Jyoti CNC Automation IPO booked 38.5x on last day of subscription

Jyoti CNC Automation IPO booked 38.5x on last day of subscription

Jyoti CNC Automation’s IPO, the first for calendar 2024, garnered 38.5 times subscription on Thursday, the concluding day of the issue. The qualified institutional buyer (QIB) portion of the issue was subscribed 44 times, high networth individual (HNI) portion 36.5 times and retail portion 26 times. Through its maiden share sale, the computer numerical control (CNC) machine manufacturer will raise Rs 1,000 crore in fresh capital. At the top-end of the price band of Rs 331, Jyoti CNC will be valued at Rs 7,527 crore. For the quarter ended September 2023, the company had posted net profit of Rs 3.4 crore on revenues of Rs 1,706 crore. 

Sebi warns Fortis for delaying disclosures about lawsuit in US  

The Securities and Exchange Board of India (Sebi) has issued a warning to Fortis Healthcare for delaying disclosures about a lawsuit in the US for more than 14 months, and directed it to ensure that such instances do not happen again. "You have delayed by approximately 14 months the disclosure of the material event of filing a suit in a US court seeking $6.5 billion in damages," Sebi said. The company also failed to disclose the interim award dated October 17, 2022 in the arbitration proceedings titled 'Balaji Great Lotus Glory vs Eleos Finvestia Acquisition Trust & Ors' and the subsequent material developments in the matter, it added.In last January, Fortis had announced that Envesecure filed a suit against it and various others for alleged "copyright infringement” and tortious interference with contracts", seeking damages in excess of USD 6.5 billion.

Markets end with minor gains

Benchmark equity indices ended marginally higher on Thursday, trimming most of their intraday gains, as investors remained con­c­erned over the quarterly results of IT behemoths TCS and Infosys. Awaited announcements of the US inflation data on Thur­sday and domestic macroeconomic numbers on Friday also forced investors to stay on the sidelines. 
 

The 30-share BSE Sensex climbed 63.47 points or 0.09 per cent to settle at 71,721.18. During the day, it jumped 341.76 points or 0.47 per cent to 71,999.47. The Nifty gained 28.50 points or 0.13 per cent to 21,647.20.
 

Reliance Industries, UltraTech Cement, Axis Bank, IndusInd Bank, Power Grid, Tata Motors, Tech Mahindra and TCS were the major gainers. 
 

Companies covered by Jefferies Financial Group in India will report 14% year-over-year growth in this earnings season, slower than a 38% jump in the previous quarter, a broker said.

Infosys, Hindustan Unilever, Wipro, Larsen & Toubro and Nestle were among the laggards.
 

"Global equities largely rose as investors awaited the US inflation data that will help clarify the path for Federal Reserve policy," said Deepak Jasani, Head of Retail Research, HDFC Securities.
 

In the broader market, the BSE smallcap gauge climbed 0.79 per cent and midcap index jumped 0.66 per cent.
 

Among the indices, energy jumped 1.57 per cent, oil & gas rallied 1.05 per cent, consumer durables (0.89 per cent) and consumer discretionary (0.71 per cent).
 

Industrials, IT, services, realty and capital goods were among the laggards.
 

Elsewhere in Asia, bechmarks in Tokyo, Shanghai and Hong Kong settled with gains while that of Seoul ended lower.

European markets were trading higher. The US markets ended in the positive territory on Wednesday.
 

"In anticipation of inflation data from the US, the Indian market exhibited range-bound trade. Though investors anticipate US inflation to ease, global markets, expecting a CY24 interest rate cut, have already priced in optimism. Profit booking occurred amid moderating Q3 corporate earnings and concerns about premium valuations," said Vinod Nair, Head of Research, Geojit Financial Services.
 

Global oil benchmark Brent crude climbed 1.56 per cent to USD 78 a barrel.
 

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,721.35 crore on Wednesday, according to exchange data.

The BSE benchmark ended 271.50 points or 0.38 per cent higher at 71,657.71 on Wednesday. The Nifty advanced 73.85 points or 0.34 per cent to 21,618.70.