Market Bizzz

The Securities and Exchange Board of India (Sebi) has granted approval for the Initial Public Offerings of fintech unicorn Moneyview and Chandan Steel. Moneyview strives to raise Rs 1,500 crore through a combination of fresh issues and offer for sale, aiming to enhance its financial services and loan disbursement operations. This milestone showcases a vibrant uptick in India’s IPO landscape, with Sebi’s approval being a vital step for both entities.

Brent crude hovered near the $71-a-barrel mark after briefly dipping below that level in the previous session, while US benchmark West Texas Intermediate (WTI) traded around $68 a barrel.

On July 01, six Nifty500 stocks that gained over 5% appeared on the ‘White Marubozu’ bullish scanner, according to StockEdge’s technical scan data. The bullish candlestick pattern reflects strong buying momentum throughout the session, signalling sustained positive sentiment and the potential for a continuation of the upward price trend.

Mahindra & Mahindra (M&M) is among the most notable names on the list. The automaker has fixed Friday as the record date for its highest-ever final dividend worth Rs 33 per share. This comes after the company paid a dividend worth Rs 25 last year and Rs 21 in 2024.

Five stocks in the Nifty500 segment that gained over 5% featured in the RSI Trending Up scan on July 1 after showing improving momentum. The RSI moved above the 50 mark from lower levels, signalling strengthening price action, improving sentiment and potential short-term buying opportunities for traders tracking bullish technical setups.

Investor enthusiasm remains high ahead of the listing, with the company’s shares commanding a grey market premium (GMP) of around Rs 50, translating to nearly 36% above the upper issue price of Rs 138. Based on current GMP trends, the stock is expected to list at around Rs 188 per share, suggesting healthy listing gains for investors, although grey market premiums are unofficial and may not accurately predict the actual listing price.

Ahead of the listing, the IPO is commanding a grey market premium (GMP) of -Rs 51, implying a 6.31% discount to the upper price band of Rs 808 per share. Based on the current GMP, the estimated listing price is around Rs 757, suggesting a weaker-than-expected market debut.

In its UDRHP-I filing to Sebi, the company any ‘adverse’ outcome in legal proceedings involving Zostel may materially and adversely affect its business, reputation, prospects, results of operation and financial condition, including potential issuance or transfer of up to 7% of its shareholding.

Forget Bitcoin’s struggles; digital tokens representing real-world assets like bonds and stocks are gaining traction. These ‘tokenized assets’ offer instant trading and collateral use, promising higher returns and a future ‘Wall Street’ in crypto wallets. While critics question their necessity, proponents highlight the elimination of hidden costs like settlement delays and cumbersome loan processes, paving the way for a more efficient financial future.

The Rs 883 crore public issue was priced at Rs 152 per share and comprised a fresh issue of Rs 661 crore along with an offer for sale worth Rs 222 crore