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Trendlyne Marketwatch US
Trendlyne Marketwatch US
22 Mar 2024

Markets closed down today . Dow Jones was trading at 39833.26 (-1.9, 0%) , S&P 500 was trading at 5249.05 (0.4, 0.0%) while the broader US Tech Composite was trading at 16429.82 (1.3, 0.0%)

Riding High:

Largecap and midcap gainers today include Republic First Bancorp, Inc. (0.04, 300%), Sizzle Acquisition Corp - Units (1 Ord & 1/2 War) (20.88, 122.1%) and Sizzle Acquisition Corp (22.50, 120.6%).

Downers:

Largecap and midcap losers today include FaZe Holdings Inc - Ordinary Shares - Class A (0, -100%), Neptune Wellness Solutions Inc (0, -100%) and TG Venture Acquisition Corp - Ordinary Shares - Class A (0, -100%).

IXIX-CFD: highs, lows and moving averages

111 stocks outperformed, hitting 52 week highs, Stocks touching their year highs included - Gartner, Inc. (484.05, 0.8%), Williams Cos Inc (38.60, 1.9%), Airbnb Inc - Ordinary Shares - Class A (168.88, 2.5%) and Dover Corp. (178.10, 1.5%).

10 stocks climbed above their 200 day SMA including Bio-Rad Laboratories Inc. - Ordinary Shares - Class A (350.73, 4.3%) and Take-Two Interactive Software, Inc. (152.90, 3.0%).

2 stocks slipped below their 200 SMA including Globe Life Inc (116.11, -1.5%) and Henry Schein Inc. (74.46, -0.4%).

111 stocks are currently overbought in RSI including Bio-Rad Laboratories Inc. - Ordinary Shares - Class A (350.73, 4.3%), Take-Two Interactive Software, Inc. (152.90, 3.0%) and J.B. Hunt Transport Services, Inc. (197.84, 1.4%).

132 stocks are currently oversold in RSI including Globe Life Inc (116.11, -1.5%) and Henry Schein Inc. (74.46, -0.4%).

 
Trendlyne Marketwatch
Trendlyne Marketwatch
21 Mar 2024
Market closes higher, Zaggle Prepaid wins a two-year contract from Expleo Solutions
By Trendlyne Analysis

Nifty 50 closed at 22,011.95 (172.9, 0.8%), BSE Sensex closed at 72,641.19 (539.5, 0.8%) while the broader Nifty 500 closed at 19,897.40 (265.4, 1.4%). Market breadth is overwhelmingly positive. Of the 2,114 stocks traded today, 1,679 were on the uptick, and 406 were down.

Indian indices maintained the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, dropped by 7.1% and closed at 12.5 points. India’s provisional manufacturing PMI expanded to 59.2 in March. The PMI is at the highest level since 2008. New orders from domestic and exports have helped in increased manufacturing activity.    

Nifty Smallcap 100 and Nifty Midcap 100 closed higher, following the benchmark index. Nifty Realty and Nifty Metal closed higher than Wednesday’s closing level. According to Trendlyne’s sector dashboard, realty emerged as the top-performing sector of the day, with a rise of over 2.9%. 

Most European indices trade in the green. US indices futures trade higher, indicating a positive start. The data released by Hamburg Commercial Bank indicated that the Eurozone’s manufacturing PMI for March contracted to 45.7 against estimates of 47.

  • Relative strength index (RSI) indicates that stocks like Sterling and Wilson Renewable Energy, Sanofi India, TTK Prestige and Amber Enterprises India are in the oversold zone.

  • Zaggle Prepaid Ocean Services rises as it wins a two-year contract from Expleo Solutions to offer services via its Zaggle Save platform.

  • According to Emkay Global Research, retail credit growth drives the Indian banking sector, but attracting retail deposits affordably remains a key challenge. According to the firm, growing structural risks and a high loan-to-deposit ratio are intensifying the competition for deposits among banks.

  • Power stocks like Bharat Heavy Electricals, Siemens, CG Power & Industrial Solutions and NTPC surge more than 3% in trade. All constituents of the broader BSE Power index are also trading in the green, helping it to rise more than 2%.

  • DCB Bank approves the appointment of Praveen Achuthan Kutty as the Managing Director and Chief Executive Officer, effective April 29, 2024.

  • Lloyds Metals & Energy rises as its board approves the issue of equity shares worth Rs 5,000 crore via a qualified institutional placement (QIP).

  • India's Services PMI saw its fastest rate of expansion in eight months, reaching 61.3 in March, up from 60.6 in February 2024. The manufacturing sector, continuing as a major economic contributor, led this growth.

  • ICICI Direct maintains a 'Buy' rating on CreditAccess Grameen with an upgraded target price of Rs 1,700. This indicates a potential upside of 21.7%. The firm cites rural reach, broader geographic spread, and product diversification as growth drivers. It expects the company's revenue to grow at a CAGR of 19% over FY23-26.

  • Mahindra & Mahindra inks an agreement with Adani Total Energies E-Mobility to develop electric vehicle charging infrastructure across the country.

  • RateGain Travel Technologies is rising as Brightline Trains, a US railway company, chooses RateGain's AirGain for advanced rail and airline pricing intelligence in the US market.

  • Tata Sons, promoter of Tata Consultancy Services, sells a 0.7% stake in the open market. It now holds 71.7% of the company.

  • Gensol Engineering announces the commissioning of its 10.6 MWp single rooftop solar project for Trident at its Budhni plant in Madhya Pradesh.

  • NMDC is falling as it cuts lump ore prices to Rs 5,800 per tonne from Rs 6,000 and fines to Rs 5,060 per tonne from Rs 5,310.

  • SEPC rises sharply as it receives a work order worth AED 20.1 million (approx. Rs 45.4 crore) to design, engineer, procure commission and test an AI centre called Experience Centre in Dubai.

  • RailTel Corp of India wins an order worth Rs 99 crore from the State Project Director of Bihar Education Project Council to supply student kits.

  • Nihar Chheda, Vice-President of corporate strategy at Prince Pipes & Fittings, states the newly acquired Aquel brand is projected to generate Rs 120 crore annually from 1 lakh units. The acquisition will enable in-house manufacturing. He expects margins to be around 13-15% once they scale up.

  • Infrastructure stocks like IRB Infrastructure Developers, Power Finance Corp, REC and NCC surge more than 5% in trade. All constituents of the broader BSE India Infrastructure are also trading in the green, helping it to rise more than 2%.

  • Krystal Integrated Services’ shares debut on the bourses at a 9.8% premium to the issue price of Rs 715. The Rs 300.1 crore IPO has received bids for 13.2 times the total shares on offer.

  • Wockhardt is rising as its board approves a Rs 350 crore equity share issue through a qualified institutional placement (QIP). The board has reportedly set the issue price at Rs 517 per share. The company also has a green shoe option to raise an additional Rs 220 crore.

  • The government reportedly approves adding wheat and rice to the Price Stabilization Fund (PSF), following the sale of Bharat atta and rice as part of its retail intervention to combat inflation ahead of the general elections. The fund, previously covering onions, potatoes, and legumes, will increase India's buffer of essential foods.

  • Rail Vikas Nigam rises as it reportedly wins an order worth Rs 167.3 crore to develop an electric traction system in the Chakradharpur division of South Eastern Railway.

  • Avenue Supermarts is rising as CLSA reportedly initiates coverage with a 'Buy' rating and a target price of Rs 5,107. This indicates a potential upside of 23.3%. The brokerage expects the company's stores to increase three times by FY34 amid expansion plans.

  • ASM Technologies rises sharply as it plans to raise Rs 170.1 crore via a preferential allotment of equity shares.

  • Wipro rises as it appoints Anne-Marie Rowland as the Chief Executive Officer of Capco, effective April 1, 2024.

  • Nifty 50 was trading at 22,010.70 (171.6, 0.8%), BSE Sensex was trading at 72,507.36 (405.7, 0.6%) while the broader Nifty 500 was trading at 19,825.20 (193.2, 1.0%).

  • Market breadth is overwhelmingly positive. Of the 1,826 stocks traded today, 1,635 were on the uptick, and 156 were down.

Riding High:

Largecap and midcap gainers today include CG Power and Industrial Solutions Ltd. (541.40, 7.8%), Muthoot Finance Ltd. (1,434.45, 7.1%) and Power Finance Corporation Ltd. (386.75, 7.0%).

Downers:

Largecap and midcap losers today include One97 Communications Ltd. (410.85, -2.2%), Max Healthcare Institute Ltd. (748.80, -1.2%) and Petronet LNG Ltd. (258.65, -1.2%).

Crowd Puller Stocks

17 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Engineers India Ltd. (195.90, 12.3%), Sobha Ltd. (1,402.05, 12.0%) and Hitachi Energy India Ltd. (7,242, 8.7%).

Top high volume losers on BSE were Tata Investment Corporation Ltd. (6,275.30, -3.1%), Cyient Ltd. (1,986.80, -0.7%) and Route Mobile Ltd. (1,603.45, -0.5%).

Galaxy Surfactants Ltd. (2,282.25, 1.0%) was trading at 9.6 times of weekly average. Ajanta Pharma Ltd. (2,118.05, 1.7%) and Aptus Value Housing Finance India Ltd. (313.60, 1.5%) were trading with volumes 6.7 and 4.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

6 stocks took off, crossing 52 week highs, while 2 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Bharti Airtel Ltd. (1,220.80, -0.9%), Cummins India Ltd. (2,898.25, 3.7%) and Thermax Ltd. (3,859.85, 4.7%).

Stocks making new 52 weeks lows included - Hindustan Unilever Ltd. (2,242.35, 0.0%) and IIFL Finance Ltd. (336.30, -0.1%).

23 stocks climbed above their 200 day SMA including Polycab India Ltd. (4,986.55, 5.1%) and Cholamandalam Financial Holdings Ltd. (1,050.80, 5.0%). 5 stocks slipped below their 200 SMA including Metro Brands Ltd. (1,130.15, -3.8%) and Sanofi India Ltd. (7,535.75, -2.2%).

 
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The Baseline
20 Mar 2024
IPOs: Outperformers and underperformers in the past three months
By Abhiraj Panchal

After a certain stage in their life cycle, companies usually need to raise funds or let the early investors in the company cash out their investments. To do this, they go public via Initial Public Offerings (IPOs). This is an opportunity for public investors to put money in promising, and often young companies. Both institutional and retail investors tend to …

PremiumThis is a premium article. Click here to read.

 
Trendlyne Marketwatch
Trendlyne Marketwatch
20 Mar 2024
Market closes flat, Carysil's board approves a Rs 150 crore equity share issue
By Trendlyne Analysis

Nifty 50 closed at 21,839.10 (21.7, 0.1%), BSE Sensex closed at 72,101.69 (89.6, 0.1%) while the broader Nifty 500 closed at 19,632.05 (21.5, 0.1%). Of the 2,109 stocks traded today, 872 were on the uptick, and 1,206 were down.

Indian indices fell from their day highs and closed flat. The Indian volatility index, Nifty VIX, declined by 4.5% and closed at 13.5 points. Eicher Motors closed in the green after UBS upgraded the stock to 'Buy' from 'Neutral', with an improved target price of Rs 5,000. 

Nifty Smallcap 100 and Nifty Midcap 100 closed flat, taking cues from the benchmark index. Nifty Energy and Nifty Realty closed higher than their Tuesday close. According to Trendlyne’s sector dashboard, Oil & Gas emerged as the top-performing sector of the day, with a rise of 1.4%.

Major Asian indices closed unchanged or higher amid mixed global cues. European indices traded mixed, ahead ahead of the US Federal Reserve’s monetary policy decision, to be announced later today. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures traded lower after rising for five straight trading sessions.

  • Maruti Suzuki India sees a long buildup in its March 28 future series as its open interest rises 11.1% with a put-call ratio of 0.8.

  • Housing and Urban Development Corp approves Interim dividend of Rs 1.5 per share for FY24. The board fixes March 29, 2024, as record date.

  • The Anup Engineering's board approves a 1:1 bonus equity share issue. The record date will be announced later.

  • Indian Renewable Energy Development Agency falls as the National Stock Exchange reportedly removes it from several indices for not meeting SEBI's portfolio concentration norms.

  • Umesh Revankar, Executive Vice-Chairman of Shriram Finance, says Q4 won't be as strong YoY due to some demand dip but expects strong collections and asset quality. He projects a 20% increase in FY24 AUM and steady margins at 8.9%. He mentions an upcoming credit rating review in Q1FY25.

  • Eicher Motors rises sharply as UBS reportedly upgrades the stock to 'Buy' from 'Neutral', with an improved target price of Rs 5,000. This indicates a potential upside of 29.1%. The brokerage expects the launch of the 450cc platform to address competition and growth concerns.

  • Jyoti Structures falls as its board approves a Rs 175 crore rights issue, setting the price at Rs 15 per equity share.

  • Kotak Mahindra Bank is rising as the Reserve Bank of India (RBI) approves the reappointment of KVS Manian and Shanti Ekambaram as Joint Managing Director and Deputy Managing Director, respectively.

  • B Capital, a multinational investment firm backing well-known Indian startups, announces the close of its second Opportunities Fund at $750 million. The firm aims to invest in late-stage businesses in the technology, healthcare, and climate tech sectors, with an emphasis on North America and Asia.

  • Time Technoplast surges as it receives approval from the Petroleum and Explosives Safety Organization (PESO) to manufacture high-pressure type-IV composite hydrogen cylinders.

  • Tata Consultancy Services is rising as it launches Pace Port, an innovation hub in London.

  • Carysil is rising as its board approves a Rs 150 crore equity share issue through a qualified institutional placement (QIP).

  • Rajiv Batra, JP Morgan's Head of Asia-Pacific, states that the Federal Reserve's rate cuts and the nation's strong growth prospects will attract more foreign investment to Indian equities post-general elections. He notes that investors will use corrections to boost holdings, given global funds' light exposure to India's $4.3 trillion stock market.

  • GPT Healthcare surges as its net profit grows by 37.4% YoY to Rs 11.5 crore in Q3FY24 due to a 31.8% YoY decrease in tax expenses. Its revenue increases by 3.9% YoY to Rs 96.6 crore, helped by a better bed occupancy rate across its hospitals. The company appears in a screener of stocks with improving cash flow from operations over the past two years.

  • SKF India's Managing Director Manish Bhatnagar steps down from the position, effective April 1, 2024.

  • Aurobindo Pharma receives US FDA approval to manufacture and market Mometasone Furoate Monohydrate Nasal Spray, used in the treatment of seasonal allergic and perennial allergic rhinitis. The product has an estimated market size of $44.5 million in the US annually.

  • Shares worth over Rs 55,000 crore were moved via block trades on stock exchanges in March, marking the highest volume of shares moved in a single month. This indicates that India, which previously depended largely on foreign capital to support market prices, is developing its own equity culture.

  • Private banks like Bandhan Bank, HDFC Bank, ICICI Bank and Axis Bank are falling in trade. All constituents of the broader BSE Private Bank index are also trading in the red.

  • Jupiter Wagons' board of directors approves the acquisition of a 94.3% stake in Bonatrans India for Rs 271 crore.

  • Deccan Gold Mines surges as its Tanzanian arm discovers gold and lithium reserves in the country. The company's Managing Director says, "The lithium discovery is a significant step towards our strategy to diversify into critical minerals."

  • Bharti Hexacom, a telecom company owned 70% by Bharti Airtel, has received SEBI's approval for an initial public offering (IPO) to raise capital. This IPO is entirely an offer for sale (OFS) of up to 10 crore shares by its only public shareholder, Telecommunications Consultants India.

  • ICICI Prudential Mutual Fund buys a 0.6% stake in Star Health and Allied Insurance for approx Rs 193 crore in a bulk deal on Tuesday.

  • Sunil Singhania buys a 1% stake in LT Foods for approx Rs 55 crore in a bulk deal on Tuesday.

  • Nomura reportedly upgrades Hindustan Petroleum Corp to 'Buy', with an improved target price of Rs 570. This indicates a potential upside of 26.2%. The brokerage expects favorable demand-supply and global inventory levels to support the refining segment.

  • Shakti Pumps' board of directors approves issuing equity shares worth Rs 200 crore via a qualified institutional placement (QIP), setting a floor price of Rs 1272.1 per share.

Riding High:

Largecap and midcap gainers today include Indus Towers Ltd. (250.70, 5.2%), CG Power and Industrial Solutions Ltd. (502.25, 4.9%) and Zomato Ltd. (165.60, 4.8%).

Downers:

Largecap and midcap losers today include Gland Pharma Ltd. (1,705.15, -3.8%), Torrent Power Ltd. (1,220, -3.5%) and Linde India Ltd. (6,474.10, -3.4%).

Volume Shockers

9 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Metro Brands Ltd. (1,175.15, 13.8%), Praj Industries Ltd. (518.10, 9.4%) and CG Power and Industrial Solutions Ltd. (502.25, 4.9%).

Top high volume losers on BSE were Tata Chemicals Ltd. (1,031.30, -8.0%) and Mahindra Lifespace Developers Ltd. (534.55, -0.1%).

Eicher Motors Ltd. (3,873.60, 4.2%) was trading at 5.6 times of weekly average. Sapphire Foods India Ltd. (1,553.25, 2.3%) and Amber Enterprises India Ltd. (3,222.70, 2.2%) were trading with volumes 4.0 and 3.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

3 stocks took off, crossing 52-week highs, while 14 stocks hit their 52-week lows.

Stocks touching their year highs included - Maruti Suzuki India Ltd. (11,941.15, 3.0%), Sapphire Foods India Ltd. (1,553.25, 2.3%) and CG Power and Industrial Solutions Ltd. (502.25, 4.9%).

Stocks making new 52-week lows included - Atul Ltd. (5,878.50, -0.7%) and Bata India Ltd. (1,372.05, 0.0%).

12 stocks climbed above their 200 day SMA including Metro Brands Ltd. (1,175.15, 13.8%) and Praj Industries Ltd. (518.10, 9.4%). 15 stocks slipped below their 200 SMA including Gujarat Fluorochemicals Ltd. (3,044.35, -3.2%) and TV18 Broadcast Ltd. (47.65, -3.1%).

 
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The Baseline
19 Mar 2024
Chart of the week: Some mainline IPOs deliver strong gains, but SMEs have the biggest winners and losers
By Satyam Kumar

The Indian IPO market typically slows down in the six months before the Lok Sabha elections. But 2023-24 has bucked the trend due to increased market confidence, and greater certainty around the election result – most analysts predict a comfortable win for Prime Minister Modi and the BJP. 

In the last six months alone, 49 companies have collectively raised Rs 41,000 crore via the IPO route, according to Trendlyne’s IPO dashboard. As interest rates remain high, many companies are going public to fund their operations and growth. The market’s recent track record of strong listing gains has also drawn investors to IPO offerings. 

But if there is a suspiciously loud party happening, authorities tend to sit up and notice. In the case of IPOs, it’s the SEBI regulator. On March 11, SEBI Chairperson Madhabi Puri Buch expressed concerns about manipulation in the Small and Medium Enterprises (SME) segment of the capital markets, and the possibility of over-stretched valuations.

In this edition of Chart of the Week, we take a look at Trendlyne’s IPO Dashboard to analyse top-performing and worst-performing mainline and SME IPOs in terms ofcurrent gains/losses, along with their listing gains/losses in the past six months.

BLS E-Services & Tata Technologies saw the biggest listing gains, but have fallen since

BLS E-Services is a digital service provider that offers services to major banks in India, assisted e-services, and e-governance services at the grassroots level. This company gavestellar listing gains of 171% over its issue price, but has fallen since. It is currently trading at 141% over its issue price.

Operating primarily in the automotive space, Tata Technologies is an engineering and R&D company. It listed on the bourses on November 30, 2023, with gains of 163%. It currently trades at a premium of 110% over its issue price. Profit booking by investors looking for IPO gains and a high valuation gap (at the time of listing) compared to its peers have contributed to this decline. Its offer for sale of 609 lakh shares was oversubscribed by 69 times.

IREDA, Motisons Jewellers, and Azad Engineering are the best performers overall

The top performer among mainline IPOs is the Indian Renewable Energy Development Agency (IREDA) which listed at a premium of 88% and is currently trading at 302% above its issue price. This financial institution plays a strategic role in the government’s renewable energy initiative. With an issue size of Rs 2,150 crore, it was oversubscribed by 38.8 times and listed on the bourses on November 29, 2023.

Motisons Jewellers and Azad Engineering also lead the pack in terms of current gains after listing at a premium of  88% and 29% respectively. Both companies raised capital to reduce their debt obligations and fund working capital requirements. 

For the top-performing SME IPOs, the sky seems to be the limit

Goyal Salt raised Rs 18.6 crore to invest in product quality and marketing. Its fresh issue of 49 lakh shares was oversubscribed by 267 times. The company listed at 258% premium and is currently up 318% from the issue price. 

Leading the pack in the SME segment is Trident Techlabs with current gains 483% above its issue price. The company listed on the exchanges on December 29, 2023, posting stellar listing gains of 194%. This SME is involved mainly in engineering and power system solutions. The company raised Rs 16 crore with a fresh issue of 46 lakh shares mainly to fund its working capital requirement. Trident’s IPO was oversubscribed by 502 times.

Australian Premium Solar (India) specialises in manufacturing solar panels and provides end-to-end solutions for residential, agricultural, and commercial applications. The company posted listing gains of 172% and currently trades 286% above its issue price. Its fresh issue of 52 lakh shares was oversubscribed by 432 times listed on the bourses on January 18, 2024.

SAR Televentures, with a listing gain of 100% over its issue price, focuses on installing and commissioning 4G and 5G towers, Optical Fibre Cable (OFC) Systems, and dealing in network equipment. The company raised Rs 24.8 crore to support its provisions and install 4G and 5G towers. The stock currently trades at a premium of 275%, after listing 101% over its issue price.

With plans to set up a manufacturing facility, Amic Forging raised Rs 34.8 crore. Their fresh issue of 28 lakh shares was oversubscribed by 269 times. The stock listed on the bourses on December 6, 2023, at a premium of 99%, and the company is currently trading 390% above its issue price. As the name suggests, the company specialises in manufacturing forged components catering to various industries.

Credo Brands and Vrundavan Plantation trade at steep discounts post-listing

Worst performers among SMEs sink deeper than mainline

After looking at the top-performing IPOs, let’s take a look at mainline and SME IPOs which are trading at deep discounts to the issue price. 

Credo Brands Marketing raised Rs 550 crore via an offer for sale (OFS). The company’s promoters were looking to exit. Its offer for sale of 196 lakh shares was oversubscribed by 52 times. On December 27, 2023, the company posted a moderate listing gain of 12%. However, the company is currently trading 37% below its issue price as investors booked profits after listing.

Capital Small Finance Bank started operations as India’s first small finance bank (SFB) in 2016. The company has a strong presence in semi-urban and rural areas with a branch-based operating model. It intends to use the proceeds from the fresh issue to strengthen its capital base and fulfil future capital needs. The SFB listed at a discount of 7%, and currently trades 28% below its issue price.

Suraj Estate Developers has been in the real estate business since 1986, developing properties in both residential and commercial sectors in South Central Mumbai. The company raised Rs 400 crore via a fresh issue to settle debt obligations, and acquire land and development rights. The stock is trading 20% below its issue price, after listing at a discount of 7%.

Muthoot Microfin is a microfinance institution that offers small loans to female customers, particularly in rural areas of India. Muthoot Microfin raised Rs 960 crore through a combination of fresh issue and OFS. The company will use the net proceeds from the fresh issue to strengthen its capital base and fulfil future capital needs. The company listed at a discount of 9% and currently trades 30% below the issue price. 

Consumer electronics company EPack Durables is the second-largest room air conditioner original design manufacturer in India in terms of the number of units manufactured in FY23. With a promoter holding of 42.6% post-IPO, the company listed at a discount of 10% to its issue price and currently trades 30% lower than its issue price.

Worst-performing SME IPOs lose half their value 

When looking at the best and worst performing SME and Mainline IPOs, one thing stands out: high risk equals high rewards. SME IPOs tend to have higher listing and current gains, but also have the worst listing and current losses. 

Some SME IPOs have already lost nearly half their value since listing. Investors need to do their due diligence on IPOs, especially during a rising market, when the companies tend to make use of the positive sentiment in the market for listing.

Vrundavan Plantation is mainly engaged in the nursery business, and stands out as the worst-performing IPO. It has declined 61% below its issue price after listing at a discount of 6% on November 6, 2023. The company raised Rs 15.3 crore for the repayment of its working capital and unsecured loans. Its fresh issue of 14 lakh shares was oversubscribed by 18 times. However, the issue had not garnered any subscriptions from qualified institutional investors.

Advertising and media company Graphisads raised Rs 53.4 crore mainly for repayment of provisions and to meet working capital requirements. After listing at a moderate discount of 4.6%, the company currently trades 54% below its issue price.

Meanwhile, Italian Edibles with its wide range of confectionery foods under its OfCour’s brand has two manufacturing units in Indore. The company has raised Rs 26.7 crore proposing to set up another manufacturing unit and repayment of borrowings. The company trades at a discount of 48% below its issue price. 

Vivaa Tradecom is trading at a discount of 49% to its issue price. The company is mostly engaged in the apparel and accessories business. It listed at a discount of 17% on October 12, 2023.

Lastly, sugar company MVK Agro Food Product listed on the bourses at a discount of 31%, and went further down, currently trading at a discount of 47% below its issue price. The company raised Rs 66 crore to set up a greenfield unit for manufacturing ethanol, and generation and bottling of Bio-CNG and fertiliser.