By : ABP News Bureau | Updated: 12 Sep 2023 09:08 PM (IST)
EMS Ltd IPO was oversubscribed 75.28 times on the last day of public issuance on Tuesday, driven by institutional buyers, reported PTI. The total bids received amounted to 81,21,02,970 shares, while only 1,07,87,431 shares were available for purchase, as per NSE data, the report said.
Qualified Institutional Buyers (QIBs) subscribed over 153.02 times, while non-institutional investors subscribed 82.32 times. Retail Individual Investors (RIIs) also participated actively, with a subscription rate of 29.79 times, the report said.
The IPO consisted of a fresh issue of up to Rs 146.24 crore and an offer for sale of up to 82,94,118 equity shares. The price range for the shares was set at Rs 200-211 per share. EMS Ltd specialises in providing water and sewerage infrastructure solutions, including sewerage network development and treatment plant construction in Uttar Pradesh, Bihar, Uttarakhand, and Rajasthan.
EMS Ltd successfully raised Rs 96.37 crore from anchor investors on Thursday. The proceeds from the fresh issue will be utilised to meet working capital requirements and for general corporate purposes.
Automakers anticipate record holiday sales this year, despite concerns about high interest rates and the possibility of a poor monsoon dampening rural sentiment. On the sidelines of the annual SIAM Convention, Shashank Srivastava, Senior Executive Officer, Marketing & Sales at Maruti Suzuki India, said that the Christmas season accounts for around 23-26 per cent of the industry’s annual sales on average, reported PTI.
This fiscal, overall passenger vehicle sales are estimated to be 40.5-41 lakh, with 25 per cent of that amount indicating that festive season sales will exceed 10 lakh this year, he said.
“This is the first time it will cross the 1 million mark. The previous peak was 9.34 lakh in 2021, which had two things going for it. It had 92 days of festive seasons and there was a pent-up demand due to Covid-19 induced lockdown in Q1 (of the year),” Srivastava said, as per the news agency.
Hyundai Motor India COO Tarun Garg said, “We are expecting that this year, we should log in around 9 per cent growth over last year.”
Domestic air passenger traffic in August saw a year-on-year rise of approximately 23 per cent, totaling 1.24 crore passengers, according to rating agency Icra, reported PTI. This figure also marked a 6 per cent growth compared to August 2019, the pre-Covid benchmark when around 1.18 crore passengers were recorded.
Looking at the month-to-month performance, the previous month saw a sequential traffic growth of about 3.2 per cent, with 1.21 crore passengers traveling on domestic routes in July, the report said.
Icra maintained a ‘stable’ outlook for the domestic aviation industry, citing the rapid recovery in domestic passenger traffic during the previous fiscal year and expectations of this trend continuing in the current fiscal year.
The state-owned Bank of Maharashtra (BoM) said on Tuesday that it intends to raise Rs 1,500 crore through bonds to fund corporate expansion. According to a regulatory filing, the lender aims to raise the cash through a private offering of Basel-III compliant tier II bonds.
The issue size is Rs 250 crore with a green shoe option of Rs 1,250 crore, it added. The tenure of the bonds is going to be 10 years. The bond auction date is September 14, while allotment to bidders would be made on September 18, the filing said.
Russia has expressed interest in developing an alternate sea route between its eastern city Vladivostok and Chennai, reported PTI. The interest was conveyed to Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal here during a meeting with a Russian delegation led by Sergey Mochalnikov, Deputy Minister of Energy Minister, Russian Federation, and Maxim Reshetnikov from the Ministry of Economic Development of Russian Federation.
According to an official statement, the Russian government expressed its desire to visit the Chennai port with a large business delegation to explore opportunities and possibilities through bilateral discussions.
As per the report, Sonowal also extended an invitation to an Indo-Russian workshop on the Eastern Maritime Corridor in Chennai to provide a common meeting ground for Russian Far East and Indian port authorities, Russian railways, logistics, and shipping companies from both countries, and coking coal trade transporters from India and Russia.
Commerce Ministry Additional Secretary Peeyush Kumar has clarified that the basic customs duty rate of 50 per cent on apples will continue only US additional rates have been removed.
“Only the US additional rates have been removed. The basic custom duty rate that is applicable of 50% on apples will continue. We have seven countries that bring in apples. When we have raised this additional duty against America, the US had a disadvantage so they lost certain market which was taken up by the other countries…” Commerce Ministry Additional Secretary Peeyush Kumar said, reported ANI.
#WATCH | Delhi: “Only the US additional rates have been removed. The basic custom duty rate that is applicable of 50% on apples will continue. We have seven countries that bring in apples. When we have raised this additional duty against America, the US had a disadvantage so they… pic.twitter.com/ZHZr8Irgsj
The CPI-based retail inflation eased to 6.83 per cent in August 2023, compared to 7.44 per cent last year. According to data from National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI), in August 2023 Consumer Price Index (CPI) stood at 7.02 per cent in rural areas, 6.59 per cent in urban areas. It stood at 7.63 per cent and 7.20 per cent, respectively in July 2023.
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State-owned power company NTPC announced on Tuesday a payment of Rs 2,908.99 crore as the final dividend for the fiscal year 2022-23. The final dividend payment makes up about 30 per cent of the paid-up equity share capital of the company, it revealed in it’s statement. The company further informed that the total dividend distributed for FY23 stood at Rs 7,030.08 crore, reported PTI.
UNDP India and the National Bank for Agriculture and Rural Development (NABARD) signed a Memorandum of Understanding on Tuesday to together develop data-driven innovations in agriculture and food systems to help the smallholder farmers. The organisations issued a joint statement and said that they would be working together under the MoU to enhance the livelihoods of smallholder farmers by helping them with open-source data for product development, technology transfers, and forming agrarian policies.
The two key equity benchmarks, Sensex and Nifty, on Tuesday ended the day flat amid high volatility ahead of the consumer price index (CPI)-based inflation data later today. The S&P BSE Sensex, which hit an intraday high of 67,539 and a low of 66,948, ended at 67,221, up 94 points. On the other hand, the NSE Nifty50 closed at 19,993, down 3 points.
On the 30-share Sensex platform, TCS, L&T, Infosys, UltraTech, ICICI Bank, Nestle were among the gainers. On the downside, PowerGrid, NTPC, Tata Motors, Tata Steel, M&M, Reliance emerged losers.
Yatra Online on Tuesday set the price band for it’s initial public offering (IPO) at Rs 135-142 per equity share. The IPO will be available for subscription on September 15 and will close on September 20. The online travel company’s IPO will consist a fresh issue of equity shares worth Rs 602 crore and an offer-for-sale (OFS) of around 12,183,099 shares.
Coal India Ltd announced that it has committed an investment worth Rs 24,750 crore on as many as 61 first-mile connectivity projects (FMC) over the next few years in an attempt to enhance eco-friendly coal transportation. The coal producer in it’s statement informed that the projects will be set up in three phases and will have a combined capacity of 763.5 million tonnes per annum once they are completed, reported PTI.
Union Minister Nitin Gadkari issued a clarification on social media on Tuesday stating, “There is an urgent need to clarify media reports suggesting an additional 10% GST on the sale of diesel vehicles. It is essential to clarify that there is no such proposal currently under active consideration by the government.”
There is an urgent need to clarify media reports suggesting an additional 10% GST on the sale of diesel vehicles. It is essential to clarify that there is no such proposal currently under active consideration by the government. In line with our commitments to achieve Carbon Net…
Updater Services Ltd has received approval from the Securities and Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO). The integrated facilities management company will float an IPO consisting of a fresh issue of equity shares worth around Rs 400 crore and an offer-for-sale (OFS) for nearly 1.33 crore equity shares by promoter and existing shareholders, reported PTI.
The central government plans to propose imposing an additional 10 per cent tax on diesel engine vehicles as “pollution tax” in a attempt to reduce pollution from diesel vehicles in India, the world’s third largest car market.
Financial solutions company Razorpay announced on Tuesday that it has acquired digital invoicing and customer engagement startup BillMe. Razorpay co-founder and managing director, Shashank Kumar, stated that the deal with the Mumbai-based startup will help the company cater to a large base of offline retail brands. The company didn’t disclose the deal value, reported PTI.
Markets displayed their volatility in the first hour of morning trade on Tuesday. After opening near 67,500 mark, the BSE Sensex fell below yesterday’s closing. The benchmark equity index was trading at 67,105.42 as of 10:16 AM on Tuesday. While the Nifty50 opened above the 20,000 record, it also took some hits and was trading at 19,984.10, below Monday’s closing.
Sensex and Nifty, the two key equity benchmarks, on Tuesday extended their gains in the morning trade defying tepid Asian trends. At 9.40 am, the BSE Sensex edged up 200 points to 67,328. On the other hand, the NSE Nifty50 index is trading at 20,033, up 36 points.
On the 30-share Sensex platform, L&T, ICICI Bank, Sun Pharma, JSW Steel, TCS, Infosys, Axis Bank were among the early gainers. On the downside, NTPC, Maruti, HUL, Tata Motors, PowerGrid, Reliance were the top laggards.
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The domestic markets on Monday entered a new era. Both the equity benchmarks Sensex and Nifty, on Monday, touched new highs amid a broad-based rally, defying muted global sentiment across the globe. The BSE Sensex reclaimed the 67,000 mark and ended at 67,127, up 528 points. On the other hand, the Nifty50 index hit an all-time high of 20,008, surpassing the previous high of 19,991.85. It, eventually, closed at 19,996, up 176 points.
Global oil benchmark Brent crude declined 0.23 per cent to $90.35 a barrel. The rupee fell 1 paisa to close at 83.03 (provisional) against the US dollar on Monday, as investors remained concerned about increasing crude oil prices even as the domestic equities market continued their positive trajectory. Forex traders noted that a weak US dollar helped the domestic unit and limited it’s fall. At the interbank foreign exchange market, the rupee opened at 82.93 against the US dollar and ranged between 82.83 and 83.06. It finally settled 1 paisa lower at 83.03 against the previous close.
Here are some important factors that can impact the market on September 12.
The domestic market is expected to rally forward on the highs of the previous close. However, it is likely to be impacted by the domestic retail inflation data expected to be announced today. The retail inflation numbers will provide guidance on the Reserve Bank of India’s repo rate movements.
In the week, several macroeconomic factors will be keenly observed by investors. The US is scheduled to share it’s consumer price index (CPI) inflation on September 13. Additionally, it will announce industrial production, and retail sales data, among others in the week. Notably, the CPI gained in July by 3.2 per cent, on a year-on-year (YoY) basis. This was the first time in more than a year that the CPI registered an upward trajectory.
Further, the Eurozone is scheduled to come out with it’s industrial production data, and the European Central Bank is expected to make a decision on the interest rates going forward. China is also scheduled to announce it’s industrial production data, retail sales numbers, and unemployment rate in the week.
Additionally, Apple is expected to launch the iPhone 15 lineup on September 12 in India and globally and the company is likely to launch four iPhone models this year. The market will be keen to see how consumers react and what price the premium phone maker will launch the new phones at.
The market will see some action this week with regards to IPOs. Chavda Infra IPO and Kundan Edifice IPO will be available for subscription from Tuesday. Further, RR Kabel IPO will start on September 13, and Samhi Hotels IPO will start accepting bids from September 14. Another major IPO to open in the week is Zaggle Prepaid Ocean Services, which will open on September 14.
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