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The quota reserved for retail individual investors (RIIs) was subscribed 2.82 times. The issue was booked 1.03% in the NII category. The portion allotted for qualified institutional bidders was subscribed 12%. According to market analysts, the current GMP of Suraj Estate Developers is Rs 50-60 in the unlisted market.

“Coming to the intraday perspective, the kind of reversals which we have seen today from 21,400 on the futures and 21,300 on spot, the range for Nifty being 21300-21350 on the downside to 21500-21525 on the upside as far as spot levels are concerned. It would continue to consolidate within 250-300 points range till we get a breakout on the upside, about 21525.”

The BSE benchmark Sensex surged 122 points or 0.17% to end at 71,437, while NSE Nifty50 rose 34 points or 0.16% to settle at 21,453. Nifty FMCG surged 1.4%, led by gains in Nestle India and Varun Beverages. While Nifty Oil & Gas rose 0.8% after the government cut a windfall tax on petroleum crude and diesel.

“Valuations of largecaps are about 10% to 15% lower than their 10-year average. On the other hand, if I look at mid and smallcaps, the valuations are at 10% to 15% premium to 10-year average. So, the valuation picture is clearly in favour of largecaps and if FIIs turn out to be buyers, then that is one space which would do relatively better.”

The stock traded at a P/E multiple of 69.97, while the price-to-book value ratio stood at 9.17.

“Based upon what we have seen towards the end of the calendar year I think there is a little bit more caution as we enter into 2024. But we will have full visibility in the sort of February-March time frame. So as of now, there will be more of the same although the sentiment is starting to decline a little bit and we will be able to quantify that in the early part of fiscal Q4.”

After trading in the red for the first time in 9 weeks, BTC started the 10th week hitting early $40k support levels but bounced soon to test $43.5k. At the same time, BTC has been able to maintain its dominance at 53.5% for the past few days, which is a positive sign for its price action, said CoinSwitch Markets Desk.

"Rollover to December quarter and 2X increase in multiple factoring in lower macro uncertainty following rate cut path laid out by US Fed lead to 9-16% increase in FVs for IT stocks," Kotak said in a note

A total of 49,427 shares changed hands on the counter till time (IST).

“We do not see Mr Punit Goenka jeopardising the position of the shareholders in the company and we believe a positive outcome will emerge out of this. But fresh additions are slightly risky at this point of time just in case something does not work out in their favour. In the next two days, we will get more clarity.”