The initial public offering(IPO) of healthcare firm Narayana Hrudayalaya was subscribed 0.07 times on the first day of the three-day offering.

Highest number of bids during the day were received from the retail investors. The retail book was subscribed 0.13 times. A total of 11.23 lakh bids were received from retail investors against 85.83 lakh reserved for them.

Qualified institutional buyers(QIB) portion was subscribed 0.01 times as QIBs bid for 60,000 shares against little more than 49 lakh shares reserved for the portion.

The non-institutional investors comprising of high net-worth individuals(HNIs) had bid for 51,000 shares against 36.78 lakh shares reserved for the category. The HNI book was subscribed 0.01 times.

Narayana Hrudayalaya had raised R183.93 crore through anchor allotment on Wednesday.Fifteen anchor investors including Government of Singapore, Morgan Stanley Sicav Mauritius, Nomura India Stock Mother Fund and SBI Pharma Fund were allotted shares in the anchor placement, official filing on stock exchanges showed. The allotment was done at a price of Rs 250 apiece which is the upper price band of the issue.

Axis Capital, IDFC Securities and Jefferies India are the book running lead managers for the issue.

Based on the upper price band of the issue,the company plans to raise close to Rs 613 crore. The issue is completely an Offer For Sale(OFS) and private equity investors JP Morgan and Pinebridge Investments, which hold 10.91% and 11.2%, respectively, in Narayana Hrudayalaya, are looking to dilute 4% each of their holding.

Narayana Hrudayalaya was founded in 2000 by Devi Prasad Shetty and the company is one of the leading private healthcare service providers in the country.

During CY15, 20 companies have tapped primary markets to raise more than Rs 15,000 crore – the highest in four years. Alkem Laboratories and Dr Lal Pathlabs were the last two companies to hit the IPO markets. Together they raised close to Rs 2,000 crore.

The IPO is an offer for sale from existing investors and the firm will not be raising any money to invest in its business.

At 10.12 am, the share price of SKS was trading 1.30 per cent up at Rs 473.10. The scrip opened at Rs 471.90 and had touched a high and low of Rs 474 and Rs 468.60, respectively, in trade so far. (Photo: Reuters)

SKS Microfinance shares gained over 1 per cent in the early trade on Thursday after Morgan Stanley upgraded the microfinance company to overweight on strong medium-term earnings visibility. The global financial firm had ‘equal weight’ ratings on SKS Microfinance earlier.

At 10.12 am, the share price of SKS Microfinance was trading 1.30 per cent up at Rs 473.10. The scrip opened at Rs 471.90 and had touched a high and low of Rs 474 and Rs 468.60, respectively, in trade so far. Sensex was up 27.52 points at 25,521.89.

In a report, Morgan Stanley said, “RBI recently doubled loan limits for shorter-tenor loans; this should drive higher loan growth and operating efficiency at SKS. However, long-term uncertainty remains, due to not receiving small finance bank licence. We see very strong earnings growth in the near-to-medium term.”

In the past one year, the share price of SKS Microfinance soared 27.35 per cent and outperformed benchmark index BSE Sensex which fell 4.80 per cent during the same period. The share price of SKS Microfinance jumped from Rs 366.75 on December 16 last year to Rs 467.05 on Wednesday (December 16 this year).

For the quarter ended September 2015, the company posted net profit of Rs 77.86 crore, up 37.19 per cent, against Rs 56.75 crore in the corresponding quarter a year ago.

Stocks of the Bhusan Steel will be in focus as the National Green Tribunal allowed the company’s Sahibabad plant in Uttar Pradesh, which had been ordered to be closed for polluting the environment, to operate for three weeks.

The BSE Sensex and NSE Nifty are expected to open in positive terrain tracking global cues.

Domestic equity markets closed in green on Wednesday on account of buying in front line blue chip stocks. Sensex closed 173.93 points up at 25,494.37, while Nifty closed 50 points up at 7,750.90.

Below are the stocks that are likely to be in focus:

Bhushan Steel: The National Green Tribunal allowed Bhushan Steel and Strips Ltd’s Sahibabad plant in Uttar Pradesh, which had been ordered to be closed for polluting the environment, to operate for three weeks. The green panel also directed a joint inspection team, comprising members from IIT-Delhi, Uttar Pradesh Pollution Control Board and Central Pollution Control board, to inspect the unit and submit a comprehensive report to it within a week.

Reliance Infrastructure and Pipavav Defence: Stocks of these companies will be in focus as Anil Ambani-led Reliance Infrastructure  has acquired an additional 17 per cent stake in Pipavav Defence for an estimated Rs 850 crore through an open offer, taking its total holding to nearly 35 per cent.

ONGC: The Cabinet approved ONGC Videsh Ltd buying 15 per cent stake in Russia’s Vankor oilfield for USD 1.26 billion, the first oil deal since the Narendra Modi-led government came to power. OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), will get 4 million tonnes of oil and oil equivalent gas for the stake in Vankorneft, the developer of the Vankor oil and gas condensate field in Turukhansky district of Krasnoyak Territory in Russia.

NTPC: The National Thermal Power Corporation (NTPC) has urged the Delhi government not to shut down its coal-based Badarpur thermal power plant here, a week after being served a closure notice for being a contributor to air pollution.

Suzlon: Billionaire Dilip Shanghvi- controlled entities along with promoters of Suzlon will make an open offer worth Rs 2,837 crore to acquire 26 per cent stake in the wind turbine maker. The offer, that would begin on December 28 and close on January 8, 2016, comes after Shanghvi decided to acquire 23 per cent stake in Suzlon with an equity investment of Rs 1,800 crore. The deal was announced earlier this year.

Hubtown: Realty firm Hubtown Ltd said it has delayed the redemption of debentures worth Rs 100 crore due to liquidity crunch.  In a filing to the BSE, the company informed that “owing to the liquidity crunch, the company has delayed the redemption in full, the principal amount of the Rated Secured Redeemable Non-convertible Debentures aggregating Rs 100 crores.” The due date for redemption was December 14, 2015.

State Bank of India: SBI is looking to raise both equity and non-equity capital through issuance of preferential shares and bonds, and a meeting of the Committee of Directors is slated for Monday to consider these proposals.

Power Finance Corporation: Corporation declared an interim dividend of Rs 8.80 per share for 2015-16, which will fetch Rs 787.53 crore to the government. Power Finance Corp in a filing to the BSE said that its board at its meeting held on December 16, 2015, “declared and approved the payment of interim dividend @ Rs 8.80 per equity share on the face value of the paid-up equity shares of Rs 10 each for the Financial Year 2015-16”.

Golden Tobacco: Dalmia Group firm Golden Tobacco Ltd said it has been issued a Rs 121.55-crore demand notice by the central excise department, which the company is contesting.

Strides Arcolab (STR) has received notification of claims from US-based Mylan pertaining to regulatory concerns over STR’s acquired Agila plant following a USFDA warning letter. While management intends to dispute the claims, it is confident that the US$ 200mn escrowed cash under the deal would be sufficient in the worst case scenario of these claims materialising. We expect this to be a long-drawn out arbitration process, and don’t assign any value to the pending cash balance.

STR sold off its injectables business, Agila Specialties (Agila), to Mylan for a consideration of US$ 1.75bn in Feb’13. In Sep’13, one of Agila plants received a warning letter from the USFDA, post which Mylan held back US$ 250mn from the deal consideration towards costs and expenses. Mylan also held back US$ 100mn towards regulatory expenses and another US$ 100mn towards potential tax contingencies Management is confident that the US$ 200mn escrowed cash would be sufficient in the worst case scenario of claims materialising (claim amount undisclosed).

Since March 19 this year, when the US Fed signalled it’s getting ready to raise rates by removing the key word “patient” from its official statement, a majority of Asian and emerging markets (EMs) equities have witnessed net foreign fund outflows, reports fe Bureau in Mumbai.

According to Bloomberg data, Indian equities saw the third-highest net outflows with foreign portfolio investors (FPIs) pulling out more than $2.5 billion in the last nine months. South Korea topped the list with more than $5 billion of foreign fund outflows followed by Thailand with $3.6 billion of selling in Thai equity markets, data showed.

Analysts said that an interest rate hike in the US — the first hike since June 2006 — sparked liquidation in global equities. While the rate hike has been priced in and the Street is expecting a rally in the near-term, India may see higher selling pressure as EM-focussed investors may rejig their portfolios.

US policymakers are more optimistic about US economic growth and moving toward ‘normalization’ of lending facilities, according to minutes from the Fed’s December 16-17 meeting.

Analysts pointed that India’s overweight stance could turn into a risk if earnings downgrades and monetary policy stagnation continues.

Even as FY16 consensus earnings estimates have declined by 20% in the year so far, Indian market currently trades at one-year forward earnings of 14.9 times, a steep premium to equity benchmarks of peers like South Korea, China and Indonesia that currently command forward earnings multiple of 10.8, 13.44 and 13.9 times respectively, showed Bloomberg data.