Market Bizzz

Brent crude futures were down 58 cents, or 0.69%, at $82.89 a barrel. U.S. West Texas Intermediate crude was 35 cents, or 0.44%, lower at $78.84 at 0138 GMT.

Gala Precision Engineering IPO has a fresh issue of up to 25.58 lakh shares and the OFS of up to 6.16 lakh equity shares. Up to 50% will be allocated to qualified institutional buyers (QIBs), 15% to non-institutional bidders and 35% to retail individual bidders.

“The pain of very large corporate NPAs that they recognised over the last four-five years has now gone away and they are going through a period of normalisation. We are a little more comfortable with the higher-quality PSUs and I think SBI clearly stands out out there.”

“Bank Nifty is still showing a little underperformance compared to Nifty. But overall, from a near-term perspective, the trend is likely to be on the bullish side.”

The stock rallied 14% to $189.28 and added more than $5 billion to the company’s market value. Trading fees for Coinbase improved as investor interest in popular crypto tokens such as bitcoin rose since the second half of 2023 in anticipation of an approval for spot bitcoin ETFs.

The strategic review will include an assessment of the 70.68% shareholding of Novartis AG in Novartis India. Novartis said there is no assurance that the strategic review of Novartis India will be completed in 2024, or that the outcome would result in the implementation of any transaction.

Toronto-listed Fairfax’s shares have recouped all losses after a short seller report on 8 February alleged asset value manipulation by the company