Zinka Logistics Solutions’ ₹1,114.72 crore IPO opens today with a price range of ₹259-273 per share. The IPO includes a fresh issue of ₹550 crore and an offer for sale of ₹564.72 crore. Anchor investors have already committed ₹501 crore. The funds will be used for marketing, product development, and other corporate purposes. Zinka connects 63,345 truck operators across India.
Afcons Infrastructure's shares started off at an 8% discount but later climbed to an intra-day high of ₹477.50. The company has a big order book worth ₹45,000 crore, and it's expecting to see revenue growth pick up after a quiet fiscal year. They recently landed contracts, including the Bhopal Metro's Blue Line, and are aiming for a 15% growth rate over the next three years.
Citi has upgraded One97 Communications' shares to "buy" and set a price target of ₹900, showing a 22% potential increase. However, this target is still much lower than the IPO price of ₹2,150.
Hyundai Motor India shares launched on the NSE at Rs 1,934, showcasing a 1.32% discount to its IPO price of Rs 1,960. The IPO, the largest in India's history, captivated institutional buyers despite a lackluster retail response.
DMart’s shares dropped by 9.3% in early trading today after their Q2 earnings report disappointed investors. Even though profits were up 8% compared to last year, they fell 12% from the previous quarter, leading to downgrades from several brokerages and showing that online grocery competition is heating up.
Wipro Ltd is all set for a board meeting on October 17 to chat about possibly issuing bonus shares and to drop their second quarter results. This comes right after they reported a nice profit bump, even though revenue took a hit.
Bandhan Bank shares shot up over 10% after the Reserve Bank of India gave a thumbs up to Partha Sengupta as the new CEO. Analysts think this is a solid move for management stability, especially after the recent leadership shake-ups. Plus, the bank’s loan claims audit wrapped up on a high note, which could help boost its capital.
Resourceful Automobile’s stock listed flat at its IPO price of Rs 117 on August 29, even though it was massively oversubscribed by 400 times. The Delhi-based company, which runs just two outlets and has a small team, saw bids for 40.76 crore shares compared to the 9.76 lakh available. The stock's initial performance didn’t live up to the grey market hype, where it was trading at an 89% premium.
Reliance Industries' shares went up by 3% after the company said they're considering a 1:1 bonus issue on September 5. The stock reached Rs 3,074.80 on the BSE, marking an 18% increase for the year. This news came right before the company's 47th AGM.
In Short IREDA's stock has seen a notable 7% rise, driven by the announcement of a potential Rs 4,500-crore fundraising initiative. This move, which includes options such as a qualified institutional placement (QIP) or a rights issue, is set to be reviewed in a board meeting scheduled for August 29. The surge reflects strong investor confidence, bolstered by IREDA's impressive 144% stock price increase this year, vastly outperforming the benchmark Nifty 50's 14% rise. IREDA, a green financing non-banking financial company (NBFC)…