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Ganesh Consumer Products shares up after promoter lifts stake

Ganesh Consumer Products shares up after promoter lifts stake

by | Apr 2, 2026 | Business


Shares of Ganesh Consumer Products Limited were trading higher on Thursday. The company disclosed that its promoter and Managing Director Manish Mimani purchased 2,95,314 equity shares through open market transactions on the NSE on March 31, 2026.

As of 12.28 PM, the stock was trading at ₹174.51, up 0.11 per cent from its previous close of ₹174.32, after touching an intraday high of ₹177.38. The stock opened at ₹173.50 and has seen a traded volume of 0.78 lakh shares with a traded value of approximately ₹1.36 crore so far in the session. Total market capitalisation stands at ₹705.25 crore.

The disclosure, filed under Regulation 7(2) of SEBI’s Prohibition of Insider Trading Regulations, 2015, revealed that Mimani’s stake rose to 5.74 per cent, while overall promoter and promoter group holding increased from 64.08 per cent to 64.81 per cent following the transaction valued at approximately ₹4.99 crore.

Despite today’s mild uptick, the stock remains under pressure on a broader timeframe. It has declined roughly 22.93 per cent year-to-date and sits well below its 52-week high of ₹309.95 touched on October 6, 2025. The 52-week low of ₹152.00 was recorded as recently as March 16, 2026.

The Kolkata-based packaged staple food company, listed on NSE and BSE on September 29, 2025, operates seven manufacturing plants with a combined daily capacity of approximately 1,432 MT. It is the largest player in wheat-based products in Eastern India under its flagship “Ganesh” brand. Order flow currently shows a marginal sell-side tilt at 51.92 per cent versus 48.08 per cent on the buy side.

Published on April 2, 2026



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Powerica shares list at 5-7% discount on BSE, NSE

Powerica shares list at 5-7% discount on BSE, NSE

by | Apr 2, 2026 | Business


Powerica shares made a weak debut on the stock exchanges on Thursday, and closed 1.2 per cent below the issue price after posting some intraday gains.

On the NSE, the stock listed at a 7.3 per cent discount at ₹366 compared to the offer price of ₹395, and on the BSE, it opened at a 5 per cent discount at ₹375.

The stock then settled at ₹390 on both NSE and BSE,, remaining below its issue price despite the upward movement.

Shivani Nyati, Head of Wealth at Swastika Investmart, said the weak debut signals muted sentiment and possible supply pressure despite a reasonably subscribed IPO.

Nyati noted that while the company benefits from an established generator business and global partnerships with Cummins and Hyundai, elevated debt of ₹1,214 crore remains a concern, though partial repayment through IPO proceeds should support the balance sheet.

In the near term, Nyati expects the stock to remain volatile, with the ₹360–₹370 zone acting as support and ₹375–₹395 as a key resistance band. She advised a cautious approach, recommending holding the stock only for those with higher risk appetite while avoiding aggressive fresh buying unless it sustains above ₹395.

Dr Ravi Singh, Chief Research Officer (Research), Master Capital Services, advised investors with a long-term view can consider holding the stock, while those with a cautious approach may wait for some price stability before making fresh investments.

The ₹1,100-crore initial public offering of Powerica saw a decent response from investors, with an overall subscription of 1.53 times. The IPO was priced in the range of ₹375 to ₹395 per share and comprised a fresh issue of up to ₹700 crore along with an offer-for-sale of up to ₹400 crore by promoters, including the Naresh Oberoi Family Trust and Kabir and Kimaya Family Private Trust.

Ahead of the public issue, the company raised ₹329.40 crore from anchor investors, allocating 83,39,239 equity shares at ₹395 apiece. Participation from prominent institutional investors such as SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Kotak Mutual Fund and others, along with insurance players like Kotak Mahindra Life Insurance, Edelweiss Life Insurance and Reliance Nippon Life Insurance, highlighted institutional interest in the offering.

Proceeds from the fresh issue are slated to be used primarily for debt repayment and general corporate purposes. Powerica operates as an integrated power solutions provider with a generator set business driven by Cummins-powered DG sets and large generators developed in collaboration with Hyundai. The company also has a presence in the wind energy segment as an independent power producer and EPC contractor.

As per its prospectus, Powerica owns and operates 12 wind power projects in Gujarat with a total installed capacity of 330.85 MW. It is also in the process of developing an additional 52.70 MW project, which will take its total capacity to 383.55 MW.

ICICI Securities acted as the book-running lead manager for the issue, while MUFG Intime India served as the registrar.

Published on April 2, 2026



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Amir Chand shares hit lower circuit after weak debut, falling further by 10%

Amir Chand shares hit lower circuit after weak debut, falling further by 10%

by | Apr 2, 2026 | Business


Shares of basmati rice exporter Amir Chand Jagdish Kumar (Exports) Ltd came under heavy selling pressure on Thursday, hitting the lower circuit after listing at a discount to the issue price of ₹212.

The stock debuted at ₹195 on the BSE, down 8.02 per cent from the IPO price. On the NSE, it opened at ₹200, a decline of 5.66 per cent.

Selling intensified during the session, and the stock closed at ₹180 on the NSE and ₹175.50 on the BSE, marking a sharp fall of about 10 per cent below the listing price and indicating strong bearish sentiment following its market debut.

The ₹440-crore initial public offering of the company had received a subscription of 3.23 times on the final day of bidding on March 27. The issue was priced in the range of ₹201 to ₹212 per share and consisted entirely of a fresh issue, with no offer-for-sale component.

The company plans to utilise the proceeds from the IPO primarily to meet working capital requirements and for general corporate purposes. Notably, the final issue size was reduced to ₹440 crore from the ₹550 crore proposed in the draft papers filed earlier.

Dr Ravi Singh – Chief Research Officer (Research) of Master Capital Services, expects the company’s liquidity to gradually increase, making it more suitable for long-term, growth-oriented portfolios looking to get exposure to India’s rice market.

According to Shivani Nyati, Head of Wealth at Swastika Investmart, the stock may remain volatile with a negative bias in the near term due to post-listing selling pressure.

Technically, ₹212 is seen as a key resistance level, while the ₹185–₹190 range provides immediate support, with further downside likely if this zone is breached.

She advised investors to avoid panic selling and instead monitor price action, while fresh buying should be considered only after signs of a clear reversal or more attractive entry levels, maintaining a cautious outlook overall.

Published on April 2, 2026



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Sai Parenterals lists at modest premium, marks 6% listing gains

Sai Parenterals lists at modest premium, marks 6% listing gains

by | Apr 2, 2026 | Business


Sai Parenterals shares made a steady debut on the stock exchanges on Thursday, listing at a modest premium to the issue price.

On the BSE, the stock opened at ₹405, reflecting a 3 per cent premium over the offer price of ₹392. On the NSE, it listed at ₹400, up 2 per cent.

The stock closed at 405.70 and 406.40 on the NSE and BSE, repectively.

Dr. Ravi Singh, Chief Research Officer (Research), Master Capital Services, believes that the company is well-positioned with its diversified formulations portfolio, strong CDMO capabilities, and growing presence in regulated and semi-regulated markets.

Singh advised investors allotted shares to consider holding them for the long term, given the steady industry growth outlook.

The ₹409-crore initial public offering of Sai Parenterals Ltd saw a subscription at 1.05 times, supported largely by institutional investors. The qualified institutional buyers segment was subscribed 1.71 times, while the non-institutional investors portion saw a stronger response at 2.36 times. Retail participation, however, remained subdued at 0.12 times.

Ahead of the IPO, the company mobilised over ₹122 crore from anchor investors, signalling early institutional confidence in the offering.

The IPO comprised a combination of fresh issue and an offer-for-sale. The fresh issue aggregated up to ₹285 crore, while the OFS included up to 31.57 lakh equity shares being offloaded by existing shareholders, including Vikasa India EIF I Fund and other individual investors. The price band for the issue was fixed at ₹372 to ₹392 per share, with a minimum bid lot of 38 shares.

Proceeds from the fresh issue are intended to support the company’s expansion strategy, particularly in strengthening its global formulations business and enhancing its Contract Development and Manufacturing Organisation capabilities. The focus remains on scaling up both injectable products and oral solid dosage manufacturing.

Published on April 2, 2026



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India trading ban rocks 9 billion-a-day offshore rupee market

India trading ban rocks $149 billion-a-day offshore rupee market

by | Apr 2, 2026 | Business


India banned its banks from offering the most popular instrument for trading the rupee offshore, threatening to squeeze a $149 billion-a-day market in an extreme step to shore up its tumbling currency.

The Reserve Bank of India’s restrictions on non-deliverable derivative contracts will ripple through major currency hubs such as Singapore and London, where trading has exploded over the past decade to about twice the size of the onshore market. The rupee surged the most in 12 years on Thursday.

The policy adds to a late-Friday measure that capped lenders’ daily currency positions locally at $100 million, triggering a scramble among banks to unwind at least $30 billion in arbitrage trades. Such moves risk undercutting years of efforts to deepen India’s currency markets, where growing onshore and offshore liquidity has helped attract foreign investors and support Prime Minister Narendra Modi’s push to boost the rupee’s global use.

“This is again a signal that the central bank is willing to consider harsh steps that are nevertheless regressive and that its focus is on the stability of the rupee rather than liquidity for now,” said Abhishek Upadhyay, an economist at ICICI Securities Primary Dealership.

The regulator is going all out to squeeze a trade that it sees fueling speculative bets. Investors have typically used offshore contracts known as non-deliverable forwards to build short rupee positions, while banks run arbitrage trades — buying dollars onshore and selling them overseas — to profit from price gaps between the two. Those onshore dollar purchases can add pressure on the local currency, reinforcing the offshore bearish bets. 

This activity is mainly driven out of global financial hubs such as Singapore, London and New York, with international lenders like JPMorgan Chase & Co., Standard Chartered Plc, HSBC Holdings Plc and Citigroup Inc. dominating the space. Some Indian banks also participate.

The RBI measures amount to a coordinated push to flush out excess bearish rupee positions and speculative trades across the market, according to Kunal Sodhani, head of treasury at Shinhan Bank Ltd. in Mumbai. This may come at the cost of reduced liquidity and wider spreads between the onshore and offshore markets, he said.

“Overall, the RBI’s message is unambiguous,” he said. “The FX market is to function as a hedging mechanism aligned with real economic activity, not as a platform for leveraged speculation.”

The rupee has been hitting successive lows despite repeated intervention by the RBI, with pressure intensifying after the Iran war drove up India’s fuel import costs. It has tumbled about 8% over the past year, making it Asia’s worst-performing currency.

The rupee rebounded about 2% to 92.84 per dollar on Thursday as trading resumed after a two-day break. Earlier in the week, it had weakened past the 95 level. Meanwhile, offshore forward points, or the cost of hedging exposure to rupee assets outside India, are near their highest since 2020.

The twin policy surprises are an attempt to head off imported inflation with a stronger currency. Skyrocketing energy prices have fanned stagflation fears, with oil-importers like India particularly vulnerable. A widening trade deficit, combined with a stronger dollar, has only deepened pressure on the rupee. 

This puts the RBI in a dilemma. Raising interest rates to defend the currency may hurt economic growth, pushing policymakers to rely more on other tools. That includes stepping up intervention — which has already contributed to a more than $30 billion drawdown in FX reserves in the first three weeks of March — as well as more direct measures targeting financial institutions. The central bank is due to announce its next rate decision on April 8.

“The RBI cannot use monetary policy to fight this pressure as they are primarily focused on inflation management,” said Gaurav Kapur, chief economist of IndusInd Bank Ltd. That helps to explain the move to target the NDF market, he said, adding that the central bank still has other options, including a potential increase in the cash reserve ratio, as seen in 2013.

Bond Outflows

By curbing NDF activity, the central bank is driving up the cost of hedging currency risk, said Rajeev de Mello, a global macro portfolio manager at Gama Asset Management. That will discourage foreign participation in the local bond market, ultimately pushing up the government’s borrowing costs, he added.

Foreign interest in Indian debt has grown, with about $14 billion flowing into bonds since their inclusion in JPMorgan’s flagship index in June 2024, underscoring the need for hedging. But flows have taken a hit from the latest curbs. On Monday, index-eligible bonds saw outflows of 32.85 billion rupees ($352 million), the biggest single-day exit in 10 months.

A key question now is how long the RBI can sustain such measures. When it adopted similar measures in December 2011, the rupee strengthened from 54.3 to below 50 in about a month — but at the cost of liquidity drying up, said Madhavi Arora, chief economist at Emkay Global Financial Services Ltd. However, volumes recovered within a few months, and banks, after an initial hit to shares, rebounded strongly. 

“If the similar playbook follows this time around too, rupee would be a sharp gainer over next one week or so, as the banks unwind their speculative positions,” she said. While lenders may face short-term mark-to-market losses, once the currency stabilizes and liquidity conditions normalize, the focus will shift back to credit growth, she added.

This time, however, the impact could be more disruptive as the scale of FX operations has ballooned. 

“Ten years ago, people didn’t take such large positions,” said Jayesh Mehta, chief executive officer of DSP Finance Private Ltd. with more than three decades of experience in FX and bonds. Today, the size of trades — including relative-value bets across currencies — can dilute the effectiveness of the RBI’s interventions, he added.

More stories like this are available on bloomberg.com

Published on April 2, 2026



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