Partner With Us NRI

Barometers turn rangebound; Dreamfolks Services IPO subscribed 3.66 times

Published on Aug 25, 2022 13:28

The domestic equity barometers traded in a narrow range in afternoon trade. The Nifty traded a tad above the 17,700 mark. European and Asian markets edged higher ahead of the U.S. Federal Reserve`s Jackson Hole economic symposium.

At 13:26 IST, the barometer index, the S&P BSE Sensex, was up 347.12 points or 0.59% to 59,432.55. The Nifty 50 index gained 100.35 points or 0.57% to 17,705.30.

In the broader market, the S&P BSE Mid-Cap index rose 0.90% while the S&P BSE Small-Cap index gained 0.74%.

The market breadth was strong. On the BSE, 2,214 shares rose and 1,116 shares fell. A total of 152 shares were unchanged.

Global Markets:

Shares in Europe and Asia advanced across the board on Thursday ahead of the Jackson Hole symposium kicking off stateside. Hong Kong`s session resumed in the afternoon after trading was delayed in the morning due to a typhoon warning.

Investors are awaiting the three-day Jackson Hole economic symposium that starts Thursday with Federal Reserve Chair Jerome Powell slated to speak Friday morning. Fed watchers expect him to reinforce the central bank`s goal of squashing inflation and keeping expectations about future price gains in check.

Investors stateside will also be closely watching Thursday`s weekly jobless claims data and Friday`s PCE (personal consumption expenditure) reading, one of the Fed`s favored inflation measures. In South Korea, the Bank of Korea raised its benchmark interest rate by 25 basis points to 2.50%.

Wall Street ended higher on Wednesday, lifted by gains in energy stocks and Intuit while investors awaited the US Federal Reserve`s Jackson Hole conference this week.

IPO Updates:

The initial public offer (IPO) of Dreamfolks Services received bids for 3.47 crore shares as against 94.83 lakh shares on offer, according to stock exchange data at 13:21 IST on Thursday (25 August 2022). The issue was subscribed 3.66 times.

The IPO, with a price band of Rs 308-326 a share, will remain open for public subscription during 24 to 26 August 2022. An investor can bid for a minimum of 46 equity shares and in multiples thereof.

Stocks in Spotlight:

Aban Offshore hit an upper circuit limit of 20%. The company said it has entered into a settlement agreement with Central Bank of India, one of its financial creditors. As per the terms of the settlement agreement, Aban Offshore has agree to pay the outstanding principal of Rs 121,78,41,258 within 30 days as a final settlement of all the credit facilities.

UNO Minda advanced 3.42%. The board automotive solutions provider approved an investment of Rs 300 crore for expanding its manufacturing capacity of 4W Alloy Wheels and 4W Automotive switches to meet rising demand.

Powered by Capital Market - Live News