Indices at previous closing
Nifty50: 17,325 ▲103 (+0.6%)
Sensex: 57,943 ▲ 350 (+0.6%)
Nifty Bank: 35,847 ▲ 136 (+0.3%)
SGX Nifty: 17,529 ▲ 151 (+0.87)^
For more updates on F&O, click here.
IPO buzz resumes on D-street
TaMo faces high battery cell prices
The management of Tata Motors has reportedly said that a 20% rise in battery prices could put pressure on the company in the short-term. The cell prices, on the back of surging raw material costs, are expected to remain high for about a year, according to the automaker.
The price of lithium carbonate, a key raw material used in lithium-ion batteries, has risen multi-fold to $70,000 a tonne in March 2022, compared to just $10,000 a year back, according to an industry forecast. In line with this rise, the company had hiked the price of the Nexon EV by 2% for the base model. Meanwhile, shares of Tata Motors were up 0.2% yesterday.
Indian Hotels to focus on profitability
According to reports, the management of Indian Hotels has said it will focus on operating margins, free cash flows and having a healthy balance sheet structure. This, according to the management, will help the company to be in a better position to tackle Black Swan events like the pandemic.
The management also reportedly said that the travel demand is reviving. Meanwhile, shares of Indian Hotels rose 3.5% yesterday.
IPO buzz continues on D-Street
The agrochemical and speciality chemical manufacturer Hemani Industries has filed its draft red herring prospectus with the market regulator SEBI. The company plans to launch a ₹2,000 crore IPO.
Meanwhile, the IPO of edtech player Veranda Learnings Solutions was subscribed more than 70% on Day 1. Also, steel products maker Hariom Pipe Industries will launch its ₹130 crore IPO today. Click here to apply for these IPOs on Upstox.
Fact of the day
In FY22, Indian companies raised a record ₹1.1 lakh crore through IPO route
Source: Economic Times
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