R Sivakumar, CIO, Axis Mutual Fund, believes the starting point should be a diversified asset-allocation framework rather than market views alone.
The Annu Projects IPO entered its second day of bidding on August 26, with the issue subscribed by 34% on Day 1. With the grey market premium (GMP) currently at zero, the IPO could see a flat listing based on prevailing grey-market trends. The IPO is priced at ₹94-99 per share and closes on August 28. Here’s a look at its subscription status, financial performance, IPO objectives and whether investors should subscribe.
Raghvendra Nath, MD, Ladder Up Wealth Management, believes equities should form the core of an NRI’s India portfolio, while fixed income and alternative investments can provide diversification.
HNIs’ holdings in NSE-listed stocks surged 22.55% QoQ to a record Rs 9.92 lakh crore by June-end, adding Rs 1.83 lakh crore in three months. Their share of market value rose to 2.12%, the highest since March 2022. However, average ownership by volume fell to 7.19% from 7.31%, suggesting the rise was driven largely by stock price gains and greater exposure to high-value companies rather than fresh buying.
In Asian markets, the dollar held steady as traders looked ahead to crucial inflation reports, particularly the US PCE data set to be released before the Jackson Hole symposium this weekend. Meanwhile, oil prices dipped due to easing tensions in the Middle East and halted diplomatic negotiations. The Australian dollar strengthened following favorable inflation figures, while cryptocurrencies continued their upward trajectory, and gold saw a minor decline.
The OFS opened for non-retail investors on August 4, and saw strong participation. It now opens for retail investors today. Investors can participate between 9.15 am and 3.30 pm using the separate OFS window on NSE and BSE. A minimum of 10% of the offer size has been reserved for retail investors.
We have collated a list of recommendations from top brokerage firms from ETNow and other sources
The IPO, which was open for subscription from August 19 to August 21, drew a strong response, with the issue subscribed 31.33 times overall.
By the end of Day 2, the IPO was subscribed 2.46 times, with bids received for 2.95 crore shares on offer. Retail investors showed particularly strong demand, with their portion subscribed 3.54 times against the 1.48 crore shares reserved for them.
Brent crude futures were down $2.35, or 2.65%, at $86 a barrel, while U.S. West Texas Intermediate crude futures fell $1.94, or 2.36%, to $80.42. Both benchmarks had declined more than 3% on Tuesday.
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