Bitcoin crashes 9%, falls below $93,000

The largest cryptocurrency Bitcoin fell sharply early Friday, amid broader investor caution toward risk assets. Bitcoin traded at around $92,292.07 at 7:00 am ET on Friday, down over 9% from 24 hours before where it was priced above $102,000.

Bitcoin hit an all-time high at $108,309 just this week, but has since sold off aggressively. The US Fed rattled markets in recent days, as it signaled fewer rate cuts next year. Equity markets took a hit, filtering through to crypto assets.

After significant selling activity in October and November, foreign investors shifted focus in December, making notable investments in financial services, IT, real estate, consumer services, capital goods, and healthcare sectors during the first two weeks of the month, according to data from NSDL. During this period, foreign institutional investors (FIIs) purchased financial services' stocks worth approximately Rs 7,424 crore, followed by Rs 6,754 crore in IT stocks and Rs 4,689 crore in real estate stocks. This contrasts sharply with October, when FIIs sold over Rs 26,139 crore in financial services, Rs 2,899 crore in IT, and Rs 1,390 crore in real estate. In November, FIIs reversed their stance slightly, buying Rs 2,505 crore in financial services, Rs 5,516 crore in IT stocks, and Rs 2,061 crore in real estate. (Read More)

The IPO of Mamata Machinery has been subscribed 28.53 times so far, indicating strong investor interest. The Grey Market Premium (GMP) also hints at a potentially robust listing for the company's shares. This suggests that market sentiment around the IPO is highly positive, reflecting confidence in the company's growth prospects and valuation.

Nacdac Infrastructure IPO allotment is due today following a record subscription of nearly 2,000 times to Rs 10.01 crore SME issue which has grabbed many eyeballs. Ghaziabad-based company approached the primary market to raise Rs 10.01 crore through IPO of 28.6 lakh shares at the upper price band. (Read More)

The company was initially incorporated as Patel Machinery Private Limited, a private limited company under the Companies Act, 1956. Following a special resolution passed by the shareholders on September 19, 1988, the company’s name was changed to Mamata Machinery Private Limited. Subsequently, it was converted into a public limited company pursuant to a special resolution passed by the shareholders on June 5, 2024, and the company’s name was changed to Mamata Machinery Limited.

• Qualified Institutional Buyers (QIBs) - 0.78 times
• Non Institutional Investors(NIIS) - 4.14 times
• Retail Individual Investors (RIIs) - 4.87 times
• Employee Reserved - 1.08 times
• Total - 3.50 times

• Qualified Institutional Buyers (QIBs) - 2.81 times
• Non Institutional Investors(NIIS) - 31.16 times
• Retail Individual Investors (RIIs) - 36.23 times
• Employee Reserved - 40.96 times
• Total - 25.70

The GST Council, which will meet on December 21, is likely to deliberate on a concept note proposing creation of risk-based categories for goods and services tax registration, sources have told Moneycontrol. The proposal aims to make the registration process easier for "trusted businesses" while ensuring stricter compliance for high-risk entities. Read more

Before adjourning sine die, the Lok Sabha adopted a resolution referring the bills on simultaneous elections to a joint parliamentary committee amid uproar.

The proposed GST relief on term life and health insurance premiums is expected to result in an annual revenue loss of approximately Rs 2,600 crore, according to sources in the GST Council. Read more

• Qualified Institutional Buyers (QIBs) -- 0.01 times
• Non Institutional Investors(NIIS) -- 5.31 times
• Retail Individual Investors (RIIs) -- 5.10 times
• Employee Reserved -- 7.66 times
• Total - 3.71 times

Hamps Bio shares had a strong stock market debut on December 20, listing at a premium of 90% over the issue price on the BSE SME platform. The stock opened at Rs 96.9 per share, compared to the IPO price of Rs 51, reflecting a remarkable premium. The IPO was oversubscribed by 1,003.3 times, raising Rs 6.22 crore. (Read More)

International Gemmological IGI share price Live: IGI shares list at Rs 510.05 on BSE with 22% premium over issue price

With an implied market capitalization of Rs 18,020 crore, the IPO values the company at 17 times its post-acquisition annualized revenues for FY25 and 42.6 times its post-acquisition annualized earnings for FY25. While the company does not have a listed peer in India, these valuations reflect strong expectations of near-term growth, fueled by the rising demand for lab-grown diamonds.

• The listing ceremony of the International Gemmological IGI stocks is underway at the National Stock Exchange, Mumbai.
• We are bring you all the latest details. For direct link, check out this post.

Sensex and Nifty opened flat, with IT stocks gaining following Accenture's earnings report. (Check live updates)

• The levels of International Gemmological IGI share price are available in  the pre-open trade on BSE ahead of 10:00 am listing
• As per the latest data, the shares of International Gemmological are trading on Rs 535.45 apiece on BSE in pre-open

• The company's revenues grew at a CAGR of 32.3%, from Rs 365 crore in FY22 to Rs 638 crore in FY24.
• Net profit increased at a CAGR of 37.6%, reaching Rs 325 crore in FY24.
• The EBITDA margin for FY24 stood at 70.5%.
• The return on capital employed (ROCE) for FY24 was 81%.
• Post-acquisition, the EBITDA margin is projected to be 56% on a consolidated basis.

India has emerged as a global leader in IPO volumes for the first time, with a total of 337 issues (both mainline and SME), surpassing the US, which saw 183 issues. This marks more than two and a half times the number of IPOs in Europe. These findings are part of the 'EY Global IPO Trends 2024' report, released earlier this week. The report attributes India’s success to its robust economic growth and investor-friendly environment, positioning the country as a key beneficiary in a period of shifting global economic and geopolitical dynamics. With IPO volumes reaching $19.9 billion, 2024 marks the highest levels in India in over two decades. (Read More)

According to the GMP monitoring site Investorgain.com, the latest Grey Market Premium (GMP) for the International Gemmological Institute IPO stands at Rs 159. The GMP indicates the premium at which the IPO shares are trading in the grey market before their official listing. This figure suggests strong investor sentiment and expectations of a favorable listing price for the company’s shares on the stock exchanges.

• The International Gemmological Institute is a globally recognized leader in diamond, jewel, and gemstone certification and grading.
• Established in 1999, it operates 31 laboratories worldwide.
• IGI also runs 18 gemology schools.
• The institute offers specialised courses and degrees in jewelry grading and gemology.

The IPO proceeds will be utilized for strategic acquisitions, including the purchase of the IGI Belgium Group and IGI Netherlands Group from the promoter, along with funding general corporate purposes.

• Narendra Solanki, Head of Fundamental Research - Investment Services at Anand Rathi, expressed a positive long-term outlook on International Gemmological Institute (IGI).
• He highlighted that the stock is ideal for investors seeking steady long-term returns.
• Key valuation metrics at the upper price band:
• Price-to-Earnings (P/E) ratio: 43.75x
• Market capitalisation post-issue: Rs 1,80,208 million
• Return on Net Worth (RoNW): 76.58%

Axis Capital, Kotak Mahindra Capital Company, Morgan Stanley India Company Pvt Ltd, and SBI Capital Markets served as the book-running lead managers for the International Gemmological Institute IPO, with Kfin Technologies acting as the IPO registrar.

The International Gemmological Institute IPO had a price band ranging from Rs 397 to Rs 417 per share. At the upper end of this range, the company raised Rs 4,225 crore through the book-built issue. This comprised a fresh issue of 3.54 crore equity shares worth Rs 1,475 crore and an offer-for-sale (OFS) of 6.59 crore shares amounting to Rs 2,750 crore.

The International Gemmological Institute IPO opened for subscription on Friday, December 13, and concluded on Tuesday, December 17. The allotment of shares was finalized on December 18, and the listing is scheduled for today, December 20. Shares of the International Gemmological Institute will be listed on both the BSE and NSE.

“International Gemmological Institute attracted significant investor interest, with its IPO oversubscribed 35.48 times. The stock is anticipated to debut at a 28% premium above the upper price band. As a global leader in diamond, jewelry, and colored stone certifications, IGI commands a 33% market share. Additionally, it dominates the laboratory-grown diamond certification market with a 65% share,” stated Palak Devadiga, Research Analyst at StoxBox.

Shares of International Gemmological Institute India will participate in the Special Pre-open Session (SPOS) and are scheduled to begin trading at 10:00 AM today.

“Trading Members of the Exchange are hereby informed that effective from Friday, December 20, 2024, the equity shares of International Gemmological Institute India Limited shall be listed and admitted to dealings on the Exchange in the list of ‘B’ Group of Securities,” the notice from BSE says.

The International Gemmological Institute is poised to make its highly anticipated stock market debut today, December 20. This follows an exceptional response to its initial public offering (IPO), which garnered significant interest from investors. The strong demand highlights the market's confidence in the company's potential and its strategic position within the industry. As trading commences, all eyes will be on how the shares perform and whether they live up to the high expectations set during the IPO phase.