New central bank rules might reduce the quantum of funds available with high networth investors (HNI) for bidding in IPOs. Leveraged bidding, which involves exiting the stocks following listing gains and paying back the financier, might reduce when the new lending limits are enforced.
Consolidated total revenue from operations stood at Rs 1,657.45 crore in the second quarter as against Rs 1,591.35 crore in the year-ago period, it added.
In another transaction, Aspire Emerging Fund sold 873,465 shares of Muzali Arts at Rs. 3.49 per share through a bulk deal on the BSE.
In a regulatory filing, the securities issue committee of the board of directors at its meeting held on Friday approved the closure of the issue on October 22.
The Vedanta group firm has also reported record-high operating earnings for the first half of FY22 at Rs 6,890 crore, up 51 per cent year on year.
The company’s consolidated net profit surged 43 per cent year-on-year to Rs 13,680 crore aided by a low base whereas, consolidated revenues jumped 48 per cent on-year to Rs 1.7 lakh crore.
According to the sources, CoinSwitch Kuber is aiming to enter the stockbroking and mutual fund business, aiming to become a one-stop solution for all financial needs of the generation Z and millennial investors.
Net premium income increased 14 per cent to Rs 11,444 crore due to growth in both the first year as well as renewal income. Income from investments increased 40 per cent to Rs 8873 crore from Rs 6319 crore a year earlier.
A traditional practice of borrowing money to invest in IPOs and exit through first-day listing gains will likely cease beginning next fiscal. It is known as ‘leveraging’ in market parlance.
Net profit rose to Rs 225 crore in the quarter ended September 2021 from Rs 129 crore a year ago mainly as other income rose 30 per cent to Rs 778 crore riding on growth in retail fees.
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