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The IPO consists of a fresh issue of equity shares aggregating to Rs 500 crore and an offer for sale (OFS) of up to 5.08 crore equity shares from its promoters and existing shareholders. The net proceeds from the fresh issue will be utilised towards repayment or prepayment of borrowings, in full or part, of the subsidiaries, GHPPL and MHPL and general corporate purposes.

Also, the brokerage further said that 98 of the stocks within its coverage reported a decline in Q2FY23 earnings growth by 7% YoY. This aggregate fall in earnings has been attributed to a sharp drag in global commodities.

Mahindra & Mahindra Financial Services Ltd., incorporated in the year 1991, is a Large Cap company (having a market cap of Rs 26922.20 Crore) operating in NBFC sector.

“When rates go up, the impact, the benefit of the higher rates flows through the profit and loss account over three months. So there is roughly an average of one-and-a-half month transmission lag. If you exclude that transmission lag effect, then the growth in the net interest income would have been 16% for this period which is in line with the total AUM growth.”

After strong 40% earnings growth in FY22, Kotak Securities expects net profits of Nifty50 Index to grow by 10% in FY23E, by 16.4% in FY24E and by 15.8% in FY25E with significant contribution from automobiles, BFSI and telecom.

The company announced the incorporation of a wholly-owned subsidiary that will set up a multi-gigawatt hour lithium-ion cell manufacturing facility, as it intends to establish a domestic manufacturing eco-system for the same.

Devyani International Ltd. key Products/Revenue Segments include Food Products, Other Operating Revenue and Scrap for the year ending 31-Mar-2022.

Vi’s average revenue per user (ARPU) – a key performance metric - rose sequentially to Rs 131 from Rs 128 in the June quarter. The company’s net worth stood at a negative Rs 76,416.8 crore.

The Nifty Bank index closed 0.37 per cent up at 41298.35.

The supply comes on the heels of a sharp move in yields on Thursday, tracking similar trend observed in U.S. yields overnight. The 10-year U.S. yield was trading at 4.14%, while the two-year yield which is a more direct indicator of interest rate expectations, was above 4.70%.