 "Stock market, Asian stock market")
Allied Blenders and Distillers’ Rs 1,500-crore initial public offering (IPO) will open on June 25 and close on June 27. The price band for the issue is Rs 267-281 per share. At the top end, the company is valued at Rs 7,860 crore on a post-dilution basis.
The company plans to issue fresh shares worth Rs 1,000 crore in the IPO. Allied Blenders is a leading maker of Indian-made foreign liquor. It owns brands such as Officer's Choice, Officer's Choice Blue, and Sterling Reserve. Post-IPO, the promoter shareholding in Allied Blenders will drop from 100 per cent to 89.91 per cent. For nine-month period ended December 2023, the company had clocked a net profit of Rs 4.23 crore on revenues of Rs 5,911 crore.
NSE launches tourism index
NSE Indices has launched the thematic index Nifty India Tourism Index. The index will have 17 companies which are directly linked to the travel and tourism industry. InterGlobe Aviation and Indian Hotels have the highest weightage in the index, followed by Indian Railway Catering and Tourism (IRCTC) and GMR Airports.
Sensex, FTSE rejig on Friday
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Exchange-traded funds (ETFs) and index funds will rebalance their portfolios on Friday on account of the changes announced to the Sensex and FTSE indices. Analysts say passive funds will sell shares worth $170 million of Wipro due to its deletion from the Sensex, while Adani Ports and SEZ will see buying to the tune of $259 million. India will get net passive foreign inflows of $250 million on Friday due to the changes to the FTSE indices, said Nuvama in a note.
Sebi bans JM Financial from managing debt public issues
Markets regulator Sebi on Thursday confirmed the interim directions to bar JM Financial Ltd from acting as a lead manager for public issues of debt securities until March 31, 2025, in a case of alleged irregularities in a public issue of non-convertible debentures (NCDs). The regulator, in a confirmatory order, clarified that the restriction only applies to public issues of debt securities and does not affect JM Financial Ltd (JMFL) other activities, including equity issues.
Som’s shares dip amid child labour concerns
Shares of liquor firm Som Distilleries and Breweries fell 1.9 per cent on Thursday after authorities said they would impound one of the group’s distilleries, where officials said 59 children had been working illegally.
Som shares fell nearly 9 per cent during the intraday trade on Thursday, taking weekly losses to 15 per cent, before recovering.
