Hyundai India’s weak debut one more among mega IPOs
“Since the issue size was large, it took away the possibility of the share price seeing any scarcity premium on the listing day,” said Mrunmayee Jogalekar, auto research analyst at Asit C Mehta Investment Intermediates. “The lack of retail participation and the near-term concerns on the auto sector led to the tepid listing.”
Broader market gets the feeling of Covid deja vu
The slump in nearly one-third of the stocks has been as severe as the Covid-led sell-off in March 2020. Among 1,472 stocks with a market capitalisation of over Rs 1,000 crore, 29 have plunged between 50% and 70% from their yearly highs, while 533 have fallen between 25% and 50%.
There’s scope for more insurance companies in India, says Irdai chairperson
Speaking at an industry event organised by the CII on Tuesday, Insurance Regulatory and Development Authority of India (Irdai) chairperson Debasish Panda said the 1.4 billion population base offers massive growth opportunities. “There is scope for more than 70 insurance companies to cater to 1.4 billion people. I encourage more conglomerates to enter the insurance […]
Zomato ticks the boxes, yet has a lot more to deliver
The company reported an operating profit of ₹226 crore in the quarter against the year-ago loss of ₹47 crore. The operating profit margin stood at 4.7% for the quarter. The improved profitability comes on the back of food delivery margins firming up and quick commerce margins staying near break-even despite the store network expansion.
Rupee closes at new low of 84.0775 vs USD amid outflows
The Indian rupee closed at yet another record low of 84.0775 against the US dollar on Tuesday, pressured by outflows caused by Hyundai routing back funds to its parent company in South Korea after its latest IPO, dealers said.
Adani Energy Solutions gets Sebi notice on shareholder classification
Without disclosing further details, the company mentioned the receipt of the SCN in its exchange filing for the September quarter results.