Good afternoon,
Markets are trading in the red, with the NIFTY50 below 19,700 as of 12:30 pm. Here are the top stories for the day!
Top gainer: BPCL: 398 ▲10 (+2.6%)
Top loser: Indusind Bank: 1,472 ▼ 29 (-1.9%)
Tata Consumer near 52-week high
Shares of the FMCG company are trading near their 52-week high. Here are the reasons for the rally:
-Growth businesses like Sampann and Soulful expected to account for 20% of the domestic branded business in FY24 from 15% in FY23
-Tea leaf prices, which is a key raw material, have started declining. This could boost profitability
IDBI Bank tanks after GOI cancels bid process
Shares of the state-owned bank are down 4% in the early trade. This comes after the Indian government cancelled the bidding process for hiring an asset valuer. The government was looking to hire an asset valuer to offload its 30% stake in the bank.
However, the government will now invite fresh bids to choose asset valuer. Meanwhile, a government official reportedly has said that the government doesn’t expect the stake sale to be completed in the current financial year (by March 2023).
Tata Technologies IPO receives strong investor interest
On day 1, in the first hour itself, Tata Technologies IPO has been fully subscribed (1.4 times). The retail segment has been subscribed 1.1 times, while the portion for non-institutional investors has been subscribed 1.6 times. The QIB (qualified institutional buyers) segment has been subscribed around 2 times.
The ₹3,042 crore IPO will be open for subscription from 22 November to 24 November 2023. The price band for the IPO is ₹475 to ₹500 per share. The lot size is 30. Click here to know more.