Latest Stock Market News

The IPO of Western Carriers has been oversubscribed 10 times, driven by strong retail demand. Analysts advise high-risk investors to consider the issue due to financial challenges.

The Nifty Bank index was trading 0.93 per cent up at 52674.65.

Promoters held 38.12 per cent stake in the company as of 30-Jun-2024, while FII and DII ownership stood at 27.19 per cent and 13.71 per cent, respectively.

The National Stock Exchange (NSE) board has announced November 2 as the record date for its previously declared 4:1 bonus share issue. This means shareholders will receive four bonus shares for each share they currently hold.

The stock traded at a P/E multiple of 43.47, while the price-to-book value ratio stood at 4.48.

Value stocks have started to underperform on Dalal Street, while quality stocks are gaining traction. S Naren of ICICI Prudential Mutual Fund discusses why he is shifting towards quality-oriented value stocks and the importance of asset allocation. He also highlights sectors like banking and financial services as having significant value currently.

Innomet Advanced Materials shares listed on the NSE SME platform with a 90% premium, debuting at Rs 190 against an issue price of Rs 100. The IPO saw a robust subscription of 300 times. The company manufactures diamond tools and metal powders, and plans to use the proceeds for working capital, machinery, debt repayment, and general corporate purposes.

The index rebuilt strength and touched the all-time high zones and remained afloat in the second half of the session with consolidation at higher zones.

Promoters held 50.18 per cent stake in the company as of 30-Jun-2024, while FII and DII ownership stood at 26.62 per cent and 14.23 per cent, respectively.

A total of 2,297 shares changed hands on the counter till 10:34AM (IST).