MFs, FIIs increase stake in Paytm for second quarter

The Markets Today in a nutshell

• Domestic benchmark indices ended with four day winning streak.
• Media, metals and pharma shares were in demand. However, PSU banks and auto shares corrected. Investors remained cautious ahead of the US Fed meeting outcome later in the night and a day ahead of the RBI’s unscheduled meeting.

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News you could use

? Karnataka Bank hits upper circuit
Karnataka Bank gained 20 percent and hit the upper circuit after the lender posted an all-time high net profit of Rs 411 crore for the September quarter. Net profit grew 228 percent from a year earlier. Net interest income increased 26 percent to Rs 802.73 crore.

? Sun Pharma continues to gain as Citi gives ‘Buy’ rating raises target
The stock continued to gain on the back of strong Q2FY23 numbers. Citi has a Buy rating on the stock with the target raised to Rs 1,320 from Rs 1,150 a share. “Management commentary was upbeat, especially across specialty products. “We raise earnings estimate by 10-13 percent,” Citi’s analysts said. It was the top gainer on the Sensex, up 1.8 percent.

? MFs, FIIs increase stake in Paytm for second quarter
Mutual funds increased their stake to 1.26% from 1.14% a quarter ago whereas FIIs increased their stake to 5.77% against 5.14% respectively in Paytm. Recently, brokerages such as Goldman Sachs, Citi, JP Morgan, Morgan Stanley and ICICI Securities have been bullish on the stock, citing continued strong revenue growth over the past three quarters. 

News from the IPO world?

• First Meridian Business Services gets SEBI’s nod to float Rs. 800 crore IPO
• Fusion Micro Finance IPO raises Rs. 331 crore from anchor investor
• DCX Systems IPO subscribed 69.79 times on final day

Numbers? that matter