Presenting a comprehensive summary of the week’s highlights, ranging from top news to market performance, here is the market summary for the week ending August 30, 2024.
Top News
- As of July 2024, the Government of India has successfully collected revenue of ₹10,23,406 crores, which is 31.9% of the budget estimates for the fiscal year 2024-25. This robust collection includes ₹7,15,224 crores collected as tax revenue, ₹3,01,796 crore non-tax revenue, and ₹6,386 crore through non-debt capital receipts. The total expenditure was Rs 1,300,351 crore, which is 27 per cent of the budget estimates for the financial year 2024-25.
- In the corporate sector, Technologies of the East saw its shares debut at a remarkable premium of 39.80% over the issue price of ₹206. The IPO was aimed at raising Rs 213 crore, which is a combination of a fresh issue of ₹120 crore and offer for sale of up to 46 million equity shares valued at Rs 95 crore. This listing underlines the strong investor confidence in the company.
- Premier Energy Limited The IPO has generated overwhelming interest, with a 75-fold over-subscription for its shares. The IPO has received nearly Rs 1.49 trillion in bids against an issue volume of Rs 2,008.83 trillion, which roughly equates to an offer of 4.46 trillion shares.
- ECOS (India) Mobility & Hospitality Limited also saw significant demand, with an over-bid of 64.18 times. The price range for the issue is Rs 318-334 per share.
- Meanwhile, Baazar Style Retail Limited, though showing a more modest response, still had an over-bid of 0.73 times. These developments in the stock market indicate a diverse range of investor interests across different sectors, reflecting the dynamic nature of the Indian stock market.
- On the investment front, Kotak Asset Management Company (AMC) and Whiteoak AMC have introduced new fund offerings (NFOs) to meet the varying needs of investors. Kotak AMC has launched the Kotak Crisil Ibx Aaa Financial Services Index September 2027 Fund, while Whiteoak AMC has introduced the Whiteoak Capital Arbitrage Fund. These NFOs offer investors an opportunity to diversify their portfolios. The Kotak Crisil Ibx Aaa Financial Services Index Fund will remain open for subscriptions till September 11, 2024, while the Whiteoak Capital Arbitrage Fund closes on September 3, 2024. Both the offerings reflect the fund managers’ commitment to offering innovative financial products that align with investor expectations and market trends.
Kuvera is a free direct investment platform for mutual funds. Unless otherwise stated, data is sourced from BSE, NSE and burn
News in numbers
Numbers that help you understand the news better
First published:August 31, 2024, 11:22 am IST
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