By Ruchir SankhlaThe Nifty 50 ended flat last week and slipped 0.4% on Monday, pressured by uncertainty around US trade policy and a rocky start to the earnings season. The spotlight now shifts to individual stocks, with over 200 companies reporting results this week.
On the diplomatic front, External Affairs Minister S. Jaishankar spoke with US Secretary of State Marco Rubio on January 13. The discussion was focused on critical minerals and defence cooperation, and offered no clarity on the trade deal or tariff relief for Indian exporters.
US President Donald Trump also added to the upheaval by threatening new tariffs on several European Union countries over Denmark refusing to hand over Greenland to the US. He proposed initial levies of 10% on certain goods from February 1, and warned they could rise to 25%. European leaders condemned the move and are preparing retaliatory measures, raising the risk of wider trade tensions.
Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services, said, “Markets are expected to trade sideways in the near term, with stock-specific action driven by earnings and trade developments. Geopolitical risks remain a key overhang.”
Activity in the IPO market continues, with five new issues, including a mainboard IPO, opening this week. Seven companies are set to hit the stock market, following five listings last week.
Bharat Coking Coal & four SME IPOs debuted last week
Bharat Coking Coal debuted on January 19 at a 95.7% premium to its Rs 23 issue price. Its Rs 1,071.1 crore IPO was subscribed 146.9X. A subsidiary of Coal India, the company produces coking coal used in steel manufacturing. The stock is currently trading about 78.3% above its issue price.
Bharat Coking Coal shares trim listing-day gains
Four SME IPOs also listed last week.
Defrail Technologies, a manufacturer of rubber components, made a strong debut on January 19. The Rs 13.8 crore IPO, which was subscribed 98.2X, listed at around a 28.4% premium. The stock is currently trading 22.3% above its issue price of Rs 74.
Victory Electric Vehicles International, which designs and manufactures electric vehicles, had a weak listing on January 14. The Rs 34.6 crore issue, subscribed 1X, debuted at a 16% discount. The shares are now trading 27.8% below the issue price of Rs 41.
Yajur Fibres, a manufacturer of fibres, listed on January 14 at a 20% discount. The Rs 120.4 crore SME IPO was subscribed 1.3X. The stock continues to decline and is currently trading around 31.4% below its issue price of Rs 174.
Gabion Technologies India made a positive debut on January 13. The Rs 29.2 crore IPO, subscribed over 768.1X, listed at a 9.9% premium. The stock is currently trading about 14.8% above its issue price of Rs 81.
Seven IPOs gear up for listing
Amagi Media Labs, a media technology company, closed its Rs 1,788.6 crore IPO on January 16. The issue, which included a fresh issue of Rs 816 crore alongside an offer for sale, saw strong interest and was subscribed 30.2X. The company will list on January 21.
Amagi Media Labs’ IPO subscription led by HNIs and QIBs
Six SME companies will also make their stock market debut this week.
Avana Electrosystems, a switchgear manufacturer, closed its Rs 35.2 crore IPO on January 14. The issue saw a strong demand and was subscribed 122.7X. The stock is set to list on January 20.
Narmadesh Brass Industries, a brass components maker, closed its Rs 44.9 crore IPO on January 16. The issue attracted investor interest, with a 1.2X subscription. The company will list on January 21.
Indo SMC, an electrical components manufacturer, closed its Rs 92 crore IPO on January 16. The issue was subscribed 102.8X overall, driven by strong demand from the high-net-worth (HNI) investor segment. The company will list on January 21.
GRE Renew Enertech, a renewable energy solutions provider, closed its Rs 39.6 crore IPO on January 16. Driven by interest in the green energy sector, the issue was subscribed 15.4X. The stock will list on January 21.
Armour Security, a private security firm, closed its Rs 26.5 crore IPO on January 19 (today). The issue got an overall subscription of 1.6X. The firm will list on January 22.
Aritas Vinyl, an artificial leather manufacturer, opened its Rs 37.5 crore IPO on January 16 and will close on January 20. As of the second day, the issue saw a 1.3X subscription. The IPO will list on January 23.
Opening for subscription: One mainboard & four SME IPOs
Shadowfax Technologies, a logistics and delivery provider, will open its Rs 1,907.3 crore IPO from January 20 to January 22. The price band is set at Rs 118-124, with listing set for January 28. The company plans to use the proceeds to expand its fulfilment centre network and tech investments.
In FY25, the company's revenue grew 32.6% YoY to Rs 2,514.7 crore. It reported a net profit of Rs 6.4 crore, compared to a loss of Rs 11.9 crore in FY24, driven by higher volumes and better cost control.
Shadowfax Technologies turns profitable in FY25
Four SME IPOs will also open for subscription.
Digilogic Systems, a developer of military testing simulators, plans to open its Rs 81 IPO from January 20 to January 22 with a price band of Rs 98-104. The company will list on January 28.
KRM Ayurveda, an ayurvedic healthcare provider, will launch its Rs 77.5 crore IPO between January 21 and January 23. The price band is Rs 128–135, and the shares will list on January 29. The funds will help set up new wellness centres.
Shayona Engineering, a precision metal parts manufacturer, aims to raise Rs 14.9 crore. The IPO will run from January 22 to January 27 at a price band of Rs 140-144. The firm will list on January 30.
Hannah Joseph Hospital, a healthcare provider, will open its Rs 42 crore IPO from January 22 to January 27. The price band is Rs 67–70, with listing scheduled for January 30. The proceeds will be utilised for establishing a new Radiation Oncology Centre.
