Stock Market Updates

  Cryptocurrencies are subject to patchy regulation across the world, with traders of bitcoin and the panoply of smaller tokens typically unprotected against price slumps Nofe Isah, a 25-year old based in Nigeria, has been investing in crypto since January. Last week, she lost all of her $5,000 in savings as  cryptocurrency  luna went into free fall. Isah, a recently unemployed administrative officer, vowed she would never invest in crypto again. “I can’t believe I fell for crypto,” she told Reuters by phone. “I’m just trying not to get myself depressed. Crypto has taken my money, fine. It shouldn’t take my head.†The crypto market, known for its wild price swings, slumped last week as investors yanked money from riskier assets amid worries over soaring inflation and rising interest rates. Bitcoin, the world’s largest cryptocurrency, fell as low as $25,401 on Thursday, its lowest since Dec. 2020. It hit a record high of $69,000 in November. Small tokens were hit too, with ether, the s

  Retail investor portion subscribed 91%, HNI 20%; institutional investor category received negligible bids Paradeep Phosphates ’ initial public offering (IPO) was subscribed 51 percent on Wednesday, a day before its close. The retail investor portion of the issue was subscribed 91 percent, the high-networth individual (HNI) portion was covered 20 percent and institutional investor category had received negligible bids. Paradeep Phosphates is India’s second-largest private sector manufacturer of phosphatic fertilizers. The company’s IPO comprises Rs 1,004 crore fresh fund raise and an offer for sale of Rs 498 crore. The price band for the issue is Rs 39-42 per share. At the top-end, the company is valued at Rs 3,421 crore. The price-to-earnings (P/E) ratio works out to 7.1 times based on FY22 annualised earning per share of Rs 5.94, nearly half the industry average P/E of 14 times. Ethos IPO subscribed 27% on day 1 Luxury watch retailer Ethos’ initial public offering

Shares of LIC were trading at a discount of Rs 15-20 a piece over its issue price of Rs 949 in the grey market ahead of its listing on Tuesday, May 17. LIC IPO Listing :  The declining risk appetite of investors amid rising rates and inflation continue to play spoilsport across markets. With persistent bears hammering, the prospects of a decent listing of LIC has diminished, as per trends in the grey market. Shares of LIC were trading at a discount of Rs 15-20 a piece over its issue price of Rs 949 in the grey market ahead of its listing on Tuesday, May 17. In the unofficial market, the grey market premium (GMP) of LIC has shed over 100 percent from its peak level of Rs 85-90 a share quoted on May 1. The LIC GMP wiped off gains and traded flat on May 9, at Rs 5-10 a share, and has remained in the negative territory, i.e. Rs (-) 25-30 a share since May 9. Analysts, too, expect the lackluster listing of the insurance behemoth as markets enter the bearish zone, and as foreign investors g

The Adani Group announced the acquisition of Swiss cement major Holcim's stake in all its Indian operating entities for $10.5 billion (around Rs 81,361 crore), including the open offers. Shares of Ambuja Cement and ACC rallied up to 8 percent on the BSE in Monday’s intra-day trade after the Adani Group announced the acquisition of Swiss cement major Holcim's stake in all its Indian operating entities for $10.5 billion (around Rs 81,361 crore), including the open offers. The Adani family, through an offshore special-purpose vehicle, said that it has entered into definitive agreements for the acquisition of Holcim Ltd’s entire stake in two of India’s leading cement companies -- Ambuja Cements and ACC. Holcim, through its subsidiaries, holds 63.19 percent in Ambuja Cements and 54.53 percent in ACC (of which 50.05 percent is held through Ambuja Cements). Ambuja Cements and ACC currently have a combined installed production capacity of ~70 MTPA. Both Ambuja and ACC will benefit fr

Investors' wealth tumbled over 5.91 lakh crore in morning trade on Monday tracking heavy decline in equities amid intensifying conflict between Russia and Ukraine. Continuing its decline for the fourth day on Monday, the BSE gauge plummeted 1,735.98 points or 3.19 per cent to 52,597.83, tracking weak global equities and elevated crude oil prices. In tandem with the heavy plunge in equities, the market capitalisation of BSE-listed companies plunged by Rs 5,91,094.71 crore to Rs 2,40,88,326.67 crore in morning deals. Maruti Suzuki India, Indusind Bank, State Bank of India and Axis Bank emerged as the biggest drag from the 30-share BSE Sensex pack, tanking up to 6.72 per cent. "The extraordinary uncertainty triggered by the war has pushed commodity markets into turmoil. Crude at USD 128 is a big shock. This can impact global growth and aggravate inflationary pressures. Market is slipping into bearish territory," according to V K Vijayakumar, Chief Investment Strategist at Ge

The tension between world powers over the Ukraine situation, which has developed into one of the deepest crises in East-West relations for decades, has been front-and-centre of investors' minds. Asian shares rallied on Wednesday as fears of a Russian invasion of the Ukraine this week dissipated after Moscow indicated it was returning some troops to base from exercises, delivering investors a measure of relief. The tension between world powers over the Ukraine situation, which has developed into one of the deepest crises in East-West relations for decades, has been front-and-centre of investors' minds. MSCI's broadest index of Asia-Pacific shares outside Japan surged 0.9% in early regional trade on Wednesday, playing catch-up with a rally in U.S. and European stocks on Tuesday. "If we continue to see signs that diplomacy is working and a de-escalation of tensions, I think we'll see a kind of reversal trade," said Kyle Rodda, a market analyst at IG in Melbourne.