Sah Polymers debuts on the bourses with 30% premium
Sah Polymers surprised the Street with a strong opening as the stock made a debut with 30.7 percent premium over issue price on January 12. This was the last listing among IPOs launched last month.
The bulk packaging solutions provider started off the first day trade at Rs 85, against an issue price of Rs 65 per share, despite volatility in the equity markets. Healthy subscription numbers, and good financial track record are some of reasons for the premium listing.
The company launched its maiden public issue on December 30, 2022, and it was closed with 17.46 times subscription on January 4, 2023.
BSE Power index added 0.5 percent led by Adani Transmission, Siemens, Adani Power
DB Realty shares locked at upper circuit:DB Realty share price locked at 5 percent upper circuit on January 12 after company executed settlement agreements with lender.DB Realty and its wholly owned subsidiary company, Goregaon Hotel and Realty Private Ltd have executed settlement agreements with Reliance Commercial Finance (Lender) on January 10, 2023 for the loans given by the lender in the past, as per the company’s press release.The company has agreed to pay an amount of Rs 185.60 crore to the lender as full and final settlement in various tranches.Goregaon Hotel has agreed to pay an amount of Rs 214.40 crore to the lender as full and final settlement in various tranches.
Market at 10 AMThe Sensex was down 110 points or 0.18% at 59995.50, and the Nifty was down 29.70 points or 0.17% at 17866. About 1631 shares have advanced, 1257 shares declined, and 147 shares are unchanged.
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V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The US inflation data expected tonight will be market moving. If the December inflation data declines to 6.5% as the market expects with a 0.1% decline on a monthly basis, that can lead to the Fed downshifting its rate hiking with a 25 bp hike in February and then pausing. This can trigger a rally in equity markets. On the other hand, if inflation remains high, there can be a market sell-off. So watch out for this crucial data.
In India, FIIs continued their selling spree for the 14th straight session taking the cumulative selling to Rs 19795 crores, dragging the market down.
An important lesson from market experience in 2022 is that despite FII selling of Rs 146048 crores Nifty went up by 4.3%. Therefore, even though FII selling can have a short term impact, that is unlikely to last. If incoming economic data turns out positive, domestic investors can trump FIIs like in 2022.
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