Several brokerages lifted their outlooks for the BSE Sensex and companies were queuing to ride the wave of political euphoria
The Securities and Exchange Board of India has extended the market timing for Reliance Petroleum Ltd's IPO by eight hours owing to huge investor interest in the public issue.
Oil and Natural Gas Corporation (ONGC), the country's leading public sector company, is planning an initial public offer of ONGC Petro-additions Limited (OPaL), the special purpose vehicle formed for the Rs 13,500 crore (Rs 135 billion) petrochemical complex at Dahej in Gujarat.
"We will complete the transformation within May 2007 and are talking to select foreign exchanges for a possible partnership," Bombay Stock Exchange Ltd managing director and CEO Rajnikant Patel said.
Investors should not feel jittery over the stock market fall as it would only bring more sanity into issue pricing, according to an expert on the primary market.
'Ola in India makes money on every ride. Our focus over the past couple of years has been to keep growing the market and our share in the market and build up on sustainable business,' says co-founder and CEO Bhavish Aggarwal.
Future Cap's IPO was subscribed 8 times over on the second day of is issue.
Tata Consultancy Services (TCS) has weathered the pandemic very well, and has earned tremendous goodwill from customers, which enhanced the firm's standing in the market, N Chandrasekaran, chairman, said in his virtual address of the 26th Annual General Meeting on Thursday. He said TCS shareholders received over 3,000 per cent return on their investments since the company was listed in 2004.
Divestment in major state-run firms is set to perk up the IPO space, with about six PSUs including Air India, BSNL, Oil India and NHPC, gearing up to sell equity sale in the primary market.
A total of 10 companies collectively managed to garner Rs 6,059 crore (Rs 60.59 billion) through their IPOs during the fiscal year ended March 31, 2013, shows an analysis of data available with the stock exchanges.
India's flag carrier Air-India has shortlisted three companies to act as advisors for its initial public offer to finance the fleet acquisition and is awaiting the government's nod for the IPO, a spokesman of the airline said on Thursday.
Indian bourses saw over $8 billion worth of initial public offers in 2007, but this is just a shade higher than the world's single-largest IPO that was brought by a Russian company.
Reliance Power is being touted as India's biggest ever IPO with an estimated size of over $3 billion, surpassing just over $2 billion raised by DLF. This would be the first ever IPO from Anil Ambani group after being carved out from the erstwhile Reliance empire in 2005.
In the 52 newly listed companies since 2014, fund managers have a total investment of a mere 2.5 per cent of their assets under management.
The primary markets are finally coming back on track, with the initial public offer (IPO) of state-run lender and electricity distributor Rural Electrification Corporation (REC) getting subscribed within 27 minutes of opening.
After the massive price volatility in Shekhawati Poly-Yarn, listed in January, the counter of Omkar Speciality witnessed wild price movements within a couple of days of listing.
Several institutional investors were ineligible to invest in these companies as they failed to meet the disclosure norms
'In the next one-and-a-half, two months you'll get decent amount of opportunities in the mid-cap and small-cap sector at lower levels.'
LIC, the country's largest insurer, on Friday ruled out an initial public offer to raise capital, as it has made separate provisions worth about Rs 17,000 crore (Rs 170 billion) in the last few years to meet IRDA's norms.
This is also the first stake sale by a state-run company in 17 months after REC went public in February 2008 to raise over Rs 1,600 crore (Rs 16 billion). The issue will open on August 7 and close on August 11. The company would sell 168 crore (1.68 billion) shares comprising of five per cent stake divestment of the government and infusion of 10 per cent fresh equity.
Take the rediff business quiz and see how much you know about the successful initial public offers by Indian companies ranging from automobiles to oil refiners.
To boost fund raising from markets, Sebi on Thursday proposed e-IPO norms where investors can bid for shares through Internet and eventually on mobiles, while already listed PSUs will be provided a 'fast-track' route for share sales to meet the disinvestment targets.
The BSE Sensex plunged by about 35 per cent in the last six months. The benchmark index which was over 20,000 level in January, is currently hovering around 13,000. Pre-IPO placement that was intended to offload about 11 per cent of the post diluted shares has also been put on hold, sources said pointing out that the company would revisit its capital raising plan once the market condition improves.
Bids for the issue, which opens on January 23 and closes on January 25, can be made for a minimum of 18 shares and in multiples of 18 thereafter.
Since 11 months, Sebi has not been able to make these companies deposit the required money in an escrow account.
At least 43 of the 175 issuers would have been hit if proposed mechanism had been in place before the R-Power IPO.
Proceeds would be used for business expansion, repayment of loans and working capital requirements
In a circular issued on Thursday, Sebi said that the remaining locations would be covered in the second phase by March 1, 2013.
The power sector is always strongly correlated to economic activity and is receiving its share of investor attention as India's post-Covid-19 recovery continues. India's leading integrated power producer, the public sector undertaking (PSU) NTPC controls around 25 per cent of India's power capacity. It continues to increase installed capacity, in thermal as well as renewables (solar, wind, green hydrogen) and hydropower and pumped hydro, and also has backward integration into coal mining, and explored nuclear.
Global investment firm Blackstone on Wednesday sold its entire 23.5 per cent stake in Embassy Office Parks REIT for around Rs 7,100 crore, according to sources. Embassy Office Parks REIT is India's first Real Estate Investment Trust (REIT) sponsored by Blackstone and Bengaluru-based realty firm Embassy group. Blackstone sold its stake in the entity at around Rs 316 per share through open market transactions and at this price, the deal is valued at about Rs 7,100 crore, the sources said.
