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Swiggy brought the IPO at a lower valuation of $11.3 billion as against its earlier target of around $15 billion. The company plans to raise around Rs 11300 crore through the issue.

Historically, stocks mostly trade above these long-term trend indicators in a roaring bull market. In the event of declines such as the current one, they tend to fall below the 200-DMA, an indication of deep-rooted weakness in the market. The 200-DMA signifies a stock’s trend over the past year. A year has roughly 200 trading sessions.

About a half hour after polls closed in six states, futures on the S&P 500 were up almost half a percentage point, 10-year Treasury yields rose and Bitcoin rallied, moves that together bore the imprint of trades linked to a Donald Trump victory. While results were still being collected and polls remained open in the vast majority of states, the ex-president’s odds of election were climbing on betting markets and on national forecasting sites such as Decision Desk HQ.

GAIL (India) on Wednesday reported 11% growth in its standalone net profit at Rs 2,672 crore for the September quarter. This was Rs 2405 crore in the last year quarter.

The Reserve Bank of India has been managing surplus liquidity in the banking system. The goal is to align the weighted average call rate with the repo rate of 6.50%. However, rates in the tri-party repo segment have been below the repo rate for four months. The Treps rate was 6.34% in October and 6.42% in September.

The IPO, which opens Wednesday and closes Friday, has been priced in the band of ₹371-390 per share. The grey market premium - the price in the unofficial market that investors pay for the shares before listing - was at ₹20 for Swiggy on Tuesday, a 5% premium to the upper price band of ₹390.

It demands a P/E multiple of 24 based on FY24 earnings while its enterprise value works out to be nearly 23 times Ebitda. Adani Green Energy, a larger peer, trades at FY25 expected P/E of 113 and EV/Ebitda of over 34.

Swiggy IPO: Food delivery giant Swiggy has raised ₹5,085 crore from anchor investors ahead of its IPO, which opens tomorrow. The company has fixed the price band at ₹371-390 per share. Swiggy plans to use the IPO proceeds for investment in its subsidiary Scootsy, technology, and brand marketing.