Market Bizzz

Kotak Securities estimates ITC’s tobacco business is valued at just 11X forward earnings, suggesting potential undervaluation. The brokerage sees stronger growth in non-tobacco businesses and believes splitting ITC’s tobacco and non-tobacco operations could unlock significant shareholder value.

Mukesh Ambani is pitching Jio Platforms as more than a telecom company ahead of its IPO, highlighting thousands of patents, AI and proprietary technology. But questions remain over the commercial value of its intellectual property and whether its technology ambitions justify a potential $120-140 billion valuation.

Wall Street closed lower on Friday as a stronger-than-expected US jobs report lifted expectations of a Federal Reserve rate hike this month. Investors now await next week’s CPI and PPI data for clues on inflation and the Fed’s policy path, while Lululemon and Adobe shares fell on company-specific developments.

A stronger US jobs report has raised expectations of a September Fed rate hike, while Donald Trump has stepped up pressure on the central bank to cut interest rates. Markets now await US inflation data, which could determine the Fed’s next policy move.

The IPO opened for subscription on August 28 and closed on September 1. The retail portion was subscribed 106.76 times, while non-institutional investors (NIIs) subscribed 166.49 times and qualified institutional buyers (QIBs) subscribed 39.87 times.

The IPO, which was open for subscription from August 28 to September 1, received an overwhelming response across investor categories. Overall, the issue was subscribed 135.88 times. Retail investors subscribed 39.64 times their allotted portion, while Non-Institutional Investors (NIIs) bid for 192.94 times the shares reserved for them. Demand was strongest among Qualified Institutional Buyers (QIBs), with their portion subscribed 261.51 times.

The retail portion was subscribed 1.66 times, while the QIB portion, excluding anchor investors, was booked 1.5 times. The non-institutional investor category saw 0.89 times subscription. The company’s shares are expected to list on BSE and NSE on September 7. Refunds and credit of shares to demat accounts are likely on September 4.

U.S. President Donald Trump said on Wednesday that the renewed U.S. campaign against Iran would not continue for “too long”. He said U.S. forces had targeted Iran’s radar and missile systems.

The IPO, which opened for subscription on August 27 and closed on August 31, witnessed an extraordinary response from investors, with the issue subscribed a staggering 289 times overall.

On September 1, four Nifty500 stocks that gained over 3% were highlighted in the RSI Trending Up scan, based on data from StockEdge.com. An uptrend signal is generated when the RSI value crosses above 50 from below, indicating strengthening price momentum and potential upward movement in the stocks.