Business news highlights (January 15): Shoppers Stop posts 42% jump in Q3 net profit at Rs 52 crore

Laxmi Dental Ltd initial public offering (IPO) has garnered strong investor interest, with the issue subscribed 16.02 times on the second day of bidding on Tuesday, data from the National Stock Exchange (NSE) showed.

The IPO received bids for 14.36 crore shares against the offer size of 89.70 lakh shares. The robust response comes amid reports that the shares are commanding a grey market premium (GMP) of around 30 per cent.

According to market observers, the shares of Laxmi Dental are commanding a grey market premium of around 30 percent. Investorgain quoted a GMP of Rs 142 in the unofficial market, translating to a GMP of 33.18 percent.

The Rs 698-crore IPO of Laxmi Dental has seen 16.02 times subscription on Day 2 (January 14). The IPO received bids for nearly 14.37 crore shares, as against the offer size of 90 lakh shares, data on NSE showed.

Non-institutional investors (NIIs) overtook retail investors who earlier were leading the subscription rally on Day 1. The portion reserved for NIIs has seen a whopping 37.41 times subscription at the end of Day 2. Retail investors have booked their reserved portion 29.47 times. The portion reserved for Qualified Institutional Buyers (QIBs) is yet to be fully booked and has been subscribed 84%. Read more

Shoppers Stop Ltd on January 14 reported a 41.7 percent jump in net profit at Rs 52.23 crore in the December quarter of the current financial year, compared to Rs 36.85 crore in the year-ago period, the company said in an exchange filing.

The firm recorded a significant jump over a loss of Rs 20.59 crore posted in the second quarter of FY25, the stock filing showed.

In terms of revenue, the company saw a 11.47 percent jump at Rs 1,379.47 crore in the reported quarter over Rs 1,237.52 crore in the same period of the previous financial year.

Moreover, the company informed that Rakeshkumar Saini has been appointed as the Company Secretary and Chief Compliance Officer of the Company with effect from January 15.

Automobile dispatches from companies to dealers rose 12 per cent last year compared to 2023 on the back of positive consumer sentiments which aided robust demand for two-wheelers, industry body SIAM said on Tuesday.

Total wholesales across categories rose to 2,54,98,763 units in 2024 against 2,28,39,130 units in 2023, a growth of 11.6 per cent.

"2024 has been reasonably good for the auto industry. Positive consumer sentiments and the country's macroeconomic stability helped in propelling reasonable growth for the sector across vehicle segments," Society of Indian Automobile Manufacturers (SIAM) President Shailesh Chandra said in a statement.

Last year, the growth was primarily driven by the two-wheeler segment which grew by 14.5 per cent in 2024 over a year ago, he added.

More than 6 out of 10 consumers in different parts of the world, including India, are likely or very likely to consider an electric vehicle for their next purchase, although 60 per cent of them considered charging infrastructure as a major challenge, according to a study.

The global study by Tata Consultancy Services surveyed over 1,300 anonymous respondents across USA, Canada, UK, Ireland, Belgium, Denmark, Finland, France, Germany, Netherlands, Norway, Sweden, Switzerland, China, India, Japan, Australia and New Zealand, found that 56 per cent of them were ready to pay up to USD 40,000 (nearly Rs 35 lakh) for an electric vehicle (EV).

The respondents for the study -- TCS Future-Ready eMobility Study 2025 -- included transport manufacturers, charging infrastructure players, fleet adopters, consumers and EV adoption influencers, TCS said in a statement.

HDFC Asset Management Company (AMC) on January 14 reported a net profit of Rs 641 crore in the October-December quarter (Q3) of financial year 2025 (FY25). This marks an increase of 31% from the net profit reported in Q3 of the previous financial year (FY24). The company's revenue from operations also saw a significant y-o-y surge of 39% to Rs 671.32 crore in Q3 FY25. Read more

India’s new central bank governor has shown a willingness to allow the rupee to move more freely in tandem with peers in the region while still intervening in the foreign-exchange market to curb excessive moves, according to people familiar with the regulator’s thinking.

Reserve Bank of India Governor Sanjay Malhotra, who took office in December, has held multiple meetings with departments at the central bank ahead of his first monetary policy meeting in February, the people said, asking not to be identified as the discussions are private. He’s showed keen interest in the RBI’s currency intervention functions and expressed no opposition when his team explained the recent movements in the rupee and the need to allow it to depreciate, the people said.

Coforge, Fortis Healthcare, and Coromandel International are among the eight stocks likely to be included in MSCI India Standard Index in February, JM Financial Institutional Securities has said. Read more

The Adani Group, which has failed to roll out 5G telecom services more than two years after receiving a unified telecom licence, has received queries from the telecom department (DoT) regarding its plan of action, sources aware of the development told Moneycontrol on the condition of anonymity. (Read More)

A sharp depreciation in the domestic currency in the past couple of months, which saw the rupee hit a record low of 86.36 against the dollar on January 13, is leading to higher dollar hedging costs for Indian companies, making offshore borrowings an expensive affair, bankers and industry observers have said. Power transmission project developer Sterlite Grid, which recently raised Rs 2,450 crore to refinance loans of one its biggest projects, opted for domestic sources of funding, as hedging costs made offshore borrowing relatively unattractive. (Read More)

NCLT Mumbai staff goes on strike over salary delay, reports NDTV Profit. The report says that due to the strike, several cases have not been taken up as there is no staff for administrative work.

• Qualified Institutional Buyers (QIBs) -- 0.14 times
• Non Institutional Investors(NIIS) -- 20.09 times
• Retail Individual Investors (RIIs) -- 19.88 times
• Total - 9.17 times

India’s wholesale inflation rose 2.37 percent in December compared with 1.89 percent in the previous month

Urban Company, the home services startup, is set to file its draft papers for an initial public offering (IPO) worth Rs 3,000 crore by the end of March, according to a report by Livemint.

The Prosus-backed company, which was last valued at $2.1 billion in June 2021, has appointed Kotak Mahindra Capital, Goldman Sachs, and Morgan Stanley as lead managers for the public issue.

The IPO will consist of both new and existing shares, as per the report.

Apollo Global Management Inc. is exploring the possibility of listing Tenneco Inc.’s India business through an initial public offering (IPO), according to sources familiar with the matter.

The US-based alternative asset manager is in discussions with potential arrangers for the IPO, which could take place in Mumbai later this year. The listing is expected to value Tenneco Automotive India Pvt at around $2 billion, with the IPO potentially raising between $400 million and $500 million, the sources said, requesting anonymity due to the private nature of the discussions. Learn more.

Avax Apparels and Ornaments Ltd marked its debut on the BSE SME platform today with an impressive 90 percent premium.

The shares were listed at Rs 133 apiece, significantly higher than the IPO issue price of Rs 70.

B.R. Goyal Infra shares had a flat debut on the stock market on January 14, listing marginally above the IPO price. The SME IPO was subscribed 110 times during the three-day bidding period from January 7 to 9. The shares were listed at Rs 135.75 per share on the BSE SME platform, reflecting a modest premium of 0.56% over the issue price, which was set in the range of Rs 128 to Rs 135. Following the listing, the company's market valuation stood at Rs 323.42 crore. (Read More)

Delta Autocorp shares debuted on the stock exchange on January 14 with a strong premium of nearly 35% over the issue price. The SME IPO was highly sought after, being subscribed 309 times during its three-day bidding period from January 7 to 9. The shares were listed at Rs 175 per share on the NSE Emerge platform, reflecting a 34.61% premium over the issue price, which was set in the range of Rs 123 to Rs 130. Following the listing, the market valuation of the Kolkata-based company stood at Rs 267.57 crore. (Read More)

Quadrant Future Tek shares made their stock market debut today with strong listing gains, opening at Rs 370 on the NSE—a 28% premium over the IPO price of Rs 290 per share. Despite the positive start, the listing fell slightly below market expectations, following the overwhelming demand during the IPO, which was subscribed 186 times. (Read More)

IPO GMP Live: Quadrant Future Tek trades at Rs 366 in BSE pre-open

The sponsor, Gawar Construction, is involved in the development of road and highway projects across 19 Indian states. These initiatives are undertaken for various government and semi-government entities, including the NHAI, Ministry of Road Transport and Highways, Mumbai Metropolitan Regional Development Authority, and the Central Public Works Department.

The bid by Japan's Nippon Steel to buy US Steel may have a new lease on life after the Biden Administration extended a deadline for the Japanese steelmaker to abandon plans to acquire the storied Pittsburgh company after President Joe Biden blocked the deal. The new deadline, now in mid-June, was viewed by US Steel — and investors — as an opportunity for the companies to complete the acquisition, even though President-elect Donald Trump, who takes office in a week, also opposes the deal. (Read More)

The initial public offering (IPO) of Capital Infra Trust, an infrastructure investment trust (InvIT), was subscribed 2.80 times on the final day of bidding, Thursday, January 9. The portion reserved for other investors was oversubscribed 5.08 times, while the institutional investor portion saw a subscription rate of 93%. Sponsored by Gawar Construction, Capital Infra Trust raised Rs 703 crore from anchor investors. The price band for the issue was set at Rs 99-100 per unit.

The listing date for the Capital Infra Trust InvIT IPO is set to happen today. The IPO allotment was finalised on Friday, January 10. For investors who have been allocated shares, the shares were credited to their demat accounts on Monday. Additionally, the refund process for those who were not allotted shares will also be completed today.

Information technology major Infosys is slated to detail in October-December earnings on January 16, with analysts forecasting lacklustre performance on the back of seasonal weakness. While revenue growth is expected to remain muted on a sequential basis, net profit is seen rising in low single-digit. However, most analysts anticipate an upward revision in the company's revenue guidance which will be closely tracked. (Read More)

CoinSwitch Cares offer three types of rewards to investors who deposit funds on the platform. Signup and Referral Rewards are capped at Rs 25,000, while Revenue Redistribution will kick in once WazirX starts disbursing the liquid assets that are stuck on the platform. (Read More)

As of January 14, 2025, at 05:05 AM, the last grey market premium (GMP) for Quadrant Future Tek IPO is Rs 120. With the issue price at Rs 290, the estimated listing price of Quadrant Future Tek shares is Rs 410 (issue price + GMP). This implies an expected listing gain of 41.38% per share.

Tapse, Senior Vice President and Research Analyst at Mehta Equities Ltd., suggests that conservative investors who have been allotted shares may consider booking profits if the stock performs better than expected on the listing day. For long-term investors, he recommends holding onto the shares despite potential short-term volatility and market risks following the listing. For non-allotted investors, Tapse advises accumulating Quadrant Future Tek shares if there is a dip in the price after listing, due to profit-booking activities.

Prashanth Tapse, Senior Vice President and Research Analyst at Mehta Equities Ltd., stated, “Despite the prevailing market volatility, Quadrant Future Tek received an exceptional response from investors across all categories. Based on market trends and the recent listing performance of Standard Glass Lining, we anticipate a robust listing gain of over 40% above its issue price.”

JSW Cement has received approval from SEBI to proceed with its Rs 4,000-crore IPO plans. Meanwhile, Rahee Infratech announced the withdrawal of its draft papers last week. According to the latest processing status of draft offer documents published on Monday, the capital markets regulator issued an observation letter on JSW Cement's draft papers on January 6. On January 9, Moneycontrol reported that SEBI’s approval for the IPO was expected soon. (Read More)

• Abhishek Pandya, Research Analyst at StoxBox, highlighted the strong investor interest in Quadrant Future Tek Ltd., with the IPO being oversubscribed 195.96 times.
• He noted that the company is expected to have a robust market debut today, potentially listing at a 50% premium above the upper price band, reflecting high investor confidence.
• Quadrant Future Tek Ltd. specialises in research and development of advanced Train Control and Signalling Systems for the Indian Railways under the KAVACH project.
• Pandya advised investors who received share allotments to consider holding their positions for the medium to long term.

The Quadrant Future Tek IPO received an overwhelming response, with a total subscription of 186.66 times. According to NSE data, the issue attracted bids for 108.26 crore equity shares, significantly exceeding the 57.99 lakh shares available for offer.

Sundae Capital Advisors served as the book-running lead manager for the Quadrant Future Tek IPO, while Link Intime India Private Ltd acted as the registrar for the offering.

The Quadrant Future Tek initial public offering (IPO) was launched with a price band set between Rs 275 and Rs 290 per share. Through this book-built issue, the company successfully raised Rs 290.00 crore. The entire offering consisted of a fresh issue of 1 crore equity shares, with no offer for sale component. This IPO was designed to bring in new capital directly to the company, reflecting its growth ambitions and expansion plans.

The Quadrant Future Tek initial public offering (IPO) opened for subscription on January 7 and concluded on January 9. Following the strong demand for the IPO, the allotment of shares was finalised on January 10. Today, January 14, marks the listing date for Quadrant Future Tek shares on the stock exchanges. The company’s shares will be officially listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), marking its debut in the stock market.

“Trading Members of the Exchange are hereby informed that effective from Tuesday, January 14, 2025, the equity shares of Quadrant Future Tek Limited shall be listed and admitted to dealings on the Exchange in the list of ‘B’ Group of Securities,” BSE notice says.

Good morning and welcome to our live coverage of Quadrant Future Tek listing. The stock market debut of Quadrant Future Tek is scheduled to take place on both Bombay Stock Exchange and National Stock Exchange at 10:00 am. What's the latest grey market premium trend and what you should do with the shares of Quadrant Future Tek - buy, sell or hold - find out all the answers in our live blog.