Thursday, March 28

Market

Economic news- Know the latest news about the commodity market price up and down, share market up and down, latest highest price rise and lowest down for shares and commodities all over the world.

Dropbox Drops Valuation by $2.5 Bn Ahead of IPO
Market

Dropbox Drops Valuation by $2.5 Bn Ahead of IPO

Dropbox, the file storage company, set proposed terms for its initial public offering. The company’s IPO owns 36 million shares on offer, 5.4 million as underwriter green-shoe offering, a $16-$18 per-share price range, a maximum initial sale of $648 million and a fully-cocked $745.2 million bill including the green-shoe shares. This puts the valuation of the company at around $7.5 billion ahead of its initial public offering, hence making Dropbox the biggest tech IPOs in the last few years. However, this figure is lower than the $ 10 billion valuation set by the company in 2014 when raising private capital. This valuation will make the file storage company the largest U.S tech IPO since Snap Inc. made its stock debut in March 2017. The filings released by the company also revealed that ...
Bharat Dynamics Subscribed 32 Percent on First Day of Bidding
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Bharat Dynamics Subscribed 32 Percent on First Day of Bidding

The initial public offer of Indian govt led defence organisation Bharat Dynamics has subscribed 32 percent on the first day of bidding. The IPO to raise Rs 960 crore received bids for 72,49,970 shares against the total issue size of 2,24,51,953 shares, data available with the NSE till 1700 hrs showed. The portion reserved for qualified institutional buyers (QIBs) was subscribed 50 percent, non-institutional investors 2 percent and retail investors 21 percent. The IPO is of 22,451,953 equity shares and bidding for the same would close on March 15.The price band has been fixed at Rs 413-428. SBI Capital Markets, IDBI Capital Markets & Securities, and YES Securities are the book running lead managers to the offer. Hyderabad based Bharat Dynamics Limited is India's one of th...
Tata Selling TCS Shares, Shares Down 6%
Market

Tata Selling TCS Shares, Shares Down 6%

After the news of Tata selling some part of Tata Consultancy Services (TCS) shares, the market has not responded positively. The shares of TCS has fallen nearly 6% at the end of today. As per the following reports that Tata Sons is planning to raise around Rs 8,200 crore by selling a stake in the IT major. The stock declined 5.46 per cent to Rs 2,885.20 on BSE. The promoter of major operating companies of the Tata group, Tata Sons is planning to raise around Rs 8,200 crore by selling the stake in IT major TCS, according to investment banking sources. The funding will use to clear out the debts on Tata group. ALSO READ: TCS will not Leave Lucknow- Tata Group Chief The stock was the worst hit among the bluechips on both Sensex and Nifty during the morning trade. The tr...
India’s Export Percentage Lower Than Year 2005
Market

India’s Export Percentage Lower Than Year 2005

Indian exports of goods and services, as a percentage of GDP in the September 2017 quarter, was lower than that of September 2005. US President Donald Trump has menaced to impose reciprocal tariffs on Indian goods, if the government refuse to lower duties on American exports. If the threat is put into practice, it will aggravate an already problematic situation for Indian exports. The best way to illustrate the gravity of this problem is when we realize that the gross domestic product (GDP) in September 2017 quarter was lower than the September quarter of 2005, already 12 years ago. The Indian exports of goods and services as a percentage of GDP was on a steady rise during the last boom until the September 2008 quarter. Exports were on the rise, significantly contributing t...
Bandhan Bank 2500 Crore IPO, Shares will Launch in Mid March
Market

Bandhan Bank 2500 Crore IPO, Shares will Launch in Mid March

SEBI has granted approval to Kolkata based bank Bandhan Bank to raise an estimated Rs 2,500 crore through an initial public offering. The company's shares will launch in Mid March, the initial draft was filed with SEBI on January 1 and move into “observations” on February 28. As per the SEBI’s “observations & guidelines", the draft papers of Bandhan Bank IPO will issue up to 9,76,63,910 equity shares and an offer for sale of up to 1,40,50,780 shares by International Finance Corporation (IFC) and up to 75,65,804 shares by IFC FIG Investment Company. Kotak Mahindra, Axis Capital Ltd, Goldman Sachs India etc are the institutions that will handle Bandhan bank's regulatory work during the issue. The former microfinance lender, which launched itself as a bank on 23 December 2014, has ...
Sea Food Market Shares: The Latest Profitable And Lucrative Sphere To Invest In
Market

Sea Food Market Shares: The Latest Profitable And Lucrative Sphere To Invest In

The recent news of the drafting of the massive IPO of 900 million, at the SEBI by the leading seafood exporter Devi Sea Foods has stirred the market. The listing of equity shares will help to improve its brand image and provide liquidity to its existing shareholders. The company, which had its advent in 1992, will have the leading companies Axis Capital, ICICI Securities, and the Kotak Mahindra Bank will look after its public offerings. The company’s promoters are P Brahmanandam, P Suryavathi, P Rama Devi and N Naveena as per the information by the SEBI. Well, this is not the first and obviously the last time the sea business has to show its potential to expand in the market business to expand on. One of the leading exporters of aqua foods, Apex Frozen Foods, which was incorporated in 1...
PNB and Gitanjali Gems Shares Tumbled 7 to 10%
Market

PNB and Gitanjali Gems Shares Tumbled 7 to 10%

Shares of Gitanjali Gems & Punjab National Bank (PNB) tumbled over 10% to 7% yesterday, following the Rs 11,400-crore fraud by Nirav Modi. PNB shares were down to 7.16 per cent to its 52-week low of Rs 116.65 on BSE. At NSE, shares of the company dived 6.77 per cent to hit a one-year low of Rs 117.05. In four trading sessions, the stock has lost nearly 28 per cent and suffered an erosion of Rs 10,781.12 crore from its market capitalisation. While the stock of Gitanjali tumbled 9.99 per cent to Rs 33.80, its lower circuit limit on BSE. At NSE, shares of the company plunged 9.87 per cent to hit its lowest trading permissible limit of Rs 33.75. On February 14, Punjab National Bank (PNB) disclosed that it detected some fraudulent transactions with financial implication of about Rs 1...
Punjab National Bank Shares Drop After 11400 Crore Fraud Transaction
Market

Punjab National Bank Shares Drop After 11400 Crore Fraud Transaction

Multi-national financial institution, Punjab National Bank on Wednesday quoted that it had detected some unauthorised and fraudulent transactions worth $1.77 billion(11400 crore)  in one of its branches in Mumbai. Because of the incident, the bank's share price slipped to 9.7 percent within a day. India's second biggest state lender and fourth largest by overall assets, PNB has market capitalisation of Rs 36,000 crore and 2.55 percent of total loan book of Rs 4.5 lakh crore. The fraudulent amount transaction is close to its total market capitalisation. The bank however, does not mention the name of the people involved, but have informed about the same to the law enforcing agencies and would evaluate later whether it faces any liability arising out of the transactions. PNB without ...
Indian Sensex Crashes Over 300 pts on Capital Gains Tax Proposal
Market

Indian Sensex Crashes Over 300 pts on Capital Gains Tax Proposal

Benchmark Sensex crashed over 300 points in afternoon trade today after Finance Minister Arun Jaitley announced 10 per cent tax on some long term capital gains in his Budget speech. The NSE Nifty also sank below the 11,000-mark during the Budget presentation. Sentiment also took a hit after the fiscal deficit target for 2017-18 was raised to 3.5 per cent of GDP as against 3.2 per cent earlier. The target for 2018-19 has been fixed at 3.3 per cent as against the Fiscal Responsibility and Budget Management Act target of 3 per cent. In highly volatile trading, the Sensex crashed to 35,590.17, a steep fall of 374.85 points, or 1.04 per cent. The 50-share NSE Nifty dropped 117.20 points, or 1.06 per cent, to 10,910.50. All sectoral indices were weighed down by widespread selli...
Know About The Sensex Zig-Zag Happened On Gujarat And HP Election Day
Market

Know About The Sensex Zig-Zag Happened On Gujarat And HP Election Day

The BSE Sensex and NSE Nifty rose after falling over 2% in the opening trade on Monday under the influence of close fight in voting between BJP and Congress in Gujarat and Himanchal Pradesh. The disturbance also weakened against the US Dollar, while bond yield hit a fresh 16-month high. As the market opened, BSE Sensex was down  by 531.93% points (1.59%), to 32,931.04 while the Nifty 50 fell 217.30 points (2.10%) to 10,115.95. The market also saw rupee opened at 64.23 against a dollar and touched a low of 64.40. At 09:15, rupee was trading at 64.39 dollar, down 0.54% at the time it closed on Friday at 64.05. The 10-year bond yield was at 7.192%, a level last seen on 3 August 2016, compared to its previous close of 7.134%. At 09:42 all the 19 sectoral indices declined, with BSE Teleco...
Xiaomi To Seek $50B Valuation In IPO
Market

Xiaomi To Seek $50B Valuation In IPO

Beijing based Chinese smartphone maker company Xiaomi is in talks with investment banks about an initial public offering and is seeking a valuation of at least $50 billion, Bloomberg reported. Once, the world's most valued startup is in the word is considering an offering in the starting of the year 2018 with most probably Hong Kong as its destination, quoted people who don't want to be named. While banks have talked up prospects of the Chinese smartphone manufacture, as they seek to win the mandate, they have concerns about whether Xiaomi can reach the $50 billion mark, much less a $100 billion target that some top executives have embraced, the people said. Xiaomi had earlier raised money in 2014 at a valuation of about $46 billion. Xiaomi, led by Lei Jun, has invested extensively in I...
Indian Banking Shares Surge On Government’s $32.4B Recapitalisation Plan
Market

Indian Banking Shares Surge On Government’s $32.4B Recapitalisation Plan

Indian banking shares soared on Wednesday, sending indexes to record highs after the cabinet approved a $32.43 billion plan to recapitalise its state banks over the next two years, although bonds fell given the injection will be funded with debt. State Bank of India, the biggest lender, rose more than 20 percent, while Punjab National Bank, the second biggest state-run lender, surged more than 33 percent. Also Read Know Why Zomato Base President Resigned Within 8 Months of Joining     The benchmark NSE Nifty rose as much as 1.3 percent to a record high of 10,340.55, while the BSE Sensex climbed as much as 1.6 percent to a record high of 33,117.33. Bonds fell, with the benchmark 10-year bond yield up 3 basis points to 6.81 percent from its previous close. ...