Ahmedabad airport recorded thrice the number of private chartered/VIP flights in the build-up to the final of the ICC Men's Cricket World Cup as compared to the average four-day period. The airport, which usually operates around 64 chartered flights in a span of four days, is set to handle 205 such flights between November 17 and 20, as celebrities and other VIPs descended to watch the India-Australia match.
In the current calendar year, small and medium enterprises (SMEs) have witnessed an impressive surge in initial public offerings (IPOs), surpassing the 2018 record. Over 150 SME IPOs have been introduced to the market, breaking the previous record of 141 set in 2018. According to data from PRIME Database, a primary market tracking firm, 147 companies successfully concluded their debut share sales by the end of October, raising a cumulative Rs 3,727 crore.
'Students of Tier-II and Tier III engineering colleges in the south may find 2023 to be one of the toughest years for getting jobs.'
Foreign portfolio investors (FPIs) have withdrawn Rs 25,305 crore from domestic markets since September. FPIs were net sellers in the first two months of 2023, but from March to August, they purchased equities worth Rs 1.7 trillion. This selling trend has caused the National Stock Exchange Nifty Index to decline by 3.2 per cent from its September highs. FPI selling initially began in September as profit-taking but intensified due to rising US bond yields and uncertainty regarding the rate hike trajectory.
The growth in personal loans for fintech major Paytm may remain muted in the future and not replicate a three-digit year-on-year (Y-o-Y) growth that it recorded in the previous years, a person familiar with the matter said. Sources said the personal loans book may grow in the range of 30 to 40 per cent Y-o-Y on its current base. On a quarter-on-quarter (Q-o-Q) basis, the number of personal loans the Noida-based fintech company disbursed has dropped 20 per cent from 0.3 million in the first quarter of this financial year (Q1FY24) to 0.24 million in Q2FY24, according to regulatory filings.
Draft Red Herring Prospectus (DRHP) filing continued to be robust in October, signifying the optimism in the initial public offer (IPO) market despite the recent turbulence in equities. In October, 17 companies filed their offer documents for IPOs. The rush in filings has made August-October 2023 the best three-month period for DRHP filings since July-September 2021.
'Within five years, we should be achieving more on the international front than what it took most airlines 15 to 20 years back.'
The Directorate General of Civil Aviation (DGCA) on Monday suspended operations at Redbird Flight Training Academy, one of India's largest flight schools, across all five of its training bases in the country. This action was taken after five accidents involving the institute's planes in the past six months. The DGCA announced it would conduct an audit of the academy's maintenance practices and also proficiency checks of the institute's flight instructors before allowing it to resume operations.
The fees charged by investment banks to manage initial public offerings (IPOs) have increased to an average 3.23 per cent of the issue size this calendar year, the highest since 2020. The average fee is up 8 per cent compared to last year, when it stood at 2.99 per cent. The investment banking fees have increased as the average IPO size has shrunk this year.
As many as 267 of 453 companies from the BSE500 index are trading above their consensus price targets, according to the data compiled by Bloomberg. Not all companies in the BSE500 index are tracked by analysts.
As many as 31 mainboard IPOs raised a cumulative Rs 26,272 crore in this period, according to Prime Database. During the April-September 2007 bull run, 48 IPOs totalling Rs 21,243 crore were launched. The number of deals in H1FY24 was 2.2 times that of the same period of the last fiscal year, but the amount raised was 26 per cent lower.
The transition to UPI-based ATMs will be gradual, and consumers will not immediately switch to using standalone UPI ATMs overnight.
The average ticket size (ATS) of all transactions on United Payments Interface (UPI) in H1 2023 was pegged at Rs 1,604, marking a 10 per cent decline, compared to Rs 1,774 in H1 2022, according to data from Worldline India's Digital Payments Report. The reduction in the overall ATS on UPI is a good sign, suggesting a deeper embedding of UPI as it is being used for smaller or micro-transactions, and the dip is driven by the growth in person-to-merchant (P2M) transactions, the report said. The ATS of P2M transactions dipped 21 per cent from Rs 839 in H1 2022 to Rs 659 in H1 2023.
With the Nifty50 surging past the 20,000 mark, the markets are experiencing a spate of initial public offerings (IPOs) with four issues set to raise over Rs 4,673 crore this week. Another quartet, cumulatively worth Rs 3,000 crore, is expected to launch next week. Companies like RR Kabel, SAMHI Hotels, Zaggle Prepaid Ocean Services, and Yatra Online are set to hit the primary market this week, while Signature Global, Updater Services, Sai Silks (Kalamandir), and Vaibhav Jewellers are slated for next week. This flurry of activity is driven by multiple factors including buoyant market conditions, increased demand for IPOs, and specific rule on the disclosure of quarterly financials.
Water projects firm Vishnu Prakash R Punglia, the 20th company to launch its IPO in the current year, saw its shares closing at a 47 per cent gain over its issue price on Tuesday. Such a huge one-day pop is considered rare; however, it has become the norm this year. The average listing-day gain for these 20 IPOs in 2023 is 34 per cent, and their average gain to date stands at 46 per cent.
Notwithstanding the ongoing decline in equity markets week after week, August has proven to be the most successful since December for initial public offerings (IPOs). In August of this year, six companies have collectively raised approximately Rs 4,269 crore through IPOs.
The benchmark indices are set to end their five-month gaining streak, but the market breadth continues to hold strong So far this month, stocks gaining have outnumbered those declining, a sign that the bulls still have the upper hand, even as the pullback in the S&P BSE Sensex and the National Stock Exchange Nifty indicates otherwise. On the BSE, 2,126 stocks have advanced and 1,955 have declined in August, translating into an advance/decline ratio (ADR) of 1.1.
French banking major BNP Paribas is planning to sell its domestic retail broking unit, Sharekhan, according to news reports on Tuesday. The reports even named leading financial institutions as possible suitors. "We would not be able to comment on the mentioned queries at this time," said a company spokesperson in response to a query from Business Standard seeking clarification on the news item.
The Directorate General of Civil Aviation (DGCA) on Tuesday suspended Air India's Boeing simulator facility in Mumbai after finding certain alleged lapses during a spot check, a DGCA official said. The pilots, who were scheduled to undergo refresher courses at the Mumbai facility, will now not be able to do so.
After pumping in close to $20 billion in the preceding five months, foreign portfolio investors (FPIs) have yanked out $220 million from domestic stocks this month. The selling by overseas funds has led to turbulence in the domestic markets, with benchmark indices swinging wildly recently.
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