Latest Stock Market News

On the technical charts, the RSI of the stock stood at 55.24.

The stock quoted a 52-week high price of Rs 3013.0 and low of Rs 1612.0.

GAIL plans to spend a total of Rs 1,083 crore, excluding taxes, on the repurchase of 5.7 crore shares, representing 2.5% of the company’s paid-up capital and free reserves as of March 31, 2021.

"If a company as big as Asian Paints or a Pidilite compounds profits at 15% but cash flows at 25%, it is the cash flow compounding which is driving the stock. Optically the PE multiple will look high because the P is not following E. The P is following free cash flow. "

The last two years witnessed a steep rally in Indian markets. From the panic bottom made in March 2020, the Nifty rallied from 8,598 to 17,222 by March 28, 2022.

According to the data from BSE, the company fetched bids for more than 1,74,03,600 equity shares or 1.48 times as against 1,17,88,365 equity shares offered in the issue as of 11.20 am on day 3.

The issue kicked off for subscription on Wednesday, March 30 and will be open till Tuesday, April 5. The company is selling 8,500,000 fresh equity shares in the price range of Rs 144-153 apiece.

The company said a total of 30.10 crore shares were offered by investors which was nearly nine times the offer size of 4 crore shares. Small retail investors offered 2.53 crore shares while shares offered under the general category were 27.57 crores.

The telecom operator said it has allotted 1,96,66,35,338 shares to Euro Pacific Securities on a preferential basis, another 57,09,58,646 shares to Prime Metals and rest 84,58,64,661 shares to Oriana Investment.

The stock quoted a 52-week high of Rs 2577.65 and a 52-week low of Rs 860.5.