Market this week 3-12-2021

Market this week 3-12-2021
  • JK Files & Engineering’s IPO is approved by Raymond
  • D-Street debuts Go Fashion shares at 90% premium
  • EV subsidiary gets board approval, shakti Pumps share price gains 19%
  • Jio increases prepaid mobile tariff rates by 20%, leading to a 3% rise in RIL share price
  • Unichem Laboratories’ stock rises 19% after ICRA reasserts long-term rating

JK Files & Engineering’s IPO is approved by Raymond

The fabric and fashion retailer Raymond is planning to list its material subsidiary JK Files & Engineering after it approved its initial public offering on December 1.

Raymond’s material subsidiary, JK Files & Engineering (JKFEL), approved an initial public offering (IPO) on November 30 including an offer for sale (OFS) of Rs 800 crore .Furthermore, the company said it will not issue any new shares as part of the IPO, and it will only proceed if the necessary regulatory approvals and market conditions are in place.

D-Street debuts Go Fashion shares at 90% premium

A stellar debut by Go Fashion brand operator Go Colors on November 30 saw the stock listed at a whopping 90 percent premium to its issue price of Rs 690 per share. The stock opened at Rs 1,316 on the BSE and at Rs 1,310 on the NSE.

As a result of a stellar debut by Go Fashion brand operator Go Colors on November 30, the stock debuted at a whopping 90 percent premium to its issue price of Rs 690 per share.

Women’s bottom wear brand operator’s first-ever public offering saw a huge response from investors as the offer was subscribed 135.46 times. Non-institutional investors bid 262.08 times the portion set aside for them. A qualified institutional investor bid 100.73 times the reserve portion, and a retail investor bid 49.70 times the reserve portion.

EV subsidiary gets board approval, shakti Pumps share price gains 19%

On November 29, Shaktik Pumps’ share price rose 19 percent intraday to Rs 690.20 after the company announced the formation of a subsidiary for electric vehicles.

The Shakti Pumps board of directors approved the incorporation of a wholly owned subsidiary to handle business in electric motors, electric chargers, electric motor controllers, and multi-application VFD for automobiles,” the company stated in a release. In a vote approved by the board, notice of the alteration of the object clause in the memorandum of association for the company and adoption of new articles of association have been sent by postal ballot to shareholders.

Jio increases prepaid mobile tariff rates by 20%, leading to a 3% rise in RIL share price

On November 29, Reliance Industries’ (RIL) share price climbed over 3 percent intraday to Rs 2,497.90 after its telecom arm raised prepaid mobile rates by 20%.

Reliance Industries (RIL) increased prepaid mobile rates by 20% on November 29 after its telecom arm raised prices. According to the new tariff plans, the company is committed to further strengthening its telecom industry

In keeping with Jio’s promise to provide the best service at the lowest price in the world, Jio’s customers will continue to benefit from these plans most.

Unichem Laboratories’ stock rises 19% after ICRA reasserts long-term rating

As a result of ICRA reaffirming the long-term rating of its bank facilities, Unichem Laboratories’ share price rose more than 19 percent to Rs 246.45 intraday on November 26.Unichem Laboratories’ long-term bank facilities of Rs 176 crore were reaffirmed to [ICRA] A by ICRA. The outlook on the long-term rating has been revised to negative from stable.

These instruments carry low credit risk, which indicates adequate degree of safety regarding service of financial obligations. Due to the emergence of a new COVID variant, the market was under heavy pressure, dragged down by all sectoral indices except pharma, which gained over two percent

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