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Greaves Electric Mobility (GEML), a subsidiary of Greaves Cotton, has submitted a Draft Red Herring Prospectus (DRHP) for its initial public offering (IPO) to the Securities and Exchange Board of India, BSE, and NSE. The IPO includes a fresh issue of equity shares worth up to Rs 10,000 million and an offer for sale of 51 million shares by the company and 138.4 million shares by Abdul Latif Jameel Green Mobility Solutions DMCC.
Sudeep Shah, Head of Technical & Derivatives Research at SBI Securities, predicts that BSE, PB Fintech, and Paytm stocks will likely rise in the coming week. BSE has broken out of an ascending triangle pattern, while PB Fintech has confirmed a stage-2 cup pattern breakout, both supported by strong volume. Paytm is expected to maintain its upward trend as it continues to form higher peaks and troughs, with bullish momentum indicators suggesting further gains.
Investors in cyclical stocks must exercise patience as the BSE capital goods index has dropped 13% from its highs amid a market correction. The sector, linked to economic growth and infrastructure development, saw significant valuation increases post-Covid, reminiscent of the 2007-08 market dynamics. However, as the capex cycle shifts, a prolonged period of low valuations may follow.
The National Stock Exchange (NSE) has expanded its futures and options (F&O) segment by adding 45 new stocks, effective November 29, 2024, increasing the total to 223. This inclusion, following SEBI’s revised criteria, aims to enhance liquidity and market participation, featuring notable stocks like LIC, Jio Financial Services, and Zomato. Analysts anticipate that this move will boost trading volumes and improve price discovery for these stocks.
UBS Principal Capital sold a 1.03% stake in BSE Limited, with notable buyers including Amansa Holdings Private, Think India Opportunities Master Fund LP, and iShares Core MSCI Emerging Markets ETF. In a broader trading session, UBS offloaded shares in several Indian companies, including Alkem Laboratories, Kalyan Jewellers, and Oberoi Realty, while Amansa Holdings acquired 13.94 lakh shares of GMM Pfaudler. Other transactions included sales by Paradise Moon Investment Fund-I and Vikasa India EIF I Fund-Incube Global Opportunities in Mcon Rasayan India Ltd.
BSE shares surged over 4% on November 25 following the announcement of futures and options (F&O) contracts for 43 stocks, revealed post-market hours on November 22. The stock reached an intraday high of Rs 4,933, with a midday quote of Rs 4,845.70, reflecting a 2.66% increase. Trading for these contracts will commence on December 13.
Nifty is expected to open with a gap up of 300-400 points on November 25, following the BJP-led NDA's strong performance in the Maharashtra elections, which is anticipated to boost market confidence and focus on infrastructure development. Experts note that this positive surprise could elicit a strong market reaction, despite recent corrections. The benchmark indices gained over 2.5 percent on Friday, although they remain marginally down for the month.
Operating cash flows for BSE 500 firms have shown a significant slowdown, reflecting weak revenue growth and broader economic challenges. In the September quarter, revenue growth for these companies was below 10% year-on-year, marking a continued decline over the past six quarters.
The NSE and BSE will be closed on November 20, 2024, due to assembly elections in Maharashtra. There will be no trading in equity, Futures & Options, and Securities Lending and Borrowing segments on this day. Votes for the 288-member state legislative assembly will be counted on November 23.
Indian equities are currently experiencing a correction, with major indices like the Nifty 50 and BSE Sensex down 8-10% from their September peaks. This decline is attributed to slowing domestic economic growth, persistent inflation, and disappointing corporate earnings, particularly in Q2. Investors should brace for potential further corrections ahead.
BSE Limited
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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