Market Bizzz

Subam Papers debuts on the BSE SME platform with an expected 16% gain on its upper price band of Rs 152. The company, which manufactures eco-friendly kraft paper and duplex board using wastepaper, aims to reduce its carbon footprint with renewable energy. Its production capacity and financial performance have grown significantly.

HVAX Technologies will debut on the NSE SME platform, with shares trading at a Rs 5 grey market premium, suggesting a 5% gain on the listing price. The company, specializing in turnkey cleanroom projects, reported Rs 106 crore in revenues and Rs 9.39 crore in net profit for the fiscal year ending March 2024.

Saj Hotels shares will debut on the NSE SME platform on Monday. The company will use the proceeds for property expansion, working capital, and corporate purposes. Saj Hotels, engaged in hospitality, offers diverse accommodation and event services. The company reported revenues of Rs 14.25 crore and a net profit of Rs 3.45 crore for the year ended March 2024.

Kalyan Jewellers reported a 37% YoY increase in consolidated revenue for Q2 FY2025, driven by a 39% revenue growth in India and 24% in the Middle East. The company opened 26 new showrooms, bringing the total to 303, and saw 30% growth in its digital platform, Candere.

Markets experienced significant selloff amid FII outflows, geopolitical tensions, and SEBI rule changes, resulting in a 4.45% drop in the Nifty 50. Technical indicators suggest potential support at 25,000 levels, with a cautious outlook advised for the coming week.

Indian IT cos are projected to see up to 4% revenue growth for the quarter ending September 30, 2024. Analysts foresee positive trends for FY25, with large-cap firms anticipated to show stable or slight increases in earnings, driven by volume growth and new deals.

Nifty50 and Sensex fell over 4% due to Middle East tensions and a shift of FII funds to cheaper Asian markets. IT stocks remained resilient amid this decline. Retail investors are advised to be cautious and avoid bottom fishing in Mid and Small Caps. Sectors such as healthcare, pharma, and IT are showing strength.

The Nifty IT Index surged 19.6% in the last 6 months against an up move of 11.1% in the benchmark Nifty Index in the same period. Investec said that the surge in the IT stocks has been in anticipation of a recovery despite the earning downgrades.

The bonds, issued at a yield of 7.078% for a remaining tenor of 3.32 years, follow the company’s $300-million debut in the international market with a sustainability bond in July 2024.

In August, global index provider MSCI decided to increase the weight of HDFC Bank in two tranches – first in August, and then in November. This was contingent upon foreign investors’ headroom remaining 20% at the least.