The Rs 3,018-crore initial public offer of IndiGo’s parent InterGlobe Aviation was subscribed 33 per cent till noon on the first day of the issue today. (Reuters)

The Rs 3,018-crore initial public offer of IndiGo’s parent InterGlobe Aviation was subscribed 33 per cent till noon on the first day of the issue today.

The much-awaited IPO had received bids for 99,26,190 shares against the total issue size of 3,01,22,088 shares, data available with the NSE till 1200 hrs showed.

The portion reserved for qualified institutional buyers (QIB) was over-subscribed 1.14 times, sources said.

However, retail and high net worth individual (HNI) category saw slow demand.

InterGlobe Aviation has already raised Rs 832 crore from anchor investors by allotting shares at the upper price band of Rs 765 apiece.

InterGlobe hit the capital markets to raise Rs 3,018 crore through the initial public offering, the biggest in nearly three years. The price band for the offer has been fixed at Rs 700-765 per share.

The company had reduced its initial share sale size to a little over Rs 3,000 crore last week, with three of the promoters deciding to sell less number of shares than proposed earlier.

The offer comprises fresh issue of shares worth Rs 1,272.2 crore and the revised Offer for Sale (OFS) size that would be about Rs 1,746 crore. Together, the share sale can rake in up to Rs 3,018.2 crore.

The IPO would conclude on October 29.

Barclays Bank PLC, Kotak Mahindra Capital Company Limited and UBS Securities India are managing the issue.

IndiGo has a fleet of 98 aircraft and about 75 of them are on operating lease – a business model which has helped it lower costs.

Foreign institutional investors have reduced their holdings in 19 blue chip firms that are part of the 30-share benchmark Sensex during July-September quarter as they recast their portfolio on account of several domestic and global factors. (Illustration: Shyam)

Foreign institutional investors have reduced their holdings in 19 blue chip firms that are part of the 30-share benchmark Sensex during July-September quarter as they recast their portfolio on account of several domestic and global factors.

They have raised their holdings in 11 companies, as per the data available for the 3-month period ended September 30.

In the April-June quarter, FIIs had trimmed exposure in 20 blue-chip companies.

Market experts said that a slew of global and domestic factors including concerns over economic slowdown in China and weak GDP numbers in India prompted FIIs to reduce their holdings.

Moreover, foreign investors have pulled out more than Rs 18,000 crore from the stock markets during the July-September quarter, higher than over Rs 2,600 crore outflow in the preceding three months.

FIIs cut their stake in Hindalco the most in the September quarter — by 3.42 percentage points to 21.46 per cent. They reduced shareholding in Axis Bank by 2.38 percentage points to 42.13 per cent, while in GAIL it fell by 2.22 percentage points to 16.4 per cent.

Besides, these investors shed more than 1 per cent holding in Vedanta, Dr Reddy’s Laboratories, Infosys, ICICI Bank, Tata Consultancy Services (TCS), State Bank of India (SBI) among others.

While FIIs holding increased in ITC by 5.24 percentage points to 20.71 per cent, followed by Cipla, wherein foreign investors shored up their stake by 4.22 percentage points to 22.51 per cent.

Further, these investors raised their exposure in Sun Pharmaceuticals, Bajaj Auto, Bharti Airtel, Mahindra & Mahindra and Larsen & Toubro among others.

According to traders, Q2 earnings of Lupin may lag estimates and net profit of Lupin has seen near Rs 520 crore. (Express Photo)

Lupin share price fell over 2 per cent in the morning trade on Tuesday on caution ahead of its Q2 earnings which are due later in the day. At 11.34 am, Lupin shares were trading 2.62 per cent down at Rs 1999.65.

The share price of the pharma major opened at Rs 2,015 and had touched a high and low of Rs 2,023 and Rs 1,992.95, respectively, in trade so far. Sensex was down 0.39 per cent at 27,256.

According to traders, Q2 earnings of Lupin may lag estimates and net profit of Lupin has seen near Rs 520 crore.

Consensus estimate for Q2 net profit at Rs 568 crore, according to Eikon data.

KR Choksey shares and Securities in a research note said, “We expect revenues & earnings of Lupin to be impacted on YoY basis basis due to higher base in Q2FY15 and lack of high value launches and generic competition entry in Suprax in US business.”

(With inputs from Reuters)

Reliance Industries today became the first corporate to sign the revised listing agreement with the BSE as mandated under the newly introduced Listing Regulation notified by SEBI. (Reuters)

Reliance Industries today became the first corporate to sign the revised listing agreement with the BSE as mandated under the newly introduced Listing Regulation notified by SEBI.

Earlier, the listing agreement was a bilateral agreement between the stock exchange and the company and market regulatory SEBI didn’t have regulations on this. Thus each company’s agreement with stock exchange could be at variance and lacking the full force of SEBI’s rigour.

SEBI last month came out with such regulations and a six-month deadline for all companies in which it prescribed the listing agreement.

With the signing of the agreement with BSE, RIL is the first listed company to conform to SEBI norms, a statement said.

SEBI had notified the new Listing Regulations from September 2, 2015, and the same are effective from December 1, 2015.

As part of the Listing Regulations, SEBI has mandated all existing listed entities to execute a fresh and simplified Listing Agreement with the stock exchange where they are listed, within six months of the notification date of September 2.

BSE expects that all listed companies will to sign the new Listing Agreement well within the timelines specified by SEBI, the statement added.

Nestle India stocks were trading up 0.47 per cent after the company said on Monday that it has resumed manufacturing of its instant noodles Maggi at three of its India facilities. (Photo: Reuters)

Domestic equity markets opened in red on Tuesday on the back of weak global markets. Sensex opened 70.90 points down at 27,291.06. Nifty opened 30.2 points down at 8,230.35.

Below are some stocks that are likely to be in focus today:

Nestle India: Nestle India stocks were trading up 0.47 per cent after the company said on Monday that it has resumed manufacturing of its instant noodles Maggi at three of its India facilities and will hit the markets after getting clearances from food testing laboratories. The company, which was forced to withdraw Maggi from market and stop production in June following tests by certain labs allegedly finding lead and MSG beyond permissible limits, will send first samples of the fresh batches to three accredited labs for tests.

Maruti Suzuki: Maruti Suzuki may come out their earnings on Tuesday. For the quarter ended June 2015, the company posted net profit of Rs 1,192.92 crore, up 56.49 per cent, against Rs 762.28 crore in the corresponding quarter a year ago.

Lupin: Drug firm Lupin is likely to announce its second quarterly YoY profit earnings today.

Crompton Greaves: Crompton Greaves has received an approval for sale of company’s Power Systems Business in Canada to PTI Holdings Corporation in a structured deal for an enterprise value of Canadian $20 million subject to post-closing adjustments. The Committee of Directors at its meeting held on October 26, 2015 has approved for the same. Shares of Crompton Greaves were trading 0.96 per cent up at Rs 184.95. Sensex was down 89.23 points at 27,272.73

Eros International Media: Shares of Eros International Media crashed over 19 per cent on Monday amid reports of downgrade and concerns over its business operations by financial services major Wells Fargo. The company’s market valuation declined by Rs 782.1 crore to Rs 3,311.90 crore.