Category: News

Leo Dryfruits & Spices kicked off its stock market journey with a bang on Wednesday, listing at ₹68 on the BSE SME platform—a solid 31% jump from its issue price of ₹52. However, the early enthusiasm cooled off quickly, with the stock slipping 2.2% to ₹66.50 in subsequent trading. The ₹25.12 crore IPO saw extraordinary demand during its subscription period from January 1 to January 3. Non-institutional buyers led the charge, oversubscribing their portion by a jaw-dropping 394 times, while retail investors followed with 154 times oversubscription. Even the qualified institutional buyers (QIBs) showed strong interest, bidding 68 times their allocated shares. Leo plans to channel the IPO proceeds into key areas like working capital, branding, advertising, marketing, and general corporate purposes.  The majority of Leo’s business currently comes from Maharashtra, with sales in the state contributing over 96% of its revenue for the fiscal year ending March 2024. Now, Leo aims to extend its footprint across India and venture into international markets. Despite the initial dip post-listing, the market debut underscores strong investor confidence in Leo Dryfruits & Spices’ growth potential.

Ola Electric has landed in regulatory trouble after India’s market watchdog, SEBI, issued a warning regarding its failure to provide timely and equal information to investors. The issue arose when Ola’s founder, Bhavish Aggarwal, announced the opening of new stores on social media platform X before officially disclosing the information to stock exchanges. This delay of nearly four hours violated disclosure norms that mandate listed companies to inform investors first and within 12 hours of significant events. In a strongly worded letter, SEBI emphasized that such violations are viewed “very seriously,” marking another regulatory setback for Ola Electric. The company, which went public in August 2024, had previously drawn scrutiny over service quality issues following a government investigation. Although it recently celebrated the opening of 3,200 new stores and service centers to address mounting service complaints, the regulatory reprimand underscores broader challenges. After an impressive IPO debut where the stock doubled in value within a week, the company has struggled to sustain its early momentum, facing stiff competition from established.

IndusInd Bank is clawing its way back from a steep sell-off, showing a 6% recovery in just eight sessions. The stock now trades at ₹983, bouncing from a one-year low of ₹928. The slump was largely tied to a disappointing Q2FY25 performance that led brokerage firms to slash their targets, triggering an intense sell-off. The bank’s much-anticipated Bharat Financial (BHAFIN) acquisition, aimed at building a strong rural deposit base, hasn’t delivered as hoped. Combined with struggles in retail lending and macroeconomic challenges in the microfinance (MFI) segment, IndusInd has found itself in a tight spot. On the auto finance front, weak demand has added to the challenges, while personal loans and credit cards—the backbone of its non-vehicle retail loan book—aren’t exactly thriving either. These factors have left analysts skeptical about the bank’s near-term trajectory. That said, there’s some optimism. Analysts expect stable margins for Q3FY25, aided by shifts in loan-to-deposit ratios and secured products. But risks in the bank’s MFI, vehicle finance, and small corporate portfolios remain a concern.

Indo Farm Equipment’s IPO debut may have missed sky-high market expectations, but it didn’t disappoint. Opening at ₹256 on the NSE and ₹258.40 on the BSE—about a 19% premium over its IPO price—the stock quickly gained steam. Within minutes of its listing, the share price surged nearly 10%, hitting an intraday high of ₹287 on the NSE and ₹286.90 on the BSE. Market watchers attribute the muted initial performance to broader concerns, including reports of human metapneumovirus (HMPV) cases in India, which triggered some caution among investors. But the early jitters didn’t stop the stock from benefiting from a market rally, as traders swooped in to capitalize on the strong debut. Analysts have mixed views about Indo Farm Equipment’s valuation and future trajectory. The market buzz around Indo Farm Equipment isn’t just about its numbers—it’s also about timing. Concerns over HMPV cases in India and respiratory virus outbreaks globally have added a layer of uncertainty. With reports of cases in Karnataka and Gujarat, investors remain cautious, even as the broader market shows resilience. For now, Indo Farm Equipment has managed to secure a strong footing. Whether it can sustain the momentum will depend on its ability to deliver on growth promises amid an ever-evolving market landscape.

Paras Defence and Space Technologies saw its share price skyrocket by 10% on the morning of January 7, following the announcement that the company had been granted a lifetime license under the Arms Act, 1959. This license gives Paras Defence the green light to produce modernised, enhanced MK-46 and MK-48 Belt-fed Light Machine Guns (LMGs), with an impressive production target of 6,000 units annually. This move has the potential to significantly boost the company’s manufacturing capacity. The news caused a surge in the stock, pushing it to ₹1,066.50 per share, hitting the upper price limit. Prior to the announcement, the stock had opened at ₹960.65, slightly below its previous close of ₹969.55. By 10:05 AM, Paras Defence was up 6.8% at ₹1,035.30, bouncing back from its earlier dip. Despite the positive price jump today, in the past month, the stock has faced an 8% decline and a 33% drop over the last six months. However, looking at the longer term, it’s up 32% over the past year.

The detection of Human Metapneumovirus (HMPV) cases in India sent ripples across the stock market on Monday, triggering a nearly 5% crash in airline and hotel stocks. By Tuesday morning, some recovery was underway. At 10:24 a.m. IST, InterGlobe Aviation shares rose 1.28% to ₹4319.6, while SpiceJet inched up 1.47% to ₹53.8. TAJGVK Hotels & Resorts Limited gained 2.42% to ₹432.05, and Indian Hotels Company Limited rebounded 2.95% to ₹869.2. The broader market wasn’t immune to the HMPV-triggered jitters. The Ministry of Health confirmed five HMPV cases as of Monday evening, including two in Karnataka, two in Chennai, and one in Ahmedabad. Union Health Minister J.P. Nadda assured the public that the government is monitoring the situation closely. He added that the Health Ministry, ICMR, and the National Centre for Disease Control are keeping tabs on the HMPV outbreaks in China and neighboring countries. For now, the absence of travel restrictions or guidelines is helping contain panic, but markets remain on edge, with investors closely watching for further developments around the HMPV threat.

After a meteoric rise that turned heads across the market, ITI shares came crashing down, plunging 10% on January 7 to hit their lower circuit. This sharp drop came a day after the BSE and NSE demanded clarification on the stock’s dramatic movements, which had seen it soar over 43% in just two sessions. Opening strong at ₹572.40 on the BSE and ₹575.15 on the NSE, the stock quickly spiraled downward, hitting its lower price bands of ₹491.25 and ₹489.95, respectively. This dramatic shift follows an astounding rally: ITI shares had climbed 19% on Monday and 20% the previous Friday, setting the market abuzz. The exchanges’ inquiry into these abnormal movements highlights their efforts to ensure transparency and protect investors. ITI acknowledged the query in a filing but has yet to provide a response. What’s driving the rollercoaster? ITI, a PSU under the Department of Telecommunications, has been a favorite among investors lately, with its stock climbing over 75% in the past year and skyrocketing 180% since hitting a 52-week low of ₹210.20 in October. Strong financials and government-backed infrastructure initiatives have fueled this impressive performance.

The Indian rupee rebounded in early trading on Tuesday, buoyed by U.S. President-elect Donald Trump’s denial of a report suggesting his trade tariffs might not be as stringent as previously feared. By 10:10 a.m. IST, the rupee had strengthened to 85.6750 against the U.S. dollar, recovering from its record low of 85.84 hit on Monday. The Washington Post had reported that Trump’s aides were contemplating tariffs targeting sectors critical to national or economic security. Trump’s denial of this report provided support for the dollar, helping it recover some ground, although it still dipped about 1% against major global peers. The dollar index, which tracks the greenback against a basket of currencies, settled at 108.2, while Asian currencies, including the rupee, logged modest gains. Domestically, the rupee’s recovery was supported by dollar sales from at least two large foreign banks, likely acting on behalf of custodial clients, according to a state-run bank trader. Meanwhile, benchmark Indian equity indexes were back in the green, recovering from the previous session’s slump of over 1.5%.

MobiKwik’s Market Debut Sparks a Surge

Tuesday brought some relief to Indian markets after Monday’s bruising session. The Nifty 50 nudged up 0.3% to 23,686.1 points, while the BSE Sensex ticked 0.15% higher to 78,075. Energy stocks took the lead, lending some much-needed momentum to an otherwise cautious trading day. Monday’s slump—fueled by earnings jitters, human metapneumovirus (HMPV) fears, and persistent foreign outflows—was the steepest since early October 2024. But government reassurances downplaying HMPV risks seem to have calmed nerves. With quarterly earnings kicking off Thursday, analysts are betting these updates will set the tone for near-term market moves. 11 of the 13 major sectors closed in the green. The oil and gas index stole the spotlight, surging 1.5%. Oil and Natural Gas Corp (ONGC) surged 3.5%, basking in CLSA’s upgrade to “high conviction outperform.” Meanwhile, Bharat Petroleum Corporation gained 1.5%, while GAIL and Indraprastha Gas climbed 2.3% and 1%, respectively, following BPCL’s decision to list Maharashtra Natural Gas (MNGL).