Zomato rallies 8 percent on block deal, Mankind Pharma IPO subscribed 13 percent 

Indian Markets:

• Nifty 50 Movement: Indices settled above the 17,750 mark, rebounding from the days low of 17,716.85 during early trading
• Traders remained cautiously optimistic and made selective bets in specific sectors, including metals, oil & gas, and PSU banks stocks.
• Despite negative global cues, the market displayed resilience, which is a positive sign for investors.
• Traders remained cautious and optimistic in light of sluggish to negative global sentiment.
• They placed selective bets in specific sectors such as metals, oil & gas, and financial stocks.
• Despite the positive trends in the market, there is a growing concern about the ongoing rate-hike cycle in the US and European nations.

Global Markets:

• The US stock market is likely to see a negative opening today as the Dow Jones futures is down by 90 points.
• Stock markets in Europe and Asia took a dip on Tuesday, as investors react to a slew of corporate earnings announcements.
• US stocks closed mixed on Monday as investors braced for mega tech earnings and economic data.
• Investors are paying close attention to the banking sector as First Republic, a US regional bank, reported a 40.8% fall in deposits in the first quarter, which is worse than market expectations. However, the bank has reassured that they have stabilized.

Stocks in Spotlight:

• Zomato’s share price rose by 8 percent during the morning trade on April 25th, owing to a significant block deal. In this transaction, 1.5 crore shares, which account for 0.2 percent of equity, with a total value of Rs 88.2 crore, were exchanged at an average price of Rs 59 per share. However, the identities of the buyers and sellers involved in the deal remain undisclosed at present.
• Mankind Pharma’s initial public offering (IPO) received bids for 0.40 crore equity shares, representing a subscription rate of 13 percent, on the first day of bidding on April 25th. The offer size has been reduced to 2.8 crore equity shares from over 4 crore shares following the company’s successful mobilization of Rs 1,298 crore via anchor book, which is part of the qualified institutional buyers (QIBs). On the same day, high net-worth individuals purchased 19.95 lakh shares against the reserved 60 lakh shares, while QIBs bid for 6.21 lakh shares, compared to the 80.11 lakh shares reserved for them.
• IndiaMart Intermesh’s shares rose by over 2 percent in late afternoon trade on April 25th following the company’s announcement to consider a proposal for issuing bonus shares in a board meeting scheduled for April 28th. The stock is currently trading 4.5 percent below its 52-week high of Rs 5,565, but it has gained more than 23 percent in 2023 due to its strong performance in Q3.

News from the IPO world?

• TVS Supply Chain to refile IPO papers seek to Rs. 1,200 crore 
• Navi Technologies is looking to raise Rs. 4020 crore through IPO
• Survival Technologies get Sebi’s nod for Rs.1,000 crore IPO

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