The initial public offering of LG Electronics India Ltd received 54.02 times subscription on the final day of bidding on Thursday, driven by overwhelming participation from institutional buyers.
The initial public offer of app-based beauty and home services platform Urban Company Ltd received overwhelming investor participation, with the issue getting a huge 103.63 times subscription on the last day of bidding on Friday. The Rs 1,900-crore IPO received bids for 11,06,46,08,960 shares against 10,67,73,244 shares on offer, according to NSE data.
InterGlobe Aviation promoter Rakesh Gangwal and his family trust on Tuesday sold a 5.7 per cent stake in the airline for about Rs 11,385 crore ($1.33 billion) through a block deal, according to sources. Apart from Gangwal, the Chinkerpoo Family Trust, whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware, has also participated in the transaction for divesting its stake in IndiGo, the country's largest airline, the sources said.
The AV Birla group flagship Grasim Industries has been an outperformer on the bourses. The company's stock price is up 56.5 per cent in the last
State Bank of India (SBI), the largest lender in the country, has launched a share sale to institutional investors to raise upto Rs 25,000 crore, the biggest qualified institutional placement (QIP) so far by an Indian firm, and has set a floor price of Rs 811.05, which is at a 2.5 per cent discount on Wednesday's closing price.
India will be the world's third-largest economy by 2028 as it becomes the world's most sought-after consumer market and gains share in global output, driven by macro stability influenced policy and better infrastructure, Morgan Stanley said. From a $3.5 trillion economy in 2023, the Indian economy is projected to expand to $4.7 trillion in 2026, which will make it the fourth largest in the world behind the US, China and Germany.
The initial public offer of Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, got subscribed 2.37 times on the third day of the bidding on Thursday, helped by institutional buyers. This is the largest IPO in the country, surpassing LIC's initial share sale of Rs 21,000 crore. The Rs 27,870 crore initial share sale got bids for 23,63,26,937 shares against 9,97,69,810 shares on offer, translating into 2.37 times subscription, as per NSE data.
The initial public offer of Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, received an 18 per cent subscription on the first day of bidding on Tuesday. The Rs 27,870 crore initial share sale received bids for 1,77,89,457 shares against 9,97,69,810 shares on offer, as per NSE data. The IPO received over 9 lakh applications on the first day.
Global investment bank Morgan Stanley today named P Jayendra Nayak, the former chairman and chief executive officer of Axis Bank, as its new chief executive and country head for India. Nayak, who will replace Narayan Ramachandran, is slated to join on April 5.
'China is struggling to get out of its property bubble.' 'Japan took 35 years to walk out of its equity bubble.' 'Bubbles can be difficult to forecast.'
India Inc's net profit as a percentage of the country's gross domestic product (GDP) is just shy of reaching 5 per cent, bolstered by strong earnings growth in the second quarter of 2023-24. Analysts interpret this as an indication that a corporate profit upcycle is in progress, with projections suggesting that this share could exceed 8 per cent within the next five years, driven by bullish earnings growth expectations. "We believe we are only halfway through a profit cycle, with the profit share in GDP rising from a low of 2 per cent in 2020 to about 5 per cent currently, and likely heading to 8 per cent in the coming four to five years. "This implies about 20 per cent compounding of earnings growth. "Underscoring this forecast is the start of a new private capex cycle, under-geared balance sheets, a healthy banking system, lower corporate tax rates, improving terms of trade, and structural consumption demand outlook albeit somewhat offset by likely consolidation in government deficit," said Ridham Desai, managing director, head of research, Morgan Stanley India in a note.
Higher valuation creation in companies beyond the top 100 has given the domestic markets a shot at a $4 trillion market capitalisation (mcap) - a club exclusive to three countries currently. On November 23, the mcap of all BSE-listed stocks finished at a new record of Rs 328.33 trillion ($3.94 trillion), despite the benchmark indices ending with losses. The mcap was propelled by gains in the broader market, including small and midcap stocks - a trend dominant this year.
Mutual funds (MFs) are investing in more stocks despite the recent volatility. The industry invested in 824 companies across the listed universe as of October, according to primemfdatabase.com. The S&P BSE Sensex hit its all-time high of 62,245 that month. The index has since corrected to 57,864, around 7 per cent below the peak.
Food delivery platform Zomato has filed preliminary papers with capital market regulator Securities and Exchange Board of India (Sebi) to raise Rs 8,250 crore through an initial share-sale.
Prime Minister Narendra Modi Wednesday said the International Monetary Fund (IMF) sees India as a "bright spot" in the global economy and as per the World Bank, India is in a better position to deal with the global headwinds than many other countries. This is because of India's strong "macroeconomic fundamentals", Modi said while virtually addressing the inaugural function of the 7th edition of Invest Madhya Pradesh-Global Investors Summit in Indore. In the past eight years, the government has increased the speed of reforms and removed many hurdles in the way of investments.
Results for the quarter ended December showed how the actual results for many large companies turned out to be worse than analysts' estimates.
The only asset class which has given them positive real returns in the last five years is gold, says Ridham Desai, strategist and head of India Equity Research at Morgan Stanley India.
American brokerage Morgan Stanley on Thursday slashed its Sensex target for the next 12 months to 18,200, citing weakening macro fundamentals of the economy.
The India story is on a roll. The country's benchmark indices are on their way to touching historical highs, aided largely by inflows from foreign institutional investors. But Ridham Desai, managing director, Morgan Stanley (India), still thinks there's "some reticence" in FII participation.
Food ordering platform Zomato, whose Rs 9,375 crore IPO opens on July 14, is planning to launch a grocery section on its app soon, a senior company official said. The company recently invested USD 100 million (around Rs 745 crore) for acquiring a minority stake in grocery delivery platform Grofers. "It (grocery) is a large opportunity. The online grocery is nascent right now but is growing rapidly not just in India but across the world... "We are actively experimenting in that space and recently invested $100 million for a minority stake in Grofers, with the idea of getting more exposure to that space and building our strategies and plan around that business," Zomato CFO Akshant Goyal said.
Terming the just-concluded fiscal as an "okay year", a panel of financial experts said though this fiscal would be a challenging one, the domestic equity markets could turn out to be a "star performer".
FSN E-Commerce Ventures, which runs online marketplace for beauty and wellness products Nykaa, has filed preliminary papers with markets regulator Sebi to raise Rs 3,500-4,000 crore through an initial share-sale.
The current crisis in the euro zone will not create any major problems for India, but a 10-15 per cent correction in markets is not ruled out if it worsens, says Ridham Desai, managing director and head of equities at Morgan Stanley India.
The one-year bank deposit and the 10-year government bond finished at the bottom in terms of returns for 10-year and five-year horizons, respectively. Surprisingly, property was the worst performing asset class for the 15-year period.
Reliance Industries Ltd, India's most valued firm, may become the first in the country to achieve a market capitalisation of $100 billion, international brokerage and equity research major Morgan Stanley said on Tuesday.
In a significant decision on Monday, the Supreme Court ruled that foreign companies would not have to pay tax on their global income earned from business related to their outsourcing arms/units if these are done at existing market prices.
NRIs should work at building a portfolio that includes both open-ended Indian equity funds as well as MSIIF. \n
Morgan Stanley says favourable factors will push Sensex to 32,500 level by December.
Coalition governments aren't necessarily a negative for the economy, though they can result in negative outcomes in the stock market if not already priced in before elections.
Total assets under management (AUM) for September stood at Rs 20.4 lakh crore compared with Rs 20.6 lakh crore at the end of August.
Experts say the market is more bullish on the BJP as it will ensure continuity in policymaking.
The next key battle the market will watch out for will be in Congress-ruled Karnataka
If the rupee falls further, it would negatively impact the dollar-based returns of foreign investors, and could influence foreign flows into India.
Amid lowering of bank deposit rates and falling yields from traditional investment vehicles like gold and real estate, investors are fast shifting to financial assets. The MF sector is emerging a clear beneficiary of this trend.
Top no-frills carrier IndiGo on Tuesday approached capital markets regulator Sebi with Initial Public Offer.
As the 2019 election draws near, investors focus on long-dated options.
Issues Rs 358 crore interim dividend, 1:10 bonus and 10:1 split
Offer size could vary from Rs 1,200 cr to Rs 2,000 cr
Slowing growth, stronger rupee and higher local hiring to pull firms down this financial year
Market hopes govt will hike capital expenditure.
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