Indian share markets witnessed positive trading activity throughout the day today and ended on a strong note.
Benchmark indices returned to the green zone today after four days of losing streak, ahead of RBI monetary policy committee (MPC) meet and earnings season that is set to kick off this week.
At the closing bell, the BSE Sensex stood higher by 534 points (up 0.9%).
Meanwhile, the NSE Nifty closed higher by 159 points (up 0.9%).
Divi's Labs and Hindalco Industries were among the top gainers today.
Cipla and Grasim Industries, on the other hand, were among the top losers today.
The SGX Nifty was trading at 17,717, up by 191 points, at the time of writing.
The BSE Mid Cap index and the BSE Small Cap index ended up by 1.5% and 1.7%, respectively.
Sectoral indices ended on a positive note with stocks in the metal sector, power sector, and realty sector witnessing buying interest.
Shares of Bata India and PVR hit their respective 52-week highs today.
Asian stock markets ended on a mixed note today.
The Hang Seng and the Nikkei ended the day down by 2.2% and 1.1%, respectively.
US stock futures are trading on a strong note today with the Dow Futures trading up by 357 points.
The rupee is trading at 74.31 against the US$.
Gold prices for the latest contract on MCX are trading on a flat note today at Rs 46,283 per 10 grams.
In news from the auto ancillaries sector, Steel Strips Wheels was among the top buzzing stocks today.
Steel Strips Wheels share price jumped more than 3% today after the company informed exchanges that the shareholders of the company approved the stock split proposal in the ratio of 1:2.
Shareholders of the company on its 35th annual general meeting approved sub-division of equity shares of the company from the existing one equity share of the face value of Rs 10 each into two equity shares of the face value of Rs 5 each.
The company is yet to announce the record date for the purpose of sub-division of equity shares shall be intimated in due course.
The company said that the rationale behind the sub-division of equity shares was to provide enhanced liquidity to the company's shares in the stock market and to encourage the participation of small investors by making equity shares of the company affordable.
Among other decisions at the shareholders meeting, Steel Strips Wheels shareholders approved the appointment of Siddharth Bansal as a non-executive independent director of the company to hold office.
Steel Strips Wheels is engaged in designing and manufacturing automotive wheels, both in the steel and alloy category. Its facilities cater to a wide range of domestic and global automobile makers.
The firm has partnerships with companies including Tata Steel and international players such as Kalink Co of South Korea.
Steel Strips Wheels share price ended the day up by 0.8% on the BSE.
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This cycle defines everything in markets. If you can master this cycle, then nothing can stop you from making huge profits.
Moving on to news from the IPO space...
Paytm Gears Up for Pre-Diwali IPO Launch
Digital payments and financial firm Paytm, is gearing up for a pre-Diwali initial public offering (IPO) launch.
The company, which is seeking to raise US$2.2 billion, is receiving demand from sovereign wealth funds (SWFs) and foreign institutional investors (FIIs) valuing it about $20-122 billion
An SWF has offered to buy over US$500 m of shares in the IPO. The company had been expecting a valuation of up to US$30 bn.
Paytm is aiming for a pre-Diwali IPO launch and is awaiting approval from the market regulator, which is expected this week.
It is noteworthy that Paytm has filed a draft red herring prospectus (DRHP) for an IPO of up to Rs 166 bn. The total issue size of Rs 166 bn consists of a fresh issue and an offer for sale (OFS) of up to Rs 83 bn each.
According to a source, the company is yet to decide on the pre-IPO round, which depends on aspects like investor requirements, tax implications, and the lock-in period.
Founder Vijay Shekhar Sharma and other shareholders will sell part of their stock in the offer for sale portion of the IPO. Key investors include Elevation Capital with 17.7%, SoftBank at 18.7%, Alibaba and its affiliate Ant Group at 38%.
Sharma holds 15% and will cease to be listed as a promoter because Paytm seeks to be a professionally managed company after its listing on the stock exchanges.
How the IPO sails through remains to be seen. Meanwhile, stay tuned for more updates from this space.
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