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Indices trade flat; Dreamfolks Services trades at 45% premium

Published on Sep 06, 2022 11:30

The domestic equity barometers pared all losses and traded near the flat line, with some negative bias, in mid-morning trade. The Nifty traded above the 17,650 mark. Asian markets mostly advanced.

At 11:29 IST, the barometer index, the S&P BSE Sensex, was down 14.15 points or 0.02% to 59,231.83. The Nifty 50 index lost 4.10 points or 0.02% to 17,661.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.33% while the S&P BSE Small-Cap index added 0.23%.

The market breadth was negative. On the BSE, 1686 shares rose and 1570 shares fell. A total of 150 shares were unchanged.

As China cemented its efforts to boost the economy, the Reserve Bank of Australia hiked rates by 50 basis points in an attempt to tame the inflationary pressures in Australia.

Meanwhile, the European Central Bank will meet on Thursday for discussions over interest rate hike actions, followed by a US Fed Res meeting scheduled on 21 September 2022.

New Listing:

Shares of Dreamfolks Services were currently trading at Rs 473, a premium of 45.09% compared with the issue price of Rs 326. The scrip was listed at Rs 505, representing a premium of 54.91% compared with the issue price.

So far, the scrip has hit a high of Rs 550 and a low of Rs 452.25. Over 12.55 lakh shares of the company have changed hands in the counter till now.

The initial public offer (IPO) of Dreamfolks Services was subscribed 56.68 times. The IPO, with a price band of Rs 308-326 a share, was open for public subscription during 24 to 26 August 2022.

Stocks in Spotlight:

Blue Star fell 1.42%. The company won two orders worth Rs 390 crore from Bangalore Metro Rail Corporation (BMRCL) for the Reach-6 Bangalore Metro Rail Project Phase-II spanning from Kalena Agrahara to Nagawara.

One 97 Communications (Paytm) rose 1.21%. The number of loans disbursed through the company`s platform zoomed 246% YoY to 6 million loans in two months ending August 2022, while the value of loans disbursed grew 484% YoY to Rs 4,517 crore ($568 million). The total merchant gross merchandise value (GMV) processed through the platform for the two months ended August 2022 aggregated to Rs 2.10 lakh crore ($26 billion), marking a YoY growth of 72%.

RateGain Travel Technologies rose 1.44% to Rs 291.55. Kuwait`s second largest airline Jazeera Airlines selected the SaaS based solutions provider`s product for airfare pricing insights.

Global markets:

Asian stocks traded mostly higher on Tuesday.

On Monday, the People`s Bank of China announced it would cut the foreign exchange reserve requirement ratio, or the amount of FX reserves that financial institutions must hold, to improve the ability of financial institutions to use foreign exchange funds.

Meanwhile, the Reserve Bank of Australia raised rates by a half point to 2.35%. That`s the fifth increase in a row since the central bank started raising rates in May.

Inflation in Australia stood at 6.1% in the June quarter, above the target range of between 2% and 3%.

US markets were closed on Monday on account of Labor Day.

In Europe, Mary Elizabeth Truss, prominently referred to as Liz Truss, was on September 5 announced as the next prime minister of the United Kingdom, after she defeated rival Rishi Sunak in the Conservative Party leadership race.

Crude oil prices rebounded after OPEC and key allies such as Russia agreed to cut production quotas by 100,000 barrels per day in October.

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