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The Baseline
22 Mar 2017
The best IPO debut in a while doubles investor wealth on opening day

Value retailer Avenue Supermart's D-Mart had what turned out to be a stellar stock market debut, with shares more than doubling, and has become the only company in the last six years to see a 100%+ premium on listing day. The shares opened at Rs. 604.4, over twice the IPO offer price of Rs. 299, and closed yesterday at Rs. 640.7. The stock has continued in this range since.  

Bharti Airtel and Reliance Industries' Jio are back at each other's throats, trading accusations about misleading advertising, and who qualifies as the 'fastest network'. The argument started when Jio spotted an Airtel ad claiming to be the "fastest network" in India, and said the ad was inaccurate, also disputing the internet firm Ookla's speed tests. Airtel hit back and Ookla defended the numbers, saying that the numbers are accurate and that it stands behind its results. 

Stock in spotlight: Larsen & Toubro Infotech (LTI), which has landed a contract with Scandinavian energy firm OKQ8, to transform application development and maintenance for the company, and also transform system and business processes. Motilal Oswal had recommended L&T Infotech as a BUY following upbeat Q3FY17 results. 

Photo of the day:  A leaking water truck on a Bangalore road draws people with water bottles. Abhishek Chinnappa/Reuters

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