IPO Pulse Grips D-Street: ₹2.59 Lakh Crore Gathered by 5 Issues in Week-Long Bidding Frenzy
Investors on D-Street were caught up in a week-long frenzy as they placed bids worth a total of ₹2.59 lakh crore in the five recently concluded mainboard initial public offerings (IPOs). Tata Technologies Ltd., Gandhar Oil Refineries Ltd., Fedbank Financial Services Ltd., Flair Writing Industries Ltd, and Indian Renewable Energy Development Agency (IREDA) Ltd sustained the IPO pulse in India’s primary markets.
According to market reports, this surge of investor interest reflects the growing appetite for IPOs in India. Despite the ongoing pandemic, the IPO market remains robust and continues to attract significant investments. The success of these recent IPOs further demonstrates the strong demand for companies looking to tap into the primary market.
In other news, the Directorate General of Civil Aviation (DGCA) has issued an advisory to Indian airlines regarding Global Navigation Satellite System (GNSS) interference in airspace. This advisory comes as a response to growing concerns about the potential disruption caused by GNSS interference. The DGCA is taking steps to ensure the safety and efficiency of air travel by addressing these issues.
On the travel front, e-visa services to Canadian nationals have resumed in India. The temporary suspension of visa services was lifted, allowing Canadian citizens to once again apply for e-visas. This development is expected to facilitate travel and strengthen ties between India and Canada.
In the world of technology, former OpenAI CEO Sam Altman has successfully thwarted a recent boardroom coup and is set to make a comeback. Altman’s return comes after a period of uncertainty and disarray within the company. His leadership and experience are expected to stabilize the organization and move it forward.
Amidst global supply chain challenges, Indian airlines are turning to local suppliers for non-critical aircraft components. The scarcity of spare parts has impacted flight operations, prompting airlines to seek alternative sources to meet their needs. This shift highlights the resilience and adaptability of Indian airlines in navigating the current global environment.
There is good news for workers in Delhi, as the government has increased the minimum monthly wages for unskilled, semi-skilled, and skilled workers. The move is expected to improve the financial security of workers and provide them with better earning opportunities.
The government is reportedly investigating the legality of moving unclaimed money from the Sahara-Sebi Refund Account to the Consolidated Fund of India. The proposed move is expected to streamline the process and provide clarity for investors who may later make claims.
In sports, Indian cricket star Virat Kohli has been awarded the player of the tournament title in the ICC World Cup 2023. Kohli’s exceptional performance and contribution to the team’s success were recognized by the International Cricket Council. This achievement further cements Kohli’s status as one of the world’s top cricketers.
In economic news, India’s official gold reserves have reached 806.7 tonnes as of September end. The country’s continued investment in gold reflects its commitment to diversifying its reserves and safeguarding its wealth in uncertain times.
Food delivery aggregators Zomato and Swiggy are reportedly under the scrutiny of tax authorities, with notices amounting to ₹750 crore sent to them. The tax authorities are conducting an investigation into their operations and tax compliance.
The upcoming United Nations Conference of Parties (COP) 28 meeting in Dubai is expected to be crucial in addressing climate change and energy deficit issues. Geopolitical risks and recent global events have heightened the urgency to readdress climate change and find sustainable energy solutions.
In other news, an international tunneling expert expressed optimism about the safe return of 41 workers trapped in Uttarkashi’s Silkyara tunnel. The expert believes that the workers will be rescued in time for Christmas, bringing relief to their families and loved ones.
Barclays is reportedly working on cost-saving plans that may involve around 2,000 job cuts. The British bank is looking to streamline its operations and improve efficiency in the face of economic challenges.
The All India Bank Employees Association (AIBEA) has called for a strike by the banking union to demand appropriate hiring and reject the outsourcing of permanent jobs. The union aims to protect the interests of bank employees and ensure job security.
In a controversial incident, Vijaypat Singhania, the former owner of a company, allegedly faced a hostile takeover and was driven out of his own property by his son. This family feud highlights the complexities and challenges that can arise in family businesses.
Foreign portfolio investors’ holdings in Indian stocks have reached their lowest levels in a decade. Extensive selling of domestic equities by overseas investors has significantly impacted their overall investment in the Indian stock market.
China is witnessing an unusual surge in child pneumonia cases, signaling a potential public health concern. The increase in hospitalizations due to pneumonia has raised alarms and requires immediate attention to prevent further spread.
Maruti Suzuki has announced the allocation of shares to its parent company, Suzuki Motor Company Ltd, through a preferential allotment. This move further strengthens the partnership between the two companies and underscores their commitment to mutual growth and success.
Warren Buffett’s Berkshire Hathaway has exited its investment in One 97 Communications (Paytm’s parent company) in an open market transaction, incurring a significant loss. This development reflects the challenges and risks associated with investments in the fintech sector.
Voting for the Rajasthan assembly seats concluded on Saturday, with the incumbent Congress aiming for a consecutive term in power. The BJP seeks to unseat the Congress-led government and capitalize on the popularity of Prime Minister Narendra Modi.
In a positive development, the Israeli prison authorities have released Palestinian detainees as part of a hostage deal with Hamas. The release of these detainees, including children and women, marks a step towards peaceful resolution and rapprochement between Israel and Palestine.
