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Fund-raising via IPOs crosses Rs 31,000 cr
Posted on 7th October 2017
With the offering of Godrej Agrovert fully subscribed, fund-raising through initial public offerings (IPO) has crossed Rs 31,000 crore this year. Since the beginning of 2017, 25 companies have together raised an amount of Rs 31,996 crore. Market participants said fund-raising via IPOs could cross Rs 50,000 crore in 2017 and hit a record high.

The IPO of General Insurance Corporation (GIC Re) worth Rs 11,372 will begin on Wednesday. In the next few months at least ten companies are tipped to hit the market. These include a couple of insurance firms, a leading footwear brand and an asset management company among others.

These IPOs are expected to raise close to Rs 25,000 crore. The government will launch the IPO of New India Assurance later this month. Among the private sector companies, HDFC Life, Mahindra Logistics, and Khadims are expected to hit the markets this year.

Market participants said adequate liquidity in the market and the desire of private equity players to exit their holdings have created action in the primary market.

Listing gains and returns by newly listed companies as also the positive sentiment in the broader market are among the reasons attributed to the trend. Of the 24 companies which made their debut on the exchanges this year, 17 have listed at a premium. Avenue Supermarts, the owner of the D-Mart brand, listed at a whopping 102% above its issue price. This is the biggest listing day opening in 12 years after Nandan Exim whose stock opened at 140% premium to its issue price of `20 in June 2005.

Consumer electronics manufacturer Dixon Technologies which got listed last month listed at a premium of 54% to its issue price. Prataap Snacks which made its debut on the bourses on Thursday listed at a premium of 35%.

The newly listed companies have given good returns to investors, the BSE IPO index a gauge of newly listed companies rose by 41% year to date while the benchmark Sensex rose by 19.48% during the same period.

More than half of the total money raised through IPO was by financial services companies. BSE, HUDCO, ICICI Lombard, SBI Life, AU Small Finance Bank and CDSL are some of the financial services companies who completed their IPO in the last six months.

However, a huge chunk of funds raised through IPO was via offer for sale (OFS). The initial share sale of SBI Life and ICICI Lombard the biggest issues so far this year entirely offered for sale. While SBI Life raised Rs 8,400 crore, ICICI Lombard garnered Rs 5,700 crore.

Eris Lifesciences, BSE, and AU Small Finance Bank entirely offered for sales. The offerings of CL Educate, Shankara Building Products and S Chand and Company had a significant OFS portion.


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Hindustan Petroleum Corp enters into a long-term agreement with HMEL
Posted on 22nd September 2018
Hindustan Petroleum Corporation (HPCL) on Friday entered into a long-term agreement with HMEL (HPCL-Mittal Energy) for operations and maintenance of its newly-commissioned bitumen terminal at Bathinda.

HMEL recently set up a bitumen blowing unit with a capacity of 550 million tonne per annum different grades of bitumen plant at Guru Gobind Singh Refinery, Bathinda. The agreement is for storing, handling and dispatching the product.


Amazon India to soon sell cow urine and dung based soaps, face packs made by RSS-backed centre
Posted on 22nd September 2018
Soaps, face packs, shampoos and medicinal products made from cow urine and dung may soon be just a click away as an RSS-backed centre says it is set to sell these on e-commerce major Amazon India.

Deen Dayal Dham, a centre run by the RSS in Farah town of Mathura in Uttar Pradesh, will first put up a dozen products related to health, beauty and apparel on the website for sale, a manger at the centre said.


Sensex witnesses flash crash
Posted on 22nd September 2018
Mumbai: The shares of housing finance companies (HFC) and other financial service firms were battered badly on Friday causing a flash crash on the domestic bourses as rumours about default by certain entities amidst rising delinquencies and cost of capital triggered panic selling in the market.

Infosys to offer cloud solutions to global enterprises on Google Clouds
Posted on 22nd September 2018
Software major Infosys would offer scalable services and solutions on demand to global enterprises on search engine's Google cloud platform, the IT major said on Saturday.

"We are partnering with Google to develop cloud transformation and migration services for enabling enterprises transform their businesses on scalable and on-demand model," said the city-based company in a statement.


RIL closes KG-D6 oilfield
Posted on 22nd September 2018
Reliance Industries has permanently shut down its only oilfield (MA field) in the KG-D6 block on the back of dwindling output from the reserve. This was the company’s first foray into oil and gas exploration that began in September 2008 when the field started producing oil.

“The MA (D26) field in Block KG-DWN-98/3 (KGD6), which is being operated by RIL as an operator of the joint venture consisting of RIL (60 per cent), BP (30 per cent) and Niko (10 per cent)


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