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The initial public offering (IPO) by JSW Infrastructure, part of the JSW Group, has been subscribed 36.96 times on the final day of bidding.

Retail investors, who have 10 percent reservation in the public issue, have bought 9.91 times the allotted quota, while the portion set aside for high networth individuals, which is 15 percent of the total offer, was subscribed 15.94 times.

Qualified institutional buyers (QIB), who are generally considered medium-to-long term investors, have bid 56.49 times their reserved portion which is 75 percent of the issue size.

The quota for QIB was reduced after anchor investors bought Rs 1,260 crore worth of shares, which is 60 percent of the total QIB book, on September 22. HSBC, Morgan Stanley, ICICI Prudential Mutual Fund, Government of Singapore, LIC Mutual Fund, SBI Mutual Fund, Fullerton, The Master Trust Bank of Japan, Monetary Authority of Singapore, Goldman Sachs, Sunil Singhania-owned Abakkus, and HDFC Mutual Fund were amongst the marquee names who participated in the anchor book.

The port-related infrastructure company intends to raise Rs 2,800 crore through its public issue, which so far has subscribed 2.13 times in the first two days of bidding, i.e. September 25 and 26.

The price band for the offer is Rs 113-119 per share.

The maiden public issue comprises only a fresh issue component. Hence, the entire fresh issue proceeds, excluding IPO expenses, will go to the maritime-related services company.

India's second largest commercial port operator will reduce its debt burden by Rs 880 crore through the fresh issue funds. At the end of June 2023, it had total outstanding borrowings at Rs 4,228.4 crore on a consolidated basis.

Further, Rs 1,029.04 crore will go towards expansion or upgradation works at Jaigarh Port, owned by subsidiary JSW Jaigarh Port, and the Rs 151.05 crore will be utilised for the Mangalore Container Terminal owned by subsidiary JSW Mangalore Container Terminal.

And the remaining amount will be used by the firm for general corporate purposes going ahead.

JSW Infrastructure, the fastest-growing port-related infrastructure company with diversified operations in terms of cargo profile, geography, and assets, has recorded a 62.3-percent CAGR growth in net profit during FY21-FY23, and 41-percent CAGR growth in revenue from operations during the same period.

The company benefits from a strong corporate lineage of the JSW Group having strategically located assets in close proximity to JSW Group customers and industrial clusters supported by multi-modal evacuation infrastructure, Sharekhan said.

The market capitalisation post issue, at the upper price band, will be Rs 24,990 crore, while peer Adani Ports and Special Economic Zone has a market cap of Rs 1,77,243 crore on September 26's closing.

JSW Infrastructure has expanded its operations from one Port Concession at Mormugao, Goa in 2002, to nine Port Concessions as of June 2023 across India, making them a diversified maritime ports company. Its installed cargo handling capacity in India grew at a CAGR of 15.27 percent from 119.23 MTPA in March 2021 to 158.43 MTPA in March 2023.

JSW Infrastructure IPO Grey Market Premium

The company will finalise the basis of allotment of IPO shares by October 3, and equity shares will be credited to demat accounts of eligible investors by October 5.

The trading in its equity shares will commence with effect from October 6, which is the old T+6 timeline, as per the IPO schedule.

This will be the first listing from the JSW Group since 2010, when it had listed its energy business separately.

Henceforth, whether the company is going to adopt voluntarily the new T+3 timeline for listing or not will be closely watched by participants. Companies launching IPOs since September 1, 2023 can voluntarily list shares in the T+3 timeline, while it will be mandatory for all companies launching IPOs with effect from December 1, 2023.

JSW Infrastructure shares were available at around a 15-percent premium over the upper price band, in the grey market, an unofficial platform for trading in IPO shares till the listing, analysts said on anonymity.

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India on Thursday suspended visa services in Canada citing ‘operational reasons’. The move comes amid the souring relationship between India and Canada over the killing of Khalistani terrorist Hardeep Singh Nijjar. 

A private agency, BLS, hired for initial scrutiny of visa applications of Canadians put out a note on its website, conveying “Due to operational reasons, with effect from 21 September 2023, Indian visa services have been suspended till further notice. Please keep checking the BLS website for further updates."

The row over Khalistani terrorism

After the ‘not so pleasant’ discussion around the Khalistani issue between the prime ministers of India and Canada during the G20 meeting in Delhi earlier this month,  Canadian Prime Minister Justin Trudeau said Monday that his government was investigating “credible allegations" that Indian government agents were linked to the June 18 slaying, when Nijjar was gunned down outside a Sikh cultural center in Surrey, British Columbia. 

He also said though Canada is not trying to provoke India, strong measures need to be taken. 

“The government of India needs to take this matter with the utmost seriousness. We are doing that, we are not looking to provoke or escalate," Reuters quoted him as saying on Tuesday.

The tit-for-tat dynamic

India, however, denied any role in the killing, calling the allegations absurd.

The tension seems to be escalating further as both the countries are taking measures reflecting a tit-for-tat dynamic in their diplomatic relations. As Canada expels Indian diplomat; India responds with a reciprocal expulsion.

On Wednesday, India told its citizens to avoid travelling to parts of Canada, following a diplomatic row sparked by the allegation that New Delhi was involved in the killing of a Sikh separatist near Vancouver.

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The Indian equity indices ended lower for the second consecutive session on September 20 with Nifty falling below 19,900 amid selling in heavyweights and across the sectors, barring power stocks.

At close, the Sensex was down 796 points or 1.18 percent at 66,800.84, and the Nifty was down 231.90 points or 1.15 percent at 19,901.40.

After a gap-down start, market remained under selling pressure and extended the losses as the day progress, to end near day's low.

BSE Sensex and Nifty50 indices touched the day's low of 66,728.14 and 19,878.85, respectively.

Today's fall eroded investors' wealth by Rs 2.25 lakh crore, as the market capitalisation of BSE-listed companies slipped to Rs 320.75 lakh crore from Rs 323 lakh crore in the previous session.

Today's fall eroded investors' wealth by Rs 2.25 lakh crore, as the market capitalisation of BSE-listed companies slipped to Rs 320.75 lakh crore from Rs 323 lakh crore in the previous session.

Biggest losers on the Nifty were HDFC Bank, JSW Steel, Reliance Industries, BPCL and SBI Life Insurance, while gainers included Power Grid Corporation, Coal India, ONGC, Sun Pharma and Eicher Motors.

Amongst sectors, except power, all other sectoral indices ended in the red with bank, metal and realty down one percent each.

The BSE midcap index shed 0.30 percent and Smallcap index declined 0.5 percent.

A long build-up was seen in AU Small Finance Bank, Polycab India and Dr Lal PathLabs, while a short build-up was seen in HDFC Bank, JK Cement and Zydus Lifesciences.

Among individual stocks, a volume spike of more than 300 percent was seen in Hindustan Copper, Mahindra & Mahindra Financial Services and India Cements.

Nearly 200 stocks touched their 52-week high on the BSE, including GPT Infraprojects, Axis Bank, Thomas Scott, Indusind Bank, Karnataka Bank, Dhampur Sugar Mills, Union Bank Of India, Tata Consultancy Services, Coal India. Click to View Full List

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India and Canada have a long and complex history, but in recent years, relations have become increasingly strained. Issues such as the Khalistani separatist movement, the treatment of Indian farmers, and the Canadian government's decision to ban Air India have all contributed to a growing rift between the two countries.

So, what's the future of India-Canada relations? Is there a way to mend the fences and rebuild trust?

Here are some things to consider:

• Both sides need to show a willingness to compromise. This means being willing to listen to each other's concerns and try to find common ground.
• There needs to be a greater understanding of each other's cultures and perspectives. This can be achieved through dialogue and education.
• Both countries need to work together to address shared challenges, such as climate change and terrorism.

India and Canada are important partners, and it is in the interests of both countries to maintain a strong relationship. However, this will require effort and goodwill on both sides.

#IndiaCanadaRelations #FutureOfIndiaCanada

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The initial public offering of leading corporate travel company Yatra Online so far has seen muted response from investors on September 15, the first day of bidding. Participants have bought 29.45 lakh equity shares against the offer size of 3.09 crore shares, resulting into a 10 percent subscription.

Retail investors were at the forefront in terms of support to the offer, buying 49 percent shares of the allotted quota, which is 10 percent of the total issue size, while high networth individuals (non-institutional investors) have bid for 2 percent shares of reserved portion which is 15 percent to the IPO size.

Qualified institutional buyers (QIB), who have 75 percent reservation in the public issue, have not started putting in bids yet.

The country's third-largest online travel company is planning to raise Rs 775 crore via the IPO at the upper end of price band of Rs 135-142 per share.

The fresh issue component in the IPO is Rs 602 crore and the remaining funds will be raised via offer-for-sale worth Rs 173 crore.

Promoter THCL Travel Holding Cyprus, and investor Pandara Trust – SCHEME I (represented by its trustee Vistra ITCL (India) are the selling shareholers in the OFS component. Pandara Trust will be exiting the company by selling entire stake via OFS.

Yatra Online has already mopped up Rs 348.75 crore from anchor investors on September 14, a day before the issue opening. Goldman Sachs, Morgan Stanley, BNP Paribas Arbitrage, Societe Generale, Elara India Opportunities Fund, Whiteoak Capital, ICICI Prudential Mutual Fund, Tata Mutual Fund, and Max Life Insurance Company were some of investors participated in the anchor book.

Of the net fresh issue money, the company will spend Rs 150 crore for the strategic investments, acquisitions and inorganic growth, and Rs 392 crore for customer acquisition and retention, technology, and other organic growth initiatives. The remaining funds will be used for general corporate purposes.

Yatra, India's leading corporate travel services provider in terms of the number of corporate clients, has served over 1.4 crore cumulative travel customers as of March 2023, with over half of them signing up for the eCash loyalty program.

It claimed to be the third largest online travel company in India among key OTA (online travel agency) players in gross booking revenue and operating revenue for FY23.

Easy Trip Planners is the only comparable listed player for Yatra Online.

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Topic :- Share Market Closing Note

Nifty around 20,050, Sensex up 246 pts; metal, oil & gas, PSU Banks shine.

Among sectors, metal and oil & gas up 1 percent each and PSU Bank index up 4 percent, while capital goods down nearly 1 percent and auto index slipped 0.5 percent.

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Topic :- Time:3.15 PM

Nifty spot if holds above 20040 level on closing basis then expect some further upmove in coming days and if it closes below above mentioned level then some sluggish movement can follow. Avoid open short positions for tomorrow.

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Topic :- Time:2.30 PM

SILVER Trading View:

SILVER is trading at 71575. If it manages to trade and sustain above 71650 level then expect  some further quick upmove in it and if it breaks and trade below 71460 level then some decline can follow in this bullion.

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Topic :- Time:2.25 PM

Just In:

Coffee Day shares shoot up 16% on insolvency deal with IndusInd Bank

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Topic :- Time:2.15 PM

Just In:

Delhi-Mumbai express highway will be completed by December: Nitin Gadkari

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Topic :- Time:2.00 PM

Nifty spot if manages to trade and sustain above 20080 level then expect some upmove in the market and if it breaks and trade below 20040 level then some decline can be seen in the Nifty.

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Topic :- Time:1.05 PM

Just In:

BYJUS lenders allege edtech giant hid $533 million in hedge fund, firm refutes report

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Topic :- Time:1.00 PM

Nifty spot is trading at 20070. If it manages to trade and sustain above 20100 level then expect some further upmove in the market and if it breaks and trade below 20020 level then some decline can be seen in the Nifty.

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Topic :- Time:12.50 PM

Just In:

Mark Rutte, the PM of Netherlands visited Bengaluru post G20 Summit. With a continuous increase in Dutch investors & businesses in India, Ruttes primary focus was to explore business ties in the areas of agriculture and water management with the Karnataka government. 

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Topic :- Time:12.45 PM

Just In:

GMR Power and Urban Infra share price jumps 10% on ₹2,470 crore smart metering project in Uttar Pradesh

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 731.45. If it breaks and trade below 730 level then expect some decline in it and if it manages to trade and sustain above 732.50 level then some upmove can follow in the Copper.

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Topic :- Time:2.15 PM

Just In:

Bank of India to issue bonds worth up to Rs 2,000 cr today

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Topic :- Time:12.10 PM

Nifty is still flying high. Nifty spot if manages to trade and sustain above 20060 level then expect some further upmove in the market and if it breaks and trade below 20020 level then some decline can follow in the market.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex trades marginally higher; Nifty tests 20K

2. Putin wants Russians to follow Modis ambitions

3. India-Russia mull speedy ops on new sea route

4. RR Kabel IPO opens

5. Russia to help North Korea build satellites: Putin

6. Musk gets closer to bringing Starlink to India

7. US alone accounted for 17% of FDI in FY23

8. G20 Biofuel Alliance will facilitate green technology transfer across countries: Nitin Gadkari

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Topic :- Share Market Closing Note

Nifty at 20,000, Sensex gains 528 pts; all sectors in the green.

The BSE midcap and Smallcap indices hits fresh 52-week high with a gain of 1 percent and 0.7 percent respectively.

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Topic :- Time:3.00 PM

Nifty spot is trading at 19968 and is quite flat after initial moves. Nifty spot if manages to hold above 19940 level on closing basis then expect more bull run to continue in the market in coming sessions and if it closes below above mentioned level then some sluggish moves can be seen. 

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Topic :- Time:2.40 PM

Just In:

India-Saudi Arabia partnership crucial for welfare of region, says PM Modi

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Topic :- Time:2.30 PM

NATURALGAS Trading View:

NG is trading at 213.50. If it manages to trade and sustain above 214 level then expect it to test 218-220 levels quite soon and if it breaks and trade below 209 level then some further down movement is expected in it.

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Topic :- Time:2.00 PM

Nifty spot if manages to trade and sustain above 19960 level then expect some further upmove in the market and if it breaks and trade below 19920 level then some decline can be seen in the market. Currently Nifty spot is trading at 19949.

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Topic :- Time:1.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 7233. If it holds 7199 level then expect it to rise till 7270 level quite soon. Buy on dips around 7220 level for the higher targets however once it breaks and trade below 7199 level then one should remain on short selling side in it.

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Topic :- Time:1.15 PM

Just In:

Shanti Ekambaram, President, Consumer Banking, Kotak Mahindra Bank said that the bank�s previous acquisitions of BSS Finance and Sonata Finance are extremely value-accretive. 

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Topic :- Time:1.10 PM

Just In:

Byjus offers to repay $1.2 billion to lenders

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Topic :- Time:1.00 PM

Nifty future is trading above 20,000 mark now. Nifty spot if manages to trade and sustain above 19960 level then expect some upmove in it and if it breaks and trade below 19920 level then some decline can be seen in the market.

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Topic :- Time:12.45 PM

Just In:

Vodafone Idea share price: Stock doubles from 52-week low.

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Topic :- Time:12.30 PM

SILVER Trading View:

SILVER is trading at 72020. If it manages to trade and sustain above 72060 level then expect some upmove in it and if it breaks and trade below 71940 level then some decline can be seen in the market.

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Topic :- Time:12.15 PM

Just In:

Equity fund inflows surge 165% to Rs 20,245 cr in August, small-cap funds in demand

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Topic :- Time:12.00 PM

Nifty future is flying high and has achieved our positional target of 20,000 mark as mentioned in few days back post.

Nifty spot if manages to trade and sustain above 19940 level then expect some further upmove in the market and if it breaks and trade below 19900 level then some decline can follow in the market.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex gains 370 pts, Nifty around 19,950; Adani Ports, Apollo Hospitals top gainers

2. Kotak adjusts portfolio as it fails to find non-BFSI shares with good potential

3. Basilic Fly Studio SME IPO: Stock debuts at 179% premium on NSE

4. Coffee Day Enterprises stock tanks 15% on Rs 228 crore default allegation

5. IRFC on a new high, is 10th most-valued PSU after m-cap crosses Rs 1 lk cr

6. IDFC First Bank rises 2% on Rs 479.5-cr block deal with GQG Partners

7. Adani Enterprises, Adani Ports shares rise 2% as promoter group hikes stake

8. Bumper debut | Ratnaveer Precision Engineering lists at Rs 128, over 30% premium to IPO price

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 11 Sept,2023: 

Post G20 event lot of positive developments are expected which will be good for Indian economy overall. Nifty is likely to cheer the moment in coming sessions. 

For Coming Week:

With Strong buying happening in Nify it is looking attractive to cross 20,000 mark very soon.

Bank Nifty:

Banknifty is likely to join the rally. Weekly Support is at 44700. If it holds it possible target for Banknifty is to test 45,600-45850.

Attractive Stocks for Coming Week:

1. Reliance Industries: Long building up,Looking very attractive buy for 2500. Its support is at 2420. Currently RELIANCE is at 2448.

For Today:

Nifty spot if manages to trade and sustain above 19840 level then expect some further upmove in the market and if it breaks and trade below 19780 level then some decline can follow in the Nifty. Please note this is just opening view and should not be considered as the view for the whole day.

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Indian Stock Market Trading View For 11 Sept,2023:

Post G20 event lot of positive developments are expected which will be good for Indian economy overall. #nifty is likely to cheer the moment in coming sessions.

For Coming Week:
With Strong buying happening in Nifty it is looking attractive to cross 20,000 mark very soon.

Bank Nifty:
#Banknifty is likely to join the rally. Weekly Support is at 44700. If it holds it possible target for Banknifty is to test 45,600-45850.

Attractive #stocks for Coming Week:
1. Reliance Industries: Long building up,Looking very attractive buy for 2500. Its support is at 2420. Currently RELIANCE is at 2448.


For Today:
Nifty spot if manages to trade and sustain above 19840 level then expect some further upmove in the market and if it breaks and trade below 19780 level then some decline can follow in the Nifty. Please note this is just opening view and should not be considered as the view for the whole day.

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#share #sharetrading #stockmarket #india #Reliance #options #AllTimeHigh #sharetipsinfotips

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India aims to make the rupee a hard currency over the period of a decade as it looks to increase the use of INR in global transactions, particularly those related to the South Asian nation, says Sanjeev Sanyal, member, Economic Advisory Council to the Prime Minister.

In an exclusive interaction with Moneycontrol, Sanyal emphasised that India’s efforts to internationalise the rupee has “nothing to do with de-dollarization”. The endeavour is to make INR part of the existing list of hard currencies such as Euro, the Yen, the Singapore dollar, the British Pound, and the Renminbi, he said.