Despite markets turning volatile, share sale activity at India Inc has surged to its highest level in five months. So far in March, promoters, strategic investors and other large shareholders have been able to offload shares worth more than Rs 33,000 crore-the most since November-defying uncertain market conditions. Both the Sensex and the Nifty are on course to post their fourth straight monthly loss amid headwinds, such as interest rate tightening by the US Federal Reserve and the global banking crisis.
The National Stock Exchange's proposed IPO to raise Rs 10,000 crore this year is expected to see the largest ever PE exit, of around Rs 5,000 crore.
Analysts say large issue sizes and high prices were key reasons for the poor response to IPOs of other public sector insurance entities. The high share price meant small investors did not foresee any listing gain
Both sports and digital will drag down the healthy operating margins that entertainment television continues to make.
Benchmark indices--Sensex and Nifty--were 0.7-0.8 per cent higher from the Saturday closing. Among the widely-tracked Nifty 50 stocks, 39 advanced and the rest 11 declined at the opening bell. Among the individual stocks, Cipla, ICICI Bank, Sun Pharma, Power Grid Corp, and Bharti Airtel were the top five gainers, while Asian Paints, Hindustan Unilever, Britania, HDFC Bank, and BPCL the losers, NSE data showed. On Monday, Indian stock exchanges were closed for trading on the occasion of Pran Pratistha of Ram Temple in Ayodhya.
The company's market valuation stood at Rs 10,972 crore in morning trade.
The upstream oil and gas (O&G) sector has delivered a stellar performance in the stock market in the recent past. The O&G sector is dominated by PSUs and despite the imposition of a windfall tax, profitability has been impressive. Oil India Limited (OIL) is particularly favoured by investors.
LIC's Rs 3,000 crore bid helped HAL reach the minimum 10 per cent dilution threshold required for listing, sources said
Riding on a bull run, equity investors became richer by Rs 128.77 lakh crore in the 2023-24 fiscal, driven by robust fundamentals of the Indian economy, increased investment inflows and promising corporate earnings. After a muted performance in 2022-23, equity markets made a remarkable recovery in FY24, giving handsome returns to investors. The 30-share BSE Sensex climbed 14,659.83 points or 24.85 per cent in 2023-24.
Highest-ever mobilisation in first half of any fiscal year; bankers expect the trend to continue, given strong pipeline
Among the Sensex firms, Infosys, NTPC, Power Grid, Titan, ITC, Tech Mahindra, Hindustan Unilever, Axis Bank, Tata Consultancy Services, Bajaj Finserv, Reliance Industries and UltraTech Cement were the biggest gainers. In contrast, IndusInd Bank, Kotak Mahindra Bank, Mahindra & Mahindra, JSW Steel, HDFC Bank and Maruti were the major laggards.
The Centre could further moderate its divestment target for 2024-25 (FY25), as it does not expect large receipts from asset sales - except some ongoing strategic ones, including IDBI Bank, which could spill over into next financial year. Also, it may drastically reduce its FY24 divestment target of Rs 51,000 crore. "We are still evaluating the Budget estimates for FY25. "New big-ticket asset sales are unlikely.
Sixteen merchant banks are in the fray to act as book running lead managers (BRLM) for the initial public offering of Life Insurance Corporation of India (LIC). These merchant banks will have to make a presentation before the Department of Investment and Public Asset Management (DIPAM) on August 24-25. The shortlisted banks are BNP Paribas, Citigroup Global Markets India, BofA Securities, Goldman Sachs (India) Securities, HSBC Securities and Capital Markets(India), J.P. Morgan India, Nomura Financial Advisory and Securities (India), Axis Capital, DAM Capital Advisors, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Kotak Mahindra Capital, SBI Capital Market, and Yes Securities India.
Ramaswamy was a distant fourth with 7.7 per cent of the votes polled in the Iowa Caucus
The new wing will be known as the corporate finance investigation department, which will be headed by one of Sebi's executive directors. This department will have information technology solutions experts, particularly to detect the menace of frauds.
Post-IPO and equity transfer, government shareholding in the company will come down to 78.43 per cent. IOC will hold 4.45 per cent equity stake in the expanded equity base while HPCL and BPCL would hold 2.23 per cent each. Public holding would be 12.66 per cent.
Snapdeal's Kunal Bahl tells team to follow DMart example. Sources close to the company says Snapdeal plans to launch an IPO by 2019.
Financial year 2010-2011 saw high wealth erosion for investors in the IPO market.
At present, the sentiment is upbeat, and companies are waiting to come out with their initial public offerings (IPOs) to cash in on the boom.
Eye business expansion, fulfil working capital requirements and making loan repayments
The gains came on expectations that the company will post strong growth given its presence in application to peer services and the fast-growing communication platform as a service segment.
A total of 25 companies raised Rs 28,220 crore during the financial year.
Walmart, the world's largest retailer, has paid $1.4 billion to buy out US-based Tiger Global's investment in e-commerce firm Flipkart, according to sources. The transaction puts Flipkart's valuation at $35 billion, against nearly $38 billion in 2021 when it raised funds from Japan's SoftBank, Walmart, and other investors. Tiger Global, Flipkart co-founder Binny Bansal, and Accel now have all fully exited the e-commerce firm by selling their stake to Walmart.
If companies manage to raise Rs 10,000 crore, this will be the best year for IPOs since FY11.
Economic growth, which we are taking for granted, slows for a completely different set of local or global factors and the Modi premium vanishes, observes Debashis Basu.
The IPO of state-owned steel maker RINL is scheduled to hit the markets in the current fiscal, and the Cabinet has already accorded its approval for the stake sale.
'To sustain our growth trajectory, we must continue to explore and capitalise on growth opportunities.'
The Rs 702-crore IPO received bids for 2,93,41,84,140 shares against the total issue size of 2,32,59,550 shares, according to data available till 3.30 pm on Wednesday.
India's largest ever public offer to raise up to Rs 15,000 crore (Rs 150 billion) will hit the market by the third week of October.
'The IPO window has been more or less open since the new government in 2014.'
Mergers and acquisitions (M&As) in India are expected to stay buoyant, seen over the last three-four years, despite a slowdown in the first seven months of the calendar year. "M&A is a lumpy business activity, and we may suddenly see large deals taking place during the next two quarters of the calendar year. "This would help maintain the streak of strong M&A activity.
State-owned Life Insurance Corporation of India (LIC), which completes one year of its listing on Tuesday, presents a sorry scorecard as far as its stock market performance goes. Shares of the insurance behemoth are down 40 per cent over their issue price of Rs 949 to Rs 567 apiece. The Sensex, on the other hand, has risen 14 per cent in the past one year.
The decline in LIC's share price makes it the biggest wealth destroyer among IPOs which hit the market after COVID-19 took hold globally in 2020.
ICICI Pru's IPO is being managed by 10 investment banks, including Bank of America Merrill Lynch and ICICI Securities
Only 164 companies or 42 per cent currently trade above the offer price.
Gujarat Fluorochemicals Ltd on Wednesday said its subsidiary Inox Leisure Ltd is considering an entry into the capital markets through an initial public offer of 1.65 crore (16.5 million) equity shares.
'It is a worrying trend as we are not seeing too much fresh capital being raised for new projects, plants, expansion or diversification. It's just private equity or venture capital or promoters cashing out.'
Although the pricing for the IPO is yet to be finalised, people in the know said the band could be Rs 275-300
Buoyed by the success of secondary market, IPO market set to see high action
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