Jio will now offer 20% cashback on popular pre-paid recharge options, which means Jio’s plans are now almost 30% cheaper than the rivals. This is a major setback for Bharti Airtel and, in particular, for Vodafone Idea, which is banking on price hikes to salvage its operations after the relief provided by the government.
IT and realty stocks were among the biggest drags. Respective Nifty indices fell 2-3 per cent. On the other hand, PSU bank, power, oil & gas and metal indices ended in the green.
Petrol demand is already above the pre-pandemic, and as of September, it is almost around 7.5% above September 2019 demand. of September. The demand is going to be there, so that will keep the diesel cracks and the petrol cracks high.
The 30-share BSE Sensex closed down 410.28 points at 59667.6
“We like IT, especially digital focused companies and infrastructure and construction as well as Indian economy-facing stocks. â€
The company plans to raise Rs 1,500 crore through an initial public offering (IPO) through a fresh issue of shares, aggregating up to Rs 410.33 crore and an offer for sale (OFS) aggregating up to Rs 1,089.67 crore.
The 30-share BSE Sensex was up 2.98 points at 60080.86
“In the near term, given that markets have had such a great run, some degree of volatility could be seen.â€
If one goes by grey market trends, the stock is commanding a grey market premium of Rs 225-250, suggesting a potential 143 per cent listing gain over its issue price of Rs 175.
The company plans to raise Rs 500 crore from the primary market. Along with that, its shareholders will also sell a total of 43,727,603 shares during the IPO.
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