The scrip of Sasken Communications, a telecom research and development company, on Friday opened at Rs 400 per share at a premium to the issue price of Rs 260 at listing on the Bombay Stock Exchange Ltd.
Kaushalya Infrastructure has plenty to prove since it is yet to gain a critical mass.
Telecom R&D outsourcing company Sasken Communication Technologies' initial public offer to raise Rs 115-130 crore (Rs 1.15 to 1.3 billion) opens for subscription on Thursday.
The Reserve Bank of India on Thursday opted for a pause second time in a row, maintaining key benchmark policy rate at 6.5 per cent as inflation moderates. The rate increase cycle was paused in April after six consecutive rate hikes aggregating to 250 basis points since May 2022. Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) unanimously decided to keep the rate unchanged at 6.5 per cent.
Among the main gainers were Jio Financial Services which jumped 4.99 per cent, Tata Steel (2.09 per cent), Maruti Suzuki (1.87 per cent), M&M (1.31 per cent) and Infosys (1.19 per cent).
Government-owned oil firms on Saturday increased petrol and diesel prices by Rs 1.10 and Rs 1.42 per litre respectively in step with the rise in international fuel prices.
Life Insurance Corporation of India (LIC) has increased the size of its shareholders' fund to Rs 6,600 crore from Rs 100 crore in a bid to accommodate a larger shareholder base ahead of its public listing. The size of the fund has been enhanced by retaining two years' of dividend and issuing fresh capital, said an official. Increasing the size of the shareholders' fund will help boost the number of shares for allotment in the insurer's initial public offering (IPO). The corpus represents the amount of equity in a company that belongs to its shareholders.
The merits and demerits of the telcos' 5G strategy however is clearly dependent on the financial muscle of players, reports Surajeet Das Gupta.
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.
Emaar MGF's IPO got subscribed 12% in the first two hours of opening of the issue.
The ongoing initial public offers have suffered the brunt of the crash in the secondary market with issue of two companies -- Cords Cable and J Kumar Infra Projects -- receiving low responses from investors. The initial public offer of Cords Cable Industries has got bids for just 39 per cent of the shares on offer. The issue received bids for over 12.09 lakh shares against 30.85 lakh shares on offer.
Workhardt Hospitals is planning to enter the capital market soon. Its first IPO will open on Jan 31.
Realty major Emaar MGF on Monday said it will enter the capital market to mop up anywhere between $1.58 to 1.79 billion through issue of 10.25 crore (102.5 million) equity shares in the price band between Rs 610-690.
Future Capital IPO was fully subscribed within four hours of its opening. The company is expected to raise Rs 490 crore through the IPO.
The country's biggest IPO will close on January 18.
Leading stock exchanges BSE and NSE on Friday decided to drop Yes Bank from Futures and Options segment from May 29. The existing Futures and Options contracts across all expiries will expire on May 28.
The public issue of 39,56,808 equity shares would open on December 4 and close on December 7. The company has fixed a price band of Rs 125 to Rs 150 per equity shares to be decided through book building.
The government is set to exceed its 2009-10 disinvestment target of Rs 1,120 crore through the first company that is slated to go to the markets this year -- NHPC.
The shares of Petronet LNG Ltd were on Friday listed on the Bombay Stock Exchange and first trade was struck at Rs 16.50 per share for 500 scrips.
PGCIL has a monopoly in the interstate power transmission business and owns and operates most of India's interstate and inter-regional electric power transmission system.
Central transmission utility PowerGrid Corp said on Saturday it plans to invest Rs 55,000 crore (Rs 550 billion) in the next five years to expand the national grid capacity to transmit 37,000 MW of electricity by 2012.
India's first auction of telecom spectrum in five years ended on Tuesday with Rs 77,814.80 crore of airwaves being bought, mostly by billionaire Mukesh Ambani's Reliance Jio. Over 2,250 MHz of spectrum, that carry telecom signals, in seven bands worth nearly Rs 4 lakh crore at the reserve or start price, was offered for bidding in the auction that began on Monday. Telecom secretary Anshu Prakash said 855.60 MHz of spectrum was bought for Rs 77,814.80 crore in the two-day auction.
Growth in India is expected to slow to 6.3 per cent in FY 2023/24 (April-March), a 0.3 percentage point downward revision from January, the World Bank said Tuesday but noted there is an unexpected resilience in private consumption and investment and robust growth in the services. The World Bank made these points in its latest edition of Global Economic Prospects according to which global growth is projected to decelerate from 3.1 per cent in 2022 to 2.1 per cent in 2023. In Emerging Markets and Developing Economies (EMDEs) other than China, growth is set to slow to 2.9 per cent this year from 4.1 per cent last year. These forecasts reflect broad-based downgrades.
The initial public offer of real estate developer Housing Development and Infrastructure Ltd, expected to garner about Rs 1,485 crore (Rs 14.85 billion), remained under-subscribed on the first day on Thursday.
Spice Communications, a company that offers GSM services in Punjab and Karnataka through its Spice Telecom brand, intends to raise Rs 520 crore (Rs 5.20 billion) through its initial public offering (IPO).
According to DLF, the company has a land bank of 10,255 acres, of which 70% is in the metro cities, with 50% being in the National Capital Region alone.
India's residential market is expected to sustain demand momentum despite rise in mortgage and property rates as sales this year across the top 7 cities are likely to breach pre-pandemic level of 2.62 lakh units, industry players said. After braving four back-to-back disruptions in form of demonetisation, RERA, GST and COVID-19 in the last 6 years, industry experts feel the housing market is going through a lot of structural changes and is now at the start of a long-term upcycle. Homebuyers body FPCE gives credit to the Real Estate Regulatory Authority (RERA) under the Real Estate (Regulation & Development) Act, 2016 for this improved buying sentiment.
The Cabinet on Thursday approved a 30 per cent cut in the reserve price for sale of mobile phone spectrum in four zones that went unsold in the recent damp-squib auction.
India's economic growth is now 'extremely fragile' and needs all the support that it can get, as private consumption and capital investment are yet to pick up, RBI Monetary Policy Committee (MPC) member Jayanth R Varma said on Friday. Varma further said out of the four engines of growth for the economy, exports and government spending supported the Indian economy through the pandemic, but other engines need to pick up the baton now. " I like to think in terms of the four engines of growth for the economy: exports, government spending, capital investment and private consumption. "...while exports cannot be the main driver of growth because of the global slowdown, government spending is necessarily limited by fiscal constraints," he told PTI.
Fortis Healthcare plans to raise about Rs 504 crore (Rs 5.04 billion) from the capital market in addition to the Rs 154 crore (Rs 1.54 billion) raised through private placements before the IPO, a top company official said in Mumbai on Wednesday.
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TC at its meeting here recommended to an Empowered Group of Ministers that reserve price for pan-India 1800 MHz spectrum be fixed 15 per cent higher than Trai suggested rates.
RBI's projection of retail inflation at 6.8 per cent in the current fiscal is neither too high to deter private consumption, nor so low as to weaken inducement to invest, the Economic Survey said on Tuesday. However, entrenched inflation may prolong the tightening cycle and therefore, borrowing costs may stay 'higher for longer', it said. The Economic Survey 2022-23 was tabled in Parliament by Finance Minister Nirmala Sitharaman.
The scrip of K K Birla controlled HT Media Ltd on Wednesday opened at Rs 685 per share at a premium to the issue price of Rs 530 at listing on the Bombay Stock Exchange Ltd.
Global Broadcast News, the owners of news channel CNN-IBN is all set to enter the capital market with its initial public offer aggregating to Rs 105 crore (Rs 1.05 billion) in a price band of Rs 230 and Rs 250 per share.
The scrip of Yes Bank on Tuesday listed on the Bombay Stock Exchange at Rs 65 per share, a 44.4 per cent premium to the issue price Rs 45 per share.
Cairn Energy India's initial public offering of 32.88 crore (328.8 million) shares will open on December 11 and close on December 15 at a price band of Rs 160-190 per share.
RBI Governor Shaktikanta Das on Wednesday defended the Reserve Bank's handling of the price situation, saying acting prematurely on inflation would have exerted a heavy cost on the economy and citizens. Acknowledging that the inflation target has been missed, Das said the RBI decided to support the economy by not introducing a rate hike in face of a spike in inflation. "We prevented a 'complete collapse of the economy' by keeping rates lower and stayed away from premature tightening," Das said speaking at the annual FIBAC conference of bankers in Mumbai.
'We are targeting the 5G tender around January-March 2023.'
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