Harsha Engineers rallied 47 percent on debut in secondary market

The Markets Today in a nutshell

• Domestic benchmark indices tanked on Monday.
• Investors dumped equities on renewed worries over economic growth amid a high-interest rate scenario. Barring the Nifty IT index, all the sectoral indices on the NSE ended in the red. Metals, realty and auto shares slumped. The RBI is widely expected to maintain the balancing act between growth and inflation in this week’s policy meet that is on 28-30th September.

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News you could use

?Hindalco Industries share tumbled more than 6 percent
After one of the biggest clients of subsidiary Novelis Corporation cut its earnings outlook due to ongoing slowdown in the global economy. Ball Corporation, one of the largest beverage can makers in the US, slashed its five-year volume growth outlook for North America citing weak demand conditions. The company also highlighted that volumes for beverage cans could get weaker in the short term due to the impending recession in the US and falling aluminium prices.

?Harsha Engineers rallied 47 percent on debut in secondary market
The momentum in the stock is backed its IPO subscription numbers, strong financials, and robust growth prospects. Harsha Engineers has raised Rs 755 crore through its public issue that had seen a strong 74.70 times subscription during September 14-16.
 
?Hester Biosciences rallied on new vaccine for cattle disease
Hester Biosciences has been able to meet demand for goat pox vaccine in the country. The goat pox vaccine is used to immunise cattle against the lumpy skin disease. A total of 97,435 cattle have died in the country due to the viral infection, showed government data as of September 23.

News from the IPO world?

• Swastik Pip IPO price band fixed at Rs. 97-100 issue opens on 29th September
• China EV Maker Leapmotor set to raise $800 mn in Hong Kong IPO
• IPO bound parent boAt parent to scale up local manufacturing for global expansion

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