Western Carriers IPO opens on September 13, 2024, with a fresh issue of Rs 400 crore and an offer for sale of 54 lakh shares. Key clients include Tata Steel and DHL.
The NSE Nifty index was trading 40.5 points up at 24892.65
Gujarat Home Minister Harsh Sanghvi announced the arrest of 27 individuals for their involvement in a stone-pelting incident in Surat's Sayedpura area. CCTV footage and other surveillance methods are being used to identify additional suspects. The police have been deployed across Surat to maintain peace, and strict action will be taken against those responsible for the disturbance.
Over 30,000 residents from 20 villages in Pratapgarh district, Uttar Pradesh, have restored the Sakarni river's course over the past 10 months. Led by environmental activist Ajay Krantikari and supported by the MNREGS initiative, this effort has revived the river, benefiting local agriculture and providing employment opportunities.
Premier Energies Share Price: Premier Energies' shares surged 41% in three days after securing a Rs 215 crore order from Uttar Pradesh for solar water pumping systems. The project, under the PM-KUSUM scheme, aims to be completed by March 2025. The company's IPO saw strong investor interest, with shares debuting at a significant premium.
On the technical charts, the 200-day moving average of the stock stood at Rs 1414.35.
The Nifty Pharma index was trading 0.02 per cent up at 23048.45.
Supreme Court Kolkata Rape Murder Case Hearing: The CBI has submitted a fresh status report to the Supreme Court on the investigation into the murder and alleged rape of a junior doctor at RG Kar Medical College in Kolkata. The case, taken up by the court on its own initiative, has led to calls for enhanced protection for medical professionals and new anti-rape legislation in West Bengal.
In 2023-24, 21 cities have successfully reduced PM10 air pollutant levels by over 40 per cent compared to 2017-18, according to the environment ministry. Despite this achievement, most cities, including Greater Mumbai and Varanasi, still exceed national air quality standards. The National Clean Air Programme aims for a 40 per cent reduction by 2025-26, with significant funding allocated for city action plans.
The expiry of the anchor lock-in period has released 18.18 lakh shares for trading. This marks the end of a regulatory restriction designed to prevent large-scale selling and stabilize stock prices after an IPO. Typically, anchor investors are required to hold 50% of their shares for 30 days and the remaining 50% for 90 days. With these shares now freely tradable, there could be an increase in market activity and potential price volatility for the stock in the short term.
Secondly, we have been somewhat resilient on most global falls. So, if you see many of the Asian indices, they are now actually YTD negative, whereas we are still mid-teen positive and that has taken our valuations much-much higher than most other emerging market valuations.
A total of 284 shares changed hands on the counter till time (IST).
The Nifty Bank index was trading 0.36 per cent up at 50758.75.
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The stock quoted a 52-week high of Rs 5356.05 and a 52-week low of Rs 3617.3.
A total of 12,166 shares changed hands on the counter till 10:55AM (IST).
The 30-share BSE Sensex was up 165.77 points at 81349.7
Shree Tirupati Balajee Agro Trading's IPO saw a 25x subscription, with strong demand from non-institutional and retail investors. GMP indicates a 49% listing potential. Price band is Rs 78-83.
Jeyyam Global Foods made a flat debut on the NSE SME platform with a listing price of Rs 61, matching its issue price. The IPO received strong investor interest, being subscribed over 100 times. The company plans to use the proceeds for working capital, capital expenditure, and general corporate purposes.
Defence minister Rajnath Singh disclosed that in September 2016, four Opposition MPs attempted to engage with Hurriyat Conference leaders for peace talks in Kashmir. However, the separatist leaders refused to meet them. Singh recounted these events while addressing an election rally in Jammu, highlighting the central government's efforts to normalize the situation in Kashmir.
Mahindra Last Mile Mobility Limited (MLMML) has announced its new commercial electric vehicle, named the ‘e-ZEO’. Set to launch on October 3, 2024, the ‘e-ZEO’ stands for "Zero Emission Option," highlighting its environmental benefits. Featuring high-voltage architecture for better efficiency, range, and charging speed, the ‘e-ZEO’ is designed to compete in the small commercial vehicle (SCV) sector.
The NSE Nifty index was trading 58.15 points up at 24910.3
In an exchange filing, the company stated, "Deep Industries Ltd (DIL), a leading integrated solutions provider for oil and gas field operations, has secured a significant order valued at Rs 1,402 crore from ONGC."
We have also seen from many European car makers in terms of statements that they are slowing down the EV transition path as the adoption remains lesser than expected. So, I think that is a concern for pure EV players at this stage. So, broadly automakers who are across the traditional autos and EVs combined I think they are in a better position.
