Share Market LIVE: Sensex opens below 47,000, Nifty sheds 100 points; Sun Pharma, HDFC top drags

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic stock markets continue to trade in the grip of bears. S&P BSE Sensex opened below 47,000 as the index fell over 500 points on opening. Broader Nifty 50 index was near 13,800 levels. Among top drags on Sensex were Sun Pharma and Dr Reddy’s. Only 4 of the 30 Sensex constituents were up in green, these included ONGC, NTPC, Asian Paints, and Maruti Suzuki India. Broader markets were mirroring the benchmarks. Volatility was high as India VIX breached 25 levels. 

The bidding process for Stove Kraft’s initial public offering (IPO) will close today. So far the issue has been oversubscribed 1.93 times, helped by primarily retail investors alone while institutional investors remain missing. The retail category has subscribed the issue 13 times while Non-Institutional Investors have subscribed the issue 1.85 times. Qualified Institutional Buyers (QIB) have submitted bids for just 8% their quota. The home solutions and kitchen appliance manufacturer, Stove Kraft is a leading firm in the segment. “At the upper band of issue price, Stove Kraft will trade at a Price/EPS multiple of 12.0x of its annualized H1FY21 revenue, which is at a discount to its listed peer like TTK Prestige Ltd (45x), Hawkins Cookers (42.3x), and Butterfly Gandhimathi (284.3x),” said analysts at KR Choksey while giving a ‘subscribe’ rating to the IPO.

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