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Krishca Strapping, a manufacturers of high-tensile steel straps, seals, and tools, raised around ₹18 crore through the IPO, which was subscribed 244.92 times.
The UAE-based promoters own 41.88% and FIIs 38.63% in the company. As per the reports, Aster’s investors Olympus Capital, which has a 19% stake and Mauritius-based investment firm Rimco, with a 12% stake, are considering the sale.
All sectoral indices ended in the green, with metal, FMCG, information technology, realty, pharma and PSU Bank rising a percent each
Japanese stocks rose by 0.7% on Friday, with the Nikkei rising for a seventh consecutive week on the back of foreign inflows and production upgrades by US chip maker Nvidia. Meanwhile, MSCI’s broadest index of Asia-Pacific shares outside Japan was up by 0.3%, with stocks mostly subdued, apart from the Japanese market. However, Hong Kong exchanges were shut for a holiday. A deal is expected to be reached soon between President Joe Biden and Congress to raise the government’s debt ceiling; US Treasury estimates suggest it will run out of funds within a week in the absence of such a deal.
The US dollar’s value approached a two-month high against its rivals as expectations rose that US interest rates could stay higher for longer than previously forecast. Concerns over US President Joe Biden’s debt-ceiling negotiations with the Republican Party’s Kevin McCarthy also continued to impact market sentiment. However, the dollar rose, sitting at ¥139.82 ($1.27) in early trading in Asia after reaching ¥140.23 in the previous session, its highest point since November. The US dollar index was five basis points lower at 104.18, just under Thursday’s two-month high.
Gold prices remained near a two-month low on Friday, heading for their third consecutive week of decline, on the back of a stronger US dollar due to progress in the US debt ceiling negotiations. Spot gold was flat and US gold futures were down 0.2%, while the dollar was near its March 17 high. The decline in gold was also caused by increasing US jobless claims and Boston Federal Reserve President’s suggestion to pause the rate-hiking campaign. In addition, gold’s appeal decreases in a high-interest rate environment.
Bajaj Auto, Adani Enterprises, Bharti Airtel, ITC and Divis Laboratories were among the biggest gainers on the Nifty, while Wipro, Tata Motors, UPL, Sun Pharma and HDFC were among the big losers
Wall Street’s main indexes closed lower on Wednesday amid worries about the lack of progress over raising the US debt ceiling ahead of a June 1 deadline. The Dow Jones Industrial Average fell 255.59 points, or 0.77%, to 32,799.92, the S&P 500 lost 30.34 points, or 0.73%, to 4,115.24, and the Nasdaq Composite dropped 76.08 points, or 0.61%, to 12,484.16. The CBOE Volatility Index, or “Wall Street’s fear gauge”, hovered around three-week highs, and Citgroup shares fell 3.1% after the bank scrapped plans to sell Banamex and will list it instead.
Adani Enterprises, Adani Ports, Tata Motors, HDFC Bank, and ICICI Bank were among the biggest losers on the Nifty.
Gold prices remained unchanged as the US government debt ceiling discussions ended with no productive decision. Meanwhile, investors are assessing the possibility of additional interest hikes by the Federal Reserve. U.S. job market tightening and escalating wages are impacting inflation, increasing the rate of growing prices. Research conducted by former senior economists from the Federal Reserve and International Monetary Fund concluded that the demand for labor must be better-balanced to avoid price embedding. The Japanese economy showed signs of improvement through the Reuters Tankan poll.