Business News Updates: NSE IPO buzz, Trump tariffs and rising oil prices

Schloss Bangalore, the operator of luxury hotels and resorts chain under 'The Leela' brand name, announced on June 3 that it has received allotment for a project which would include a 250 key luxury hotel in Mumbai's Bandra Kurla Complex (BKC).

Schloss Bangalore said that the lease has been allotted to the company, along with its consortium partners, for a period of 80 years. The total lease premium which is set to be paid by the consortium stood at over Rs 1,302 crore. Out of the total lease amount, 25 percent is payable within two months from the offer of allotment, and the remaining 75 percent within the next ten months.

The newly listed stock made some marginal gains to close in the green at Rs 126.05 apiece on the BSE. This marks a 20 percent rise from the IPO price. At close, the company had a market capitalization of Rs 742 crore, as per BSE.

On NSE, the shares of the inverter-maker were listed at Rs 120 apiece, marking a premium of 14.29 percent over the IPO price. The stock however jumped 5 percent on the exchange to get locked in the upper circuit at Rs 126 apiece. This marks a 20 percent rise from the IPO price.

Outflows by foreign portfolio investors (FPIs) from government securities is highest so far in this quarter since the inclusion of Indian bonds in global bond indexes, likely due to narrow interest rate differential between India and US 10-year bonds, said experts, currently around 180 basis points (bps). (Read More)

• Britain has threatened to take Russian businessman Roman Abramovich to court over the frozen 2.5 billion pounds ($3.4 billion) in proceeds from his sale of Chelsea soccer club that he wanted to go to victims of Russia's war in Ukraine.
• Britain sanctioned Abramovich in a crackdown on Russian oligarchs after Moscow's invasion of Ukraine in 2022, triggering a rushed sale of the Premier League club and freezing of the proceeds.
• Britain wants the funds spent only in Ukraine in line with a wider European push for Moscow to foot the bill for the deaths and destruction triggered by its invasion. Abramovich is seeking more flexibility and wants the money to go to all victims. - Reuters

• India's largest IT services company Tata Consultancy Services on Tuesday announced a seven-year extended partnership with Virgin Atlantic to modernise the airline's core systems with AI-led solutions that will amplify personalised, connected, sustainable experiences.
• The companies did not divulge the financial details of the deal, which expands a two-decade-long strategic partnership between the two organisations. - PTI

Donald Trump’s combative trade policies have tipped the world economy into a downturn, with the US among the hardest hit, the OECD said.

The Paris-based organization slashed its global forecasts for the second time this year, citing the impact of the American president’s tariff onslaught. The combination of trade barriers and uncertainty are hitting confidence and holding back investment, it said, while also warning that protectionism is adding to inflationary pressures.

The OECD now forecasts global economic growth to slow to 2.9% this year from 3.3% in 2024. It expects the rate of expansion in the US will tumble further, to 1.6% from 2.8% — an outlook that is significantly lower than its projection in March.

The dollar hovered near six-week lows on Tuesday, as mounting evidence of economic damage from the trade war waged by President Donald Trump's administration weighed on sentiment.

While global equity markets have broadly recovered in the wake of the on-again, off-again saga of Trump's tariff threats, the greenback remains firmly on the back foot. Factory and jobs data in the coming days may give further signs of the toll that trade uncertainty is wreaking on the world's biggest economy.

The dollar index, which measures the U.S. currency against six others, touched 98.58, the lowest since late April, before rising 0.25%.

The dollar was up 0.1% against the yen at 142.81. The euro eased 0.15% to $1.1426, having briefly touched a six-week high of $1.1454. Later in the week, the focus will be on the European Central Bank's interest rate decision and subsequent outlook.

Silver prices on Tuesday rose Rs 800 to Rs 1,00,211 per kilogram in futures trade as participants increased their bets.

On the Multi Commodity Exchange, silver contracts for July delivery increased Rs 800 or 0.79 per cent to Rs 1,00,211 per kg in a business turnover of 17,330 lots.

Fresh positions built up by participants led to a rise in silver prices, analysts said.

Globally, silver was trading 1.64 per cent lower at $34.19 per ounce in New York.

Media and entertainment company Thinkink Picturez on Tuesday announced the appointment of Chetan Chauhan as new Chief Executive Officer as it seeks to expand into regional cinema.

Chauhan brings with him nearly 29 years of experience in the media and entertainment industry, the company said in a statement.

He has held senior leadership roles at The Times of India Group (BCCL), Mid-Day, Reliance, and Pantaloons, it added.

Union telecom minister Jyotiraditya Scindia ruled out any more government relief for the struggling Vodafone Idea after Supreme Court dismissed a petition by telecom companies to waive off penalties and interests accrued over the adjusted gross revenue (AGR), the Times of India reported. Scindia said that the third-largest telecom operator in the country won’t be bailed out further through the equity conversion route. Currently, the Centre holds a 49 percent stake in the company. (Read More)

Celebi says arbitration application dismissed in India

The NSE holds the distinction of being the largest derivatives exchange in the world and ranks second globally in equity trade volumes. It is also the fifth biggest stock exchange by market capitalisation. This impressive market value places NSE among India's top 10 most valued companies, surpassing major names like Bajaj Finance and Hindustan Unilever.

Kranthi Bathini, Director of Equity Strategy at Wealthmills Securities, stated that given the present valuations and strong investor appetite, the NSE is poised to launch the largest IPO in the history of the Indian stock market—eclipsing the fundraising efforts of both LIC of India and Hyundai Motor India. “The NSE IPO is only a matter of time. It will be the ultimate primary market offering,” he remarked.

Avinash Gorakshakar, Head of Research at ProfitMart Securities, believes that NSE's IPO could be the largest in the history of the Indian stock market. “NSE is a cash-rich business, and we expect it to perform exceptionally well going forward,” he said, adding that India’s capital markets still have low penetration, offering substantial growth potential over the next five years.

Prostarm Info Systems share price: The listing premium is higher than the grey market estimates. Ahead of listing, the unlisted shares of the company were trading with a GMP of 11.43% over the IPO price at Rs 117 apiece. (Read More)

• Shares of India's Adani Group firms fell between 1% and 2.5% on Tuesday, a day after the Wall Street Journal reported that U.S. prosecutors were probing whether Adani entities had imported Iranian LPG into India through their Mundra port.
• An Adani spokesperson called the report "baseless and mischievous" in a statement, adding: "We are not aware of any investigation by U.S. authorities on this subject."
• Shares in the group's flagship firm Adani Enterprises opened 2.2% lower, while Adani Ports fell 2.5%. Adani Total Gas, Adani Power, Adani Green and Adani Energy Solutions were down between 1% and 2%.
• India's benchmark Nifty 50 index was down 0.4%, with Adani Enterprises and Adani Ports the top percentage losers. - Reuters

Established in 2008 and headquartered in Navi Mumbai, Prostarm Info Systems is an Indian company focused on the design, manufacturing, and sale of energy storage and power conditioning equipment. Its product portfolio includes UPS systems, inverter systems, solar hybrid inverters, lithium-ion battery packs, and voltage stabilisers. The IPO received largely positive reviews from brokerages.

As of June 3, 2025, at 09:01 AM, the latest grey market premium (GMP) for the Prostarm Info Systems IPO stands at Rs12. Based on the IPO's price band of Rs105, the estimated listing price is Rs117, reflecting an expected gain of approximately 11.43% per share.

India’s buying of Russian military equipment and “move to not support the dollar” have posed challenges to ties with the United States and that is “not the way to make friends in America”, US secretary of commerce Howard Lutnick said on June 3. However, both nations have addressed the concerns and are now in a "really good place", Lutnick said, as the two countries hold discussions to seal the first phase of a trade deal. (Read More)

The BSE SME initial public offering of packaging solutions company 3B Films is set to close for subscription on Tuesday, June 3.

Sensex declines 194.65 points to 81,179.10 in early trade; Nifty dips 62.35 points to 24,654.25

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Rupee falls 16 paise to 85.55 against US dollar in early trade.

According to the latest grey market data, Astonea Labs is trading at a grey market premium (GMP) of Rs 0. With the IPO price set at the upper band of Rs 135 per share, the estimated listing price is also expected to be Rs 135, indicating no potential listing gains or losses for investors.

Astonea Labs is scheduled to make its debut on the BSE SME platform today after successfully concluding its Rs 37.67 crore initial public offering (IPO). The IPO, which was open for subscription from May 27 to May 29, saw a lukewarm response from investors. With no premium currently visible in the grey market, the stock is expected to have a flat listing.

Benchmark indices Nifty and Sensex are set for a strong start on June 3, snapping a two-day losing streak, as GIFT Nifty signals a 100-point gap-up open around the 24,850 mark. The two are up by over 4 percent year-to-date. In the previous session, Indian equities slipped back into the red, ending marginally lower after a brief recovery, as selling pressure resurfaced in the final stretch. Weakness in IT, metal, pharma, and oil & gas stocks weighed on sentiment, even as broader market resilience stood out, with mid and smallcaps reversing early losses to end firmly in the green. (Read More)

As per the latest update, the grey market premium (GMP) for Blue Water Logistics remains unchanged at Rs 0. With the IPO’s upper price band set at Rs 135, the stock is expected to list at the same price, indicating no anticipated gains or losses for investors on listing day.

Blue Water Logistics is poised to debut on the NSE SME platform this Tuesday after a successful initial public offering that received solid investor interest. However, with no visible movement in the grey market ahead of the listing, expectations point to a subdued start on the exchanges.

Prostarm Info Systems has appointed Choice Capital Advisors Pvt Ltd as the book-running lead manager for its IPO, with Kfin Technologies serving as the registrar.

The benchmark indices recouped significant intraday losses and closed moderately lower on June 2, while the VIX increased sharply, signaling caution for bulls. The market breadth was slightly positive, with a total of 1,386 shares showing buying interest compared to 1,254 shares that declined on the NSE. The market may turn positive amid rangebound trading. Below are some short-term trading ideas to consider (Read More)

The Prostarm Info Systems IPO saw a strong overall subscription of 97.20 times, reflecting robust investor interest. The retail investor segment was subscribed 39.49 times, while the non-institutional investors (NII) category witnessed an exceptional response with 222.14 times subscription. Additionally, the qualified institutional buyers (QIBs) portion was booked 104.49 times, indicating high demand across all investor categories.

• Strong Investor Response: Prostarm Info Systems IPO received an overwhelming response across all investor categories.
• High Subscription Rate: The IPO closed with a remarkable overall subscription of 82.42 times.
• Positive Grey Market Premium (GMP): The shares were trading at a GMP of 16% to 17% in the grey market.
• Strong Listing Expectations: The robust demand and healthy GMP have fueled strong expectations for a premium listing.
• Expert Comment: Gaurav Garg from Lemonn Markets Desk highlighted the positive sentiment and significant investor interest in the IPO.

Market participants and investors are closely observing the grey market premium and expert analysis to anticipate the stock's listing price and early performance in secondary markets.

Trading in Prostarm Info Systems shares will officially begin at 10 am today following the pre-open session.

The stock will be included in the Special Pre-open Session (SPOS) on its listing day, allowing price discovery and initial order matching prior to full market open.

As per SEBI's circular (CIR/MRD/DP/02/2012 dated January 20, 2012), the stock will remain in the Trade-for-Trade segment for 10 trading days. This means no intraday trading is permitted during this initial period.

According to a notice issued by the BSE, the equity shares of Prostarm Info Systems will be listed under the ‘T’ Group of securities. This categorisation limits trading activity to delivery-based trades only.

Analysts and grey market premium (GMP) trends suggest that Prostarm Info Systems shares are likely to debut at a decent premium over the issue price. This optimism is largely due to the strong demand seen during the IPO period.

The company's initial public offering (IPO) was open for subscription from May 27 to May 29, 2025. Following the close of the issue, the share allotment process was completed on May 30, 2025.

Prostarm Info Systems Limited is scheduled to list its equity shares today. The shares will be listed on both major Indian stock exchanges — the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

Hello and welcome to Moneycontrol. A day after the muted debut of Leela Hotels, the primary markets will see the listing of Prostarm Info Systems at 10 am. Stay with us for latest grey market premium, expert view and other big development from the world of business and finance.