Paytm share price falls over 20% post debut with discount
Paytm operator One 97 Communications share price fell more than 20 percent intraday after a debut with discount.
The share had a moderate listing on the bourses on November 18 as it fell 9 percent on debut.
The stock opened at Rs 1,950 on the National Stock Exchange and the listing price on the BSE was Rs 1,955, against issue price of Rs 2,150.
One 97 Communications was quoting at Rs 1,564.00, down Rs 586.00, or 27.26 percent.
JPMorgan view on Vedanta
Foreign broking firm JPMorgan has kept overweight call on Vedanta with a target at Rs 400 per share.
If the company demerges businesses into separate listed entities, there may be 4 listed companies, however most likely, it could be a de-merger with mirror shareholding of the existing company, it added.
Vedanta was quoting at Rs 308.85, down Rs 29.55, or 8.73 percent.
Oil at six-week low as China readies crude oil reserve release
Oil prices slid to six-week lows on Thursday as China said it was moving to release strategic reserves after a Reuters report that the United States was asking large consuming nations to consider a coordinated stockpile release to lower prices.
The bid by the U.S. to shock markets, asking China to join a coordinated action for the first time, comes as inflationary pressures, partly driven by surging energy prices, start to produce a political backlash, as the world fitfully recovers from the worst health crisis in a century.
Brent crude was down 83 cents, or 1%, to $79.87 a barrel by 0749 GMT, after earlier dropping to $79.28, the lowest since Oct. 7.
Market at 3 PM
Benchmark indices erased some of the intraday losses but still trading in the negative territory with Nifty around 18000 level.
The Sensex was down 207.32 points or 0.35% at 59801.01, and the Nifty was down 88.20 points or 0.49% at 17810.50.About 949 shares have advanced, 2150 shares declined, and 100 shares are unchanged.
SBI, Power Grid Corp, HDFC Bank, IOC and Reliance Industries were among major gainers on the Nifty, while losers were Tata Motors, Tech Mahindra, M&M, HCL Technologies and Tata Steel.
Tech Mahindra acquires digital engineering quality assurance provider Lodestone
Tech Mahindra has acquired Lodestone, a leading digital engineering quality assurance provider for new age digital companies.
The acquisition sets up Tech Mahindra as a leader in the digital engineering space by enhancing its capability to provide end-to-end quality assurance services across hardware, software, and data layers.
Tech Mahindra was quoting at Rs 1,584.00, down Rs 33.90, or 2.10 percent on the BSE.
Sensex, Nifty Drop: Key Factors Behind The Fall
The market is in negative territory for the third consecutive day and experts link this to weak global cues and continuous withdrawal by foreign portfolio investors. The tepid listing of the much-hyped shares of One 97 Communications, the operator of Paytm, added to the negative sentiment. The stocks listed at Rs 1,950 on the National Stock Exchange compared to its offer price of Rs 2,150, and plummeted to as low as Rs 1,586.35.
If you want clothes left, pls exit stock futures longs
— Ashwani Gujral (@AshwaniGujral6) November 18, 2021
European markets are trading flat with FTSE down marginally in the red
Go Fashion IPO updates: The public issue of Go Fashion, which sells women’s bottom-wear under brand Go Colors, has received good response from investors with 3.98 times subscription on November 18, the second day of bidding.
Investors have put in bids for 3.21 crore equity shares against the offer size of 80.79 lakh equity shares, as per the subscription data. Retail investors have been active from the day one of bidding, buying shares 18.80 times their reserved portion, while the part set aside for non-institutional investors is subscribed 1.48 times so far and that of qualified institutional buyers has seen 29 percent subscription.
Market update at 2 PM: Sensex is down 240.88 points or 0.40% at 59767.45, and the Nifty shed 96.70 points or 0.54% at 17802. Tata Motors, Eicher Motors and HCL Tech are the top losers while One 97 Communications, Escorts and Tata Motors are the most active stocks.
Among the sectors, auto and metals are down 2 percent each while the PSU Bank index is trading in the green. The midcap and smallcap indices are down over a percent each.
Since we’re all comparing today to Reliance power’s listing date – the market actually went UP 11% in the next five days after it listed 🙂 pic.twitter.com/zDwbL9eSag
— Deepak Shenoy (@deepakshenoy) November 18, 2021
BSE Smallcap index fell over 1 percent dragged by the Zensar Technologies, Aurum Proptech, PDS Multinational Fashions
