Street signs: P-notes surge, grey market frenzy, and Zee exposure trim

Shares of BLS E-Services, an e-governance services enabler, are in high demand in the grey market ahead of its Rs 311 crore initial public offering (IPO)

P-notes surge: FPIs navigate overdrive in offshore derivatives

Frantic activity was observed by foreign portfolio investors who issued offshore derivative instruments — commonly referred to as participatory notes (P-notes) — on Friday. The block deal data reported by both the National Stock Exchange and BSE showed trades worth nearly Rs 30,000 crore. These trades were reported under large FPIs such as Société Générale, Marshall Wace, and BNP Paribas. Market players mentioned that some of the activity was due to arbitrage trading, while the rest could be attributed to the new, tighter disclosure norms introduced by the market regulator Securities and