Business News Highlights: Power Grid wins bid to set up inter-state transmission system in Gujarat

State-owned power giant NTPC on Thursday said its board has approved an investment of Rs 9,790.87 crore for stage-III of the Sipat Super Thermal Power Project.

The decision was taken at the meeting of the board of directors of the company, NTPC said in a regulatory filing.

"The Board of Directors of the Company, in its meeting held on 19th September 2024, has accorded investment approval for Sipat Super Thermal Power Project, Stage-III (1x800 MW) at an appraised current estimated cost of INR 9,790.87 crore," as per the BSE filing.

Larsen & Toubro, its three affiliates and three other entities on Thursday picked up an 8.03 per cent stake in Cube Highways Trust for Rs 1,243 crore through open market transactions.

The sellers involved in the transaction, include Cube Highways and Infrastructure I-D Pte, Cube Highways and Infrastructure Pte and Cube Mobility Investments through separate bulk deals on the BSE.

Reliance Infrastructure on Thursday said its board of directors has approved raising of Rs 3,014 crore by preferential issue of up to 12.56 crore equity shares.

In a regulatory filing, the company said the preferential issue shall be made to Risee Infinity Pvt Ltd, a promoter group company and to other investors, namely Florintree Innovation LLP and Fortune Financial & Equities Services Pvt Ltd.

The Reserve Bank of India (RBI) on September 19 approved the re-appointment of V Vaidyanathan as the MD and CEO of IDFC First Bank for three years with effect from December 19, 2024, to December 18, 2027.

-- Radhakishan Damani sells another 1 lakh shares in VST Industries at an average price of Rs 439.05 per share.

-- Radhakishan Damani had earlier sold 1 lakh shares in the company on September 17.

Orkla, the Norwegian industrial investment company, is exploring the possibility of launching an initial public offering by 2025 for its Indian unit, which owns spices and condiments brands MTR and Eastern, according to its country head.

Besides, the company is expanding its global sales targeting the growing Indian diaspora abroad and expects its international business to contribute 20 percent in 2024, Orkla India CEO Sanjay Sharma said.

Our response to media queries on Reuters report on diversion of Indian Defence Exports to Ukraine:https://t.co/uvfgB8gF3f pic.twitter.com/3qIVU0W9YW

— Randhir Jaiswal (@MEAIndia) September 19, 2024

Macrotech Developers has increased its stake in three warehousing companies by buying out shares of Ivanhoe Warehousing India Inc. in these firms for Rs 239.56 crore.

The share acquisition in the three firms would help Macrotech Developers in increasing its rental income.

In a regulatory filing, the company said it has executed Securities Purchase Agreements (SPAs) with Ivanhoe Warehousing India Inc in this regard.

Power Grid Corporation of India said on September 19 that it has been declared as the successful bidder for a transmission project in Gujarat.

The company has emerged the preferred bidder against a tariff-based competitive bidding, it said in an exchange filing.

It will set up an inter-state transmission system for evacuation of power from potential renewable energy zone in Khavda area of Gujarat under Phase-IV (7GW) on build, own, operate and transfer (BOOT) basis.

SEBI bars Axis Capital from taking up new assignments in the capacity of a merchant banker, arranger or underwriter for any issue / offer for sale of securities in the debt segment, until further orders.

Dow Jones, S&P 500, Nasdaq jump more than 1 percent at open a day after the United States Fed Reserve announces 50 bps rate cut.

The Dow Jones Industrial Average jumped 552 points, or 1.3%. The S&P 500 added 1.6%, while the Nasdaq Composite advanced 1.6%.

State-owned SJVN generated 8,489 million units (MUs) of green energy from its operational hydro, solar and wind power stations in 2023-24, a top company official said.

SJVN CMD Sushil Sharma made the remarks at the company’s 36th Annual General Meeting (AGM) for the 2023-24 financial year.

IT firm Infosys announced on September 19 that it will invest up to Rs 17 crore in space tech startup GalaxEye Space Solutions as part of Infosys Innovation Fund. The investment will be made in equity and series A compulsory convertible preference shares allotment, a regulatory filing said.

US-listed crypto shares jumped before the open on Thursday after a half-percentage point interest rate cut sparked a flight into risky assets, adding to the momentum of an industry that has already secured some big wins this year. The move could revive interest in bitcoin, the most popular cryptocurrency, which often sways the entire sector as investors chase higher returns and dump safe-havens. (Reuters)

Sebi announces modification in framework for valuation of investment portfolio of AIFs as per the latest circular.

"The RBI's decision is effective immediately and allows the Company to resume the sanctioning, disbursal, assignment, securitisation, and sale of gold loans in compliance with all relevant laws and regulations," IIFL Finance said in a regulatory filing. (Read More)

The Reserve Bank of India has lifted restrictions on IIFL Finance. The central bank has now allowed the finance firm to resume gold loans business.

Indian refiners are jointly negotiating to purchase Russian oil for next year, a government source said on Thursday, with suppliers mostly using Russian insurance for crude priced above a $60 per barrel cap. Russia is India's top oil supplier, and the world's third biggest oil importer and consumer is also Moscow's top client for seaborne oil. Private refiners in India this year signed annual deals for Russian oil supplies while state refiners are buying from spot markets. (Reuters)

While there is no official word around the constitution of the 8th pay commission, an NDTV Profit report quote All India Railwaymen's Federation General Secretary saying that there will be a hike in wages in January, 2026. Shiv Gopal Mishra of All India Railwaymen's Federation told NDTV Profit that he was confident about the wage hike for the central government staff.

The latest data shows that the overall UK inflation stood at yearly rate of 2.2% in August, which is still above the bank's goal.

"Labour market data quality issues continued to be an area of concern. Very low achieved sample sizes meant Labour Force Survey (LFS)-based estimates of labour market dynamics remained subject to considerable uncertainties," the Bank of England said in the post MPC bulletin.

Samsung Electronics' Indian unit has sued members of a labour union that has led a strike for 11 days at its only India home appliances plant in the southern state of Tamil Nadu, escalating tensions with its workers, legal papers show. Samsung's lawsuit dated Sept. 12, which Reuters is first to report, asks a district court in the state for a temporary injunction to restrain the union and its members from agitating, sloganeering and making speeches in and around the factory located near Chennai. (Reuters)

The Bank of England Act 1998 gives the Bank of England operational responsibility for setting monetary policy to meet the Government’s inflation target. Operational decisions are taken by the Bank’s Monetary Policy Committee. The minutes of the Committee meeting ending on 6 November will be published on 7 November 2024, the official bulletin said.

According to the official bulletin released after the MPC, the Bank of England said that the MPC voted by a majority of 8–1 to maintain the benchmark rate at 5%. While one member preferred to reduce bank rate by 0.25 percentage points, to 4.75%. However, the Committee voted unanimously to reduce the stock of UK government bond purchases held for monetary policy purposes, and financed by the issuance of central bank reserves, by £100 billion over the next 12 months, to a total of £558 billion.

A day after the US Federal Reserve announced the rate cut, Bank of England said that it will keep rate at percent. The BoE has also extended the bond reduction plan for another year.

It may be cliched but it’s true. India runs on WhatsApp. It’s so integral to our daily life that many people use it as a proxy for the number of internet users in the country. This has led to a rapid adoption of conversational commerce experiences among consumers in the world’s second-largest internet market. As a result, WhatsApp has become a preferred channel for small and medium-sized businesses to connect with their existing customers and attract new ones. (Read More)

India is projected to become the third-largest economy by 2030-31, driven by a 6.7% growth rate this fiscal, according to S&P Global. The report highlights the importance of continued reforms, infrastructure development, and sustainable technologies. It also emphasizes the need for robust port infrastructure and advanced agricultural technologies to ensure economic stability. (PTI)

India joins an elite group of just four G20 nations with a 'Regular Follow-up' rating from FATF. FATF has suggested to take more risk based measures to ensure prevention of terror financing through non profit organizations, says Aggarwal. Any donation above Rs 2,000 to non-profit organizations in India cannot be in cash, says Aggarwal. Major recommendation from FATF is on trials for money laundering and terror financing, the finance ministry official adds. (Read More)

• India's main sources of money laundering originate from within, from illegal activities committed within country, says FATF
• Rs 16,500 cr confiscated by ED in 2017-2021, says Finance Ministr Additional Secretary Vivek Aggarwal
• FATF says the case studies on money laundering investigations by Enforcement Directorate reflect tangible results, says Aggarwal
• FATF says that In case of are of any crime, the authorities should look at any financial trail in it, noted Aggarwal
• FATF recognised greater formalisation in the economy, says Aggarwal
• Authorities restituted Rs 14,130 cr by ED to consortium of banks in Mallaya case, Aggarwal says
• India has Achieved convictions in 100 terror financing cases, says Aggarwal
• India told FATF that capacity for prosecution of trials in money laundering and terror financing is being increased, says Aggarwal

• There is a lot of FII interest for India
• There are some concerns over valuations in India
• Corporate earnings growth story is looking very strong
• There have been more investments in infra, realty, power
• There is some worry with respect to the recent election mandate & the impact
• One of the biggest misconceptions about Indian market is that govt's spending is driving capex
• Last year, private corporate capex growth was up 18%
• Last year, housing capex growth was up 18-20%
• The current market cycle should last till 2030 if not longer

• FATF recognised NIA expansion with 40% increase in manpower in last 3 years, says Aggarwal
• India receives high rating by FATF in Risk assessment both in domestic and international cooperation, says Aggarwal
• FATF said India has achieved remarkable improvements in financial inclusion, says Aggarwal
• FATF noted reduced involvement of cash in real estate, says Aggarwal

• FATF noted regional variation in types of money laundering and terror financing risks faced within India, says Aggarwal
• FATF says India is not attractive destination for criminal proceeds, Aggarwal added
• FATF highlights high-level commitment in India to address anti-money laundering, Aggarwal says
• India was given a high rating for immediate outcome on anti money laundering and terror financing, says Aggarwal
• Measures taken for financial transparency through JAM trinity recognised by FATF, says Aggarwal
• India's risk assessment will be done every three years by FATF, next one in 2025, Aggarwal says
• FATF recognised steps taken against risks from cash-based economy, Aggarwal says
• FATF recognised 4 lakh companies deregistered between 2017-2021 to remove shell companies, Aggarwal says

The GMP of Northern Arc was Rs 160 today morning. This suggested a 60.84% gain over the IPO price. As of now, the estimated price on listing day based on grey market premium is Rs 423 per share.

The non-banking financial company has set a price band of Rs 249–263 per share for its four-day IPO. The minimum application lot size is 57 shares. Ahead of the IPO, Northern Arc Capital allotted 87.02 lakh shares at Rs 263 per share to 15 anchor investors, raising Rs 228.9 crore.

Northern Arc Capital IPO's subscription will conclude today. So far, the issue has been subscribed 23.39 times. The IPO targets to raise Rs 776 crore. The IPO includes an OFS of Rs 275 crore and fresh issue of Rs 500 crore equity shares.

Demerger of energy business to Siemens Energy India gets 'no objection' letter from NSE. In a regulatory filing, the company said that "we would like to inform you that the Company has received observation letter dated 18th September 2024 from National Stock Exchange of India Limited (“NSE”) with ‘no objection’ in relation to the Scheme."

According to investorgain.com, the most recent grey market premium (GMP) for the Arkade Developers IPO was Rs 85, up from the GMP of Rs 70 prior to the start of bidding. With the upper price band of the IPO set at Rs 128 and the current GMP, the estimated listing price for Arkade Developers shares is Rs 213, indicating a 66.41% premium over the issue price.

Apple Inc is set to be warned by the European Union to open up its highly guarded iPhone operating system to rival technologies, or eventually risk significant fines. EU watchdogs are due to announce under the bloc’s new Digital Markets Act that the Cupertino, California-based firm must step into line with strict new rules on making operating systems fully functional with other technologies, according to people familiar with the matter, who spoke under condition of anonymity. (Bloomberg)

The mainboard issue was fully subscribed on the first day, September 16, and has continued to attract strong interest. By 1:20 PM on Thursday, the fourth day, it had been subscribed 48.55 times overall. The retail portion was booked 43.40 times, while the Non-Institutional Investors (NII) segment saw a subscription rate of 114.14 times. The Qualified Institutional Buyers (QIB) segment had received bids 8.56 times.

The subscription for Arkade Developers' initial public offering is ending today - September 19, 2024. The IPO, which opened on September 16, witnessed a positive reponse from both non-institutional investors (NIIs) as well as retail investors. Before the IPO, Arkade Developers raised about Rs 122.40 from anchor investors.

The IPO of Arkade Developers, targeting a raise of ₹410 crore, closes on September 19. There has been significant interest, with both retail and non-institutional investors heavily subscribing. Analysts are optimistic about the offering, noting the company's robust growth strategy and solid financial stability.

Karan Taurani from Elara Capital told CNBC-TV that most companies are currently fairly valued, with many trading 10% to 12% above their target prices. However, he noted that UBL still has potential for performance improvement.

Naidu has reportedly told govt officials to ensure that quality liquor is made available at a reasonable price. He has also said that retail outlet licenses' allotment will be done in a very transparent manner.

Latest reports say that the new Andhra Pradesh liquor policy will come into effect from October 1st. Addressing media, I & PR Minister K Parthasarathy stated, "The cabinet has decided to implement a private retail system for liquor sales to improve management efficiency. Out of the 3,736 retail outlets in the state, 10 percent will be designated for the toddy-tappers community."

The Chandrababu Naidu Cabinet has cleared the new liquor policy for Andhra Pradesh. Soon, the vends in the state will be able to sell liquor for Rs 99 or less.

Chinese technology company Alibaba released on Thursday new open-source artificial intelligence models and text-to-video AI technology, intensifying its efforts to compete in the booming area of generative AI. The open-source models, numbering more than 100, come from Alibaba's Qwen 2.5 family, its latest foundational large language model released in May. (Reuters)

Bajaj Auto's Rajiv Bajaj tells CNBC-TV18 that "something like Rs 20,000 per share not out of reckoning." He also said that "exports are doing well, except in Nigeria." On production of Chetak and Freedom, Bajaj said, "we are asking ourselves if we can cross 2.5 lakh units of Freedom and Chetak."

• Relief could have resulted in Rs 5 per share upside for Vodafone Idea
• Cash flow position of Voda Idea will become more difficult without the court relief
• See possibility of further market share gain for Bharti given lack of relief for Vodafone Idea
• Dismissal of curative petition is a slight positive for Bharti Airtel with respect to potential market share gain
• Need to see if Voda Idea can go ahead with debt raising plan in light of unfavourable SC verdict
• Debt fund raise will be crucial for Voda Idea to continue with its capex plan

Back in 2019, the Supreme Court had ruled that the non-core revenue should be included in the AGR calculations. The October 2019 ruling had ended the legal war between telecom operators and the government. This legal battle for defining the AGR went on for 14 years.

Telecom stocks faced selling pressure during September 19 trade as the Supreme Court rejected telecommunication companies' plea for the re-computation of adjusted gross revenue (AGR) dues. Shares of debt-laden telecom operator Vodafone Idea crashed over 15 percent. At 12.05 pm, VI shares were quoting Rs 10.96 apiece on the NSE, while Indus Towers' stock price plummeted 14 percent to Rs 367.25. Bharti Airtel shares were quoting Rs 1,662 apiece, up half a percent on the NSE. (Read More)

According to the NDTV Profit report, the telecom operators had argued that for the definition purpose, only the core revenue should be included. On the other hand, the Department of Telecommunications had argued that the definition should include all revenue, which also included revenue from non-telecom services as well.

In case you are joining us right now, we are covering the major order by the Supreme Court against the telcos in the AGR case. So what exactly is AGR? AGR or the adjusted gross revenue is the basis for sharing revenue sharing system between the companies and the Government of India.

Vodafone Idea's AGR dues currently stand at Rs 70,300 crore.

• Application for listing the curative petitions in open court is rejected.
• The curative petitions are dismissed in terms of the signed order
• Pending application, if any, stands disposed of.

Vodafone Idea, Bharti Airtel had reportedly cited arithmetic errors in computation of AGR demand.

The Supreme Court has rejected telecommunication companies plea for a review of adjusted gross revenue (AGR), CNBC-TV18 reported on September 19. (Read More)

Here are the day 4 trends of the subscription for the Western Carriers IPO. Latest reports say that the IPO has been subscribed as much as 13.89 times on day 4. The issue has witnessed robust response from retail as well as non-institutional investors.

Manba Finance reported a net profit of Rs 31.42 crore on revenues of Rs 191.63 crore for the financial year 2024. In comparison, for the year ending March 2023, the company had a net profit of Rs 16.58 crore with revenues of Rs 133.32 crore. The market capitalization of Manba Finance's IPO stands at Rs 602.87 crore.

Manba Finance operates branches in urban, semi-urban, and metropolitan areas, extending its services to nearby rural regions. The company has built strong connections with over 1,100 dealers, including more than 190 electric vehicle dealers across Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh, and Uttar Pradesh.

The company's primary customers are employees and self-employed individuals. It customizes its offerings to suit each group, creating tailored programs. Typically, the company finances up to 85% of the vehicle's purchase price, with a preference for the customer to cover the remaining balance.

Manba Finance's IPO consists entirely of a fresh issuance of 1,25,70,000 equity shares, totaling Rs 150.84 crore. The net proceeds from this offering will be used to strengthen the company's capital base to support its future capital needs. The anchor book for the IPO opens on Friday, September 20.

Founded in 1998, Manba Finance is a non-banking financial company (NBFC) that provides a range of financial solutions. These include financing for new two-wheelers (2Ws), three-wheelers (3Ws), electric two-wheelers (EV2Ws), electric three-wheelers (EV3Ws), as well as used cars, small business loans, and personal loans.

Manba Finance's initial public offering (IPO) is set to open for bidding on Monday, September 23. The company will offer its shares at a price range of Rs 114-120 each. Investors can apply for a minimum of 125 equity shares, with additional applications in multiples of this amount. The bidding window will close on Wednesday, September 25.

Fedbank Financial Services has rejected reports of ransomware attack on company's IT infra, a CNBC-TV18 report says. The company has affirmed that there has been "no breach of our core systems or any ransomware attack on our infra."

IIFL Finance faces downgrade risk on gold loan ban. Local agency plans to cut IIFL credit rating from 'AA' to 'AA-'. IIFL Finance may cut more than 9,000 jobs if ban persists, reports NDTV Profit.

When asked about US Fed rate cut bringing volatility into the financial markets, Seth told Moneycontrol that "(It is) Not expected. It is a mere 50 bps cut from the high level."

The US Federal Reserve's interest rate cut will not have a major impact on inflows into India, according to Ajay Seth, India’s Economic Affairs Secretary. Speaking on Thursday, Seth noted, "It's a 50 bps cut from a high level, so I don’t foresee any significant effect on flows into India. We’ll have to observe how things progress going forward."

Greece saw a 37 percent surge in property purchases by Indian investors between July and August, as buyers rushed to secure permanent residency ahead of changes to the country’s Golden Visa Programme. The new rules, which kicked on September 1, more than double the minimum investment required to qualify for a visa through real estate purchases. (Read More)

Shares of Excellent Wires and Packaging had a sluggish debut on September 19, listing at Rs 85 on the NSE SME platform, a 5.56 percent discount from the issue price of Rs 90 per share. (Read More)

In FY 2023-24, Kalana Ispat Ltd. recorded consolidated revenue from operations of Rs 73.94 crore, down from Rs 83.35 crore in the previous financial year. However, the company’s net profit increased to Rs 2.36 crore in FY 2023-24, compared to Rs 50 lakh in the prior year.

A portion of the funds will be used to establish a rolling mill at Survey No. 4/1 in Taluka Sanand, Ahmedabad, which includes constructing an industrial shed and acquiring equipment and machinery. Additionally, some of the funds will be allocated for general corporate purposes.

Established in October 2012, Kalana Ispat Ltd. focuses on producing MS Billets and Alloy Steel Billets across various grades. The company operates in two key segments: product sales and service sales. Its manufacturing plant has an annual production capacity of 38,000 MT.

As of 07:54 a.m. on Thursday, the grey market premium (GMP) for Kalana Ispat is Rs 10, indicating a potential 15.15% gain over the IPO price, according to Investorgain, a unit of Chittorgarh. Based on this GMP, the estimated listing price is Rs 76 per share.

The net proceeds from the IPO will be used for capital expenditure on installing a solar power plant, establishing a rolling mill in Ahmedabad, and for general corporate purposes. The issue is scheduled to close on September 23, 2024.

• Non-Institutional Investors (NII): 23,44,000 equity shares
• Retail Individual Investors (RII): 23,46,000 equity shares
• Market Maker: Up to 2,48,000 equity shares

Kalana Ispat's IPO consists of up to 49,38,000 equity shares, each with a face value of Rs 10.

Another day and another IPO. Kalana Ispat Limited, a leading manufacturer of high-quality steel billets, plans to launch its Initial Public Offering (IPO) on September 19, 2024. The company seeks to raise Rs 32.59 crores, with its shares set to be listed on the NSE Emerge platform.

NTPC Ltd’s renewable energy arm, NTPC Green Energy, has filed a draft red herring prospectus (DRHP) with SEBI to launch its much-anticipated Rs 10,000-crore initial public offering (IPO). The public issue, which could become India’s largest in 2024, will be entirely a fresh issue of equity shares, with no offer for sale from the promoter entities. Read more.

The Indian rupee's recovery on Thursday will have to contend with a broadly higher U.S. dollar despite the Federal Reserve delivering a 50-basis-point rate cut.

The 1-month dollar/rupee non-deliverable forward (NDF) declined to 83.66 following the Fed rate cut. Economists had expected a smaller 25-bp rate cut, per a Reuters poll. The 1-month NDF of 83.66 is equivalent to 83.56-83.58 on spot.

The dip in the NDF, however, did not sustain and the rupee is expected to open largely unchanged to marginally higher from 83.75 on Tuesday. Indian forex and money markets were shut on Wednesday. (Reuters)

• The U.S. dollar rose broadly on Thursday, recovering from an earlier tumble in the immediate aftermath of the Federal Reserve's outsized interest rate cut that had been largely priced in by markets.
• The U.S. central bank on Wednesday kicked off its monetary easing cycle with a larger-than-usual half-percentage-point reduction that Chair Jerome Powell said was meant to show policymakers' commitment to sustaining a low unemployment rate now that inflation has eased.
• While the size of the move had been anticipated by investors in part due to a slew of media reports pointing in that direction ahead of the decision, it defied the expectations of economists polled by Reuters, who were leaning toward a 25-basis-point cut. (Reuters)

Direct-to-consumer (D2C) ayurvedic brand Kapiva is gearing up to raise Rs 300-330 crore (about $40 million) in an internal round to expand operations and grow its market presence, people aware of the development told Moneycontrol. Existing backer OrbiMed is likely to lead the round and others like Fireside Ventures, Vertex Ventures, 3one4 Capital and more may also participate.  More here.

Oil prices fell in Asian trading on Thursday after a larger-than-expected Federal Reserve interest rate cut sparked concerns about the U.S. economy.

Brent crude futures for November fell 34 cents, or 0.46%, to $73.31 a barrel by 0015 GMT, while WTI crude futures for October declined to $70.49 a barrel, down 42 cents or 0.59%.

The U.S. central bank cut interest rates by half a percentage point on Wednesday, suggesting the Fed saw a slowing job market. That view appeared to outweigh the boost that interest rate cuts usually bring to economic activity. (Reuters)

Western Carriers India’s IPO, priced between Rs 163 and Rs 172 per share, concludes today, September 19. The offering, which began on September 13, includes a fresh issue of 2.33 crore shares and an offer for sale (OFS) of 54 lakh shares. The company aims to raise Rs 400 crore from the fresh issue.

The net proceeds from the IPO will be used to repay borrowings and fund capital expenditure. Share allotment is expected to be finalised on September 20, with shares tentatively slated to list on the BSE and NSE on September 24.

Experts and brokerage firms are optimistic about Western Carriers India's IPO, citing the company’s attractive valuation and strong growth potential. Choice Equity Broking has issued a 'subscribe' recommendation, highlighting the company's demand for an EV/sales multiple of 1 time, well below the peer average of 2.4 times. "With its market position and the improving outlook of rail logistics post-DFC developments, the company is poised to benefit from multi-modal freight expansion," the firm stated.

Anand Rathi Share and Stock Brokers also echoed this sentiment, recommending a 'subscribe' on the grounds of the company's strong operational efficiency and robust growth plans.

As of 4:45 pm on day four of bidding, the Western Carriers IPO was subscribed 13.85 times, with robust demand from retail and non-institutional investors (NIIs). The retail segment was oversubscribed by 18.55 times, and the NII portion was filled 20.87 times. However, interest from qualified institutional buyers (QIBs) remained subdued, with only 0.14 times subscription.

With the bidding set to close today, September 19, the focus now shifts to the final subscription numbers and potential listing performance.

Shares of Western Carriers India are trading at a premium of Rs 50 in the grey market, signalling strong investor confidence in the ongoing IPO. While slightly down from the Rs 58 premium seen the previous day, the current premium remains notably higher than last Friday’s level of Rs 30, indicating sustained optimism around the issue.

Based on grey market premium and the IPO price band of Rs 172, shares of Western Carriers India could potentially list at Rs 222, reflecting a 29.07% premium.

The initial public offering (IPO) of logistics firm Western Carriers is set to close today, September 19, 2024, after garnering decent interest from both retail and non-institutional investors (NIIs). The Rs 492.88 crore book-built issue, which opened on September 13, has been seeing steady subscriptions.