Indian Indices End Flat, Asian Paints And Dr Reddy's Laboratories Among Top Nifty Gainers

The IPO of Kalyan Jewellers follows the likes of Anupam Rasayan, Laxmi Organic Industries, and Craftsman Automation, which attracted investors into their public issues this week.

Kalyan Jewellers is one of India's largest jewelry companies. The key business activities of the company include designing, manufacturing, and selling a variety of gold, studded and other jewelry products focused on various occasions, such as weddings and festivals. It has 107 showrooms located across 21 states and 30 showrooms located in the Middle East.

How this IPO sails through remains to be seen. Meanwhile, we will keep you updated on the latest developments in this space.

Note that five companies are set to come out with IPOs this week to raise an estimated Rs 37.6 billion.

Craftsman Automation and Laxmi Organics Industries launched their initial share-sale yesterday while that of Kalyan Jewellers India opened today. IPOs of Suryoday Small Finance Bank and Nazara Technologies will begin on Wednesday.

Besides, the IPO of Anupam Rasayan is currently underway. It will close for a subscription today.

Moving on to stock-specific news...

HDFC and HDFC Bank were among the top buzzing stocks today.

Keki Mistry, chief executive of HDFC said Housing Development Finance Corp (HDFC) and its unit HDFC Bank would evaluate a possible merger only when the regulator provides some exemption on the mandatory liquidity buffers prescribed for banks. Without that, the costs involved make any merger imprudent.

"The biggest challenge to the merger is the cost of providing the CRR (cash reserve ratio) and the SLR (statutory liquidity ratio) on the existing balance sheet, and more importantly the priority sector. So, if there was some regulatory concession made available to us, it is something we will look at, at that point in time. But at this moment, for the last six or seven years, we have had no discussions about the merger" Mistry said.

Mistry also said this was the best time to buy a house, thanks to low-interest rates. The realty sector is reviving with record low-interest rates and some steps by state governments, such as stamp duty cuts, he said.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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