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Highlights
Offers to raise an estimated Rs 3,764 crore.
Shares of these companies will be listed on BSE and NSE.
New Delhi: Kalyan Jewellers India IPO opens for public subscription on Tuesday. The Rs 1,175-crore IPO of Kalyan Jewellers India Ltd comprises issuance of fresh equity aggregating up to Rs 800 crore and an offer for sale worth Rs 375 crore.
Kalyan Jewellers promoter T S Kalyanaraman would be offloading shares worth up to Rs 125 crore, while Highdell Investment Ltd, an affiliate of Warburg Pincus, would sell up to Rs 250 crore worth of shares through the OFS route. The company has set the price band at Rs 86-87 a share for the initial share-sale, which will conclude on March 18.
Synopsis
Asian stocks opened higher on Tuesday as investors awaited comments from the US central bank s meeting later this week. MSCI s gauge of stocks across the globe gained 0.04 per cent.
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India 10-year bond yield fell 0.50 per cent to 6.20 after trading in 6.20-6.24 range.
Improved economic outlook pushed US stocks to record highs overnight and that may help domestic stocks open higher this morning in line with other Asian markets. But the upside looks capped, as investors globally await US Fed s policy outcome due on Wednesday.
Here s the breaking down of the pre-market actions:
STATE OF THE MARKETS
Nifty futures on the Singapore Exchange traded 47 points, or 0.31 per cent, higher at 14,997 in signs that Dalal Street was headed for a positive start on Tuesday.
NEW DELHI: The initial public offer (IPO) of Kalyan Jewellers India opened for public bidding on Tuesday. Analysts say the issue is richly valued but there are reasons to subscribe for the long term.
The company and its shareholders plan to raise Rs 1,175 crore from the market. The issue, priced in the range of Rs 86-87, comprises a fresh issue aggregating up to Rs 800 crore, and an offer for sale worth up to Rs 375 crore.
At Rs 87 per share, the stock is available at 0.9 times FY20 market cap/sales, and 63 times FY20 EPS. In comparison, at the current price, Titan is valued at 186.74 times earnings. Despite being relatively cheaper, investors do not seem that enthused about the issue.
BJP President Jagat Prakash Nadda addressing Alleging that the Mamata Banerjee dispensation has not done anything for the welfare of farmers and Adivasis in West Bengal, BJP president J P Nadda on Tuesday claimed that after practising politics of appeasement for years, the TMC supremo has started reciting Sanskrit slokas to assert her Hindu identity. Slamming the Mamata Banerjee government over alleged slide in the law and order situation, Defence Minister Rajnath Singh said on Tuesday the khela (game) that will be played in West Bengal after the BJP s victory in the assembly election will be that of development and peace. He asserted the BJP will form its government in the state winning more than 200 of the 294 seats.