Market Update

The IPO comprises fresh issue of 10.95 lakh shares and plans to raise about Rs 5.15 crore from the public offer. About 57,000 equity shares of the company aggregating to Rs 26.79 lakh have been reserved for the market maker.

According to market sources, the shares of Udayshivakumar are commanding a premium of Rs 7-8 in the unlisted market on Friday. If we consider the upper end of the price band, the company's shares are expected to get listed at a premium of 20% over the offer price.

Sources said issue size likely reduced to $ 400-600 million all of which will be a primary issuance to repay debt.

The IPO comprises a fresh issue of shares worth 12.5 billion rupees ($152.1 million) and an offer for sale of 109.4 million shares, according to the draft prospectus - unchanged from its last filing - dated March 30.

For the quarter ended September 2022, the company reported a revenue of Rs 53 crore, with PAT coming in at Rs 1.95 crore. The company has been profitable in FY22 and FY21 as well. A large portion of the company’s revenue is generated in utility services.

​​ The total customer count has increased to 89 with an outstanding order book of Rs 1190 crore at the end of November 2022, compared with 72 a year ago when it had an order book of Rs 918 crore. The company has net debt of Rs 304 crore in the first eight months of FY23, compared with Rs 250 crore in the year-ago period. The 6S market contributes 57% to the revenue while the balance is from India.

The company develops pharma intermediates and works with pharmaceutical companies who seek USFDA compliant manufacturing facilities as a part of their supply chain.

The company, in consultation with the lead bankers to the issue, may consider a pre-IPO placement aggregating up to Rs 51 crore. If such placement is completed, the fresh issue size will be reduced.

The IPO consists of a fresh issue of ₹320 crore and an offer for sale (OFS) of shares worth ₹545 crore by promoters and existing shareholders. The company will use the proceeds from the fresh issue for debt payment, working capital requirements, and general corporate purposes.

According to market sources, the grey market premium (GMP) of Udayshivakumar Infra, which indicates the premium commanded by shares in the unlisted market, has risen in the past few days to around Rs 15 currently.

“Each business group and company can pursue independent fundraising and IPOs when they are ready,” Zhang said in a statement.

The company had filed preliminary IPO papers with Sebi on January 4, 2023. The IPO consists of a fresh issue of Rs 202.50 crore and an offer-for-sale of up to 5.7 million equity shares by its existing shareholders and promoters.

According to market sources, the company's shares are being enquired for a premium of Rs 25-30 in the unlisted market. The company is yet to announce the price band for the IPO.

Avalon is a fully integrated electronic manufacturing company that offers end-to-end service solutions. The company has 12 manufacturing units located across the US and India. Some of its key clients include Kyosan India, Zonar Systems Inc, Collins Aerospace, and eInfochips, among others

In the filing, Oyo will outline plans to sell just a third of the new shares it originally planned, eroding the amount of fresh capital it is expected to receive.

Backed by investors such as Sequoia Capital and Belgium's Sofina, Mamaearth is now in a "wait and watch mode", a Reuters report said, citing turbulence in stock markets globally amid worries about the financial health of banks.

The company has cut the size of its IPO to Rs 865 crore from Rs 1,025 crore planned earlier. The reduction in the IPO size was a result of the pre-IPO placement carried out by the company, which amounted to Rs 160 crore.

Steel bars and wires manufacturer Maiden Forgings opened for IPO on March 23 to raise Rs 23.84 crore. The IPO will close on March 27. The new issue consists of 37,84,000 equity shares worth Rs 10 apiece, with a ceiling on the issue price between Rs 60 and Rs 63

The three-day initial public offering (IPO) will close on April 6, and the bidding for anchor investors will open on March 31, according to the red herring prospectus (RHP).

Through the IPO, the company plans to raise about Rs 130 crore, of which Rs 58 crore will be used to repay loans availed by the company from scheduled commercial banks, and Rs 71 crore for funding working capital requirements, besides general corporate purposes.

"The current grey market premium (GMP) of Udayshivakumar Infra is Rs 10 as of March 23rd, 2023. Considering the upper band price of Rs 35, the share could give a listing gain of 28% to investors," Manish Khanna, Co-founder of Unlisted assets, said.

About 50% of the offer will be available for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Bidders, and not less than 35% will be reserved for retail investors. The offer also includes a reservation for subscription by eligible employees.

According to market sources, the grey market premium (GMP) of Udayshivakumar Infra, which indicates the premium commanded by shares in the unlisted market, has dropped down to Rs 6-7.

The proposed IPO will have both fresh issue of shares and offer for sale components.

“We had planned (the IPO in) March 2022 but before that the Ukraine war happened and Nasdaq started crashing. So, all the multiples were going down,” Taku said on the sidelines of an event, adding that the fintech firm continues to be in an IPO ‘ready mode’.

According to market sources, the grey market premium (GMP) of Udayshivakumar Infra, which indicates the premium commanded by shares in the unlisted market, was unchanged at Rs 10. Analysts are mixed on whether investors should subscribe to the IPO given muted market sentiments.

IndiaFirst Life Insurance Company recorded its highest five-year growth in terms of New Business Individual Rated Premium (IRP) amongst life insurers with PSU bank percentage, with a CAGR of 27.3% between fiscal 2017 to fiscal 2022.

Managing director Mahesh Bhanushali had earlier expressed his gratitude for the overwhelming response the IPO received. He said strong demand for the issue reflected the investors' trust and confidence in the company's growth prospects and the management.

According to market sources, Udayshivakumar Infra shares are commanding a premium of Rs 10 in the unlisted market, which is higher than the previous day.

According to market analysts, the grey market premium, which indicates the premium commanded by shares in the unlisted market, fell sharply from subscription closing date to around Rs 15. The company has fixed a price band of Rs 133-140. At the upper end, the company's shares are expected to get listed at 10% premium.

The company has 46 work orders in hand having an aggregate order book value of Rs 1,291 crore, as of the December quarter. Out of these, 30 are ongoing and 16 are new work orders, which are yet to start.

The six companies had filed their preliminary initial public offering (IPO) papers with Sebi between September 2021 and May 2022 and their papers were returned during January-March (till March 10).

DIPAM will drive the listing process for which the Centre had given initial approval in 2017.

About 60% of the offer is reserved for retail investors, while 30% is set aside for non-institutional investors. Meanwhile, 10% of the issue is reserved for Qualified institutional buyers (QIB).

Out of the total 37,84,000 equity shares on offer, not more than 17,97,000 equity shares have been reserved for Qualified Institutional Buyers (QIB). A total of 5,39,100 shares have been reserved for Non-Institutional Investors (NII) and the rest for retail individual investors.

In an interview with PTI, Ramdev assured his investors and public shareholders that there would be no impact of Patanjali Foods Ltd's (PFL) operation and financial performance and its growth trajectory will remain intact.

Equity markets were plagued by a host of issues this year including rising interest rates, slowing economic growth, Adani crisis and the latest fallout of the banking crisis in the US. Benchmark Nifty is currently 10% down from its peak.

It is not planning to seek a fresh approval for the IPO immediately from the Securities & Exchange Board of India because of the current choppy market. "We’re not in a hurry to go and, you know, sell it at any cost," managing director K Srinivas told ET.

According to analysts, the grey market premium, which indicates the premium commanded by shares in unlisted markets stoo Rs 20. The company has fixed a price band of Rs 133-140. At the upper end, the shares are expected to list at 14% premium over the issue price.

The ₹412-crore IPO comprised a fresh share issue of ₹180 crore and an offer for sale of 3.93 million shares by existing shareholders. As part of the offer for sale, Nilekani's family trust offloaded 1.44 million shares.

Global Surfaces, which is into processing natural stones and manufacturing engineered quartz, has collected Rs 46 crore from anchor investors and set a price band of Rs 133-140 per share. At the upper end of the price band, the company is expected to fetch Rs 155 crore from the IPO

The proceeds from the IPO will be used for funding additional working capital, investment in strategic acquisitions and other general corporate purposes.

The company's grey market premium is at 18, according to market analysts.The issue was subscribed 5.44 times, driven by strong interest from retail investors

The company has fixed a price band of Rs 133-140. The company plans to raise about Rs 154.98 crore at the upper end of the price band

Religare broking said the company has a strong opportunity in the international market and its new products and designs would aid growth and increase operational efficiency. The brokerage has a "neutral" rating on the public offer.

The price band for its initial public offering has been fixed at Rs 133-140 per share. Investors can bid for a minimum of 100 equity shares and in multiples of 100 equity shares thereafter

Global Surfaces will be open for subscription on Monday to raise funds through an initial public offering. The company will raise Rs 155 crore at the upper price band of the issue. The shares of the company will be listed on both NSE and BSE. The company will be offering 1,10,70,000 equity through the initial public offering through the book-building process.

The size of the IPO wasn’t disclosed. However, according to Krishna Raghavan, Founder, UnlistedKart, a SEBI-registered research analyst firm, Tata Technologies' recent buyback valued the company at Rs 16,080 crore, indicating that the offered size could be at least Rs 3,800 – Rs 4,000 crore.

The Flipkart IPO has been in the works since the last few years and it was earlier reported that the company is eyeing a listing on Wall Street

​Meanwhile, foreign investor Societe Generale has bought 1.7% of the company, according to bulk deal data available with NSE.

​​"A meeting of the Board of Directors of Tata Consultancy Services Limited is scheduled to be held on Wednesday,​ April 12, 2023, to approve and take on record the audited standalone and consolidated financial results of the Company under

"In the meeting held on March 31, 2023, the Board considered and approved the allotment of 1,75,93,294 equity shares at a price of Rs 12 per equity share (including a premium of Rs 2 per equity share) (allotment)," it said.

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PVR is majority owned by the public with 52.69% stake, while promoters own 47.31%. Phoenix Mills is among the companies with highest foreign shareholding at 29.27%. Mutual funds, meanwhile, have about 17.55% stake in the company.

A stock split is usually done to increase the liquidity of the stock in the market. On the ex-split date, investors holding the stock until the record date will receive the new shares in Demat accounts, and the stock price will be adjusted according to the split ratio.

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The scope of the examination was specifically to ascertain whether Dhoot violated the provisions of LODR (Listing Obligations and Disclosure Requirements) rules and provisions of listing agreement in respect of the submissions that were required to be made by Videocon Industries to the stock exchanges.

Further, MCX submitted its observations to Sebi in June 2018 and conducted a detailed examination to find out whether certain connected entities intended to corner the market on long side in mentha oil contracts thereby violating the position limits as prescribed by the regulator.

That's the read from traders of futures contracts tied to the Fed's policy rate after the U.S. government reported a slight easing in a key gauge of inflation that suggests the U.S. central bank's year-long effort to ease price pressures is making some headway.

The Nasdaq is set for its biggest quarterly percentage gain since the end of 2020 as investors shifted toward major technology and growth stocks from financial stocks amid fears of a bank contagion, while the cyclicals-heavy Dow Jones is in the red.

It is "early days yet in terms of assessing whether we really have gone as far as we need to go," Collins said in an interview on Bloomberg Television following the release of data showing consumer spending was basically flat in February after a large jump in January.

By providing such a facility, they exposed their clients to the risk involved in trading in a product that did not have regulatory approval. The acts by the brokers raised doubts about their competence to act as registered securities market intermediaries, the orders noted.

The year was marked with high inflation, coupled with big events, including the Russia-Ukraine war, Adani Group saga and banking crisis in the US towards the fag-end of the year, which impacted the market the most.

The NSE Nifty index closed 279.05 points up at 17359.75

Nifty as per weekly chart formed a long bull candle, which indicates a sharp reversal in the market on upside. After declining continuously for the last three months a doji type candle pattern was formed as per monthly time frame chart. This is a positive signal as per long term charts.

The 30-share BSE Sensex closed up 1031.43 points at 58991.52

The 30-share BSE Sensex closed up 1031.43 points at 58991.52

The aim of Hybrid funds is to balance the risk-reward ratio, thereby, optimising the return on investments.

The NSE Nifty index closed 279.05 points up at 17359.75

The 30-share BSE Sensex closed up 1031.43 points at 58991.52

Apollo Hospital, Sun Pharma, Adani Ports SEZ, Asian Paints and Bajaj Finance were among the top losers on NSE in today's trade.

Here is a look at the interest rates on various small savings schemes for the first quarter of FY 2023-24.

The Nifty Bank index closed 1.75 per cent up at 40608.65.

The IPO comprises fresh issue of 10.95 lakh shares and plans to raise about Rs 5.15 crore from the public offer. About 57,000 equity shares of the company aggregating to Rs 26.79 lakh have been reserved for the market maker.

Benchmark indices ended the last day of the 2022-23 fiscal with a nearly 2% jump on Friday in line with firm trends in the global markets and heavy buying in Reliance.

In the Nifty pack, 43 stocks closed in the green, while 7 stocks ended in the red.

The Nifty Auto index closed 1.01 per cent up at 12243.8.

A health top-up plan is an insurance plan that comes into play when the basic health insurance coverage is insufficient. For individuals, a deductible limit applies to the top-up plan, which begins after the basic insurance plan reaches its limit. A health top-up plan can be purchased separately or in combination with a basic health insurance plan. The deductible amount will influence the premium that is paid for the top-up plan. The coverage and policy terms for the top-up plan differ slightly from basic health insurance plans. It is preferred to buy both health insurance plans from the same insurer.

The Nifty Realty index closed 1.63 per cent up at 387.35.

Neil Parag Parikh, CEO of PPFAS Mutual Fund, stresses the importance of emergency funds and having a proper plan for investing taking into account short, medium, and long-term goals. He advises people not to invest based solely on past returns or recommendations, but rather to do proper research and get an asset allocation done in accordance with their risk profile. He also considers behavioural biases as a factor to take into account when making investment decisions.

The Securities and Exchange Board of India (Sebi) has extended the compliance requirement for large corporates to raise at least 25% of their incremental borrowings through debt securities to a contiguous block of three years from the present two years. This decision comes after the board of Sebi allowed the proposal. Previously, large corporates needed to mobilize a minimum of 25% of their borrowings through the issue of debt securities in a financial year, which had been mandated over a contiguous block of two years.

The 30-share BSE Sensex closed up 1031.43 points at 58991.52

Sonu Infratech Ltd., Pondy Oxides, Asian Hotels, Apar Industries and Som Distill, hit their fresh 52-week highs during the day.

The dollar index, which gauges the greenback's strength against a basket of six currencies, gained 0.25 per cent to 102.08 ahead of the release of the US inflation data later in the day.

The Nifty Pharma index closed 0.62 per cent up at 12017.05.

Meanwhile, foreign institutional investors were net sellers of Indian equities for the second consecutive financial year. They net sold shares worth Rs 40,413 crore this fiscal.

The 30-share BSE Sensex closed up 1031.43 points at 58991.52

According to market sources, the shares of Udayshivakumar are commanding a premium of Rs 7-8 in the unlisted market on Friday. If we consider the upper end of the price band, the company's shares are expected to get listed at a premium of 20% over the offer price.

"While the UPI block mechanism to allow trading with funds lying in the bank account is optional for brokers, the ability to collect fees from CC and potentially lower regulatory burden due to non-handling of client funds would probably mean that most brokerages will offer it," Kamath said.

Meanwhile, Morgan Stanley places India at the 7th spot in terms of market allocation among APxJ/EM (Asia Pacific ex-Japan / Emerging Markets). The US-headquartered investment bank and financial services company is ‘Overweight’ (OW) on China, South Korea and Taiwan.

Mukul Kochhar, Head of Institutional Equities at Investec Capital Services, believes that India's current account problem is on track to being fixed, which will result in a stable rupee, better liquidity, and the ability of RBI)to reduce rates. He also thinks that global monetary tightening is at its peak, implying an exceptionally helpful macro backdrop. He advises people to start buying for a positive macro backdrop six months from now, despite not knowing if the bottom has been reached.