The D-Mart parent Avenue Supermarts recently concluded its Rs 1,870-crore IPO issue, and the stock will list on stock exchanges tomorrow. The D-Mart IPO was subscribed more than 104 times, and its price band was fixed at Rs. 295-299. Most analysts have been bullish about this IPO, with some like Angel Broking even suggesting that the IPO could list at double the issue price.
The discount supermarket chain has had a promising growth record, and is now debuting in the market at a time investors are bullish about growth and reform, post the UP elections. The IPO is the biggest since PNB Housing Finance’s Rs 3,000 crore offer in October last year.
Vodafone and Idea Cellular have sealed the deal on their planned merger, with the two boards approving the move. This creates India’s largest telecom company with revenues exceeding Rs. 80,000 crore. Vodafone is expected to be dominant in this telecom giant, with 45.1% stake in the firm. Share transfers will eventually give the Aditya Birla group a 26% stake in the company, and under the agreement the AB group can acquire more shares over time, gradually equalizing shareholding. Shares of Idea Cellular tanked after initially rallying on the news. Analysts have estimated that EBITDA for the merged entity could improved by 250-300 bps post merger, thanks to operational efficiencies.
Stock in spotlight: Indiabulls Housing Finance Limited, which has been trending strongly up in stock markets on improved profits, and with the recent moves to raise ceilings on investments into HFCs by MFs and insurance. Read Trendlyne's article on Indiabulls Housing.
Photo of the day: Hindustan Motors has sold its Ambassador cars to Peugeot, for 9.6 million pounds. In the picture, yellow Ambassador taxis drive through Kolkata's roads. Dibyangshu Sarkar/AFP/Getty
