Sensex adds 138 pts; Zomato ends 65% up over issue price at Rs 126 on BSE
The BSE MidCap and SmallCap indices, however, underperformed the benchmarks
11:45 AM
Naveen Kulkarni, Chief Investment Officer, Axis Securities on Zomato listing
Zomato debuted in the Indian market with a strong listing gain of more than 50%. Stock price has further jumped to 138 after a strong listing, making a debut to a club of one lac crore of market cap. This signifies a strong risk appetite for the new and next generation business models. Today’s listing performance will provide a positive signal to the Indian start-up ecosystem. We could see this trend to continue in the upcoming IPOs, as the present market conditions are conducive for the primary market.
11:33 AM
SC rejects telecos plea on AGR re-computation; Vodafone Idea tanks 15%
Shares of telecom operators Vodafone Idea (VIL) and Bharti Airtel came under selling pressure, falling by up to 15 per cent on the BSE in intra-day trade on Friday, after the Supreme Court (SC) dismissed the application of telecom companies that sought recomputation Adjusted Gross Revenue (AGR) dues demanded by the Department of Telecommunication (DoT). READ MORE
11:23 AM
Sneha Poddar, Research Analyst, at MOFSL on Zomato listing
Zomato with first mover advantage is placed in a sweet spot as the online food delivery market is at the cusp of evolution. It has consistently gained market share over the last four years to become the category leader in India in terms of GOV (Gross Order Value). It enjoys couple of moats and with economics of scale started playing out, the losses have reduced substantially. Though, predicting the growth trajectory at this juncture is little tricky, but it’s a good bet from long term perspective.
11:16 AM
After blockbuster listing, what should you do with Zomato stock?
After a bumper debut, analysts advise short-term investors to book profit though long-term investors, they suggest, should continue to hold on to the counter and accumulate on a dip. At the fundamental level, analysts believe the new-age tech companies like Zomato will take several years to come to profit. Amid this, they believe, short-to-medium term fundamentals look pessimistic which can keep the stock under pressure for some time. READ MORE
10:47 AM
AGR CASE VERDICT :: Bharti Airtel erases gains, down over 1%
10:41 AM
NEWS IMPACT :: Sharp downtick in Voda idea stock after SC verdict
10:39 AM
BREAKING NEWS :: SC dismisses application of telcos
10:37 AM
Zomato lists 53% higher on NSE; market-cap crosses Rs 1-trillion mark
Post listing, the stock hit the upper circuit of 20 per cent at Rs 138, up 82 per cent compared to its issue price on the BSE. A strong listing saw Zomato’s market capitalisation (market-cap) cross the Rs 1 trillion mark and entered into top 50 most valuable companies on the BSE. At 10:12 am; Zomato stood at 38th position in market-cap rankings on the BSE. READ MORE
10:23 AM
Info Edge shares trade in the red
10:06 AM
Zomato Listing :: M-cap crosses Rs 1-trillion
10:01 AM
Mphasis surges 12%, hits new high on strong June quarter results
Shares of Mphasis rallied 12 per cent to hit a new high of Rs 2,692.35 on the BSE in intra-day trade on Friday after the company reported a healthy set of June quarter (Q1FY22) numbers. The company is an Information Technology (IT) solutions provider specialising in cloud and cognitive services. READ MORE
9:49 AM
Zomato Listing :: Pre-open suggests debut at Rs 115 apiece
9:39 AM
MARKET CHECK :: Sensex wipes off opening gains, turns negative
9:32 AM
MARKET VIEW :: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial
The legendry investor Howard Marks recently said, " We don't know where we go from here. But we should know where we are." This statement reflects the uncertainty & confusion about the future market trends, even among the best investor brains. It also cautions investors about the prevailing excessive valuations. The potent combination of superabundant liquidity and ever-rising retail investor participation ( 2.45 million new Demat accounts being opened on an average every month during April-June) is providing great resilience to the market. Retail is buying every dip while FIIs are selling every rise. From a fundamental perspective, the retail reaction is emotional while the FII response is rational. Emotion can dominate reason in the short run. Big events like Zomato listing, AGR case verdict & RIL results can influence stocks & the market today.
9:32 AM
BUZZING :: Mahindra Life Space hits 52-week high
> The board will consider the proposal for issuance of bonus equity shares on July 28.
Topics : MARKET LIVE MARKET WRAP Markets Q1 results Zomato Reliance Industries Vodafone Idea ITC SGX Nifty Wall Street S&P BSE Sensex Nifty50
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First Published: Jul 23 2021 | 8:11 AM IST