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Journalist Soumya Vishwanathan murder case: Hearing for arguments on sentencing on Nov 7

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A Delhi court on Thursday deferred to November 7 the hearing on the quantum of sentence for the five men convicted for killing TV journalist Soumya Vishwanathan in 2008 on grounds that the pre-sentence report and other documents were yet to be filed.

Taking note of the fact that certain documents, including the pre-sentence report of the probationary officer, had to be filed mandatorily if the maximum sentence in the case is death penalty, the court adjourned the hearing to November 7.

On October 18, judge Pandey had convicted Ravi Kapoor, Amit Shukla, Baljeet Malik, and Ajay Kumar under IPC section 302 (murder) and provisions of the Maharashtra Control of Organised Crime Act (MCOCA) and listed the case for hearing arguments on the quantum of sentence on Thursday.

Vishwanathan, 25, who was working with India Today, was found dead in her car on Nelson Mandela Marg in South Delhi on September 30, 2008. A breakthrough came in 2009 during the investigation into the murder of BPO employee Jigisha Ghosh when one of the accused confessed to also being involved in Vishwanathan’s murder.

The judge added that though the Delhi State Legal Services Authority (DSLA) had filed the victim impact report, the convicts had not filed their affidavits. Counsels for the convicts jointly submitted that they were unable to prepare the affidavits as they did not have the details and necessary direction could be issued to the jail superintendent and legal aid counsel, available with prison authorities, to assist the convicts in preparation of the affidavits.

The court said according to the guidelines of the Delhi High Court, in a case where there is a conviction for an offence punishable with the death penalty (as one of the alternate punishments), a pre-sentence report had to be obtained from the probation officer before the hearing on the quantum of sentence.

“Accordingly, the principal secretary, home department, Delhi government is hereby directed to assign to any probation officer the task of submitting the pre- sentencing report,” the court said.

It said the report had to specifically include the twin aspects of whether the convicts could commit further crimes and thus remain a “continuing threat to society” and whether there was any probability of the convicts being reformed and rehabilitated.

While detailing the inquiry procedure to be followed by the probation officer, the court said in the light of the fundamental right against self-incrimination, the convicts must be informed of their rights to be silent and in no circumstance can any adverse inference be drawn if the convicts refuse to give an interview to the probation officer.

“The probation officer shall submit the report within one week from today,” the court said adding, “The principal secretary, home department, will appoint a probation officer immediately on the receipt of the order of this court keeping in view the fact that case is more than 15 years old.”

The court also asked the Secretary of DLSA to depute one legal aid counsel, who would visit the prison for the preparation of affidavits of the convicts within 24 hours of the receipt of the order.

(With inputs from PTI)

Fortis share sale: SC orders forensic audit

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The Supreme Court on Thursday refused to allow Malaysia’s IHH Healthcare Berhad to proceed with its open offer for Fortis Healthcare. It also asked the Delhi High Court to consider the appointment of forensic auditors to examine share sale in Fortis way back in 2018.

The apex court also sentenced Malvinder and Shivinder Singh, the former promoters of Fortis to six months in jail and imposed a fine of Rs 5,000 each on them to be paid within four weeks. In case of any default in payment, they will have to undergo a further jail term of two months. Both the brothers are currently in Tihar jail in a case related to causing wrongful loss worth Rs 2,397 crore in Religare Finvest, an arm of Religare Enterprises.

On its part, Fortis Healthcare said in a statement, “We understand that the proceedings before the Hon’ble Supreme Court have concluded with certain directions and the suo-motu contempt has been disposed off. We will go by the directions of the Hon’ble Supreme Court and will be seeking legal advice regarding our future course of action.”

Also Read: Fortis Healthcare’s share tanks 20 percent after SC extends stay on IHH open offer

Malaysia’s IHH had in July 2018 acquired a 31% stake in Fortis Healthcare for $1.1 billion through the bidding route. It needed to make the mandatory open offer for another 26% stake. However, the apex court had subsequently put it on hold on a contempt plea filed by Japanese drugmaker Daiichi Sankyo against Malvinder and Shivinder Singh, the former promoters of Fortis.

A bench led by Justice UU Lalit, while disposing of various appeals including suo motu contempt, directed the HC to decide all the related issues while considering the execution proceedings. “Everything goes back to the executing court,” Justice Lalit said, reading out the order.

The SC said the Delhi HC will have to order forensic audit to analyse whether transactions entered into by the banks and financial institutions were bona fide. It added that the forensic auditors should also look into the transactions between Fortis Healthcare and RHT and also other related transactions by which Rs 4,000 crore received from IHH were transferred.

Denying any violation or wrongdoing, Fortis Healthcare had argued that the status quo order restraining it from transferring Rs 4,000 crore it received from Malaysian company did not cover any transaction with RHT Health Trust, Singapore, in which Malvinder and Shivinder allegedly had substantial interest till 2017. The hospital chain also said that it was not even a party before the SC then.

The SC had on February 15, 2018, allowed banks and FIs to sell shares of Fortis pledged with them on or before August 11, 2017. However, it had barred sale of shares which were pledged after August 11, 2017.

After the sale of Fortis to IHH materialised in July 2018, Daiichi had moved the court alleging that the Singh brothers had created fresh encumbrances on their shares which was barred by the SC. According to Daiichi, despite the statements and undertakings given by the former promoters to the HC, they had alienated their shareholding from time to time without informing the HC.

Daiichi Sankyo is pursuing the enforcement of Rs 3,500-crore arbitration award against the Singh brothers pronounced by a Singapore tribunal for concealing information when they sold Ranbaxy Laboratories to it for $4.6 billion in 2008.

The Supreme Court had in 2019 held the Singh brothers guilty of contempt for violating its earlier orders that had restrained them from divesting their shares in Fortis Healthcare. However, it had given them a chance to purge themselves of the contempt if each of them deposited Rs 1,170.95 crore.

Electronics Mart India IPO subscribed 1.69 times on first day of offer

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The Initial Public Offering (IPO) of consumer durables retail chain Electronics Mart India was subscribed 1.69 times on the first day of offer on Tuesday.The IPO received bids for 10,58,09,796 shares against 6,25,00,000 shares on offer, according to the data available with the NSE.

The category for Retail Individual Investors (RIIs) received 1.98 times subscription, while that of Qualified Institutional Buyers (QIBs) got subscribed 1.68 times.The portion for non-institutional investors received 1.04 times subscription.The IPO consists of a fresh issue of equity shares aggregating to Rs 500 crore, with no offer for sale component. Price range for the offer is at Rs 56-59 per share.

ALSO READ Tracxn Technologies IPO to open on Oct 10; sets price band at Rs 75-80/share

Anand Rathi Share and Stock Brokers, IIFL Securities and JM Financial are the managers to the offer. 

Nifty Bank at new high; helps indices recover on volatile day

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The 12-share Nifty Bank index gained 1.3% on Wednesday to end at a record closing high of 41,405. The index is up 13.1% in the last one year.

The gains in banking scrips helped the market in recovering the lost ground, with Sensex rebounding more than 1,200 points from the early lows to settle at 60,346.97 points. The recovery in the benchmarks was led by IndusInd Bank, SBI, Kotak Mahindra Bank, ICICI Bank and HDFC Bank.

Over the past two years, Indian bank stocks have returned to average valuations as the economy improved. Stocks that were not pricing in credit cost normalisation did well and drove the first leg of re-rating. This was helped by strong improvement in India banks’ balance sheets over the past five years despite the Covid crisis. The next leg of re-rating should be driven by loan growth acceleration.

“Strong balance sheets, lessening macro concerns, and improving capacity utilisation set the stage for a capex up-cycle in FY24-25, which we think could drive a second leg of re-rating at Indian banks,” said Morgan Stanley in a recent report.

The foreign brokerage has raised its estimates and price targets for banks, and prefers banks with liquidity/liability franchises that appear best placed to deliver profitable revenue growth.

Also Read: Sensex, Nifty snap 4-day gaining streak, Bank Nifty hits record closing high; check support for F&O expiry day

“Unlike in past cycles, we believe retail deposit competitive intensity will be high, and ability to gain deposit market share will be key. Large banks with higher liquidity and ability to gain deposit market share are best placed to capitalise,” the brokerage said.

According to Deepak Jasani, head of retail research at HDFC Securities, banks are on a good wicket on the back of good credit growth, stronger balance sheets and abating macro-economic concerns.

“If India sovereign bonds get included in global bond indices, then foreigners will come here to buy government securities driving down yields and pushing up prices. Banks are holding a large portfolio of G-secs and they can book mark-to-market (MTM) gains on them.

Credit Suisse expects Indian banks to see strong NIM (net interest margin) improvement over the coming quarters, on the large share of floating-rate loans and an increasing share of loans linked to external benchmarks, which have increased 140-190 bps over the past six months, even as retail deposit costs have increased by 40-90 bps.

“We increase our NIM estimates for FY23E by 20-30 bps for the larger banks. While a large part of the increase in NIMs is driven by the benefit of rising rates and shift to external benchmarks, banks are also benefiting from the mix change, as loan growth has been led by retail and SME segments versus lower-yielding corporate loans. Also, within retail, unsecured loans have seen strong growth trends,” the brokerage said.

Net interest margin is a measure of the difference between the interest income generated by banks and the amount of interest paid out to their lenders, relative to the amount of their assets.

The Nifty IT index, meanwhile, continued to remain under pressure and corrected another 3.4% on Wednesday. With geopolitical uncertainties, and recession fear, Indian IT stocks have corrected by 20-40% in H1CY22. Despite correction, companies are still trading at a premium to long-term average multiple, according to experts.

“Spending on IT may take a back seat in developed economies particularly in Europe where the current energy crisis and inflation may tip several economies into recession,” said Jasani.

Ashoka University claims to achieve 100% campus placement in 2022-23; highest salary offered at Rs 35 lakh

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Ashoka University claims to achieve 100% on-campus placement for the academic year 2022-2023. University claimed that the latest placement cycle witnessed the highest salary offered at Rs 35 lakh per annum, a 17% rise from the previous year’s highest, according to the press release.

As per the release, the average salary offer stood at Rs 11.40 lakh per annum. In the given cycle, a total of 355 students were successfully placed, including students from the Undergraduate Programme, Master’s Programme, Ashoka Scholars Programme (ASP) and Young India Fellowship (YIF).

The academic year 2022-23 also witnessed participation of 76 new organisations in the placement process, taking the total number to 271 organisations. This includes global organisations such as Google, The Tata Group, Hindustan Unilever Limited, McKinsey and Company, Deloitte USI, Ernst and Young, Microsoft, Conde Nast, Gen Pact, among others, as mentioned in the release.

“Ashoka University places a strong emphasis on imparting liberal arts and science education in a manner that fosters intellectual curiosity, an interdisciplinary approach to problem solving and broadening the understanding of the human experience among learners. This comprehensively equips our students with the right aptitude and adaptability to navigate the ever-evolving modern job market,” Somak Raychaudhury, vice chancellor, Ashoka University, said.

University further claimed that its Career Development Office currently runs the ‘Career Preparatory Programme’, aiming to empower freshers entering the professional world. It further claims to equip students with skills and knowledge that are highly sought after in the job market. The programme includes masterclasses and talks by industry experts, alumni mentorship programmes, business communication workshops, resume reviews, group discussions, sector and role-wise mock interviews, sector-specific insights, practical problem-solving skills, among other activities, as per the release.

“Through our university’s comprehensive Career Preparatory Programme, we empower our students with the knowledge, experience and expertise needed to excel in their upcoming university placements. As the university continues to grow rapidly, we are confident in our ability to deliver exceptional talent to meet the evolving needs of the industry,” Priyanka Chandhok, vice president, Career Development Office, said.

KEC International order book robust, net working capital to improve

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Supported by a strong order backlog, pick-up in execution and softening commodity prices, earnings of KEC International are likely to grow at a CAGR of 47% over FY22-FY24E. However, any further increase in commodity prices and incremental challenges at SAE Towers are among risks. We maintain ‘buy’ rating on the stock, assigning a multiple of 18x on FY24E EPS and arrive at a target price of Rs 566.

There are are important takeaways from our interaction with the senior management – contribution of transmission and distribution (T&D) business is likely to reduce to 20-25% in the long term from 50% in FY22;  profitability of SAE Towers is likely to return from Q1FY24 onwards with Rs 1,000 crore in revenue and 7-8% EBITDA margin in FY24; and net working capital days are likely to improve Q4FY23 onwards.

The management reiterated a strong order pipeline at Rs 1.1 trillion across the businesses, of which the company has already participated in tenders worth Rs 35,000 crore. FY23-YTD order inflow stands at Rs 6,000 crore with major orders coming from PGCIL. The current consolidated order book stands at Rs 30,000 crore.

T&D contribution may reduce to 20-25% in the long term: Over the past six years (FY16-FY22), revenue contribution of KEC’s non-T&D business increased from 17% in FY16 to 50% in FY22. This was led by a strong revenue growth in the non-T&D business, mainly civil and railways, which grew at 63% and 62% CAGRs respectively, over FY16-FY22.

SAE Towers profitability to improve from Q1FY24: The execution of legacy orders is likely to be completed by October-November 2022. The company said it will focus on execution of tower supply orders and would be selective in taking up EPC orders.

Strong order pipeline: For FY23, the management guided for an order inflow growth of 15%. On the FY23-YTD basis, the company has received Rs 6,000 crore worth of orders across businesses.

JSW Steel, Infosys, Vedanta, Jet Airways, Future Lifestyle, Bharat Forge, KEC International stocks in focus

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Indian equity markets are expected to open in the red on Wednesday as trends in the SGX Nifty indicated a gap-down opening benchmark indices BSE Sensex, NSE Nifty 50 with a loss of 329 points. In the previous session, Sensex rose 456 points to 60,571, while the Nifty climbed 134 points to 18,070 and formed a small-bodied bullish candle on the daily charts. “The biggest catalyst and next direction for Nifty depends on the US CPI inflation print for August. For Wednesday’s session, Nifty’s major hurdle is seen at an all-time high of 18,605 mark, with an immediate hurdle at 18301,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities.

Stocks in focus on 14 September, Wednesday

Vedanta: Vedanta Group, which has formed a joint venture with Taiwan’s Foxconn for setting up a semiconductor manufacturing unit in India, will invest Rs 1.54 trillion in the project and expects to break-even in five years. The JV firm’s fab unit will come up in Gujarat and the company on Tuesday signed a memorandum of understanding (MoU) with the state government to this effect. The 60:40 joint venture will set up a semiconductor fab unit, a display fab unit, and a semiconductor assembling and testing unit on a 1000-acre land in the Ahmedabad district.

JSW Steel: The flagship company of the $22-billion JSW Group, on Tuesday signed a memorandum of understanding (MoU) with Germany-based SMS group to explore multiple cutting-edge solutions and research & development (R&D) projects, to reduce carbon emission in its iron and steelmaking operations in India. The company will invest Rs 10,000 crore to reduce carbon emission in steel making. The SMS group will provide its technology experts’ design, engineering consultancy and commissioning for executing various projects.

Infosys: Infosys has shot off a missive to its employees, asserting that dual employment or ‘moonlighting’ is not permitted, and has warned that any violation of contract clauses will trigger disciplinary action “which could even lead to termination of employment”. “No two timing – no moonlighting!” India’s second largest IT services company said in a strong and firm message to employees. Moonlighting refers to employees taking up side gigs to work on more than one job at a time. Infosys’ internal communication titled “no double lives” makes it clear that “dual employment is not permitted as per…Employee Handbook and Code of Conduct”. It also cites the relevant clause in the offer letter to drive home the point.

Jet Airways: Jet Airways CEO Sanjiv Kapoor said that the company is “tracking close to target” of getting the troubled carrier airborne, amid resignations of three senior executives that has upset the airline’s first flight operations. However, plans for Jet’s first flight have been plagued by multiple appeals filed before the NCLAT (National Company Law Appellate Tribunal) against the National Company Law Tribunal-cleared resolution plan of JKC, leading to the delay. Kapoor tweeted, “There is no ‘deadline’. Our internal goal that we are working towards is to open for sale by October. We are tracking close to the target.”

Future Lifestyle: Debt-ridden Future Lifestyle Fashions Ltd (FLFL) is facing three petitions before the NCLT from its creditors to initiate insolvency proceedings and one of them has been reserved for orders, the Future Group firm said on Tuesday. Three creditors – two financial and one operational – have filed claims totaling around Rs 1,100 crore before the National Company Law Tribunal (NCLT), said an update on other matters under the Insolvency and Bankruptcy Code by FLFL. All the claims “are being defended by the company before the NCLT,” said FLFL adding “none of them has been admitted till date by NCLT”.

KEC International: Infrastructure EPC (engineering, procurement and construction) major KEC International has secured new orders of Rs 1,108 crore across its various businesses including transmission & distribution and railways. The transmission & distribution business has secured orders for T&D and cabling projects in India, Middle East and Africa.

Also Read: Inflation, slowing global growth to weigh on India’s IIP; recovery in domestic demand to be positive trigger

Bharat Forge: Bharat Forge subsidiary Kalyani Powertrain and commercial electric vehicle company Harbinger Motors Inc announced a joint venture to develop electrified drivetrains for the commercial trucking industry. The new JV named ElectroForge will leverage the strengths of both the partners to offer best in-class drivetrains developed for Class 3 through eight markets.

CICs to compensate for delay in credit info updation: RBI

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Credit information companies (CICs) will have to pay a compensation of Rs 100 per day to customers for delays in updation or rectification of their credit information, the Reserve Bank said on Thursday.

Credit institutions (CIs) and CICs have been given six months to put in place the necessary systems and processes to implement the ‘Framework for compensation to customers for delayed updation/rectification of credit information’. In a circular, the Reserve Bank directed CICs and CIs to implement the compensation framework for delayed updation/rectification of credit information.

Allow premature withdrawal on term deposits of up to Rs 1 crore: RBI to banks

The Reserve Bank on Thursday said banks will have to offer premature withdrawal facility on all term deposits of up to `1 crore, raising the limit from Rs 15 lakh currently.

Banks have been permitted to offer domestic term deposits (TDs) without premature withdrawal option, provided that all TDs accepted from individuals for an amount of `15 lakh and below should have premature withdrawal facility.

“On a review, it has been decided that the minimum amount for offering non-callable TDs may be increased from Rs 15 lakh to Rs 1 crore” meaning all domestic term deposits accepted from individuals for amount of Rs 1 crore and below should have premature-withdrawal-facility, the Reserve Bank said in a circular.

Further, as per the extant norms, banks have also been permitted to offer differential rate on interest on TDs based on non-callability of deposits (non-availability of premature withdrawal option) in addition to tenor and size of deposits.Differential interest rate are offered only on bulk deposits.

Gotegaon Madhya Pradesh Assembly Constituency Election 2023: Date of Result, Voting, Counting; Candidates

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Gotegaon MP Assembly Election 2023 Details: The election for Gotegaon Assembly Constituency in Madhya Pradesh will be held on November 17 this year. The final date of voting and result were known after the formal announcement by the Election Commission of India. Here are the important details of the Gotegaon Constituency Assembly Election 2023 that you should know.

Gotegaon Constituency Madhya Pradesh Assembly Election 2023: Voting Date

November 17 is the date of voting for the Gotegaon Assembly Constituency Election 2023 as announced by the Election Commission of India.

Gotegaon Constituency Madhya Pradesh Election 2023: Candidates List

Bharatiya Janta Party (BJP), Congress and other political parties in the state will announce their candidates for the Gotegaon Assembly Constituency Election 2023 after the announcement of voting dates by the Election Commission of India.

Why Gotegaon Constituency Assembly Election 2023 is Important

Gotegaon is a state Assembly/Vidhan Sabha constituency in the state of Madhya Pradesh and is part of the Gotegaon Lok Sabha/Parliamentary constituency. Gotegaon falls in the Gotegaon district of Madhya Pradesh and is categorised as an urban seat.

Gotegaon Constituency MP Election Result: What happened in 2018

Narmada Prasad Prajapati (n P ) of the Indian National Congress was the winning candidate from the Gotegaon constituency in the MP Assembly elections 2018, securing 79289 votes while 66706 votes were polled in favour of Dr Kailash Jatav of the Bharatiya Janata Party. The margin of victory was 12583 votes.

2018 Gotegaon Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesNarmada Prasad Prajapati (n P )Indian National Congress79289

Candidate List Party Name Votes Gained (Vote %) Narmada Prasad Prajapati (n P ) Indian National Congress 79289 (49.74%) Dr Kailash Jatav Bharatiya Janata Party 66706 (41.85%) None Of The Above None Of The Above 3121 (1.96%) Suresh Kumar Mehra Gondvana Gantantra Party 2584 (1.62%) Mahesh Prasad Choudhary Aam Aadmi Party 2109 (1.32%) Jagdish Choudhary (bedu Wale) Bahujan Samaj Party 2071 (1.3%) Pramod Jhariya (tiger) Independent 1704 (1.07%) Virendra Singh Sapaks Party 914 (0.57%) Balaram Ahirwar Independent 895 (0.56%)

Gotegaon Constituency MP Election Result: What happened in 2013

Dr Kailash Jatav of the Bharatiya Janata Party was the winning candidate from the Gotegaon constituency in the MP Assembly elections 2013, securing 74759 votes while 54588 votes were polled in favour of Narmada Prasad Prajapati (n P ) of the Indian National Congress. The margin of victory was 20171 votes.

2013 Gotegaon Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesDr Kailash JatavBharatiya Janata Party74759

Candidate List Party Name Votes Gained (Vote %) Dr Kailash Jatav Bharatiya Janata Party 74759 (51.81%) Narmada Prasad Prajapati (n P ) Indian National Congress 54588 (37.83%) Mansingh Jhariya (kusiwada) Bahujan Samaj Party 4590 (3.18%) None Of The Above None Of The Above 4317 (2.99%) Mankuwar Chadar (gudai) Gondvana Gantantra Party 1774 (1.23%) (patrakar) Vimal Bangatri Independent 1743 (1.21%) Somnadh Mehra Urf Tularam Akhil Bhartiya Gondwana Party 1058 (0.73%) Pramod Kumar Independent 900 (0.62%) Mansingh Jhariya Urf Baddu Samajwadi Party 572 (0.4%)

Gotegaon Constituency MP Election Result: What happened in 2008

Narmada Prasad Prajapati of the INC was the winning candidate from the Gotegaon constituency in the MP Assembly elections 2008, securing 53664 votes while 31344 votes were polled in favour of Shekhar Choudary of the BJP. The margin of victory was 22320 votes.

2008 Gotegaon Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesNarmada Prasad PrajapatiINC53664

Candidate List Party Name Votes Gained (Vote %) Narmada Prasad Prajapati INC 53664 (44.94%) Shekhar Choudary BJP 31344 (26.25%) Hakam Singh Chadar BJSH 10693 (8.95%) Dhirendra Singh Dhiru GGP 7978 (6.68%) Harishankar Kastwar BSP 7734 (6.48%) Hakam Singh IND 3905 (3.27%) Suresh Nagesh IND 1645 (1.38%) Jagdhishprasad Ahirwar GMS 933 (0.78%) Harigovind Mehra SP 833 (0.7%) Sanjay Kumar Jhariya RSMD 693 (0.58%)

Bulls may attempt a comeback to push Nifty above 18100; 5 key things to know before market opening bell

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Early trends on SGX Nifty hinted that Indian equity markets are likely to open marginally higher on Thursday, weekly F&O expiry day. Nifty futures traded 27 points, or 0.15% higher at 18,017 on the Singapore Exchange, signaling that domestic benchmark indices BSE Sensex, NSE Nifty 50 were for a positive start. “The biggest catalysts and next direction for Nifty depends on the FOMC monetary policy meeting on September 20-21. For Thursday’s session, Nifty sees major hurdles at the 18115 mark. Above the same, aggressive buying could be seen with the next goal post at the psychological 18605 mark,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities.

Also Read: Tamilnad Mercantile Bank, Tata Steel, Paytm, IDBI Bank, HFCL, GR Infra stocks in focus on weekly F&O expiry

Nifty technical view, Levels to watch for: “A long bull candle was formed on the daily chart with a minor upper shadow. Technically, this pattern indicates the emergence of sharp buying interest from the lower support. After moving above the important resistance of down sloping trend line at 17900 levels recently, the Nifty witnessed sharp buying from near that trend line support as per the concept of change in polarity. This is a positive indication. The short-term uptrend status of Nifty is still positive. A sustainable move above the hurdle of 18100 levels could pull Nifty towards the next overhead resistance of 18350 in the short term. Any weakness from here could find support around 17920 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Stock listing: Tamilnad Mercantile Bank: Tamilnad Mercantile Bank shares will debut on stock exchanges BSE, NSE today. According to market experts, the stock may get listed flat or at moderate premium over the final issue price of Rs 525 given the lower-than-expected investors’ response to the IPO. The Rs 831.6 crore public issue was entirely a fresh issue by the company, and was subscribed 2.86 times during September 5-7, with retail investors buying shares 6.48 times the allotted quota, non-institutional investors 2.94 times and qualified institutional investors 1.62 times.

IPO watch: The Initial Public Offering (IPO) of Harsha Engineers on Wednesday received bids of 4,84,73,010 shares against the offered 1,68,63,795 equity shares, at a price band of Rs 314-330, according to the data available on the stock exchanges. Overall the issue was subscribed 2.87 times on the first day of bidding. Retail Investors portion was subscribed 3.22 times. The qualified institutional buyer portion was subscribed 0.06 times. The reserved portion of non-institutional investors witnessed a subscription of 5.83 times. The issue will be open for subscription till Friday, 16 September.

Also Read: Wall Street staggers to higher close as US Fed rate hike looms

Stocks under F&O ban on NSE: Indiabulls Housing Finance, RBL Bank, and Delta Corp are the three stocks under the NSE F&O ban list for today as well. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.