Paramount Speciality Forgings IPO subscribed nearly 69 times on final day

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The initial public offer of Paramount Speciality Forgings got subscribed by 68.7 times on the last day of subscription on Friday. The Rs 32.34-crore public offer of Paramount Speciality Forgings received bids for 26,96,40,000 shares, as against 39,22,000 shares, according to the NSE SME data.

The category for Non Institutional Investors received 220.54 times subscription, while the Retail Individual Investors (RIIs) portion garnered 41.29 times subscription.

Finance Minister Nirmala Sitharaman on Friday reviewed the capex plan of the Ministry of Housing and Urban Affairs and emphasized on the need for timely and efficient utilisation of these funds.

A key focus of the discussions during the meeting was the Pradhan Mantri Awas Yojana (Urban) scheme, which plays a crucial role in providing affordable housing.

"Union Finance Minister Smt. @nsitharaman underscored the importance of accelerating progress under this scheme to meet the housing needs of urban India," the finance ministry said in a post on X.

Markets regulator Sebi on Friday proposed that listed entities should make all payments, such as dividends, interests and redemptions, through electronic mode only.

The proposal is aimed at streamlining payment processes and enhance security, convenience and efficiency for all investors.

Current Sebi's LODR (Listing Obligations and Disclosure Requirements) rules allows electronic payments but permits cheques or warrants if electronic transfers fail, especially for amounts over Rs 1,500.

US stocks opened slightly lower on Friday, edging off of Thursday's highs as traders took a break following a busy week of trading around the Federal Reserve's interest rate decision. Shortly after markets opened, the Dow Jones Industrial Average was down around 0.1 percent at 41,965.96, while the S&P 500 fell 0.2 percent to 5,703.00, and the tech-rich Nasdaq Composite Index was almost flat at 18,014.17.

"It is Friday, and after this week of all time highs on just about every index, it wouldn't surprise me that both investors and traders are taking a break," Bokeh Capital Partners' chief investment officer Kim Forrest told AFP.

Among individual stocks, FedEx was trading down around 14 percent after slashing its earnings outlook.

And the sportswear giant Nike's shares jumped by seven percent after announcing that its chief executive John Donahoe would step down and be replaced by Elliott Hill, a company veteran, who will come out of retirement to take up the role.

LIC Mutual Fund on Friday launched a new Manufacturing Fund, an open-ended equity scheme, and said it is looking to achieve an asset under management of Rs 60,000 crore this fiscal.

The new fund offer (NFO) will remain open for subscription till October 4 while the units under the scheme would be allotted on October 11, the company said. It also said that the scheme will be benchmarked to the Nifty India Manufacturing Index (Total Return Index).

The scheme aims to provide a diversified portfolio of companies that come under the ambit of manufacturing theme, including automobiles, pharmaceuticals, chemicals, heavy engineering products, metals, shipbuilding, and petroleum products, among others, the company said.

The Company in an exchange filing said that the Board of Directors of the Company (‘Board’), at its meeting held 20 Septembe, considered the matter of issuance of bonus shares. After detailed discussions, it was decided that the Company needs to seek appropriate clarification/approval from the Regulator i.e. Reserve Bank of India (RBI) in respect of issue of Bonus Shares to the Non Resident shareholders (including those covered under the Foreign Direct Investment (FDI) and Foreign Portfolio Investment), having regard to the fact that the Company is engaged in manufacture of cigarette and other tobacco products wherein FDI is currently prohibited.

Oil prices eased on Friday, but were on track to register gains for a second straight week following a large cut in U.S. interest rates and declining global stockpiles.

Brent futures were down 32 cents, or 0.43%, at $74.56 a barrel at 1223 GMT while U.S. WTI crude futures fell 30 cents, or 0.42%, at $71.65.

Still, both benchmarks were up more than 4% on the week.

Markets regulator Sebi on Friday allowed mutual funds to both buy and sell Credit Default Swaps (CDS), a move aimed at increasing liquidity in the corporate bond market.

This flexibility to participate in CDS would serve as an additional investment product for mutual funds, Sebi said in a circular.

Food price volatility remains a contingent risk even as the overall retail inflation has remained below the target of 4 per cent for the second consecutive month in August, said the latest Bulletin of the Reserve Bank released on Friday.

The September Bulletin also said that global economic activity is slowing down while the pace of disinflation remains sluggish, provoking caution among monetary policy authorities. "Consumer price index inflation came in below the Reserve Bank's target for the second consecutive month in August, although in light of the recent experience, food price volatility remains a contingent risk," said an article on 'State of the Economy' in the Bulletin.

"Global economic activity is slowing down while the pace of disinflation remains sluggish, provoking caution among monetary policy authorities," the central bank said in the bulletin. (Read More)

"Consumer price index (CPI) inflation came in below the Reserve Bank’s target for the second consecutive month in August, although in light of the recent experience, food price volatility remains a contingent risk," says Central Bank in the September bulletin.

'Empirical findings indicate that banks with greater brick-and-mortar presence are better placed to extend priority credit at grass-roots level,' says RBI Bulletin

The Reserve Bank of India has released its September bulletin. The Central Bank says that the "household consumption is poised to grow faster in Q2 as headline inflation eases."

LIC Mutual Fund has launched a new open-ended equity scheme following the manufacturing theme — Manufacturing Fund. The new fund offer (NFO), which opened today will be available for subscription till October 4 next month. The allotment will be scheduled for October 11. LIC's scheme will be benchmarked to the Nifty India Manufacturing Index (Total Return Index). (Read More)

"Vodafone Idea Limited will host a conference call with its senior management on Monday, September 23, 2024 from 02.30 PM to 03.00 PM, Indian Standard Time to provide an update on the recent developments. The participants from the Company for the conference call will be Mr. Akshaya Moondra, Chief Executive Officer and Mr. Murthy GVAS, Chief Financial Officer supported by the senior management team," a regulatory filing said. The development comes after the Supreme Court's AGR verdict. The Apex Court had rejected of petitions by telecom companies, including Vodafone Idea, regarding Adjusted Gross Revenue (AGR) dues. (Read More)

Tuticorin-based Tamilnad Mercantile Bank Ltd announced on Friday that the Reserve Bank of India has approved the appointment of Vincent Menachery Devassy as its Whole Time (Executive) Director. The appointment, pending shareholder approval, will be for a three-year term starting from the date he assumes office, according to the bank's BSE filing.

India has extended emergency financial support to the Maldives by subscribing to its $50 million treasury bill. This move follows a ratings downgrade for the Maldives due to debt crisis risks and potential sukuk default. The Maldives owes significant amounts to China and India, and is striving to avoid a debt default. (Reuters)

HDB Financial Services Ltd board on Friday, 20 September gave a nod to the lender to launch an initial public offering (IPO), which would include a fresh equity issue worth Rs 2,500 crore, and an offer for sale by existing shareholders. HDB Finance is business and personal loan unit of HDFC Bank Ltd -- India's largest private bank. (Read More)

iPhone 16 buyers can enjoy two attractive offers: instant savings of up to Rs 5000 with American Express, Axis Bank, and ICICI Bank cards, along with no-cost EMI plans for 3-6 months from major banks.

The sale of iPhone 16 series kicked off in India from morning today. Starting at Rs 79,900, the smartphones are available both online and offline.

Blinkit has been selling the iPhones for quite some time now. It all began with the launch of iPhone 14 series and is continuing with iPhone 16. Blinkit boss Albinder Dhindsa posted his plan with partnership via Unicorn store.

Apart from Blinkit and Bagbasket, iPhone 16 sale is also live on the Zepto platform as well. The 10-minute delivery is available in key cities such as Delhi, Mumbai, Bangalore, Hyderabad, Chennai, and Delhi-NCR.

Big Basket, the Tata-owned quick commerce platform has already announced that it will deliver the all-new iPhone 16 series in just 10 minutes and now Blinkit has confirmed that they will be delivering the iPhone 16 series in under 10 minutes. (Read More)

KRN Heat Exchanger posted a net profit of Rs 39.07 crore on a revenue of Rs 313.54 crore for the financial year ending March 31, 2024. In comparison, the company recorded a net profit of Rs 32.31 crore and revenue of Rs 249.89 crore for the 2022-23 fiscal year.

Located in Rajasthan's Neemrana, KRN Heat's manufacturing facility spread in an area of 7,800 sq. mt. It uses the coil manufacturing machines including Fin Press Machine, Hair Pin Bender, Vertical Expander and CNC Tube Bender. It manufactures heat exchanger tubes of different shapes and sizes from 7 mm, 9.52 mm, 5 mm diameter, 15.88 mm and 12.7 mm.

The IPO of KRN Heat Exchanger consists entirely of a fresh issue of 1,55,23,000 shares, valued at Rs 341.50 crore at the upper end of the price band. The anchor book is set to open on Tuesday, September 24. The net proceeds from the offering will be used to invest in its wholly-owned subsidiary, KRN HVAC Products, for establishing a new manufacturing facility, as well as for general corporate purposes.

KRN Heat Exchanger and Refrigeration specialises in manufacturing fin and tube-type heat exchangers. Their product range includes copper and aluminum fins, copper tubes, heat exchangers, water coils, condenser coils, and evaporator coils. These products are designed for use in domestic, commercial, and industrial applications within the heating, ventilation, air conditioning, and refrigeration (HVACR) industry.

KRN Heat Exchanger and Refrigeration will offer its shares at a fixed price range of Rs 209-Rs 220 per share. Investors can apply for a minimum of 65 equity shares, with the option to apply in multiples of 65 shares thereafter.

The Initial Public Offering (IPO) of KRN Heat Exchanger and Refrigeration is set to open for bidding on Wednesday, September 25, and will remain available for subscription until Friday, September 27.

In a major block trade deal development, Bharat Electronics has 4.03 million shares change hand in a block, market data shows.

The Supreme Court has upheld a High Court order that directed SpiceJet to return three engines to lessors for non-payment of dues, and dismissed the airline's plea, instead asking them to independently negotiate with the lessors. (Read More)

The telecom data for the month of July has been released. According to the data released by TRAI, while BSNL has added 29.47 lakh new customers in the month of July, all major telcos lost their users. While Bharti Airtel lost 16.94 lakh users versus addition of 12.52 lakh users (MoM), Vodafone Idea lost 14.13 lakh users versus addition of 8.60 lakh users (MoM). Reliance Jio performed better with loss of 7.58 lakh users versus addition of 19.11 lakh users (MoM)

Gaurav Chand, the Chief Marketing Officer of Cognizant has stepped down. According to the latest reports, the company has appointed Thea Hayden, a Cognizant veteran as an interim CMO. This is the second high-profile departure at Cognizant. In August, company's India chairman Rajesh Nambiar had resigned.

In a official circular, the Union Ministry of Finance has said that the second edition of the Direct Tax Vivad se Viswas scheme 2024 (VSV 2.0) will be launched from October 1, 2024. Union Finance Minister Nirmala Sitharaman had announced the VSV 2,0 scheme in the Union Budget. The scheme is aimed to reduce the litigations related with income tax.

• According to a report by NDTV Profit, RaymachTech has withdrawn insolvency plea against SpiceJet in the NCLT.
• Back in June, SpiceJet had told NCLT that it had reached a settlement with Raymach Technologies over pending dues. Subsequently, NCLT had given time to Raymach to file the withdrawal plea.

According to information from Investorgain.com, the Grey Market Premium (GMP) for the Paramount Specialty Forgings IPO is Nil. This indicates that shares of the IPO are available in the grey market without any premium.

The Rs 32.34 crore IPO of Paramount Specialty Forgings is a book-built offer that comprises the issuance of 48.02 lakh new shares, valued at Rs 28.33 crores, along with 6.8 lakh shares being offered for sale, valued at Rs 4.01 crores.

The IPO price band for Paramount Specialty Forgings is set at Rs 57 to Rs 59 per share. Investors must apply for a minimum lot size of 2,000 shares, requiring a minimum investment of Rs 118,000 for retail investors. High Net Worth Individuals (HNIs) need to invest in a minimum of two lots, or 4,000 shares, amounting to Rs 236,000.

The subscription period for the Paramount Specialty Forgings IPO commenced on September 17, 2024, and will end on September 20, 2024. Allotment for the IPO is expected to be finalised on Monday, September 23, 2024. The proposed listing date for the IPO is Wednesday, September 25, 2024, and it will be listed on the NSE SME.

Brokerages generally expressed a positive outlook on the issue, encouraging investors to subscribe for the long term. They highlighted factors such as increasing market share, improved return ratios, an asset-light model, growing demand for logistics services, and attractive pricing. However, they also noted concerns regarding limited market interest and slow financial growth, which are significant issues for this IPO.

Founded in 2011, Western Carriers India is a multimodal, rail-focused, asset-light logistics company. It provides fully customizable logistics solutions that integrate road, rail, water, and air transportation, along with a tailored range of value-added services. The company serves various sectors, including metals, FMCG, pharmaceuticals, chemicals, engineering, oil and gas, and retail.

The grey market premium (GMP) of Western Carriers India experienced a significant upward correction following a lackluster bidding period amid fluctuating broader market sentiments. As of the latest update, the company was trading at a premium of Rs 20 per share, indicating a potential listing gain of nearly 12% for investors. This contrasts with the premium of Rs 57-60 observed on the first day of bidding.

The issue was oversubscribed 30.57 times overall. The quota for qualified institutional bidders (QIBs) was subscribed 27.99 times, while non-institutional investors subscribed 44.71 times. Retail investors' portion was oversubscribed 25.95 times during the five-day bidding period.

The IPO of Western Carriers India was available for bidding from September 13 to September 19. It offered shares at a fixed price range of Rs 163 to Rs 172 per share, with a lot size of 87 shares. The company successfully raised Rs 492.88 crore from the IPO, which included a fresh share issuance of up to Rs 400 crore and an offer-for-sale (OFS) of up to 54 lakh shares.

The shares of Western Carriers are scheduled to list on the Bombay Stock Exchange and National Stock Exchange on Tuesday, September 24.

It's a busy Friday for the IPO investors. After the buzz around Arkade Developers IPO, lets shift our focus on Western Carriers' initial public offer.

Unistone Capital is the sole Book Running Lead Manager (BRLM) for Arkade Developers IPO, which is set for listing on Tuesday, next week.

In FY24, Arkade Developers' revenue surged by 189% year-on-year to Rs 635 crore, while its net profit more than doubled to Rs 123 crore during the same period.

Arkade Developers is a prominent real estate company with a strong presence in Mumbai, specializing in the development of premium, aspirational residential properties.

As per the latest data, Arkade Developers shares are set to be listed on the National Stock Exchange and the Bombay Stock Exchange on September 24 next week.

Once you have followed all the steps, you need to see your application status that will be displayed on the screen. It will show the number of shares you applied for and the number of shares allotted to you.

• Visit the registrar's official website.
• Click on 'Select Company' and choose 'Arkade Developers' from the list.
• Select either PAN, application number, or beneficiary ID, and enter the relevant details.
• Complete the captcha verification.
• Click on 'Search' to view the allotment status.

According to the current data on ininvestorgain.com, Arkade Developers IP) is commanding grey market premium of Rs 60 per share. The site forecasts the listing gains of nearly 47 percent at Rs 188 per share.

While the retail segment of the Arkade Developers IPO was subscribed 53.78 times, while the Qualified Institutional Buyers (QIB) portion saw a subscription of 172.60 times, and the Non-Institutional Investors (NII) category was subscribed 172.22 times.

The IPO of Arkade Developers attracted significant investor interest, with bids exceeding 100 times. Arkade Developers' IPO was subscribed 113.49 times.

The price band for the Arkade Developers IPO was set between Rs 121 and Rs 128 per share. The real estate company aimed to raise Rs 410 crore through its public offering, consisting entirely of a fresh issue of 3.2 crore shares.

Arkade Developers Limited's initial public offering (IPO), which opened for bidding on September 16, 2024, closed for subscription on Thursday - September 19.

Good morning once again! In case you are joining us just now, the markets have opened and all eyes are on the allotment status of Arkade Developers IPO. So, did you get it? How to find the allotment status? Stay with us as we bring you all the details, direct links and step by step guide to check the allotment status.

The highly awaited iPhone 16 series officially went on sale today, September 20, with enthusiastic buyers lining up outside Apple Stores in Delhi and Mumbai. Hundreds of eager fans gathered outside Apple Saket in Delhi and Apple BKC in Mumbai, some arriving hours before the stores opened, hoping to be among the first to purchase the new iPhone models. The excitement surrounding the iPhone 16 series launch has driven a huge turnout,

Eager Apple fans have been camping outside the Mumbai Apple Store since last night, hoping to be among the first to buy the newly released iPhone 16. The excitement surrounding the launch has led to long queues as enthusiasts wait to get their hands on the latest model. The iPhone 16's new features and design updates have generated immense buzz, with customers willing to brave the wait for the opportunity to experience it firsthand. The store is set to open this morning, and the anticipation continues to grow.

The Bank of Japan opted to keep interest rates unchanged on Friday, maintaining the overnight call rate target at 0.25%, as anticipated by analysts. The central bank, in a unanimous vote, affirmed that the Japanese economy is on track for a moderate recovery. This decision comes amidst ongoing global uncertainties, with the bank reiterating its commitment to supporting growth while monitoring inflation and economic trends closely.

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