Weekend Wrap: From Oil India to Bajaj Auto, top market movers and news of week

Top News

1. Up to July 2024, the Government of India has successfully collected a revenue of ₹10,23,406 crore, representing 31.9% of the budget estimates for the fiscal year 2024-25. This robust collection includes ₹7,15,224 crore garnered under tax revenue, ₹3,01,796 crore from non-tax revenue, and ₹6,386 crore through non-debt capital receipts. The total expenditure was at Rs. 13,00,351 crores which represents 27% of budget estimates for financial year 2024-2025.
2. In the corporate sector, Orient Technologies saw its shares debut at a notable premium of 39.80% over the issue price of ₹206. The IPO was aimed to raise Rs. 213 crores which is a combination of a fresh issue of ₹120 crore and offer for sale up to 46 lakhs equity shares valued at Rs. 95 crores. This listing underscores the strong investor confidence in the company.
3. Premier Energies Limited received overwhelming interest, with its shares being oversubscribed by an impressive 75 times. The IPO has received nearly 1.49 lakhs crores of bids against the issue size of Rs.2,008.83 Crores, which is about the offer size of 4.46 corers shares.
4. ECOS (India) Mobility & Hospitality Limited also experienced significant demand, with an oversubscription of 64.18 times. The price band for the issue is Rs. 318-334 per share.
5. Meanwhile, Baazar Style Retail Limited, though showing a more modest response, was still oversubscribed by 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 equity market.
6. On the investment front, Kotak Asset Management Company (AMC) and Whiteoak AMC have introduced new fund offerings (NFOs) to cater to varying investor needs. 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 provide investors with an opportunity to diversify their portfolios. The Kotak Crisil Ibx Aaa Financial Services Index Fund will remain open for subscription until 11 September 2024, whereas the Whiteoak Capital Arbitrage Fund closes on 3 September 2024. Both offerings reflect the fund houses’ commitment to delivering innovative financial products that align with investor expectations and market trends.

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