Delhivery slides below IPO price in grey market
Shares of logistics and supply chain startup Delhivery have slid below the IPO price in the grey market ahead of listing on May 24.
The stock was already seeing muted volumes in the grey market after the IPO saw a dull response from retail and high net worth investors. The stock hit peak premium of Rs 7-8 on May 1. The premium fell to Rs 3-4 on Wednesday. On Thursday, it turned minus Rs 3-6, a dealer said.
The tepid response in the grey market was also due to continued losses reported by the firm with weak cash flows. Its IPO price band was set at Rs 462-487 a share.
The company made a loss of Rs 891.14 crore for the nine months ended December 2021 and in FY21 it posted a Rs 416 crore loss. Revenue in the nine months ended December was Rs 4,911 crore; FY21 revenue was Rs 3,838 crore.
The IPO got lukewarm response from retail and high net worth investors with their categories subscribed just 0.57 and 0.3 percent respectively. The institutional buyers booked 2.66 percent of their quota.
Market at 10 AMBenchmark indices extended the early gains with Nifty above 16100.The Sensex was up 1,140.57 points or 2.16% at 53932.80, and the Nifty was up 349.90 points or 2.21% at 16159.30. About 2355 shares have advanced, 461 shares declined, and 97 shares are unchanged.
SEBI issues adjudication order against subsidiary of Fortis HealthcareSEBI has now issued an adjudication order in respect of Escorts Heart Institute and Research Centre Limited (EHIRCL) – a wholly owned subsidiary of Fortis HealthcareThe matter is relating to the alleged diversion of funds from the company by its erstwhile promoters.A penalty of Rs 1 crore has been imposed on EHIRCL for violations of certain provisions of the SEBI Act, 1992 and the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003.
Prudent Corporate Advisory Services debuts at 4% premium
Prudent Corporate Advisory Services Ltd (Prudent), an independent retail wealth management services group in India, made its debut on the bourses at a premium on May 20, the listing day.
The stock opened at Rs 660, at a premium of 4.7 percent to its issue price of Rs 630 on the BSE, while the listing price on the NSE was Rs 650.
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The company reported a 15 percent year-on-year rise in consolidated revenues from operations to Rs 5,437 crore for the March quarter.
Glenmark Pharma receives USFDA approval:Glenmark Pharmaceuticals Inc., USA (Glenmark) has received final approval by the United States Food & Drug Administration (U.S. FDA) for Abiraterone Acetate Tablets USP, 500 mg, the generic version of Zytiga Tablets, 500 mg, of Janssen Biotech Inc.
BSE Oil & Gas index added 2 percent supported by the Petronet LNG, BPCL, Adani Total Gas
Nifty Metal index rose 3 percent led by the Hindustan Copper, JSW Steel, Vedanta
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We have been very vocal for the past one year that India deserves a higher PE premium compared to global peers and despite spike in commodity prices, especially oil, India’s relative valuation premium…
Prudent Corporate Advisory Services to list today
Prudent Corporate Advisory Services is going to list on the exchanges today.
The public offer opened between May 10-12 with a price band of Rs 595-630 a share.
The public issue of Prudent Corporate Advisory Services has received bids for 73.29 lakh equity shares against an offer size of 60.18 lakh equity shares, subscribing 1.22 times on May 12, the final day of bidding.
Retail investors have bought 1.29 times of the allotted quota and employees bid for shares 1.23 times the reserved portion.
The part set aside for non-institutional investors has been booked 99 percent, while qualified institutional buyers (QIB) portion was booked 1.26 times.
HPCL Q4 Results:State-run oil refiner and marketer Hindustan Petroleum Corp. Ltd (HPCL) posted a 34 percent decline in consolidated net profit in the March quarter to Rs 2,019 crore from Rs 3,061 crore in the year-ago period due to rise in total cost.Revenue for the quarter stood at Rs 1.07 trillion, up 24.2 percent from Rs 85,755 crore last year. Total cost rose 28 percent to Rs 1.05 trillion from Rs 81,717 crore a year ago.Operating margin for the quarter contracted sharply to 1.57 percent from 4.46 percent last year.
Indian rupee opened 23 paise higher at 77.49 per dollar on Friday against previous close of 77.72.