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FirstCry, Unicommerce eSolutions mark strong trading debuts; stocks rise

FirstCry, Unicommerce eSolutions mark strong trading debuts; stocks rise

by | Aug 13, 2024 | Share Market


Photo: Twitter @firstcryindia

2 min read Last Updated : Aug 13 2024 | 11:09 PM IST


Brainbees Solutions, the parent of the baby products’ brand FirstCry, and e-commerce solutions provider Unicommerce eSolutions made stellar debuts on the bourses Tuesday.


Shares of FirstCry jumped 46 per cent, propelling the Supam Maheshwari-led firm’s market value to Rs 35,214 crore, while Kunal Bahl-led Unicommerce stock price almost doubled.


Interestingly, both firms and also Ola Electric, which listed on Friday, are backed by Japan’s SoftBank, a major investor in the new-age tech space.

FirstCry has also joined the club of startup unicorns that have successfully launched their IPOs over the past few years. Others include Zomato, Paytm, PolicyBazaar and Ola.

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“To our minds, the really differentiating mentality of startups is that they worship at the temple of value creation. Almost to the exclusion of everything else. They are not there necessarily to build empires, they are there to build and create value; and that is why they are so agile; so nimble; and so focused,” said Anand Mahindra, chairperson, M&M, during FirstCry’s listing ceremony.


Shares of FirstCry closed at Rs 678 apiece against the issue price of Rs 465 per share. Its IPO consisted of a fresh fund raise worth Rs 1,666 crore and a secondary share sale worth Rs 2,528 crore. The selling shareholders in the Rs 4,193-crore IPO were SoftBank, Mahindra & Mahindra, Premji Invest and TPG.


FirstCry will use the IPO proceeds on setting up new stores, digital expansion and expanding in Saudi Arabia. In FY24, the company had revenues from operations of Rs 6,480 crore and net loss of Rs 321 crore.


Both FirstCry and Unicommerce received strong demand from investors during their IPO subscription period.


Unicommerce’s listing-day gains are second after BLS eServices for IPOs in 2024. After hitting a high of Rs 256, the stock closed at Rs 210 apiece on Tuesday against the issue price of Rs 108 per share.


The company’s Rs 277-crore IPO was entirely an offer for sale by AceVector (Snapdeal) and SoftBank.


Unicommerce is an e-commerce enablement platform, specialising in software as a service (SaaS) for processing transactions. A comprehensive suite of solutions ensures seamless end-to-end management of e-commerce operations for brands, retailers, and logistics providers.

First Published: Aug 13 2024 | 7:57 PM IST



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HDFC Bank drags market down; Sensex and Nifty end nearly 1% lower

HDFC Bank drags market down; Sensex and Nifty end nearly 1% lower

by | Aug 13, 2024 | Share Market


3 min read Last Updated : Aug 13 2024 | 7:29 PM IST


Benchmark Sensex and Nifty declined close to a per cent on Tuesday amid a sharp correction in top-weight HDFC Bank after a less-than-expected increase in its weight in the MSCI Global Standard Index.


The NSE Nifty 50 index shed 0.85 per cent to close at 24,139, while the S&P BSE Sensex lost 0.87 per cent to end at 78,956. The two indices are now down almost 4 per cent from their respective all-time highs registered at the start of the month.


The markets also witnessed broad-based selling, with over two stocks declining for every one advancing on the BSE.


Experts attributed the weakness to a host of factors, from weak global sentiment to lacklustre index of industrial production (IIP) data.


“The domestic market plunged into red terrain in the latter half, amidst mixed global sentiment. Recent IIP data indicates lacklustre growth in the major manufacturing sector. Persistent selling by overseas funds and elevated valuations are further contributing to the decline,” said Vinod Nair, head of research, Geojit Financial Services.


Foreign investors sold shares worth Rs 2,107 crore, taking their month-to-date selling tally close to Rs 20,000 crore.


Both domestic and global markets have been through a turbulent period over the past week following weak US unemployment data, which stoked fears of recession.


A report by DBS Bank has highlighted that the ‘equities risk score’—which is linked to the volatility index—has experienced the most substantial spike this month, rising to the highest level since March 2023 following the collapse of Silicon Valley Bank.


“The risk score could have further upside as uncertainties around the US election, market valuations, and Fed policy direction keep the market sensitive,” DBS said in a note.


The India VIX index rose 1.9 per cent to 16.2 compared to 13.73 a month ago.


Among sectoral indices, the Nifty Financial Services index fell the most, at 1.9 per cent. All other sectoral indices also closed in the red, except for Nifty Consumer Durables, which gained 1.3 per cent, and the Nifty IT and Nifty Healthcare indices, which ended flat.


Amid the broad-based sell-off, the major stocks that bucked the trend included Titan Company, Apollo Hospitals, Dr Reddy’s Laboratories, and Nestle India.


The Nifty Midcap 100 and Smallcap 100 indices fell 0.78 per cent and 1.3 per cent, respectively.


According to technical analysts, there is a possibility of a downside breakout if weakness persists.


“A long negative candle was formed on the daily chart that has moved below the immediate support of the ascending trend line at 24,300 levels for the Nifty. Technically, this pattern indicates a possibility of downside breakout of the range movement. A sharp follow-through weakness could confirm the downside breakout,” said Nagaraj Shetti, senior technical research analyst at HDFC Securities.

First Published: Aug 13 2024 | 7:29 PM IST



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3 entities settle insider trading charges with Sebi in PNB Housing case

3 entities settle insider trading charges with Sebi in PNB Housing case

by | Aug 13, 2024 | Share Market


Those who settled the case are — Sidhant Chandalia, Naysar Parikh and Ronak Narendra Parikh. | Photo: Shutterstock

3 min read Last Updated : Aug 13 2024 | 11:15 PM IST


Three individuals on Tuesday settled with capital markets regulator Sebi a case pertaining to alleged violation of insider trading rules in the scrip of PNB Housing Finance Ltd after paying Rs 1.56 crore collectively.


Those who settled the case are — Sidhant Chandalia, Naysar Parikh and Ronak Narendra Parikh, according to two separate orders passed by the Securities and Exchange Board of India (Sebi).


Individually, Chandalia and Naysar Parikh paid Rs 50.7 lakh each towards the settlement amount, and Ronak Narendra Parikh remitted Rs 45.5 lakh as a settlement charge and Rs 8.98 lakh towards disgorgement of wrongful gain along with interest.


“In view of the acceptance of the settlement terms and the receipt of settlement amount…, the instant adjudication proceedings initiated against the Noticee(s) vide SCN (Show Cause Notice) …is disposed of,” Sebi said.


The directives came after the three persons filed applications with Sebi proposing to settle the instant proceedings initiated against them “without admitting or denying the findings of facts” through settlement orders.


The regulator had initiated adjudication proceedings against these three persons for the alleged violation of Sebi’s PIT (Prohibition of Insider Trading) rules in the trading activities by certain entities in the scrip of PNB Housing Finance.


A show cause notice was issued to Chandalia for communicating Unpublished Price Sensitive Information (UPSI) related to PNB Housing Finance.


Also, show cause notices were issued to Naysar Parikh and Ronak Narendra Parikh calling upon them to show cause why an inquiry should not be held and penalty not be imposed on Naysar Parikh for communicating UPSI while in possession of the same and Ronak Narendra Parikh for trading in scrip of the company based on the UPSI.

DSP MF launches Nifty Top 10 Equal Weight Index Fund, ETF

DSP Mutual Fund (MF) on Tuesday announced the launch of Nifty Top 10 Equal Weight Index Fund & ETF. The fund, which is a first in the indu­stry, will invest equally in the top firms in Nifty 50. The fund house said the top 10 com­panies are better placed valuation wise after underperforming in the last four years comp­ared to broad indices, adding that in the past “when the three-year historical alpha is nega­tive, the forward alpha for the Nifty Top 10 Equal Weight Index tends to be positive, indicating potential for a turnaround”.           BS Reporter

Coffee Day settles disclosure lapses case with Sebi 

Coffee Day Enterprises Ltd on Tuesday settled a case pertaining to violation of disclosure norms with the Sebi on payment of Rs 7.52 lakh towards settle­ment charges. This came after the company approached Sebi, proposing to halt the instant proceedings initiated against it, “without admitting or denying the findings of facts” through a settlement order. “In view of the acceptance of the settlement terms and the receipt of the settlement amount… the instant adjudication proceedings initiated against the notice vide SCN … is disposed of,” Sebi said. PTI

First Published: Aug 13 2024 | 7:14 PM IST



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Hindenburg row: SC plea seeks conclusive Sebi report in Adani case

Hindenburg row: SC plea seeks conclusive Sebi report in Adani case

by | Aug 13, 2024 | Share Market


2 min read Last Updated : Aug 13 2024 | 10:47 PM IST


A new petition has been filed in the Supreme Court, seeking a conclusive report from the Securities and Exchange Board of India (Sebi) on its Adani-Hindenburg investigations.

This comes amid fresh allegations by Hindenburg questioning Sebi Chairperson Madhabi Puri Buch’s potential conflict of interest, which may be impeding the probe.


The petition argues that these allegations have created public doubt and necessitate Sebi to conclude its investigations and declare its findings. It notes that the Supreme Court had set a three-month timeline for Sebi to complete its investigations, which cannot be interpreted as merely preferential.


In January, the apex court directed Sebi to complete its investigations within three months. Sebi has since clarified that only one probe remains pending, with 23 others completed, including one concluded in March.


The petition, filed by advocate Vishal Tiwari, emphasises the public interest in knowing the conclusions of Sebi’s investigations. Tiwari had previously filed the initial plea in the Adani-Hindenburg matter.


The Supreme Court had earlier noted that third-party reports, like those by Hindenburg and OCCRP, cannot be considered. Further, the apex court found no infirmities in Sebi’s probe.


Sebi had submitted a status report detailing its process, including documents analysed, emails sent, and assistance sought from offshore regulators. However, an expert panel constituted by the Supreme Court highlighted that Sebi’s probe faced challenges in obtaining detailed information from offshore funds.

First Published: Aug 13 2024 | 7:06 PM IST



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Foreign liabilities of MF companies edge up by 36% during FY24

Foreign liabilities of MF companies edge up by 36% during FY24

by | Aug 13, 2024 | Share Market


Last Updated : Aug 13 2024 | 6:34 PM IST

RBI announced today a survey covering 45 Indian MF companies their Asset Management Companies (AMCs), which held/acquired foreign assets/ liabilities during 2023-24 and/or in the preceding years. Foreign liabilities of MF companies increased by 36.0 per cent during 2023-24 to US$ 25.4 billion at market value in March 2024; these were largely held in the form of units issued to non-residents. Overseas assets of MF companies increased to US$ 8.8 billion in end-March 2024, primarily on account of rise in equity securities. As a result, the net foreign liabilities of MF companies increased to US$ 16.6 billion in March 2024 from US$ 12.0 billion a year ago. Foreign liabilities of AMCs increased by US$ 3.4 billion to US$ 6.4 billion in March 2024 due to higher inward direct as well as portfolio investments during the year.

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Disclaimer: No Business Standard Journalist was involved in creation of this content

First Published: Aug 13 2024 | 6:25 PM IST



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Gold price jumps Rs 500 to Rs 72,850 per 10g, silver remains flat

Gold price jumps Rs 500 to Rs 72,850 per 10g, silver remains flat

by | Aug 13, 2024 | Share Market


In the overseas market, gold is trading at $ 2,502.70 per ounce, up by $ 1.30 per ounce.

2 min read Last Updated : Aug 13 2024 | 5:18 PM IST


Gold prices jumped Rs 500 to Rs 72,850 per 10 grams in the national capital on Tuesday amid strong cues from the global market and a rise in domestic demand.

 


In the previous session, the precious metal of 99.9 per cent purity had settled at Rs 72,350 per 10 grams on Monday.

 


However, silver prices remained flat at Rs 83,500 per kilogram on Tuesday, according to the All India Sarafa Association.

 


Meanwhile, gold of 99.5 per cent purity also rallied by Rs 500 to Rs 72,500 per 10 grams against the previous close.

 


Traders attributed the rise in gold prices to the rising demand from retail buyers as well as jewellers.

 


In the overseas market, gold is trading at $ 2,502.70 per ounce, up by $ 1.30 per ounce.

 


“Gold’s gains on Tuesday as demand for safe-haven assets continued to support the precious metal’s rise.

 


“Further, there were concerns that Iran could strike Israel as early as this week have raised the gold-safe haven premium,” Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.

 


According to Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, Comex gold surged by 1.2 per cent to an all-time closing high of $ 2,504 per ounce on Monday, driven by escalating tensions in the Middle East, a decline in US Treasury yields, and expectations of the US Federal Reserve interest rate cuts at its September 18 meeting.

 


However, silver was quoting lower at $ 27.81 per ounce in the international markets.

 


“Gold prices are seen consolidating previous session gains amid caution ahead of the important US inflation data that could set the tone for the Fed’s policy meeting early next month,” Pranav Mer, Vice President, EBG – Commodity & Currency Research at JM Financial Services, said.

 


Also, the bullion remains supported by higher safe-haven bids amid signs of escalation in the Russia-Ukraine conflict, Mer added.

 

As per Prathamesh Mallya, DVP- Research, Non-Agri Commodities and Currencies at Angel One, traders are closely watching upcoming US producer and consumer price index data, which could provide further insights into the Fed’s interest rate trajectory.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Aug 13 2024 | 5:18 PM IST



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