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Sensex today: RITES IPO retail portion subscribed 1.65 times amid heavy bidding; ADAG shares rally, RCom up nearly 5%

RITES IPO live updates: Retail investors seemed to have gathered for RITES IPO as the quota reserved for retail investors has been subscribed more than 35% within 2 hours. India’s share market was trading higher on Wednesday with BSE Sensex rallying over 200 points.

Sensex today: RITES IPO retail portion subscribed 1.65 times amid heavy bidding; ADAG shares rally, RCom up nearly 5%

RITES IPO live updates: RITES IPO retail investor portion got subscribed 1.65 times on the first day of IPO. In the major share market action in India today, two IPOs (initial public offerings) opened on Wednesday for the subscription — RITES and Fine Organic following the respective approvals from stock market regulator SEBI (Securities and Exchange Board of India). RITES Ltd, first PSU company IPO in FY19, has expected to raise Rs 466 crore while Fine Organic Industries is aiming to garner Rs 600 crore from the initial share sale. RITES IPO and Fine Organic IPO will remain open for investors for the subscription for three days from 20 to 22 June 2018. While, on the other hand, Bharat 22 ETF further fund offer started accepting bids from 19 June and will remain open till 22 June.

The benchmark Sensex index of the BSE closed 260.59 points or 0.74 percent higher at 35,547.33 points. The Nifty50 of the National Stock Exchange (NSE) closed at 10,772.05 points, up 61.60 points or 0.58 percent.

 

Live Blog

RITES IPO gathers retail investors’ attention

18:03 (IST)20 Jun 2018
InterGlobe Aviation shares fall 7%

Amid ED summon reports, InterGlobe Aviation shares tank 7.5%, market cap falls Rs 3,536 crore

Shares of InterGlobe Aviation slumped 7.5 per cent today, eroding Rs 3,536 crore from the company’s market valuation, amid reports that Enforcement Directorate (ED) has summoned top management of the company.

 

17:35 (IST)20 Jun 2018
Departing CEA Arvind Subramanian praises FM Arun Jaitley

Departing CEA Arvind Subramanian calls Arun Jaitley ‘dream boss’; says he had the best job

Outgoing Chief Economic Advisor Arvind Subramanian today heaped praise on Finance Minister Arun Jaitley, after the minister’s letter full of appreciation for his work, including that in notable areas of GST, JAM, twin-balance sheet and more.

17:30 (IST)20 Jun 2018
RITES IPO: Issue subscribed 59%, retail investors susbcribe 1.65 times

According to the latest stock exchange data, RITES IPO got subscribed 59% with retail investor portion being subscribed 1.65 times. The institutional investors have stayed away on the second day with subscription of merely 2 percent.

16:37 (IST)20 Jun 2018
Sensex surges 260 points on positive global cues

Sensex surges 260 points on positive global cues; RIL, banking stocks top gainers

The benchmark Sensex index of the BSE closed 260.59 points or 0.74 per cent higher at 35,547.33 points. The Nifty50 of the National Stock Exchange (NSE) closed at 10,772.05 points, up 61.60 points or 0.58 per cent.

16:25 (IST)20 Jun 2018
RITES IPO: Issue subscribed 51%

According to the latest stock exchange data, RITES IPO got subscribed 51% with retail investor portion being subscribed 1.4 times. The institutional investors have stayed away on the second day with subscription of merely 2 percent.

16:06 (IST)20 Jun 2018
Government to review Air India stake sale plan

Air India stake sale: After disinvestment plan fails to take off, government mulls ‘alternative’ option

Days after debt-ridden national carrier Air India failed to attract any bidders for its stake sale, government on Wednesday said a new plan is being worked out and the situation is being reviewed.

15:56 (IST)20 Jun 2018
Sensex closes 260 points up!


The benchmark Sensex closed 260.59 points or 0.74 per cent higher at 35,547.33 points. The Nifty50 of the National Stock Exchange (NSE) closed at 10,772.05 poinst, up 61.60 points or  0.58 per cent.

15:29 (IST)20 Jun 2018
Arun Jaitley praises departing CEA Arvind Subramanian

As Arvind Subramanian quits, Arun Jaitley is all praise for departing CEA; lists contributions from GST to JAM

Finance Minister Arun Jaitley recollected CEA Arvind Subramanian’s many contributions to India’s economy in his service — which lasted for nearly four years — which ranged from conceptualising JAM (Jan Dhan, Aadhar, Mobile) database to his four widely appreciated “Economic Surveys”.

14:59 (IST)20 Jun 2018
Breaking! RITES IPO: Retail investor quota gets subscibed 100%

RITES IPO: With half of the day still left for bidding, the quantum allocated for the retail investors got fully subscribed. Out of the total 84 lakh equity shares reserved for retail investors, bids were received for as many as 85.71 lakh equity shares, stock exchange data showed. The total subscription stands at 36.87%.

14:46 (IST)20 Jun 2018
RITES IPO: Issue subsribed 35%, retail investors category at 98%

It seems a good participation of investors in RITES IPO. According to the latest stock exchange data, RITES IPO got subscribed 35.71% with retail investor portion being subscribed 98.23% within 5 hours on the first day of bidding. With such a response on day 1, the retail investor category in RITES IPO is likely to get oversubscribed before the end of day 3 of bidding. 

14:38 (IST)20 Jun 2018
Anil Ambani group stocks rally!

A sudden surge was seen in the shares of ADAG (Anil Dhirubhai Ambani Group) in the afternoon counters on Monday with the stock of Anil Ambani’s telecom company Reliance Communications (RCom) leading the charge. The stock of RCom surged 9.59% to a day’s top of Rs 16 and was among the top five gainers out of 300 stocks of ‘A’ group on BSE. Other ADAG stocks that soared today include Reliance Power (up 4.56%), Reliance Infrastructure (up 4.49%), Reliance Capital (up 4.03%) and Reliance Naval and Engineering (up 2.91%).

14:31 (IST)20 Jun 2018
ICICI Bank’s top management shuffle

ICICI Bank begins hunt for chairman after Sandeep Bakshi’s COO appointment as Chanda Kochhar goes on leave

After Sandeep Bakshi’s appointment as the chief operating officer, ICICI Bank may get a new chairman as incumbent MK Sharma’s tenure ends on June 30. MK Sharma has already sent signals that he is not interested in continuing as the chairman for one more term.

13:56 (IST)20 Jun 2018
RITES IPO: Should you subscribe?

RITES IPO has been subscribed 25% within 4 hours on day 1 of bidding while the shares allocated to retail investors received bids for 65%. Up until now, the retail investor subscription is the biggest among all the investor classes, be it HNIs (High Net worth Individuals), QIBs (Qualified Institutional Buyers) or the employee category. The research and brokerage firm Prabhudas Lilladher has recommended ‘subscribe’.

“At the upper band of the issue price, the stock trades at 12x (annualized FY18 EPS) which seems to be reasonable, given the stable business model, strong order book, increasing revenue opportunities from Railways due to new investments in electrification and infrastructure and healthy RoE of 17-18%. RITES also has cash of ~Rs15bn on the balance sheet. We recommend “Subscribe”,” Prabhudas Lilladher said in a research note. 

13:27 (IST)20 Jun 2018
IIFL Wealth Management raises Rs 746 crore

Big bang IPO next on mind, but first IIFL Wealth Management raises Rs 746 crore by private sale of 5.1% stake

IIFL Wealth Management, a subsidiary of IIFL Holdings, has issued nearly 44.90 lakh shares to a set of financial investors to raise Rs 745.71 crore by selling 5.1% stake. The shares were issued by the wealth management arm of IIFL Holdings to WF Asian Reconnaissance Fund, Rimco (Mauritius) Limited, Amansa Holdings, General Atlantic Singapore Fund, Steadview and HDFC Standard Life Insurance.

13:16 (IST)20 Jun 2018
Bharat-22 ETF opens for retail investors

Bharat 22 ETF opens for retail investors today; things to know before you put money

The further fund offer (FFO) of Bharat-22 exchange-traded fund (ETF) has been opened for subscription by non-anchor investors on Wednesday. The subscription offer will remain open till June 22. The government had on June 19 launched the second tranche of the ETF and was open for subscription by retail investors on the first day.

13:07 (IST)20 Jun 2018
RITES IPO retail investor category subscribed 50% within 3 hours

Retail investors are bidding heavily in RITES IPO as the public issue has received bids for about 50% of the total shares reserved for them. With the latest data from stock exchanges, retail investor portion in RITES IPO was subscribed 51.74% while the total subscription stands at 20.07%. 

12:40 (IST)20 Jun 2018
Sensex reclaims 35,500!

The benchmark Sensex index reclaimed the level of 35,500 as the index surged more than 200 points in the early afternoon deals following a sharp uptick in the blue-chip stocks of Reliance Industries, HDFC Bank, HDFC, Kotak Mahindra Bank, Axis Bank and Yes Bank. The stock of Mukesh Ambani-led oil-to-textile-to-telecom conglomerate RIL surged 2.55% to hit a day’s high of Rs 1,021 on BSE. The stock of RIL is trading very close to its all-time high of Rs 1,023.5.

12:34 (IST)20 Jun 2018
Fine Organics IPO subscription update

Up until now, no considerable response has been observed towards the IPO of Fine Organic Industries Ltd. According to the latest data with stock exchanges, Fine Organic IPO was subscribed 2.34% with major bids coming from the shares allocated to retail investors. Fine Organics has set a price band of Rs 780 to 783 per equity shares and has been expecting to raise up to Rs 600 crore at the upper end of the price band. 

12:29 (IST)20 Jun 2018
Share market update

Blue-chip shares of newest Sensex entrant Vedanta Ltd emerged as the top gainers among all the components of the index in the mid-morning trades on Wednesday. The stock of Vedanta was falling since last two days after the scrip got included in the benchmark Sensex index. Vedanta share price gained 2.7% to a day’s high of Rs 230.1 today on BSE. Other major gainers on BSE Sensex were RIL (up 2.24%), Yes Bank (up 1.95%), Axis Bank (up 1.53%), IndusInd Bank (up 1.23%) and Bharti Airtel (up 0.95%).

12:17 (IST)20 Jun 2018
Retail investors gather around RITES IPO

The price band of equity shares in IPO of RITES is well below as compared to the initial share sale of Fine Organic Industries Ltd. According to the latest data available with the stock exchanges, the retail investors’ quota was subscribed 37.88% while total subscription stands at 14.64%. With bids of more than 35% within first few hours in the first day of bidding shows the participation of investors according to various categories.

RITES IPO is the first PSU company which going public in the financial year 2018-2019. RITES IPO got subscribed more than 35% within first two hours on the very first day of bidding. With the IPOs of RITES and Fine Organic, market participants will be keenly awaiting for the upcoming public offers ahead. Going ahead, IPOs of companies such as Barbeque Nation, TCNS (women apparel manufacturer under the brands Aurelia and W) are lined up with the public issue of Varroc Engineering opening next week only. Varroc Engineering has been expecting to raise up to Rs 1,950 crore through the initial share sale.

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First published on: 20-06-2018 at 12:11 IST
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