At 11:23 IST, the barometer index, the S&P BSE Sensex, was down 137.82 points or 0.23% to 60,407.54. The Nifty 50 index fell 29.2 points or 0.16% to 18,039.55.
The broader market outperformed the main indices. The S&P BSE Mid-Cap index gained 0.93% while the S&P BSE Small-Cap index added 0.72%.
The market breadth was positive. On the BSE, 1982 shares rose and 1146 shares fell. A total of 158 shares were unchanged.
Primary Market:
The initial public offer (IPO) of One97 Communications (Paytm) received bids for over 1.02 crore shares as against 4.83 crore shares on offer on Tuesday (9 November 2021), according to stock exchange data on 11:00 IST today. The issue was subscribed 21%.
One97 Communications (Paytm) is one the largest payments platform in India based on the number of consumers, number of merchants, number of transactions and revenue ended March 2021.
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The IPO opened for bidding on Monday, 8 November and it will close on 10 November. The price is set at Rs 2080 to Rs 2150.
Ahead of the IPO, Paytm raised Rs 8,235 crore from anchor investors including Blackrock, CPPIB, Birla MF, GIC among other blue-chip investors. The IPO consists of a fresh issue to raise Rs 8300 crore and offer of sale (OFS) comprising Rs 10,000 crore.
Buzzing Index:
The Nifty PSU Bank index added 0.74% to 3,038.8. The index has surged 4.3% in three days.
Indian Bank (up 3.54%), Bank of India (up 2.37%), Bank of Maharashtra (up 1.64%), Central Bank of India (up 1.58%), Punjab National Bank (up 1.18%) and Canara Bank (up 0.8%) were top gainers in PSU bank space.
Stocks in Spotlight:
TVS Motor Company jumped 9.32% to Rs 778.55 after the media reported that the company is in talks to raise funds for its electric vehicle (EV) subsidiary. The media reported that TVS Motor is in talks with a clutch of global private equity investors to raise $300-500 million (Rs 2,220-3,700 crore) for its electric vehicle subsidiary at a valuation of $3.5-4 billion. TVS is seeking to raise the funds from pure financial investors and has no plans to onboard strategic investors, reports suggested.
Route Mobile fell 1.04% to Rs 1967 after the company announced the launch of its QIP (qualified institutional placement) of equity shares. The company said that its fund raising committee at the meeting held yesterday (8 November 2021) authorized the opening of the qualified institutions placement (QIP). It also approved and adopted the preliminary placement document in connection with the QIP.
Global Markets:
Asian stocks were trading lower on Tuesday. US stocks ended slightly higher on Monday, rising early after passage of a US infrastructure spending bill but paring gains late as sliding Tesla shares weighed the indexes down.
The U.S. House of Representatives late Friday passed a more than $1 trillion infrastructure bill, sending the legislation to President Joe Biden for his signature. First passed by the Senate in August, the package would provide new funding for transportation, utilities and broadband, among other infrastructure projects.
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