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Shares of <keyword id="23369657" type="General" weightage="20" keywordseo="Manba-Finance-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Manba Finance Ltd" meta.hostid="261" meta.entityid="Manba Finance Ltd">Manba Finance Ltd</keyword> on Monday listed with a premium of 25 per cent against the issue price of Rs 120. The stock listed at Rs 150, registering a surge of 25 per cent from the issue price on the <keyword id="19895774" type="General" weightage="20" keywordseo="BSE" source="keywords">BSE</keyword>. Later, it jumped 31.20 per cent to Rs 157.45, which is the upper circuit limit. At the <keyword id="20004725" type="General" weightage="20" keywordseo="NSE" source="keywords">NSE</keyword>, shares of the firm listed at Rs 145, soaring 20.3 per cent. The stock later surged 26.87 per cent to Rs 152.25 -- the highest trading permissible limit. The company's <keyword id="20097096" type="General" weightage="20" keywordseo="market-valuation" source="keywords">market valuation</keyword> stood at Rs 791.02 crore. Mirroring strong investors' participation, the <keyword id="20478869" type="General" weightage="20" keywordseo="initial-public-offer" source="keywords">initial public offer</keyword> of <keyword id="23254987" type="General" weightage="100" keywordseo="Manba-Finance" source="keywords">Manba Finance</keyword> received a whopping 223.12 times <keyword id="19931033" type="General" weightage="20" keywordseo="subscription" source="keywords">subscription</keyword> on the closing day of share sale on Wednesday. The Rs 151-crore initial share sale had a fresh issue of up to 1,25,70,000 equity shares. The price range for the offer was Rs 114-120 per share. Proceeds from the issues will be utilised to augment the capital base to meet the company's future capital requirements towards onward lending and for general corporate purposes. Manba Finance provides <keyword id="21122460" type="General" weightage="20" keywordseo="financial-solutions" source="keywords">financial solutions</keyword> for auto loans, used cars, small business loans and personal loans. It currently operates across 66 locations in Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh and Uttar Pradesh.

Manba Finance shares debut with 25% premium

<ul><li><keyword id="19896382" type="General" weightage="100" keywordseo="Sensex" source="keywords">Sensex</keyword> scaled the 85,000 level and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> breached the 26,000 mark for the first time.</li><li>The markets closed flat on Tuesday after a volatile session.</li><li>While Sensex reached an all-time intra-day peak of 85,163.23, <keyword id="19895774" type="General" weightage="20" keywordseo="BSE" source="keywords">BSE</keyword> declined by 0.02%.</li></ul>Sensex scaled the 85,000 level and Nifty breached the 26,000 mark for the first time before paring gains to close flat in a volatile session on Tuesday, dragged by losses in <keyword id="19931572" type="General" weightage="20" keywordseo="FMCG" source="keywords">FMCG</keyword> and select <keyword id="20560617" type="General" weightage="20" keywordseo="banking-shares" source="keywords">banking shares</keyword>. The 30-share BSE benchmark declined by 14.57 points or 0.02% to settle at 84,914.04, snapping its three-day record-breaking run. China announcing stimulus measures to bolster its economy fuelled metal shares. In the morning trade, the 30-share BSE Sensex scaled the 85,000 level, jumping 234.62 points or 0.27% to scale a new all-time intra-day peak of 85,163.23. The index, however, hit a low of 84,716.07 in the afternoon session due to profit-taking at record levels. Selling in <keyword id="20002610" type="General" weightage="20" keywordseo="Hindustan-Unilever" source="keywords">Hindustan Unilever</keyword>, Kotak Mahindra Bank and <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords">ICICI Bank</keyword> dragged the key index from the day's highs. The Nifty eked out gains of 1.35 points or 0.01% to close at a fresh high of 25,940.40. During the day, it climbed 72.5 points or 0.27% to hit a new record intra-day high of 26,011.55. Vinod Nair, Head of Research, Geojit Financial Services said, "Domestic benchmarks are attempting to sustain new highs, driven by the US Fed's aggressive rate cut. Meanwhile, the Chinese central bank's rate cut, and additional stimulus measures have positively influenced global investor sentiment, resulting in gains for domestic metal stocks." Conversely, FMCG and banking stocks exhibited declines due to profit-booking at higher levels, he said, adding that in the near term, strong inflows from FIIs, driven by the US Fed's dovish outlook and expectations of a rate cut by the RBI in October, are expected to maintain momentum. From the 30 Sensex firms, Hindustan Unilever, UltraTech Cement, Kotak Mahindra Bank, IndusInd Bank, Titan, Nestle, Bajaj Finance and Asian Paints were among the biggest laggards. Tata Steel, Power Grid, Tech Mahindra, HCL Tech, Mahindra &amp; Mahindra and JSW Steel were among the gainers. The BSE midcap gauge climbed 0.21% while the smallcap index dipped 0.04%. Among the indices, FMCG declined by 0.75%, telecommunication (0.57%), services (0.45%), financial services (0.40%), consumer durables (0.31%) and bankex (0.30%). “Technically, the index is oscillating within a rising channel and is trading near the upper trend line resistance of the channel pattern, which is around the range of 25,900-26,000 levels, making them a strong hurdle in the short term. Therefore, on the upside, 26,000 will act as an immediate hurdle for Nifty. If the index sustains above 26,000 it could test the levels of 26,200. On the downside, 25,600 will serve as strong support for the index,” said Hrishikesh Yedve, AVP Technical and Derivatives Research, Asit C. Mehta Investment Interrmediates. Metal surged 2.78%, power jumped 1.38%, utilities (1.18%), commodities (0.95%) and industrials (0.47%). "Although markets ended on a lacklustre note after a volatile session, key benchmark indices hit new milestones signifying that liquidity flows has remained strong as investors are confident of India's long term growth story," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd. "Nifty ended on a flat note in a volatile session on Tuesday after crossing 26,000 for the first time. Asian stocks rose on Tuesday to their highest in more than two and half years, heartened by broad stimulus measures from China while expectations for more US rate cuts kept risk sentiment up," Deepak Jasani, Head of Retail Research, HDFC Securities, said. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the positive territory. Shanghai and Hong Kong markets ended significantly higher. European markets were trading in the green. The US markets ended higher on Monday. Foreign Institutional Investors (FIIs) bought equities worth ₹404.42 crore on Monday, according to exchange data. S&amp;P Global Ratings on Tuesday retained India's growth forecast at 6.8% for the current fiscal and said it expects the RBI to start cutting interest rates in its October monetary policy review. Global oil benchmark Brent crude jumped 2.35% to $75.64 a barrel. Rallying for the third day running on Monday, the BSE benchmark jumped 384.30 points or 0.45% to settle at an all-time high of 84,928.61. The NSE Nifty climbed 148.10 points or 0.57% to close at a record peak of 25,939.05. With inputs from PTI. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/tata-nexon-ev-with-a-bigger-battery-launched-starting-at-13-99-lakh/articleshow/113631992.cms">Tata Nexon EV with a bigger battery launched starting at ₹13.99 lakh</a> <a href="https://www.businessinsider.in/stock-market/news/sebi-report-reveals-the-ugly-truth-of-fo-trading-in-india-93-of-retail-traders-incurred-losses/articleshow/113620397.cms">SEBI report reveals the ugly truth of F&amp;O trading in India – 93% of retail traders incurred losses</a> <a href="https://www.businessinsider.in/stock-market/webstories/manba-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113585986.cms">Manba Finance IPO – Price band to risk factors, all you need to know</a>

Sensex hits 85,000 level but closes flat as FMCG, banking shares drag

<ul><li>Rating agency <keyword id="19908266" type="General" weightage="20" keywordseo="ICRA" source="keywords" meta.keywordsubtype="org" meta.entityname="ICRA" meta.hostid="153" meta.entityid="ICRA">Icra</keyword> has said that there is a possibility to cut petrol and <keyword id="20960834" type="General" weightage="20" keywordseo="diesel-prices" source="keywords">diesel prices</keyword>.</li><li>The drop in <keyword id="19942492" type="General" weightage="20" keywordseo="crude-oil" source="keywords">crude oil</keyword> prices has significantly improved margins.</li><li>The prices could be reduced by up to ₹3 per litre.</li></ul>A reduction in crude oil prices in recent weeks has improved margins on retail auto fuels, providing state-owned firms a headroom to cut petrol and diesel prices by ₹2-3 per litre, rating agency Icra said on Thursday. The price of a basket of crude oil India imports averaged $74 per barrel in September, down from about $83-84 a barrel in March when petrol and diesel prices were last cut by ₹2 per litre. In a note, Icra said the marketing margins on retail sales of auto fuels for the Indian Oil Marketing Companies (<keyword id="20049188" type="General" weightage="20" keywordseo="OMCs" source="keywords">OMCs</keyword>) have improved in recent weeks with the reduction in crude prices. The rating agency has said that there is headroom for a reduction of fuel prices if crude prices remain stable at current levels. "ICRA estimates that the OMCs' net realisation was higher by ₹15 per litre for petrol and ₹12 a litre for diesel vis-a-vis international product prices in September 2024 (till September 17). The retail selling price (RSPs) of these fuels have been unchanged since March 2024 (₹2/litre was reduced on petrol and diesel on March 15, 2024) and there appears to be headroom for their downward revision by ₹2-3 per litre if crude prices remain stable,” said Girishkumar Kadam, Senior Vice President and Group Head, Corporate Ratings, ICRA. Crude prices have witnessed a sharp decline in the last few months, primarily due to weak global economic growth and high US production and the OPEC+ has pushed the rollback of its production cuts by two months to combat the declining prices. A decline in the price of crude oil had rekindled hopes for a reduction in petrol and diesel rates that have been on a freeze for over two years now barring a pre-election reduction in March. While petrol and diesel pricing is deregulated, the state-owned fuel retailers, <keyword id="19908045" type="General" weightage="20" keywordseo="Indian-Oil-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Oil Corporation" meta.hostid="153" meta.entityid="Indian Oil Corporation">Indian Oil Corporation</keyword> (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), have rarely used this freedom since late 2021 by not revising prices in line with cost. They stopped daily price revision in early November 2021 when rates across the country hit an all-time high, prompting the government to roll back a part of the excise duty hike it had effected during the pandemic to take advantage of low oil prices. The freeze continued into 2022 but the war-led spike in international oil prices prompted a ₹10 a litre hike in petrol and diesel prices from mid-March 2022 before another round of excise duty cut rolled back all of the ₹13 a litre and ₹16 a litre increase in taxes on petrol and diesel done during the pandemic. That followed the current price freeze which began on April 6, 2022, and continued till March 15 reduction. Thereafter there has been a freeze in rates again. Petrol costs ₹94.72 per litre in the national capital and diesel comes for ₹87.62 a litre. Icra said the Singapore Gross Refining Margins (GRMs) witnessed significant moderation in the first half of the 2024-25 fiscal (April 2024 to March 2025) to about $4 per barrel due to a drop in crack spreads with higher product output and reduced demand. The impact is mainly on account of weak demand from China due to rising electric vehicle (EV) sales, muted industry demand and real estate downturn. Further, demand in Europe has also been subdued due to weak industrial activity and a structural shift in vehicle fleets towards EVs, it said. "A marketing gain of ₹1 per litre on petrol and diesel would compensate for the GRM loss of $0.9 per barrel for the domestic refining and marketing industry," Icra said. Commenting on the OMCs' profitability, Kadam said: "The OMCs reported healthy operating margins in FY2024 (April 2023 to March 2024), recouping the losses incurred during FY2023. Despite moderation in the GRMs, the improvement in marketing margins is likely to result in the OMCs maintaining their profitability in H1 FY2025". However, inventory losses due to a sharp decline in crude prices could impact profitability to an extent in Q2 FY2025. Further, the profitability for standalone refiners would take a hit with the declining GRMs. Petroleum, Oil &amp; Lubricants (POL) consumption in India witnessed year-on-year growth of 5 per cent in FY2024 and is likely to witness a 3-4 per cent growth in FY2025, driven by economic progress, increasing mobility and air travel. The OMCs have planned a significant capex in the refining segment. The domestic refining capacity is expected to increase to 306 million tonnes over the next three to four years from the current capacity of 256.8 million tonnes as of March 2024 to support the increased consumption and exports, Icra said expecting the capacity utilisation of the PSU and the private refiners to remain healthy in FY2025. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/airtel-is-using-ai-powered-technology-to-block-spam-calls-and-messages/articleshow/113691942.cms">Airtel is using AI-powered technology to block spam calls and messages</a> <a href="https://www.businessinsider.in/stock-market/webstories/diffusion-engineers-ipo-quick-review-ipo-gmp-risk-factors-and-more/slidelist/113687580.cms">Diffusion Engineers IPO quick review – IPO GMP, risk factors and more</a> <a href="https://www.businessinsider.in/stock-market/news/manba-finance-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113667907.cms">Manba Finance IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

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Manba Finance shares debut with 25% premium

PTI

Sensex hits 85,000 level but closes flat as FMCG, banking shares drag

BI India Bureau

Headroom to cut petrol and diesel prices by ₹2-3 per litre: Icra

BI India Bureau

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