Valiant Laboratories’ shares are scheduled to debut on the bourses today. And, ahead of its listing Valiant Laboratories’ shares’ GMP rose 14.29%. The IPO was subscribed 29.76 times. The Qualified Institutional Buyers (QIBs) category was subscribed 20.83 times, the portion for non-institutional investors received a 73.64-time subscription, and the Retail Individual Investors (RIIs) quota got subscribed by 16.06 times.
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“The IPO was well-received by investors, with a subscription rate of 29.76 times. The current GMP is also favorable, indicating a listing premium of over 15%. Valiant Laboratories’ financial performance has been improving in recent years, and the company plans to expand further. The IPO valuation was also considered fair,” said Shivani Nyati, Head of Wealth, Swastika Investmart.
“However, there are some concerns as…
The rupee slipped 3 paise to settle at 83.19 against the US dollar on Tuesday amid a strong American currency and outflow of foreign funds. A positive equity market sentiment and softer crude oil prices, however, provided a cushion and restricted the fall in the Indian currency, forex traders said.
At the interbank foreign exchange, the domestic currency opened at 83.17 and traded between a peak of 83.10 and a low level of 83.21 against the greenback during intra-day deals. The local unit settled at 83.19 against the dollar, registering a loss of 3 paise from its previous close. On Friday, the domestic currency settled at 83.16 against the dollar. Forex markets were closed on Monday on account of Christmas.
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Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said the Indian rupee depreciated on recovery in the US dollar and FII outflows. However, positive domestic markets and a decline in crude …