The IPO of Nashik-based winemaker has been subscribed 0.59 times on the second day of the subscription process. Sula Vineyards plans to raise 960 crore through a complete offer for sale by promoters and shareholders. The company will not receive any funds from the IPO. The price band of the IPO is 340-357 per share. Shares of the company are commanding a premium of 30 in the grey market.
Indian benchmark indices Nifty50 and Sensex ended the day in red as traders waited anxiously for the US Fed rate outcome. On Wednesday, Sensex ended 215 points down at 60,906 while Nifty50 closed 62 points lower at 18,082. Analysts said traders preferred to book some profits in select counters to avoid being caught off guard ahead of the FOMC outcome.
"Domestic indices wavered tracking mixed sentiments from the global markets as investors assessed the possibility of a recession in the US followed by the US Fed policy tightening," said Vinod Nair, Head of Research at Geojit Financial Services.
Stocks in Asia and US futures pushed higher Friday amid a bout of relative calm in markets, though worries about a darkening economic outlook and China's Covid struggles could yet stoke more volatility, said Deepak Jasani, Head of Retail Research, HDFC Securities.
Indian equity benchmark indices started Tuesday's trade in green ahead of listing of insurance major LIC's exchange debut. The initial public offering of Life Insurance Corporation of India has received robust response from investors as the insurance major's offer has been subscribed 2.89 times.
Equity markets tumbled on Wednesday after a sharp rebound in the previous trade, with the Sensex falling 496 points in early trade, tracking weak global trends. Unabated foreign fund outflows and selling in index majors Infosys and Bajaj Finance also played spoilsport.
"An interesting feature of the current volatile global equity market trend is that sharp dips in the market are followed by sharp up moves," said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
After a bloodbath the previous day, benchmark equity indices traded largely steady in early trade on Tuesday. At 9.30 a.m., Sensex was at 57,195 points, up 0.05 per cent, whereas Nifty was at 17,212 points, up 0.2 per cent.
Oil prices are climbing on fears that the Ukraine-Russia crisis will disrupt supply chains across the world, BBC reported. Futures of Brent crude, the international benchmark, reached a seven-year high of almost $98 on Tuesday after Russia recognised breakaway rebel regions in Ukraine's east as independent states, BBC reported.