Latest Stock Market News

The initial share-sale comprises fresh issuance of equity shares worth Rs 250 crore and an offer for sale of 20,066,269 equity shares by promoters and existing shareholders, according to the Draft Red Herring Prospectus (DRHP) filed on Tuesday.

Currently, CIS rules do not mandate minimum number of investors, maximum holding of a single investor or minimum subscription amount.

“There are various models for investing in technology and the most relevant one at this moment would be the Gartner model which talks about triggers for innovation. Then the peak of inflated expectations happens and followed by the trough of disillusionment which is what we are seeing now. It is typically followed by the slope of enlightenment. We will finally reach the plateau of productivity,”

On the technical charts, the 200-day moving average of the stock stood at Rs 1422.56.

Welspun India Ltd., incorporated in the year 1985, is a Mid Cap company (having a market cap of Rs 6432.26 Crore) operating in Textiles sector.

The Relative Strength Index of the stock stood at 49.44 on Wednesday.

The continent-wide STOXX 600 index rose 0.4% by 0715 GMT, with real estate leading morning gains.

Following the development, Aurobindo Pharma’s counter touched a 52-week low of Rs 581 on the BSE. The scrip had closed at Rs 603.05 on Tuesday.

A total of 167,876 shares changed hands on the counter till 02:09PM (IST)

“As a management team, we decided that given that it is a long-term compounding story, the markets will remember us for having a successful issue more than optimising value at this point in time. We have priced well and that is reflected in the quality of the anchor book that has been created, the number of long only funds – both domestic and foreign – which have come into the issue. We hope to see that through the main book and the rest of the issue.”