IPO juggernaut rolls on

Nifty50: 16,280 ▲21 (+0.1%)
Sensex: 54,554 ▲151 (+0.2%)

After a volatile session, markets managed to close higher today. However, 30 of the Nifty50 stocks closed in the red, indicating stock-specific weakness.

Among the Nifty sectoral indices, IT (+0.8%) and Financial Services (+0.3%) were the top gainers, whereas Metal (-2.7%) and PSU Bank (-2.6%) lost the most.

Here are the top stories of the day.

IPO season continues on D-street

The IPO bazaar continues to remain in the spotlight with four public issues open for subscription this week. On Day 2, the IPOs of multichannel auto platform CarTrade Tech and cement maker Nuvoco Vistas Corporation were subscribed more than 85% and 25%, respectively. 

Besides these public issues, home loan finance company Aptus Value Housing Finance, whose IPO was launched today, has been subscribed around 24%. Also, specialty chemicals manufacturer Chemplast Sanmar’s IPO, which is open for subscription from today, has been subscribed around 16%. You can apply for these IPOs on Upstox by clicking here. 

Kalyan Jewellers losses narrow

India’s leading jewellery maker Kalyan Jewellers posted a 109% year-on-year growth in revenue, which stood at ₹1,636 crore in the June quarter. During the same period, the company also ported a net loss of ₹51 crore, down from ₹86 crore in the same quarter last year.

Higher expenses in advertising and promotional activities impacted the bottomline of the company. Further, the company said that it has opened 9 new stores in the month of April and the total count of the store now stands at 116. Shares of the Kalyan Jewellers were down by 0.8% today and have fallen nearly 12% since their listing in March 2021.

Hinduja Global rises on divestment plan

Hinduja Global Solutions Limited (HGS) will divest its healthcare services business to funds affiliated with Baring Private Equity Asia (BPEA) at an enterprise value of $1.2 billion (₹9,000 crore). The healthcare business was one of the nine business verticals of HGS. 

Going ahead, HGS will focus on strengthening its consumer engagement solutions, HGS Digital and human resource outsourcing and payroll businesses. Shares of HGS were locked in the 5% upper circuit today and have risen nearly 90% so far this fiscal. 

Closing bell

Today the markets closed almost where they opened, which indicates indecision. After breaking out from the 16k mark, the indices have been in a consolidation mode for the fourth day in a row. While on one side, the banks are catching up with the broader index, metals are pulling it down. Meanwhile, the midcap and smallcap stocks are seeing profit booking and are completely disregarding the fact that the Nifty50 is at record highs. Today, the Nifty Midcap 100 and Smallcap 100 indices fell 1.0% and 2.3%, respectively.

Good to know

What is a limit order?
A limit order provides an option to an investor or trader to buy and sell stocks at a particular price. For instance, assume that you don’t want to pay more than ₹92 for a stock. Then you can place a buy limit order of ₹92, which means that your order will be executed if the stock price falls at or below that level. Similarly, if you want to sell a stock at ₹100, you can place a sell limit order of ₹100. However, there is also a possibility that your limit order won’t get fulfilled, if the stock doesn’t reach the desired level.

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Investment in securities markets is subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.