Sawhney Automobiles, registered under Resourceful Automobile, went in for a modest IPO of Rs 12 crore, but instead received bids 400 times that amount, totalling Rs 4800 crore by the time the issue closed.
Delhi-based bike dealership made many potentially business-disruptive disclosures in pre-IPO documents. But that didn't deter retail investors from oversubscribing by nearly 400 times.
Sensex ended at 80,429.04 points & Nifty at 24,479.05, both slightly lower than previous close. Many analysts had expected finance minister to keep long-term capital gains rate same.
Since 2014, the Modi government has been aggressively expanding access to banking services and encouraging participation in the stock market. Simultaneously, it has sought to substantially boost GST revenue.
The NSE Nifty 50 index fell by 30 points, to 24,300, while the BSE Sensex dropped 150 points to 79,841. Except Nifty 50, all other indices start trading with gain.
RBI said India’s rising retail participation in the F&O market may pose several challenges, and the stock of household debt is 'comparatively high' in relation to GDP per capita.
Fall in stock markets comes after they rallied more than 3% Monday, the first day of trading after the exit polls predicted a comfortable victory for BJP.
The stock market has seen significant election-related volatility. The finance and foreign ministers are going from pillar to post to ease the minds of businesses and investors.
Indians aged 20-30 are trading in options market in droves, but know nothing about it & so keep losing money. If losses mount, it could undo gains India saw in investment culture, analysts fear.
During his 1st election in 2004, Rahul Gandhi had shares in foreign companies adding up to less than Rs 2 lakh. His affidavits for 2009, 2014 & 2019 polls show no investment in stocks.
The dynamics between Europe and Russia have gone so south that mending fences looks like an uphill task—even as the US swings between sanctions and olive branches.
Centre for Science and Environment in new report makes case for rationalising GST on waste material, saying most informal operators can’t afford high tax & it also hinders recycling.
Standing up to America is usually not a personal risk for a leader in India. Any suggestions of foreign pressure unites India behind who they see as leading them in that fight.
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