Posts in category Business Standard
Latest move may not spur companies to list “overseas”, say experts (01-11-2023)
The move follows remarks made by the Finance Minister, Nirmala Sitharaman, in September on permitting Indian companies to undertake "direct foreign listings"
Rupee hits fresh closing low of 83.29 due to rise in dollar index (01-11-2023)
The previous all-time closing low for the rupee was 83.28 on October 16
Advance-decline ratio skids to 1.02 in October as FPIs step up selloff (01-11-2023)
At lowest since March 2023, but remains in the positive
Auto ancillary firm ASK Automotive gears up to float IPO on November 7 (01-11-2023)
Auto ancillary player ASK Automotive is set to launch its Initial Public Offering (IPO) on November 7, which will be the third maiden public issue to hit the market this month.
This will be the third such issue opening in November after ESAF Small Finance Bank and Protean eGov Technologies.
ASK Automotive's IPO is completely an Offer For Sale (OFS) of 2,95,71,390 equity shares by promoters Kuldip Singh Rathee and Vijay Rathee. The offer will close on November 9 and the anchor book of the offer will open on November 6, according to the Red Herring Prospectus (RHP).
Since the IPO is completely an OFS, the entire proceeds will go to the selling shareholders and the company will not receive any funds from the issue.
Gurugram-based ASK Automotive is one of the largest manufacturers of brake-shoe and advanced braking systems for two-wheelers in India.
The company has clients including TVS Motor Company Ltd, Hero MotoCorp, Greaves Electric Mobility and Bajaj Auto.
JM Financial Ltd, Axis
Protean eGov Tech IPO to open on Nov 6, sets price band at Rs 752-792 (01-11-2023)
Protean eGov Technologies (formerly known as NSDL E-Governance Infrastructure) on Wednesday fixed a price band of Rs 752-792 per share for its Rs 490-crore initial public offering.
The maiden public issue that will open for subscription on November 6, will conclude on November 8 and the anchor book of the offer will be opened for a day on November 3, the company said in a statement.
The public issue is purely an offer-for-sale (OFS) by existing shareholders. The OFS size has been reduced to 61.91 lakh equity shares from 1.28 crore equity shares planned earlier.
Also, the offer includes a reservation of 1.5 lakh equity shares for the company's employees at a discount of Rs 75 per share to the final offer price.
Those offering shares in the OFS are -- IIFL Special Opportunities Funds, NSE Investments, Administrator of the Specified Undertaking of the Unit Trust of India, HDFC Bank, Axis Bank, Deutsche Bank AG, Punjab National Bank, and Union Bank of India.
At the upper end of the pr
Alternative assets surged twice as fast as mutual funds in 5-yrs: Report (01-11-2023)
The country's alternative investment industry, comprising Portfolio Management Services (PMS) and Alternative Investment Funds (AIFs), has witnessed remarkable growth in the last five years, outpacing traditional mutual funds, the latest revealed data by PMS Bazaar on Wednesday.
Over the past five years (from June FY19 to June FY24), the alternative investment industry has witnessed a Compound Annual Growth Rate (CAGR) of 26 per cent, with assets under management (AUM) reaching Rs 13.74 lakh crore as of June FY24, according to the data.
This growth rate is more than double that of the mutual fund industry, which recorded a CAGR of 13 per cent with an AUM of Rs 46.63 lakh crore as of August 2023.
The PMS Bazaar said that the surge in the alternative investment industry could be attributed to several factors such as rising income levels that have broadened accessibility to alternative investments, catering to a diverse range of High-Net-Worth Individuals (HNIs) and Ultra-High-Net-Wort
Rupee falls 9 paise to close at all-time low of 83.33 against US dollar (01-11-2023)
The rupee depreciated 9 paise to close at an all-time low of 83.33 (provisional) against the US dollar on Wednesday, tracking a strong greenback against major rivals overseas and unabated foreign capital outflows.
Besides, a negative trend in domestic equities and elevated crude oil prices amid geopolitical uncertainty in the Middle East weighed on investor sentiments, according to forex traders.
At the interbank foreign exchange, the rupee opened at 83.26 against the dollar. During the trading session, it touched an intra-day low of 83.35 and a high of 83.26 against the American currency.
The local unit finally settled at its lifetime low of 83.33 (provisional), lower by 9 paise against its previous close.
On Tuesday, the rupee settled at 83.24 against the American currency.
"We expect the rupee to trade with a slight negative bias on the strong Dollar amid geopolitical uncertainty in the Middle East. Weak tone in domestic markets may also weigh on the rupee.
"Traders may take c
Investors kick off November on caution ahead of US Federal reserve policy (01-11-2023)
MSCI's index tracking EM stocks was unchanged, while a basket of developing markets currencies edged down 0.1% by 0902 GMT
Crypto platform Giottus announces zero-fee trades for all customers (01-11-2023)
This move is expected to enable Indian crypto traders and investors to plan their trades with ease and, in turn, improve their profitability
Balu Forge zooms 18%, nears record high on robust Sept quarter results (01-11-2023)
Investor Ashish Kacholia held a 2.11 per cent stake in Balu Forge as of October 6, 2023, the shareholding pattern data shows