Weekend recap: From Vedanta to GAIL, market highlights and news of the week

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The Securities and Exchange Board of India (SEBI) has introduced a new directive on the use of Unified Payment Interface (UPI) for retail investors. As per a recent SEBI circular, from November 1, 2024, retail investors can apply for public issues of debt securities, non-convertible preference shares, municipal debt securities and securitized debt instruments through UPI-based intermediaries for amounts up to ₹5 lakhs.

The move aims to streamline the application process and make it more accessible to retail investors. The initiative is expected to increase share in these markets and provide a convenient payment method for individuals

Several companies made strong debuts on the IPO market, with Western Carriers (India) trading at a premium of 5.81% over its issue price ₹172 per share. Arkade Developers recorded an even stronger debut, trading at a premium of 37% compared to the issue price. ₹128 per share, which reflects the high confidence of investors in the real estate sector. Northern Arc Capital also performed well, debuting at a premium of 33.46% over its issue price ₹263 per share.

In terms of IPO demand, several companies have seen significant oversubscription rates. Manba Finance’s initial public offering was oversubscribed 224.05 times, indicating strong interest from both retail and institutional investors. KRN Heat Exchanger also saw strong demand and its IPO was oversubscribed by 212.93 times. Diffusion Engineers saw an oversubscription rate of 27.47 times, indicating strong demand in the engineering sector.

Three leading asset management companies – Whiteoak Capital, Groww and Baroda BNP Paribas – have launched exciting New Fund Offers (NFOs), providing investors with new opportunities to tap into India’s growing sectors. Whiteoak Capital AMC has launched the Digital Bharat Fund, which focuses on the ongoing digital revolution in India. With a closing date of October 4, 2024, this fund enables investors to participate in sectors driving the country’s technological advancements.

Meanwhile, Groww AMC is launching the Nifty India Defense ETF, which will close on October 4, 2024. As India strengthens its defense sector, this ETF offers investors an affordable way to align with the country’s growing defense capabilities. Baroda BNP Paribas AMC announces Nifty 200 Momentum 30 Fund, which will also close on October 4, 2024. This fund focuses on 30 momentum-driven Nifty 200 stocks, providing an opportunity for those looking for growth through a dynamic stock selection approach.

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