SEBI Meeting Live News | Board to discuss easing norms related to rights issuances
SEBI Meeting Live News | Board to discuss easing norms related to rights issuances
SEBI Meeting Live News | Regulator will will discuss measures proposed earlier in July to limit a surge in derivatives trading
SEBI Meeting Live News | Between last board meeting on June 27 and September 30, Sebi chief was embroiled in Hindenburg's offshore fund allegations
SEBI Meeting Live News | Congress party accuses Buch of trading in listed securities
SEBI Meeting Live News | Regulator may disucss issues on introduction of new asset class
SEBI Board Meeting Live Updates 2024: Row over Madhabi Buch, tighter F&O rules, MF-Lite among top agenda on table
Indian Oil Corporation withdraws ₹22,000 crore rights issue
Indian Oil Corporation has withdrawn its ₹22,000 crore rights issue due to the government's non-participation and lack of allocated funds for Oil Marketing Companies in the 2024-25 budget, following earlier approvals for raising capital.
Stock Price Trend
The stock has soared 98 percent in the last 1 year and over 38 percent in 2024 YTD. It added 1.4 percent in September after a 2.6 percent fall in August.
The OMC stock is currently trading 8.5 percent away from its peak of ₹196.80, hit in February this year while it has surged over 110 percent from its 52-week low of ₹85.51, recorded in October last year.
What is rights issue?
A rights issue is a way for companies to raise capital by offering existing shareholders the opportunity to purchase additional shares at a discounted price, in proportion to their current holdings. This method allows shareholders to maintain their ownership percentage while providing the company with funds for purposes like expansion or debt reduction. The offer is usually time-bound, and if shareholders choose not to buy more shares, they can sometimes sell their rights on the market. Rights issues are commonly used when companies need to raise substantial capital without taking on new debt.
Sensex may hit 1 lakh mark by December 2024 amid long-term bull trend; follow ‘buy on dips’ strategy: Mark Mobius
The problem facing India, as Sebi has pointed out recently, is the derivatives becoming too big; there are too many people gambling on derivatives," he said.
“...we have to watch what measures Sebi is going to take in terms of derivatives; when that happens you will probably see a downturn in the market, just temporary, but you would see a correction in the market. But the measures will not be able to hold back the bull run in Indian stocks, he added.
Indian stock market
On September 24, Sensex crossed the record-high of 85,000 points for the first time. However, the index gave up this level on Monday amid profit-taking at higher levels.
On the IPO boom, Mobius said, “It is not a good idea to pile into IPOs unless you are certain about the business."
According to him, the most interesting sectors right now are real estate, as demand for housing is going to soar, infrastructure and pharmaceuticals. In terms of emerging sectors, he stated that the semiconductor industry is expected to do well, however, it will take time.
we have to watch what measures Sebi is going to take in terms of derivatives; when that happens you will probably see a downturn in the market, just temporary, but you would see a correction in the market. But the measures will not be able to hold back the bull run in Indian stocks, he added.
“I have always said, there will be corrections along the way in India that can be 5-10-15%, so expect that, but be ready to buy when it happens. It is a good idea to hold gold, maybe 10% of the portfolio. One of the reasons for gold's price rise is the Indian buying,” the veteran investor said.
Indian stock market
On September 24, Sensex crossed the record-high of 85,000 points for the first time. However, the index gave up this level on Monday amid profit-taking at higher levels.
The Indian benchmark indices took a tumble today, with both the Sensex and the Nifty 50 dipping over a per cent each. The Sensex opened at 85,208.76 and fell by 1.5 per cent to the day's low of 84,257.14. ThNifty 50 fell below the 26,000 mark. The index opened at 26,061.30 and declined 1.5 per cent to a low of 25,794.10 in intra-day trade.
On the IPO boom, Mobius said, “It is not a good idea to pile into IPOs unless you are certain about the business.”
According to him, the most interesting sectors right now are real estate, as demand for housing is going to soar, infrastructure and pharmaceuticals. In terms of emerging sectors, he stated that the semiconductor industry is expected to do well, however, it will take time.
Diffusion Engineers IPO subscribed over 114X times on day 3 of issue, NII portion booked highest; Latest GMP here
Diffusion Engineers IPO: The initial public offering (IPO) of heavy welding consumable items maker Diffusion Engineers Limited was oversubscribed by over 114 times on the third and last day of issue. The mainboard IPO of the Nagpur-based company opened for subscription on Thursday, September 26, 2024, and closed on Monday, September 30, 2024.
Diffusion Engineers aims to raise ₹158 crore by issuing fresh shares. The company has reserved not more than 20 per cent of the shares in the public issue for qualified institutional buyers (QIB), not less than 15 per cent for non-institutional institutional investors (NII), and nearly 35 per cent of the offer is reserved for retail investors. Fifty per cent was reserved for anchor investors.
Diffusion Engineers IPO Subscription Status
On the third and final day of issue, Diffusion Engineers IPO was subscribed 114.49 times. According to BSE data, the portion reserved for QIBs was booked 95.74 times, the portion reserved for NIIs was booked the highest at 207.60 times, and the portion reserved for retail investors was booked the highest at 85.61 times. The employee portion was booked 95.03 times. The IPO received 75,54,83,608 share applications against 65,98,500 shares offered on Monday. On the first day of issue, the IPO was booked 7.16 times.
Diffusion Engineers IPO Latest GMP
According to stock market experts, Diffusion Engineers IPO GMP, or grey market premium, today is ₹90 per share. This shows that Diffusion Enginners' shares are trading higher by ₹258 in the grey market, a premium of 53.57 per cent to the issue price of ₹168 per share.
Diffusion Engineers IPO Details
Diffusion Engineers IPO is a book-built issue of ₹158 crore, which is entirely a fresh issue of 0.94 crore shares. The company has fixed the Diffusion Engineers IPO price band at ₹159 to ₹168 per equity share. A bidder can apply in lots, and one lot of the public issue comprises 88 company shares. Unistone Capital has been appointed as the lead manager of the public issue.
The issue includes a reservation of up to 50,000 employee shares at a discount of ₹8 to the issue price. The allotment for the Diffusion Engineers IPO is expected to be finalised on Tuesday, October 1, 2024. Diffusion Engineers will list on BSE and NSE, with a tentative listing date fixed as Friday, October 4, 2024.
Diffusion Engineers Company Details
Diffusion Engineers Limited manufactures welding consumables, wear plates and parts, and heavy machinery for core industries. The company also offers specialised repair and reconditioning services for heavy machinery and equipment. Diffusion Engineer's revenue increased by 10 per cent, and profit after tax (PAT) rose by 39 per cent between the financial year ending with March 31, 2024, and March 31, 2023.
The company also trades in wear protection powders and welding and cutting machines. At its production facilities, it offers the super conditioning process, a surface treatment for machine components that increases wear resistance, eliminates stresses, and improves reparability, ultimately extending service life and reducing production costs.
Diffusion Engineers IPO Review
“India’s heavy engineering capital goods industry is estimated to be ₹3,100-3,200 billion as of fiscal 2024 and is projected to clock a CAGR of 7.5-8.5 per cent over fiscals 2023- 27 to reach ₹3,800-3,900 billion. Diffusion Engineers plans to use this growth-fuelled environment by strategically expanding into nickel, cobalt, and iron-based powder manufacturing for an enhanced welding consumables portfolio,” said domestic brokerage Master Capital Service Ltd.
"The company also intends to expand its geographical reach and increase its exports through its subsidiaries and joint ventures. Further, the company is focusing on diversifying its anti-wear solutions and heavy engineering equipment business into new industries and providing customised solutions across various industries. Investors can invest in the IPO for the medium to long term," the brokerage added.
Diffusion Engineers IPO Details
Diffusion Engineers IPO is a book-built issue of ₹158 crore, which is entirely a fresh issue of 0.94 crore shares. The company has fixed the Diffusion Engineers IPO price band at ₹159 to ₹168 per equity share. A bidder can apply in lots, and one lot of the public issue comprises 88 company shares. Unistone Capital has been appointed as the lead manager of the public issue.
The issue includes a reservation of up to 50,000 employee shares at a discount of ₹8 to the issue price. The allotment for the Diffusion Engineers IPO is expected to be finalised on Tuesday, October 1, 2024. Diffusion Engineers will list on BSE and NSE, with a tentative listing date fixed as Friday, October 4, 2024.
Diffusion Engineers Company Details
Diffusion Engineers Limited manufactures welding consumables, wear plates and parts, and heavy machinery for core industries. The company also offers specialised repair and reconditioning services for heavy machinery and equipment. Diffusion Engineer's revenue increased by 10 per cent, and profit after tax (PAT) rose by 39 per cent between the financial year ending with March 31, 2024, and March 31, 2023.
The company also trades in wear protection powders and welding and cutting machines. At its production facilities, it offers the super conditioning process, a surface treatment for machine components that increases wear resistance, eliminates stresses, and improves reparability, ultimately extending service life and reducing production costs.
Diffusion Engineers IPO Review
“India’s heavy engineering capital goods industry is estimated to be ₹3,100-3,200 billion as of fiscal 2024 and is projected to clock a CAGR of 7.5-8.5 per cent over fiscals 2023- 27 to reach ₹3,800-3,900 billion. Diffusion Engineers plans to use this growth-fuelled environment by strategically expanding into nickel, cobalt, and iron-based powder manufacturing for an enhanced welding consumables portfolio,” said domestic brokerage Master Capital Service Ltd.
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