Posts in category Business Standard
Sebi will look into the high valuation of IPOs, says Madhabi Puri Buch (26-11-2023)
Amid concerns in some quarters over the exorbitant valuation of certain initial public offerings, Sebi Chairperson Madhabi Puri Buch has said the regulator would certainly look into the matter if disclosures on the valuation are meaningless.
The comments have come amid a slew of share sales hitting the capital market recently. Last week, five companies, including Tata Technologies, came out with their IPOs that garnered a record Rs 2.6 lakh crore in application amount.
To a query about high premiums for some shares in IPOs, Buch said, "Of course, we are fully with you on this as the rationale given for high premia are nothing but some meaningless English words".
"We are certainly going to look into it and address the issue," she said.
When asked about concerns in some quarters that some IPOs are priced exorbitantly, the Sebi chief said, "If disclosures on valuation are meaningless then we will certainly look into it."
It can be noted that to boost investors' interest in little-kno
FPIs reverse selling trend ; invest Rs 378 crore in equities in Nov (26-11-2023)
Foreign Portfolio Investors (FPIs) have pared their bearish stance on Indian equities during November as they made a net investment of Rs 378 crore on the sharp decline in US treasury bond yields.
This came after FPIs dumped Indian equities worth Rs 24,548 crore in October and Rs 14,767 crore in September, data with the depositories showed.
Before the outflow, FPIs were incessantly buying Indian equities in the last six months from March to August and brought in Rs 1.74 lakh crore during the period.
Overall, the cumulative trend for 2023 remains healthy, with FPIs pouring in Rs 96,340 crore so far this calendar year.
"On the way ahead, we think that improving risk appetite in the EM (emerging markets) and falling risk-free yields in the US will draw FPI flows towards India," Hitesh Jain, Strategist, Institutional Equities Research at YES Securities India, said.
According to the data, FPIs made a net investment of Rs 378.2 crore in Indian equities this month (till November ...
M-cap of 4 of 10 valued firms rise Rs 65,671 cr; Reliance biggest winner (26-11-2023)
The combined market valuation of four of the top-10 most-valued firms climbed Rs 65,671.35 crore last week, with Reliance Industries emerging as the biggest gainer.
Last week, the BSE benchmark climbed 175.31 points, or 0.26 per cent.
While Reliance Industries, HDFC Bank, ICICI Bank, and Bharti Airtel were the gainers, Tata Consultancy Services (TCS), Infosys, Hindustan Unilever, ITC, State Bank of India, and Bajaj Finance faced erosion in valuation.
The market valuation of Reliance Industries jumped Rs 26,014.36 crore to reach Rs 16,19,907.39 crore.
HDFC Bank added Rs 20,490.9 crore, taking its valuation to Rs 11,62,706.71 crore.
The market valuation of Bharti Airtel rose Rs 14,135.21 crore to Rs 5,46,720.84 crore , while that of ICICI Bank gained Rs 5,030.88 crore to Rs 6,51,285.29 crore.
However, the market capitalisation (mcap) of TCS eroded by Rs 16,484.03 crore to Rs 12,65,153.60 crore. The valuation of Bajaj Finance declined Rs 12,202.87 crore to Rs 4,33,966.53 crore.
The
Global factors to drive stock markets in holiday-shortened week: Analysts (26-11-2023)
Stock markets will be largely driven by global trends and macroeconomic data announcements in a holiday-shortened week which may see volatility amid monthly derivatives expiry, say analysts.
Equity markets will remain closed on Monday for Gurunanak Jayanti.
Trading activity of foreign investors and the movement of the rupee against the dollar will also be tracked by investors.
"While global cues are relatively muted, market participants will closely monitor movements in crude oil prices, US bond yields, and the dollar index," said Santosh Meena, Head of Research, Swastika Investmart Ltd.
From the domestic macroeconomic front, the GDP data for the July-September quarter will be released on Thursday and the PMI (Purchasing Managers' Index) data for the manufacturing sector is scheduled to be announced on Friday.
Auto companies would remain in the limelight amid monthly sales data announcements.
"Markets will focus on the global and domestic macroeconomic data. Auto stocks will be i
Rs 2,500 cr crypto scam: Kingpin Subhash Sharma hiding in UAE, says SIT (25-11-2023)
The special investigation team (SIT) probing the Rs 2,500-crore cryptocurrency scam would approach the competent court on November 28 to seek a warrant for the extradition of fugitive kingpin Subhash Sharma from UAE, officials said on Saturday.
The kingpin of the scam Subhash Sharma from Sarkaghat in Himachal Pradesh's Mandi district is still at large and as per our information, he is hiding in UAE. Efforts are underway to bring him back, Deputy Inspector General of Police (DIG) northern range, Abhishek Dhullar, who is heading the SIT, told PTI.
The multi-crore cryptocurrency ponzi scam started in 2018. The investors smelled something fishy when they stopped getting returns during the Covid pandemic when most business activities came to a halt. Later when they asked the accused about their pending returns, they realised they had fallen into a trap and were threatened to keep shut, the police said.
The fraudsters threatened the victims that they would lose all their invested money i
Sebi eases frameworks for AIFs, social exchanges, index providers (25-11-2023)
Defers decision on easing delisting, NRI investment norms; introduces framework on fractional real estate ownership
Tata Technologies IPO: Company finalises offer price at Rs 500 per share (25-11-2023)
Tata Motors on Saturday said its arm Tata Technologies has finalised the offer price, including the anchor investor offer price, at Rs 500 per equity share for its Initial Public Offering (IPO).
The Rs 3,042.5 crore IPO of Tata Technologies, which provides engineering and product development digital services, was subscribed 69.43 times on the final day of subscription on Friday, driven by remarkable participation from institutional buyers.
"...Tata Technologies Ltd in consultation with book running lead managers to the IPO, has finalised the offer price, including the anchor investor offer price, at Rs 500 per equity share of face value of Rs 2 each," Tata Motors said in a regulatory filing.
The public issue had a price band of Rs 475-500 per share.
Accordingly, the size of the IPO aggregates to Rs 3,042,51 crore comprising an offer for sale of 4.63 crore equity shares by Tata Motors amounting to Rs 2,313.75 crore, 97.17 lakh equity shares by Alpha TC Holdings Pte Ltd amounting to
Sebi board meeting: Key decisions on AIFs, NPOs, REITs, index providers (25-11-2023)
Markets watchdog Sebi on Saturday approved providing flexibility to Not for Profit Organisations (NPOs) in raising funds through the social stock exchange and also decided to introduce a regulatory framework for index providers.
These were among the decisions taken by the board of the Securities and Exchange Board of India (Sebi) during its meeting held here.
In a release, the regulator said flexibility will be provided for fund raising by NPOs through the social stock exchange.
In this regard, the minimum issue size in case of public issuance of Zero Coupon Zero Principal Instruments (ZCZP) for NPOs on the social stock exchange will be reduced to Rs 50 lakh from Rs 1 crore.
Among other decisions, a regulatory framework will be introduced for the index providers to foster transparency and accountability in governance and administration of financial benchmarks in the securities market.
Final redemption price first tranche of SGB set at Rs 6,132 per unit (24-11-2023)
The interest on the Gold Bonds commences from the date of its issue, which has a fixed rate of interest at 2.75 per cent per annum on the amount of initial investment
Market regulator Sebi proposes easing trading plans for company insiders (24-11-2023)
Move aimed at providing promoters more flexibility while dealing in their shares