Broad Strokes, September 14, 2024
- 8sapience
- BroadStrokes , IPO , SEBI
- 13 Sep, 2024
1. 🏦 Bajaj Housing Finance IPO Lists at 114% Premium
Cause: Bajaj Housing Finance IPO raised ₹6,560 crore and was oversubscribed 63.61 times, reflecting strong investor interest.
Effect: The stock listed at ₹150, a 114.29% premium over its issue price, with positive long-term prospects in the housing finance sector.
2. 🏭 Shubhshree Biofuels Shares Debut with 59% Premium
Cause: Strong demand and positive market sentiment during Shubhshree Biofuels’ IPO.
Effect: The stock debuted with a 59% premium, showing confidence in the company’s renewable energy business model.
3. 💰 FIIs Buy $3.3 Billion in September
Cause: Anticipation of a U.S. Federal Reserve rate cut and a shift to large-cap Indian equities.
Effect: FIIs turned net buyers with $3.3 billion of inflows, reversing prior months of selling pressure.
4. 📉 FIIs Sell ₹1,635 Crore in Shares
Cause: Market volatility and selective profit booking by FIIs.
Effect: Net sales by FIIs totaled ₹1,635 crore, despite larger overall inflows, as they rebalanced portfolios.
5. 🏢 Thermax Secures ₹516 Crore Order
Cause: Thermax Babcock & Wilcox Energy won a ₹516 crore energy project in Botswana.
Effect: Thermax shares surged 6%, boosted by investor optimism in the energy sector and future growth prospects.
6. 💼 Reliance Power Hits Upper Circuit on Order Win
Cause: Reliance Power won a 500 MW battery storage contract from the Solar Energy Corporation of India.
Effect: The stock hit the upper circuit with a 5% rise, as investors reacted positively to the company’s entry into the renewable storage market.
7. 🌿 Torrent Power to Invest ₹64,000 Crore in Green Projects
Cause: Torrent Power announced plans to invest heavily in renewable energy projects.
Effect: The stock gained 2%, reflecting confidence in its future growth in the renewable sector.
8. 📊 Sebi Accelerates Bonus Share Trading Process
Cause: SEBI reduced the trading process timeline for bonus shares to T+2.
Effect: This regulatory change boosted liquidity in the market and benefited companies like BSE, whose stock hit a record high, gaining 17% 📈.
9. 🍚 Rice Stocks Surge After MEP Removal
Cause: The Indian government removed the Minimum Export Price (MEP) on basmati rice.
Effect: Stocks of rice-exporting companies, like KRBL and LT Foods, surged up to 20% as they expected increased export opportunities.
10. ⚡ Adani Power & Adani Green Stocks Surge
Cause: A supply deal for 6,600 MW hybrid solar and thermal power with MSEDCL.
Effect: Both Adani Power and Adani Green stocks surged nearly 5%, reflecting positive market sentiment and confidence in the Adani group’s energy strategy.
11. 🖥️ Dixon Technologies Hits 52-Week High
Cause: Announcement of a MoU with ASUS to manufacture notebooks in India.
Effect: Dixon’s stock rose over 6%, hitting a 52-week high, boosted by expectations of strong growth in the electronics manufacturing sector.
12. 🍬 Sugar Stocks Rally on Production Policy Change
Cause: The government allowed sugar mills to produce Rectified Spirit (RS) and Extra Neutral Alcohol (ENA) from sugarcane.
Effect: Sugar stocks, like Dhampur Sugar and Shree Renuka Sugars, gained up to 5.32%, driven by potential production flexibility and diversification in the ethanol industry.
Stay tuned for more updates in your next market brief!
