Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li>The French defence deal gives a boost to HAL, but the opportunity is yet to be visible for Mazagon Dock.</li><li>HAL’s already-developed products have an order pipeline of around $48 billion over 10 years, says PhillipCapital.</li><li>The deal for submarines which can benefit Mazagon Dock needs more clarity, says ICICI Securities. </li></ul>Indian defence sector stocks have been on a bull run in the last few months with Hindustan Aeronautics (HAL) and Mazagon Dock Shipbuilders turning multibaggers. Both these stocks received another big boost from the defence agreements signed by India and France, as part of Prime Minister Narendra Modi’s two-day visit to the European nation for Bastille Day. Apart from the procurement of Rafale jets, the agreements covered co-operation on the joint development of high-thrust engines for Advanced Medium Combat Aircraft (AMCA) and joint development of turboshaft engines for Indian Multi-Role Helicopter (IMRH). HAL: Up in the air To action the deal, French company Safran and HAL will form a joint venture (JV) company to co-design and produce new generation helicopter engines in India. “The first objective is to build the most adequate solution for the future 13-ton IMRH and its naval version Deck Based Multi-Role Helicopter (DBMRH),” said a report by ICICI Securities. In addition, the French defence deal includes a transfer of technology to HAL, for forging and casting for Shakti engine, which powers almost the entire indigenous helicopter fleet of India including ALH Dhruv, Rudra, light combat helicopters (LCH) and Light Utility Helicopter (LUH). As per ICICI Securities, these developments enable the execution of critical orders of 140 AMCAs, 175 LUHs and 145 LCHs, which the company is expecting to get in the medium term. Thanks to the positive fallouts from the French agreements and a deal signed with GE earlier in June – for F-414 engines and co-development of high-thrust engines for AMCA – HAL’s stock has a long run-up ahead. “We believe there is a possibility of ramp up in manufacturing revenue for HAL beyond FY26. As a result, we raise our manufacturing revenue growth estimates to 12% (from 8% earlier) beyond FY26,” says ICICI Securities. India’s ageing defence fleet also provides the public sector company with many more opportunities ahead. HAL has an order pipeline of $48 billion spread over the next ten years – for products that it has already developed like LCA Tejas, a supersonic combat aircraft. “The company also benefits from the repair and overhaul programme, which heavily depends on the Sukhoi aircraft fleet, the ALH (advanced light helicopter) fleet, and the recently introduced Hawk aircraft, along with upgrades to the Jaguar and Mirage platforms,” said a report by PhillipCapital. PhillipCapital has placed a target price of ₹3,975 on HAL stock with a neutral rating, but ICICI Securities revised its target price upwards to ₹4,350 after factoring in the latest French deal advantage. The stock is currently trading at ₹3,857. Mazagon Dock Shipbuilders: The submarine opportunity not visible yet Investments in Mazagon Dock Shipbuilders (MDSL) shares have shot up 6.5 times in the last one year. Like HAL, this Mumbai-based company has a reason to gain from the France deal as it includes ambitious projects to explore the development of the Indian submarine fleet. The Defence Acquisition Council (DAC), led by Defence Minister Rajnath Singh, approved the proposal to acquire three French-designed Scorpene-class submarines. These submarines will be constructed by MDSL While the acceptance of necessity (AoN) has been granted, there was no specific mention of three Scorpene submarines in the joint statement issued by PM Modi and French President Emmanuel Macron. An AoN is accorded by the Defence Ministry for a particular weapon system or equipment at the beginning of the procurement process. “Currently, we do not have clarity on the ordering timeline for the new Scorpene submarines. We would keep a tab on further development in this regard. In our view, the actual construction work on the submarine might commence around 18 months after the contract has been signed,” said ICICI Securities. The brokerage has maintained a ‘sell’ rating on the stock with an unchanged target price of ₹600. MDSL is currently trading at ₹1,728. Apart from the possible deal, the company, which has a competitive edge in the sector, has a major overhang. It’s involved in a rent lease disagreement with Mumbai Port Trust, which has raised a demand from the company for four of its plots after finalising its land lease policy. It has sought as much as ₹272 crore plus applicable taxes as upfront payment towards the lease premium and ₹40 crore plus applicable taxes towards the arrears of rent FY06 onwards. MDSL has contested Mumbai Port Trust’s proposal and has recognised an estimated reasonable lease rent in its financial statements. The matter is under discussion at the ministry level between the Department of Defence Production and the Ministry of Ports, Shipping and Waterways. SEE ALSO <a href="https://www.businessinsider.in/india/news/few-indians-are-giving-up-on-tomatoes-despite-red-hot-prices-subsidies-arent-helping-much-shows-survey/articleshow/101920571.cms">Few Indians are giving up on tomatoes despite red hot prices, subsidies aren’t helping much, shows survey</a> <a href="https://www.businessinsider.in/business/corporates/news/wipros-first-quarter-show-points-to-multiple-battles-ahead/articleshow/101753530.cms">Wipro's first quarter show points to multiple battles ahead</a>

The French connection: HAL has most to gain; submarines yet to surface for Mazagon Dock

<ul><li>At 7:49 am, the SGX Nifty was trading 0.19% higher, indicating a positive start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amid the mixed cues from the global market, the Indian stock market is likely to open on a cautious note. At 7:49 am, the SGX Nifty was trading up 0.31%, indicating a green start for Nifty50. The US stocks ended the Tuesday lower as investors awaited further stimulus. The Dow Jones Industrial Average closed 0.48% lower; whereas the S&amp;P 500 was down 16 points on Tuesday. The picture across Asia this morning is positive on the back of encouraging PMI data. These are the stocks to watch out for during the trading session on September 30: HDFC National Company Law Tribunal, Mumbai, has sanctioned the scheme of amalgamation for the merger of HDFC ERGO Health Insurance into HDFC ERGO. The shares of HDFC ended 2% higher yesterday. Future Enterprises Kishore Biyani-led Future Group company, Future Enterprises, reported a fresh default on interest payment of non-convertible debentures (NCDs) on Tuesday. In a stock-exchange filing, the company said it had defaulted on interest payment of ₹16.11 crore for a gross principal amount of ₹332 crore. This is the third default in at least one month. This may also move other Future Group stocks such as— Future Retail, Future Lifestyle Fashion, Future Consumer Limited, among others. The shares of Future Enterprises ended 5% higher yesterday. Indiabulls Housing Finance One of the leading private sector mortgage lenders, Indiabulls Housing Finance, raised another ₹630 crore by selling a part of its stake in UK-based bank Oak North to Toscafund Asset Management. The shares of Indiabulls Housing Finance ended 2.2% lower yesterday. PVR Limited The board of cinema giant PVR will meet on October 5 to consider the proposal of raising funds via non-convertible debentures. The shares of PVR Limited ended 2.2% lower yesterday. Vodafone Idea Vodafone Idea will seek shareholders’ approval to raise the borrowing limit to ₹1 lakh crore at the annual general meeting (AGM) today. The shares of Vodafone Idea ended 6% lower yesterday. Welspun Corp Welspun Corp has received multiple orders worth nearly ₹1,400 crore. Currently, the company’s total order book is valued at approximately ₹6,300 crore. The shares of Welspun Corp ended 2% higher yesterday. VA Tech Wabag VA Tech Wabag has approved the allotment of 75 lakh equity shares at ₹160 per equity share aggregating to ₹120 crore by way of the preferential issue to Rekha Rakesh Jhunjhunwala, Basera Home Finance, Sushma Anand Jain, and Anand Jaikumar Jain. The shares of VA Tech Wabag ended 0.16% higher yesterday. Mazagon Dock, UTI AMC and Likhitha Infrastructure IPO Today will be day two for Mazagon Dock, UTI AMC and Likhitha Infrastructure IPO. The bid for IPO will remain open until October 1. SEE ALSO: <a href="https://www.businessinsider.in/india/news/amnesty-international-shuts-down-its-india-operations-citing-constant-harassment-from-the-indian-government/articleshow/78380428.cms" data-type="tilCustomLink">Amnesty International shuts down its India operations citing ‘constant harassment’ from the Indian government</a> <a href="https://www.businessinsider.in/science/space/news/after-the-moon-mars-is-getting-laser-reflecting-mirror-to-help-future-landings-on-the-red-planet/articleshow/78385935.cms" data-type="tilCustomLink">After the Moon, Mars is getting laser-reflecting mirror to help future landings on the Red Planet</a>

Top stocks to watch— Future Retail, HDFC, Indiabulls Housing, Vodafone Idea, PVR, Welspun Corp and others

<ul><li>Hindustan Unilever’s Q1 sales and volume growth lower than street expectations.</li><li>Home care segment’s revenues grew 10% during the quarter, beauty &amp; personal care grew at 4% and foods at 5%.</li><li>FMCG markets are recovering gradually although the operating environment remains challenging, says Rohit Jawa, CMD of HUL. </li></ul>FMCG major Hindustan Unilever delivered a lower-than-expected 8% growth in net profit for the first quarter at ₹2,472 crore, compared with ₹2,289 crore a year ago. Its sales grew 7% to ₹14,931 crore, compared to ₹14,016 crore a year earlier. The homecare-to-foods major reported year-on-year sales volume growth at a modest 3% for the April-June quarter – well below the estimates of most brokerages that had predicted a reading of around 4-5%. In fact, IIFL expected HUL to post sales growth of 8%, but here too, the company’s actual numbers were slightly disappointing. HUL's EBITDA margins also expanded by 40 basis points YoY to 23.6% – most analysts were expecting it to expand by at least 65 basis points on account of softening commodity prices. EBITDA is earnings before interest, tax, depreciation and amortisation. “FMCG markets are recovering gradually although the operating environment remains challenging. In this context we have delivered a resilient and competitive performance whilst stepping up our EBITDA margin,” said Rohit Jawa, chief executive officer and managing director of HUL. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY24 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sales </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹14,931 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹14,016 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EBITDA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,521 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,247 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EBITDA margin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23.6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23.2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+40 bps </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,472 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,289 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td></tr></tbody></table>Source: HUL investor presentation Price growth likely to be flattish-to-negative in the coming quarters In its outlook, HUL also said that if commodity prices remain where they are, its price growth will be flattish-to-negative in the coming quarters. It also said that competitive intensity will go up further. To beat it, it said that it’s focussed on the right price-value equation and building back gross margin. “We continue to manage our business dynamically to drive savings harder and provide the right price-value equation to our consumers,” the company said in a release. It is also stepping up its advertising and promotion spends. “In the near-term, FMCG industry will continue to witness rebalancing of price-volume growth equations and a gradual recovery in consumer demand. I am confident of the medium-to-long- term prospects of the Indian FMCG sector,” said Jawa. Home Care segment outperforms; Tea &amp; ice cream show modest growth Home care segment’s revenues grew 10% during the quarter with underlying volume growth (UVG) in the mid-single digits. “Both fabric wash and household care grew double-digit led by focused market development actions and premiumisation,” HUL said in the release. Beauty &amp; Personal Care delivered 4% revenue growth with mid-single digit underlying volume growth. Further price reductions were taken in the soap portfolio in this quarter, HUL said. “Skin Care and Colour Cosmetics grew in double digits on the back of strong performance in the premium portfolio. Hair Care delivered mid-single digit UVG led by Tresemme, Indulekha and Clinic Plus. Skin Cleansing had a modest volume-led growth with Lux and Hamam continuing to outperform,” the company added. Foods &amp; Refreshment revenue grew 5% with near flat UVG. Tea saw modest volume-led growth as the category continued to see consumers downgrading due to higher inflation in premium teas vis-à-vis loose tea. Ice cream sales too grew modestly in mid-single digits due to the high base of last year, and unseasonal rains which played spoilsport during summer. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/the-french-connection-hal-has-most-to-gain-submarines-yet-to-surface-for-mazagon-dock/articleshow/101952765.cms">The French connection: HAL has most to gain; submarines yet to surface for Mazagon Dock</a> <a href="https://www.businessinsider.in/india/news/few-indians-are-giving-up-on-tomatoes-despite-red-hot-prices-subsidies-arent-helping-much-shows-survey/articleshow/101920571.cms">Few Indians are giving up on tomatoes despite red hot prices, subsidies aren’t helping much, shows survey</a>

HUL's Q1 profit, volume growth disappoint street

<ul><li>HUL says that it has seen dips in market share in mass segments due to rising competition </li><li>Rural market volumes turned positive this quarter after seeing decline for the last few quarters.</li><li>In spite of price cuts, consumption habits will recover only gradually as benefits will reach consumers with a time lag. </li></ul>Hindustan Unilever, the country’s largest fast moving consumer goods major, disappointed the Street with lower than expected volume growth, and the management too indicated pain ahead in the sector, thanks to growing competition. With raw material prices cooling down by 5.2% YoY, competition from small and regional players has surfaced. Typically, smaller players find it hard to survive when raw material costs are high, but with input costs declining, consumers are downtrading to cheaper alternatives. Interestingly, last quarter Sanjiv Mehta of HUL had said that it would not enter a price war and would pass on benefits of lower input prices to consumers. “There has been a resurgence of small and regional players in select categories due to softening commodity prices – many of whom had vacated the market during the peak of inflation,” said Rohit Jawa, CEO of HUL said in an earnings concall on late Thursday. Without giving too many details, Jawa said that they had seen dips in market share in certain mass segments. Subsequently, the FMCG major’s volumes for the quarter grew at 3% even as analysts expected them to grow anywhere between 4.5-6%. The company had <a href="https://www.businessinsider.in/business/corporates/news/huls-q1-2023-24-net-grows-8-to-2472-crore/articleshow/101989709.cms">missed estimates on sales growth</a> and net profit also, which grew by 7% and 8%, respectively. The stock had been beaten down in early Friday trade, and was down by almost 3% as of 12:30 pm. Rural market limping to recovery Apart from commodity prices, the rural market and its volume decline has been troubling most FMCG majors. The management has given mixed commentary on the outlook as well, adding that urban markets continue to lead its growth. “Rural market volumes, which have been declining in double digits over the last few quarters, have just turned positive this quarter. But this growth has come on the back of volume decline in June 2022. On a two year compounded annual growth rate (CAGR) basis, the total growth is marginally negative,” said Jawa. Analysts too have their doubts on rural market recovery. “Despite all challenges, the management guided for gradual recovery in rural demand as the worst of inflation is behind; however climatic conditions (heat wave and El Nino) continue to be key monitorable,” said a report by PhillipCapital. The rural market presents conflicting signals — with increased demand for MNREGA jobs and higher remittances to rural areas from urban areas is increasing. “Despite all said and done, favourable base shall definitely aid the cause, said PhillipCapital. Price versus volumes Most players have reduced prices to pass on the benefits of lower commodity prices, and that’s already shaved off pricing growth on a sequential basis, the company said. HUL also said that it has taken price cuts in the soaps category. “In anticipation of price reduction, we are seeing traders reduce stock levels,” says Jawa. As of now, most of its sales growth had been led by price hikes, and that would change. “We believe, in ensuing quarters, price growth would remain flat to negative and HUL would focus on volume led growth going ahead,” said a report by Dolat Analysis and Research Themes (DART). The impact of price cuts on volumes will also be slow. “There is a time lag between price reductions and reaching the customers. Volumes will recover gradually due to higher levels of cumulative inflation that consumers are seeing and consumers and consumption habits will recover gradually,” said Jawa. Margins &amp; media spends To battle slow rural markets, more competition and even bring back downtrading consumers, HUL has already increased its advertising and promotion spends for the quarter. As more players become active in the market, it will also push up media intensity. HUL’s advertising and promotion spends in Q1FY24 were at 9.8% and grew sequentially from 8.7% and on a YoY basis from 9.3%. “HUL is confident to further step-up its A&amp;P spends to pre-Covid level and continue to invest competitively in brand building and market development. We believe that the benefit of gross margin expansion would be passed on through A&amp;P expenses. Consequently, HUL will take slightly longer to achieve peak margins going ahead,” DART said. The management had said that they intend to provide price-value equation to consumers, and managing business business dynamically to drive savings harder. “Management expects operating margin to improve in FY24 owing to improved product mix and operating leverage, with caveat raw material index stays at current levels. In our assessment, management seemed to be more confident about margin recovery than consumer demand,” said PhillipCapital. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/this-fmcg-stock-is-trading-at-a-discount-to-peers-despite-growth-outpacing-rivals/articleshow/101990272.cms">This FMCG stock is trading at a discount to peers despite growth outpacing rivals</a> <a href="https://www.businessinsider.in/stock-market/news/the-french-connection-hal-has-most-to-gain-submarines-yet-to-surface-for-mazagon-dock/articleshow/101952765.cms">The French connection: HAL has most to gain; submarines yet to surface for Mazagon Dock</a>

Small & regional players are increasing competition says HUL CEO

<ul><li>Indian benchmark indices are likely to open slightly higher today amid cues from the US markets. </li><li><keyword id="90570" type="General" weightage="20" keywordseo="sgx-nifty" source="Orion">SGX Nifty</keyword>, an early indicator of markets, was up 0.10% on Monday morning. </li><li><keyword id="118623" type="General" weightage="80" keywordseo="adani-enterprises" source="Orion">Adani Enterprises</keyword>, Vedanta, <keyword id="6354919" type="General" weightage="20" keywordseo="lt" source="Orion">L&amp;T</keyword>, Tech Mahindra are amongst stocks in focus today. </li></ul>Indian benchmark indices are likely to open slightly higher today amid cues from the US markets and SGX <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword>, an early indicator of markets, that was up 0.10% on Monday morning. Last week, markets closed on a weak note amid corporate earnings release and as investors started gearing up for the US Fed meeting on Thursday. <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> closed 874 points or 1.45% on Friday at 59,330 while <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> ended 287 points or 1.61% at 17,604. Apart from this, markets are also factoring in expectations from the upcoming Union budget 2023 to be conducted on February 1. Analysts believe that the market will take cues from movement in <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> stocks amid Hindenburg allegations and <keyword id="15590575" type="General" weightage="20" keywordseo="adani-enterprises-fpo" source="Orion">Adani Enterprises FPO</keyword> that will end on Tuesday. “Today the market will be completely dominated by the movements in Adani stocks. The statement from Adani Enterprises that the FPO is on schedule and that there is no change in the price band is hugely important. This can be interpreted as a reflection of the confidence of the management in the success of the FPO,” said V K Vijayakumar, chief investment strategist at Geojit Financial Services. “It is important to note that during the last 3 days while Nifty declined by 3.2%, Bank Nifty declined by 6.3% on concerns of the Adani crisis impacting the banks. The correction in high quality private sector banks is a buying opportunity. Investors may wait for the dust to settle,” Vijayakumar added. <cmsannotation type="cmsannotation" annotationid="Asian markets open mixed on Monday" comment="subhead" text="Asian markets open mixed on Monday">Asian markets open mixed on Monday</cmsannotation> Asian stocks were mixed on Monday as investors awaited the US Fed’s decision on interest rates and commentary on inflation this week. Taiwan TSEC 50 Index surges 2.94%, Shanghai SE Composite Index was up 0.53% and Nikkei 225 up 0.33%. Meanwhile, Hang Seng was down 1.39% and Kospi slid 1.21%. Markets in the US closed higher on Friday with tech heavy Nasdaq gaining 0.95%, S&amp;P 500 up 0.25% and Dow Jones up 0.08%. <cmsannotation type="cmsannotation" annotationid="Stocks to watch" comment="subhead" text="Stocks to watch"><keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">Stocks to watch</keyword></cmsannotation> Adani Enterprises: The Gautam Adani-led company came out with a response to Hindenburg Research’s allegations, terming those allegations as an “attack on India”. Today is the second day of Adani Enterprises’ ₹20,000 crore follow-on public offer (FPO). It was subscribed 1% on the first day. Vedanta: The multinational mining conglomerate reported flat revenue growth year-on-year at ₹33,691 crore in Q3, while its net profit fell 40.83% to ₹2,464 crore. It declared a dividend of ₹12.5 per share. Bajaj Finance: The non-banking finance company reported a 24% YoY increase in its net interest income to ₹7,435 crore, while net profit rose 40% to ₹2,973 crore during the period. Earnings today: L&amp;T, Tech Mahindra, Bharat Petroleum, Bajaj Finserv, Emkay Global, GAIL India, Inox Leisure, Mazagon Dock, Punjab National Bank, Trident, among others. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/adani-group-companies-lose-3-22-lakh-crore-in-market-value-amidst-tussle-with-hindenburg-research/articleshow/97374612.cms">Adani Group companies lose ₹3.22 lakh crore in market value amidst tussle with Hindenburg Research</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-enterprises-20000-crore-fpo-now-open-analysts-maintain-cautious-optimism/articleshow/97369358.cms">Adani Enterprises’ ₹20,000 crore FPO now open, analysts maintain cautious optimism</a> <a href="https://www.businessinsider.in/business/corporates/news/tata-motors-in-top-gear-reports-net-profit-of-2958-crore-in-q3-its-first-after-seven-quarters/articleshow/97319081.cms">Tata Motors In Top Gear: Reports net profit of ₹2,958 crore in Q3, its first after seven quarters</a>

Sensex, Nifty50 to open on a tepid note amid mixed global cues: Adani Enterprises, Vedanta, L&T, Tech Mahindra among stocks in focus

<ul><li>The shares of <keyword id="193636" type="CITY" weightage="20" keywordseo="UTI-AMC">UTI AMC</keyword>, listed at ₹490.25, which is at a 11.5% discount to the IPO price band set at ₹552 -554 per share. </li><li>However, within minutes after listing, the shares of UTI AMC gained nearly 5.17% of their value and were trading at ₹515.60 apiece at 10:10 am. </li><li>The investor pessimism for ₹2,160 crore IPO of UTI AMC already reflected in the subscription number ahead of the listing— the UTI AMC issue was subscribed 2.21 times on the last day of bidding. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>It was a tepid debut for the ₹2,160 crore IPO of the mutual fund manager, UTI Asset Management Company (AMC) on the bourses today. The stock, listed at ₹490.25, which is at a 11.5% discount to the IPO price band set at ₹552 -554 per share. Within minutes after listing, the shares of UTI AMC gained nearly 5.17% of their value and were trading at ₹515.60 apiece at 10:10 am. The total market cap of UTI AMC rose to ₹6,605.62 crore at 10:10 am. A total traded quantity of 3.09 lakh shares changed hands on BSE, amounting to a turnover of ₹15.74 crore. The company will trade with the symbol of ‘UTIAMC’ on the Indian stock exchanges. Why did it fail to garner investors’ interest? The investor pessimism for ₹2,160 crore IPO of UTI AMC already reflected in the subscription number ahead of the listing— the company received the lowest number of subscriptions compared to its other IPO peers Mazagon Dock and Likhitha Infrastructure. The UTI AMC issue was subscribed 2.21 times on the last day of bidding. Most of the brokerage reports highlighted various vital factors that may impact its business in the near future. According to HDFC Securities report, UTI AMC has a huge reliance on big clients and underperformance by any of these funds may have a disproportionate adverse impact on AUM and thereby income. As of June 30, 2020, UTI AMCs top six active equity funds constituted 75.3% of total Quarterly Average Assets Under Management (QAAUM) of active equity funds while top five passive equity funds constituted 98.7% of total QAAUM of passive equity funds. UTI AMC has only four liquid and money market funds, the report highlighted. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-vedanta-wipro-rites-mazagon-dock-uti-amc-glenmark-pharma-and-others/articleshow/78612041.cms">Top stocks to watch — Vedanta, Wipro, RITES, Mazagon Dock, UTI AMC, Glenmark Pharma, and others</a> <a href="https://www.businessinsider.in/science/space/news/china-launches-earth-observation-satellite-amid-border-tensions-with-india/articleshow/78613147.cms">China launches Earth observation satellite amid border tensions with India</a>

Tepid debut for UTI AMC—shares list at 12% discount over the issue price

<ul><li>The <keyword id="10109919" type="UNKNOWN" weightage="20" keywordseo="Likhitha-Infrastructure-stocks">Likhitha Infrastructure stocks</keyword> listed at ₹130.10, is an upside of 8% to the revised IPO price band. </li><li>Within minutes after listing the shares gained over 5% of their value, and the shares were trading at ₹136.60 apiece at 10:10 am.</li><li>The total market cap of <keyword id="9987008" type="UNKNOWN" weightage="20" keywordseo="Likhitha-Infrastructure">Likhitha Infrastructure</keyword> rose to ₹260.47 crore at 10:10 am. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>It is a lacklustre debut for the ₹61.2 crore IPO of the Hyderabad-headquartered oil and gas pipeline infrastructure service provider Likhitha Infrastructure on the Indian stock-exchanges today. The stock, listed at ₹130.10, is an upside of 8% to the revised IPO price band set at ₹116-₹120 per share. However, within minutes after listing the shares gained over 5% of their value, and the shares were trading at ₹136.60 apiece at 10:10 am. The total market cap of Likhitha Infrastructure rose to ₹260.47 crore at 10:10 am. A total traded quantity of 1.57 lakh shares changed hands on BSE, amounting to a turnover of ₹2 crore. The company will deal with the symbol of ‘LIKHITHA’ on the Indian stock exchanges. Why did it fail to garner investors’ interest? The investor pessimism for its shares already reflects in the subscription number ahead of the listing. The company had to revise its price band from ₹117-₹120 to ₹116-₹120/share and extend the IPO by three days after receiving a weak response from Qualified Institutional Buyers (QIBs). The <keyword id="9987003" type="UNKNOWN" weightage="20" keywordseo="Likhitha-Infrastructure-IPO">Likhitha Infrastructure IPO</keyword> was subscribed nearly ten times on the final day of bidding than the whopping 157 times subscription of its other IPO peer Mazagon Dock. According to the stock-exchange data, the issue received bids for 48 million equity shares against an offer size of 5 million equity shares. And, analysts were already skeptical about the company’s listing after a subdued investor response. “Nothing much was left on the table at the issue price,” said Keshav Lahoti, Associate Equity Analyst, Angel Broking. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/infosys-to-reinstate-wage-hikes-promotions-and-hiring-will-impact-margins-over-the-next-six-months/articleshow/78660576.cms" data-type="tilCustomLink">Infosys to reinstate wage hikes, promotions and hiring — will impact margins over the next six months</a> <a href="https://www.businessinsider.in/stock-market/news/likhitha-infrastructure-shares-to-list-tomorrow-on-bse-and-nse/articleshow/78660431.cms" data-type="tilCustomLink">Likhitha Infrastructure trades at 13% grey market premium ahead of listing today </a>

Likhitha Infrastructure lists at 8% premium over the issue price

<ul><li>This is the fifth investment for <keyword id="58448" type="COMPANY" weightage="20" keywordseo="Reliance-Retail">Reliance Retail</keyword> Ventures Limited.</li><li>Reliance Retail continues to be valued at ₹4.285 lakh crore and has raised a total of ₹24,847.5 crore already. </li></ul>Reliance Retail gets ₹6,247.5 crore from <keyword id="249282" type="COMPANY" weightage="20" keywordseo="Mubadala">Mubadala</keyword>. This is the fifth investment for Reliance Retail Ventures Limited, after having raised investments from Silver Lake, KKR, General Atlantic so far.Reliance Retail continues to be valued at ₹4.285 lakh crore and has raised a total of ₹24,847.5 crore already. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investment in Reliance Retail </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stake in Reliance Retail </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investment in Jio </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stake in Jio </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Silver Lake </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹9,375 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.13% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10,202.55 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.08% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">KKR </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,550 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.28% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹11,367 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.32% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">General Atlantic </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,675 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.84% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6,598.38 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.34% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mubadala </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6,247.5 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 9,093.60 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.85% </td></tr></tbody></table> "We value the partnership with a knowledge-rich organization like Mubadala and acknowledge their confidence in our mission to strengthen the core of India’s retail sector – the millions of small retailers, merchants and shopkeepers – through the power of technology. Mubadala’s investment and guidance will be an invaluable support in this journey," said <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> in a statement. At his speech during Reliance’s Annual General Meet, Ambani had mentioned that talks are on with potential investors for investments in retail. According to Business Insider’s sources, Reliance Retail is set to raise $5.7 billion with only existing Jio investors getting on board as investors to “further deepen the relationship”. For Mubadala, this is the second investment after it cut out a $1.2 billion cheque for Jio Platforms. "We are pleased to deepen our relationship with Reliance Industries through this investment in Reliance Retail Ventures. Their vision is the inclusive transformation of India’s consumer economy through the power of digitization, creating opportunities and market access for millions of small businesses across the country, and we are committed to supporting the company’s continuing development," said Khaldoon Al Mubarak, Managing Director and Group CEO, Mubadala Investment Company, in a statement. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mazagon-dock-ipo-uti-amc-ipo-likhitha-infrastructure-ipo-mazagon-dock-stock-price-uti-amc-stock-price-likhitha-infrastructure-stock-price/articleshow/78428535.cms">Mazagon Dock IPO shines while UTI AMC and Likhitha Infrastructure clock in a tepid response from investors</a>

Reliance Retail cashes yet another hefty cheque – Mubadala to invest ₹6,247.5 crore

<ul><li>The IPO price band was set at ₹305-306 per equity share and the stock listed at ₹275.</li><li> Within minutes after listing, the shares of <keyword id="103837" type="PERSON" weightage="20" keywordseo="Angel-Broking">Angel Broking</keyword> gained nearly 5% of their value and were trading at ₹287.85 apiece.</li><li>The company’s total market cap rose to ₹2,339.45 crore at 10:05 am.</li><li>Here’s why it failed to impress investors. </li></ul>It was a lacklustre debut for the ₹600 crore IPO of India’s fourth-largest stockbroking firm Angel Broking on the bourses today. The stock listed at ₹275, which is at a 10% discount to the IPO price band set at ₹305-306 per share. Within minutes after listing, the shares of Angel Broking gained nearly 5% of their value and were trading at ₹287.85 apiece at 10:05 am. <div type="image" title="Angel Broking (2)" msid="78486377" hostid="261"></div> The company’s total market cap rose to ₹2,339.45 crore at 10:05 am. A total traded quantity of 2.36 lakh shares changed hands on BSE, amounting to a turnover of ₹7.27 crore. Ahead of the IPO, Angel broking also raised ₹180 crore from 12 anchor investors that included Goldman Sachs India, Macquarie Fund Solutions, Invesco Trustee, Max Life Insurance company, ICICI Prudential, HDFC Mutual Fund, and Sundaram MF, among others. Why did it fail to garner investors' interest? The investor pessimism already reflected in the grey market premium ahead of the listing, it was trading much lower than its IPO peers. Most of the brokerage reports highlighted various vital factors that may impact its business in the near future. As of June, 30 Angel Broking garnered 72.2% of the total income from broking business, and according to HDFC Securities, "any reduction in its brokerage fee could have a material adverse effect on the business." With SEBI tightening rules here and there, brokerages remain cautious about Angel Broking's business. Tough competition The company also faces fierce competition from its other brokerages’ firms like — Zerodha and Share Khan, among others. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Users </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Angel Broking </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.15 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zerodha </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm Money (Mutual funds. Stock broking launched recently) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.6 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Groww </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">80 lakh </td></tr></tbody></table>Source: Company data SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-ril-tcs-hcl-tech-hero-motocorp-vedanta-solar-industries-iti-and-others/articleshow/78484703.cms" data-type="tilCustomLink">Top stocks to watch— RIL, TCS, HCL Tech, Hero MotoCorp, Vedanta, Solar Industries, ITI and others</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mazagon-dock-shipbuilders-ipo-share-allotment-status/articleshow/78474515.cms" data-type="tilCustomLink">Mazagon Dock Shipbuilders IPO allotment: Here’s how to check share allotment status</a>

Weak debut for Angel Broking — shares list at 10% discount from the IPO price

<ul><li><keyword id="9987008" type="UNKNOWN" weightage="20" keywordseo="Likhitha-Infrastructure">Likhitha Infrastructure</keyword> shares are now hovering at a premium of around ₹5-10 in the grey market today.</li><li>The ₹61.2 crore IPO of Likhitha Infrastructure was subscribed nearly 10 times on the final day of bidding. </li><li>According to Angel Broking, the company may not see a great listing tomorrow “as nothing much was left on the table at the issue price.”</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>The shares of Hyderabad-headquartered oil and gas pipeline infrastructure service provider Likhitha Infrastructure will hit the bourses today. This will be the 11th company to list this year. The company received a tepid response from investors during its ₹61.2 crore IPO. The shares are now hovering at a premium of around ₹5-10 in the grey market— which is an upside of 13% over the revised issue price band. Grey market premium is the measure of the extra amount that the market is ready to pay for a newly listed company’s shares. However, it is not an official measure of the market premium. But it is a fair indicator of demand for the shares in the market. Given the turbulence in Indian stock markets over the past few weeks, the grey market premium (GMP) of all companies that launched an IPO recently took a massive hit. Likhitha Infrastructure: Analysts expect a subdued debut Given the tepid interest that IPO garnered, analysts are not too excited about listing prospects. According to Angel Broking, the company may not see a great listing tomorrow “as nothing much was left on the table at the issue price.” “Considering the small size of free float available in the market, we advise investors to stay away from this stock. There are better options available in the market for investment in the infrastructure sector with no issue with respect to the traded value in the exchanges." said Keshav Lahoti Associate Equity Analyst, Angel Broking. Tepid response for <keyword id="9987003" type="UNKNOWN" weightage="20" keywordseo="Likhitha-Infrastructure-IPO">Likhitha Infrastructure IPO</keyword> There wasn’t a great demand in the market for Likhitha’s shares— compared to its other IPO peer Mazagon Dock, which saw a staggering 157 times subscription. The ₹61.2 crore IPO of Likhitha Infrastructure was subscribed nearly 10 times on the final day of bidding. This after the IPO was extended by three days on the back of weak response from Qualified Institutional Buyers (QIBs). Even the price band was revised from ₹117-₹120 to ₹116-₹120 per share According to the stock-exchange data, the issue received bids for 48 million equity shares against an offer size of 5 million equity shares. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Likhitha Infrastructure IPO </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyer </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional Investor </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail Individual Investor </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Employee </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Offer size </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,550,000 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">765,000 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,785,000 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,100,000 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No. of times issue subscribed </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21.99x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.54x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23.71x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9.51x </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/how-to-check-likhitha-infrastructure-ipo-share-allotment-status/articleshow/78545910.cms" data-type="tilCustomLink">Likhitha Infrastructure IPO allotment status to be announced — here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/stock-market/news/check-the-list-of-upcoming-expected-ipo-in-2020-or-early-2021-in-india/articleshow/78634660.cms" data-type="tilCustomLink">IPOs have raked in nearly $180 billion so far in 2020 — Here’s a look at some other companies that may go public this year</a>

Likhitha Infrastructure to list today — grey market premium suggest an upside of 13%

<ul><li>The 30-share BSE index was trading over 396 points, and the broader NSE Nifty rose 0.91% at 9:45 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market indices Sensex rallied nearly 400 points in opening trade on Monday, led by gains in index-heavyweights HDFC, Infosys and Reliance Industries amid largely positive cues from Asian markets. The 30-share BSE index was trading over 396 points, and the broader NSE Nifty rose 0.91% at 9:45 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ITC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Steel </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Power Grid </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gail </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td></tr></tbody></table>*as of October 12, 9:55 am These are the top stocks in news today. Vedanta locked in 10% lower circuit The shares of Vedanta were locked in a 10% lower circuit after its buyback offer is deemed to have failed as per the terms of the delisting regulations. This comes after its promoter Vedanta Resources did not receive the required number of shares to delist the firm. Wipro trades in green The shares of Wipro were trading barely a percent higher ahead of its earnings today and the buyback announcement due tomorrow. Glenmark Pharma cracked 2% The shares of Glenmark Pharma lost 2% after the company said that its Umifenovir did not show superior clinical outcomes when added to Favipiravir treatment for moderate coronavirus. Premier Explosives locked in 5% upper circuit The shares of Premier Explosives were locked in 5% upper circuit for the second time in a row after the company said it had bagged ₹82.83 crore order from a state-run Singareni Collieries Company in Telangana for the supply of SMS/SME explosives and accessories. Shilpa Medicare down 7% The shares of Shilpa Medicare were down 7% after its Telangana-based Jadcherla facility received a warning letter from the US drug regulator on October 9. The company said that it will be engaging with the agency and is fully committed to resolving this issue at the earliest. Future Retail shares lost 7% The shares of Kishore Biyani led Future Retail was down 7% after <a href="https://www.businesstoday.in/current/corporate/future-ril-deal-amazons-arbitration-proceedings-against-future-group-may-start-in-nov/story/418465.html">reports </a>surfaced that arbitration proceedings between e-commerce giant Amazon and Future Group are expected to start in November. The <a href="https://www.bloombergquint.com/law-and-policy/reliance-future-group-deal-whys-amazon-objecting-and-is-it-likely-to-succeed">reports </a>also claimed that Amazon might succeed in the arbitration proceedings against Future Group. ITC shares gain 5% The shares of hospitality and cigarette giant ITC were up 5% after CLSA upgraded ITC rating from outperform to ‘Buy’ with a target price of ₹220 per share. CLSA says FMCG is the new value driver and long-term positives are unfolding as revenue diversifies. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-vedanta-wipro-rites-mazagon-dock-uti-amc-glenmark-pharma-and-others/articleshow/78612041.cms">Top stocks to watch — Vedanta, Wipro, RITES, Mazagon Dock, UTI AMC, Glenmark Pharma, and others</a> <a href="https://www.businessinsider.in/science/space/news/china-launches-earth-observation-satellite-amid-border-tensions-with-india/articleshow/78613147.cms">China launches Earth observation satellite amid border tensions with India</a>

Top stock movers —ITC, Future Retail, Vedanta, Wipro, Premier Explosives, Shilpa Medicare and more

<ul><li>The IPO will remain open for subscribers until October 1. </li><li>The 17-year old company is backed by some marquee shareholders such as— SBI, LIC, Punjab National Bank, Bank of Baroda, and the US-based T Rowe Price. </li><li>Here's what brokerage firms have to say about <keyword id="7036233" type="UNKNOWN" weightage="20" keywordseo="UTI-AMC-IPO">UTI AMC IPO</keyword>.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>The Mutual Fund manager, UTI Asset Management Company, is set to float its ₹2,160 crore IPO in the market today (September 29). And, the grey market is already pegging a premium of ₹55-60 over the issue price of ₹552-554 per equity share. UTI AMC garnered ₹644.64 crore from several anchor investors including Morgan Stanley, Invesco Trustee, Avendus, Tara Emerging Asia Liquid Fund, Goldman Sachs, Nomura Singapore, HSBC, Kotak Funds among others to name a few. The IPO will remain open for subscribers until October 1. The shares of the UTI AMC will list on both the stock exchanges, BSE and NSE. The 17-year old company is backed by some marquee shareholders such as— SBI, LIC, Punjab National Bank, Bank of Baroda, and the US-based T Rowe Price. The company is the second-largest Asset Management Company in India in terms of total assets under management and the eighth largest asset management company in India in terms of mutual funds as of June 30. It manages 153 domestic mutual fund schemes comprising equity, hybrid, income, liquid and money market funds. The initial public offering aims to achieve the benefits of listing the equity shares on stock exchanges. It is worthy to note that the selling shareholders will get a part of the proceeds, and UTI will not. <div type="image" title="UTI AMC" msid="78376824" hostid="261"></div> Here's what brokerage firms have to say about UTI AMC IPO: Sector poised to grow According to HDFC Securities, the Indian mutual fund industry is expected to continue to grow due to supportive industry dynamics and long-term structural drivers, including the increasing financialisation of household savings, market penetration of mutual fund products, and favourable population and urbanisation trends. The UTI Asset Management Company will compete against its likes — Nippon Life India Asset Management and HDFC AMC on the stock exchanges. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock change since March 31 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nippon Life India Asset Management </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> HDFC AMC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td></tr></tbody></table> Widespread customer reach and diverse portfolio The brand is widely recognised across the country for its strength and more than 55 years of heritage as a leading and pioneering, a participant in the mutual fund industry. The company also offers a diverse portfolio of domestic funds, including equity, hybrid, income, liquid and money market funds, as well as portfolio management services, retirement solutions, and offshore and alternative investment funds, which serves as its strength, according to ICICI Direct Research. Client wise distribution of AUM as on June 2020 <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Clients </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Live Folios </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Closing AUM </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% of Domestic Mutual Fund Closing AUM </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Individual investors (other than NR Is) </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">109 lakh </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 62910 crore </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">43.80% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Corporate and other institutional investors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 lakh </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹65110 crore </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">45.40% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Banks and other financial institutions </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4960 crore </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.50% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Trusts </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8140 crore </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.70% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NRIs </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 lakh </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2430 crore </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.70% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">111 lakh </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹143550 crore </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">100% </td></tr></tbody></table>Source: ICICI Direct Report Key concerns highlighted by brokers The IPO pricing At the upper price band of ₹554 per share, the company is being valued at ₹7000 crore and according to Nirmal Bang, the IPO pricing is undemanding given the valuation HDFC AMC and Nippon AMC are currently commanding. “From a more near-to-medium term perspective, we currently have a cautious view on the overall AMC sector. Even though we are positive on the industry prospects from a long-term perspective, we take cognizance of some of the near-to-medium term headwinds,” the Nirmal Bang report said. The growing uncertainty in the market Investment performance is one of the important factors for retaining existing customers and attracting new ones and, therefore, for maintaining and growing the company's AUM. The performance of UTI funds depends not only on its investment strategies but also on a number of factors including market, economic and other conditions. Poor investment performance could have a negative effect on business and growth as it could lead to loss of clients, ability to attract funds and negative investment performance will directly impact income from management fees, ICICI Direct report said. A huge reliance on big clients As of June 30, 2020, UTI AMCs top six active equity funds constituted 75.3% of total Quarterly Average Assets Under Management (QAAUM) of active equity funds while top five passive equity funds constituted 98.7% of total QAAUM of passive equity funds. UTI AMC has only four liquid and money market funds. And, according to brokerages, underperformance by any of these funds may have a disproportionate adverse impact on AUM and thereby income. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/indian-naval-ship-maker-mazagon-docks-444-crore-ipo-opens-tomorrow/articleshow/78360565.cms" data-type="tilCustomLink">Indian Naval Ship maker Mazagon Dock’s ₹444 crore IPO opens today— Here’s what works for it and what doesn’t</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-the-share-allotment-status-of-angel-broking-ipo/articleshow/78357386.cms" data-type="tilCustomLink">Angel Broking IPO allotment: Here’s how to check share allotment status</a>

UTI AMC’s ₹2,160 crore IPO opens today — Here’s all you need to know

The week gone by saw markets on a roll and score handsome gains on every day of the week. BSESENSEX gained 1,812.44 points or 4.68% to close at 40,509.49 points. NIFTY gained 497.25 points or 4.36% to close at 11,914.20 points. The broader indices saw BSE100, BSE200 and BSE500 gain 3.73%, 3.35% and 3.06% respectively. BSEMIDCAP lost 0.32% while BSESMALLCAP lost 0.03%. While the benchmark indices have recovered and are now trading at 7-month high, they are yet to cross the highest levels recorded during the year. The Indian Rupee was flat and gained one paisa or 0.01% to close at Rs 73.13 to the US Dollar. Dow Jones had a stellar week and gained 904.09 points or 3.27% to close at 28,586.90 points. With these gains Dow is in positive territory for the year 2020 and is higher than the year end level of 28,538.44 points. The week was eventful with TCS announcing its results and a buyback of Rs 16,000 crs at a premium to the market price. The stock which was at Rs 2,737.40 rallied to close at Rs 2,814.95 for the week. It had opened the week with strong gains and clocked weekly gains of Rs 292.20 or 11.58%. Wipro has also announced a buyback and the board would be meeting on 12/13 October. The share rallied strongly to close at Rs 374.10, a gain of Rs 61.10 or 19.52%. Incidentally the two-buyback announcements and decent results from TCS, saw the sector register strong gains with BSEIT up 9.17% and BSETECK up 7.67%. They were ably supported by BSEBANKEX which gained 6.73%. The primary offering of 51 lac fresh shares from Likhitha Infrastructure Limited which was extended due to poor response from QIB's was subscribed. The issue was extended to close on Wednesday the 7th of October instead of the original 1st of October. The QIB portion of 50% was reduced to 1% and the QIB portion difference was added to HNI portion. The issue was subscribed 9.51 times with QIB portion subscribed 21.99 times, HNI portion subscribed 1.54 times and Retail portion subscribed 23.71 times. This change in allocation from 50% to 1% during the issue was unprecedented and throws up a window of opportunities going ahead. The mega reverse book building issue from Vedanta Limited met its expected end with the exercise failing at the very first hurdle. The company failed in garnering support of enough number of shares to take it to the threshold level of 90%. Against thelevel required of 134.10 cr shares, the company could garner support of just 125.47 cr shares. Though there were bids for over 11 cr shares which were pending to be confirmed over the last 24 hours or more, they failed to get confirmed clearly indicating that the idea was to get the issue past the first hurdle. The case needs to be investigated by the exchange as to who were the persons who had bid for over 11 cr shares and did not get them confirmed even after such a long time. The strictest action should be taken against them as the promoters and merchant bankers of Vedanta wanted the issue to be extended by at least one day. The failure to get the required number of shares required, saved Anil Agarwal the embarrassment of having to acknowledge the fact that against his delisting offer of Rs 87.25, the book was built at Rs 320, which is approximately 3.66 times higher. Readers would recall that the promoter Anil Agarwal had made a delisting proposal at Rs 87.25 which was below the book value of the share way back in May 2020. This is when Covid-19 had broken out and crude prices fell sharply, but had then recovered. The promoter Anil Agarwal who has a track record of being unfair to minority shareholders, reduced the book value of his company by taking a notional impairment loss in the books which brought his book value to a similar oneto the delisting price. Further it is alleged that at his behest a report was published by an institutional broker and one of the top four online retail brokers which stated that the reduced book value was certified by SEBI. Of course, the broker concerned had to issue a rejoinder and withdraw the same. Kudos to Life Insurance Corporation of India which made a public statement about their bid for 23.66 cr shares or 6.37% of the companies holding at Rs 320 which they felt was fair value. This emboldened the minority shareholders and also ensured that even if Anil Agarwal went past the first hurdle of getting bids for 134.1 cr shares, the book building price would be Rs 320. Of course, there would be an opportunity for giving a counter offer by Anil Agarwal. This price was beyond the capacity of Anil Agarwal to pay and hence failed. What next? Expect the company to distribute the dividend received from Hindustan Zinc and not distributed so far amounting to Rs 12 per share approximately for Vedanta shareholders. This is a big setback for Anil Agarwal as he has always 'managed' to get what he wants and make minority shareholders be at the receiving end. The primary issue from Angel Broking Limited listed on the bourses and had a poor showing losing Rs 30.15 or 9.85% on debut day. During the course of the week, after losing further ground, the share recovered some of the additional losses and closed at Rs 274.70, down Rs 31.30 or 10.23%. The week ahead sees shares of Mazagon Dock and UTI AMC list on Monday. While the former is expected to post gains on day one, the latter would be under pressure. On the covid-19 front, the world saw 3,74,75,839 patients of whom 10,77,594 died and 2,81,17,060 people recovered. In India we saw 70,53,806 patients, 1,08,371 deaths and 60,77,976 people recovering. Compared to the previous week the world saw 23,36,140 new patients, 39,567 deaths and 19,88,650 people recovering. In India the number of new patients was 5,04,433 people with 6,559 deaths and 5,68,010 people recovering. For the third week in a row, the number of people recovering is higher than new patients. Coming to the week ahead, the markets have turned super buoyant and there is always anxiety and nervousness at such heights. The same would continue and be the state of the market in the coming week. The present October series has seen gains of over1,100 points or 10.26%. This is a stupendous gain and we still have almost three weeks before expiry happens on Thursday the 29th of October. There is no doubt that these gains already registered are unsustainable and would be partly pared before expiry. The moot point is when, and whether we would gain further before the correction? I believe there is still some more to come before the correction but there would be wild swings. Even at the point of repeating an often quoted saying about the markets in Hindi would be apt at this time. "SAU SONAR KI, EK LOHAR KI", which means 100 strokes by the goldsmith are equal to one by the blacksmith. Trade cautiously and enjoy the market moves but become cautious and exit at the first signs of danger. (Arun Kejriwal is the founder of Kejriwal Research and Investment Services. The views expressed are personal) --IANS kejriwal/in

You Searched For "mazagon dock value" and got 13 results

The French connection: HAL has most to gain; submarines yet to surface for Mazagon Dock

Katya Naidu

Top stocks to watch— Future Retail, HDFC, Indiabulls Housing, Vodafone Idea, PVR, Welspun Corp and others

Navdeep Yadav

HUL's Q1 profit, volume growth disappoint street

Katya Naidu

Small & regional players are increasing competition says HUL CEO

Katya Naidu

Sensex, Nifty50 to open on a tepid note amid mixed global cues: Adani Enterprises, Vedanta, L&T, Tech Mahindra among stocks in focus

Rounak

Bhakti

Tepid debut for UTI AMC—shares list at 12% discount over the issue price

Navdeep Yadav

Likhitha Infrastructure lists at 8% premium over the issue price

Navdeep Yadav

Reliance Retail cashes yet another hefty cheque – Mubadala to invest ₹6,247.5 crore

Sanchita Dash

Weak debut for Angel Broking — shares list at 10% discount from the IPO price

Navdeep Yadav

Likhitha Infrastructure to list today — grey market premium suggest an upside of 13%

Navdeep Yadav

Top stock movers —ITC, Future Retail, Vedanta, Wipro, Premier Explosives, Shilpa Medicare and more

Navdeep Yadav

UTI AMC’s ₹2,160 crore IPO opens today — Here’s all you need to know

Navdeep Yadav

Time to take profit off the table or keep trailing stop loss

IANS

Popular Keywords

Buying Guides