
RBI governor Shaktikanta Das announced a 40-basis-points hike in the key lending rate and raised the cash reserve ratio by 50 basis-points in an unscheduled announcement on May 4.
IPO
Delhivery shares slump in unlisted market ahead of IPO
Delhivery has set the price band in its IPO at Rs 462-487 a share, valuing the company at Rs 35,283 crore at the upper end. This is down about 19% from the current price in the unlisted market.
