MARKET OVERVIEW :
US Fed rate cut: Can a 25 bps cut disappoint the Indian stock market?
Bajaj Housing Finance –Good Buy ? Try IPO..
US Fed rate cut: The Federal Reserve’s September meeting could significantly impact global markets, with expectations leaning towards a 25 bps rate cut. However, a larger cut of 50 bps could signal economic stress, influencing market reactions differently depending on the Fed’s decision.
Tata Motors stock plummets 5.5%, dips below ₹1,000 mark after UBS maintains ’sell’ rating
Shares of Tata Motors, a major global automobile manufacturer, fell nearly 5.5 percent in early trading today, reaching ₹978.70. This decline marks the eighth consecutive day of losses for the stock, pushing it below the ₹1,000 mark for the first time since late July.
Shares of Tata Motors, a major global automobile manufacturer, dropped nearly 5.5 percent in early trading today, reaching ₹978.70. This decline marks the ninth consecutive day of losses for the stock, pushing it below the ₹1,000 mark for the first time since late July.
Today’s stock decline comes after the latest report of the global brokerage firm UBS Securities, which reaffirmed a ‘sell’ rating on the stock with a target price of ₹825 per share. This target suggests a 20.3 percent downside from Tuesday’s closing price. UBS pointed to concerns about potential further declines due to margin pressures at the company’s luxury arm, Jaguar Land Rover, and within the domestic passenger vehicle segment.
Bajaj Housing Finance IPO Day 3: Check latest GMP, subscription status, should you apply, other key details on last day
Bajaj Housing Finance IPO is a combination of fresh issue of 50.86 crore equity shares worth ₹3,560 crore and offer for sale (OFS) of 42.86 crore shares worth ₹3,000 crore. The shares are sold at a price band of ₹66 to ₹70 per share.
Bajaj Housing Finance IPO: The initial public offering (IPO) of Bajaj Housing Finance has been receiving strong demand and the issue is heavily oversubscribed. Bajaj Housing Finance IPO opened for subscription on September 9 and closes today, September 11.
Bajaj Housing Finance is a non-deposit taking housing financing company that provides mortgage loans and is a wholly owned subsidiary of Bajaj Finance. The company aims to raise ₹6,560 crore from the primary market which it intends to utilize for augmenting the capital base to meet future business requirements towards onward lending.
Bajaj Housing Finance IPO is a combination of fresh issue of 50.86 crore equity shares worth ₹3,560 crore and offer for sale (OFS) of 42.86 crore shares worth ₹3,000 crore. The shares are sold at a price band of ₹66 to ₹70 per share.
Bajaj Housing Finance IPO has been subscribed 16.22 times so far on Wednesday, the third and the last day of the bidding process. The public issue received bids for over 1,179 crore equity shares as against 72.75 crore shares on the offer, according to data available on NSE till 11:55 am.
The IPO has been subscribed 5.42 times in the retail category, 31.84 times in Qualified Institutional Buyers (QIBs) category, and 25.77 times in the Non Institutional Investors (NII( category so far.
Century Textiles surges 14% in 2 days;
Century Textiles’ shares surged 8.2 percent to ₹2,689 after acquiring land in Worli for ₹1,100 crore. This acquisition is projected to generate ₹14,000 crore in booking value, contributing to the company’s real estate expansion.
Shares of Century Textiles & Industries, the real estate arm of the Aditya Birla Group, surged 8.2 percent in intraday trading today, reaching an all-time high of ₹2,689 per share. This follows a 5.6 percent rise in the previous session, bringing the total two-day gain to 14 percent.
The rally was driven by the company’s acquisition of ownership rights for approximately 10 acres of leasehold land in Worli, Mumbai, from Mr Nusli Wadia for ₹1,100 crore. This transaction merges the existing leasehold interest into full ownership and will be developed through Birla Estates Pvt Ltd, its wholly-owned subsidiary.
Worli, a prime location in Mumbai, is currently experiencing a bullish trend in luxury real estate. The newly acquired land is expected to add an estimated booking value of ₹14,000 crore, contributing to a total of 30 acres of contiguous land in the area with –an overall booking value potential of around ₹28,000 crore.