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Swiggy has revised its IPO valuation target to $12.5 billion-$13.5 billion, a reduction of 10-16% from the previous $15 billion estimate, due to recent market volatility. The food delivery giant plans to conduct roadshows in various Indian cities starting October 30 for its $1.4 billion offering, which is set to be the second largest IPO in India this year. The decision comes amid a downturn in the Indian stock market, with the Nifty 50 index experiencing significant losses.
On October 24, the Sensex and Nifty remained largely flat, influenced by declines in FMCG and IT stocks, while financials and construction sectors offered some support. Hindalco, HUL, Aster DM, and Dr. Lal Pathlabs were noted among the top gainers and losers in the trading session.
Godavari Biorefineries' IPO has garnered a 54% subscription by the second day of bidding, with retail investors subscribing 0.96 times their allotted quota. The Rs 555-crore share sale aims to raise Rs 325 crore through a fresh issue and Rs 229.75 crore via an offer-for-sale of 65.26 lakh shares. The price band is set between Rs 334-352 per share, with Mandala Capital AG exiting by selling its entire stake.
Sovereign Gold Bonds (SGBs) have gained popularity among Indian investors, especially with limited new issuances leading to a 5-10% premium in secondary markets. While these government-backed bonds offer benefits like a coupon rate and tax exemptions, many small investors are drawn to purchasing older series, which are not actively traded, raising concerns about the potential drawbacks of buying at a premium.
The Nifty 50 closed at 24,399, down 36 points, marking its fourth consecutive day of decline. Despite forming a Doji candlestick pattern, which suggests a potential rebound, the overall negative trend raises concerns about sustainability, with resistance expected at 24,500-24,600. A drop below 24,300 could lead to further selling pressure.
Motilal Oswal has reiterated a BUY rating for UltraTech Cement, setting a target price of INR 13,000. Despite a 21% YoY decline in EBITDA to INR 20.2 billion due to operational challenges, the company anticipates a recovery driven by pent-up demand and good monsoon conditions, projecting double-digit volume growth in the second half of FY25. With significant capacity expansion plans, UltraTech is expected to gain market share and achieve a CAGR of 16% in consolidated EBITDA over FY24-FY27.
Motilal Oswal has reiterated a BUY rating for MCX, setting a one-year target price of INR 7,600, based on a strong performance in 2QFY25. The company reported a 73% YoY increase in operating revenue to INR 2.9 billion, driven by a 114% surge in volumes, with significant growth in both futures and options trading. PAT reached INR 1.5 billion, a notable recovery from a loss in the previous year, prompting a 10% and 11% increase in FY25/26 EPS estimates.
The Union Cabinet has approved a Rs 1,000-crore venture capital fund aimed at boosting India's space tech ecosystem, initially announced by Finance Minister Nirmala Sitharaman in July. This fund will support startups with investments ranging from Rs 10-60 crore, fostering innovation in satellite technology, launch vehicles, and space applications. Awais Ahmed, CEO of Pixxel, emphasized that this initiative is crucial for driving impactful innovation both domestically and globally.
The Elective Healthcare Services market is poised for significant growth from 2024 to 2032, driven by rising disposable incomes, health awareness, and technological advancements. This market encompasses non-emergency medical procedures, including cosmetic surgery and fertility treatments, with key players like Fortis Healthcare and Apollo Hospital leading the sector. Comprehensive analysis covers market dynamics, segmentation, and regional insights, providing a detailed outlook for stakeholders.
In September, less than 50% of equity diversified funds outperformed their benchmarks, a decline from 67% in August, amid increased market volatility. Open-ended equity mutual fund inflows fell 10% month-on-month to ₹34,419 crore, yet remained positive for the 43rd consecutive month. Over the past year, 55% of these funds have outpaced their benchmarks, up from 48% last year.
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Swiggy lowers IPO valuation amid market volatility to 12.5 billion dollars
13:55 24.10.2024
Hindalco and HUL among top gainers as markets remain flat
13:54 24.10.2024
Godavari Biorefineries IPO sees 54 percent subscription amid market challenges
13:38 24.10.2024
risks of buying sovereign gold bonds at a premium in secondary markets
13:37 24.10.2024
Nifty faces hurdles ahead as bulls show signs of potential rebound
13:34 24.10.2024
UltraTech Cement targets growth despite recent earnings decline, maintains buy rating
13:08 24.10.2024
MCX reports strong revenue growth and maintains buy rating with target price
13:08 24.10.2024
India launches 1000 crore venture capital fund to boost space sector innovation
12:58 24.10.2024
elective healthcare services market poised for significant growth through 2032
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12:58 24.10.2024
equity mutual funds struggle as performance dips amid market volatility
12:51 24.10.2024
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