Adani Enterprises FPO fully subscribed on final day

Indian Markets:

• Nifty 50 Movement: Indices closed just above 17,650 post touching days low of 17,537 in early morning trade.
• Investors were cautious ahead of the presentation of the Union Budget 2023 on Tuesday, 1 February 2023.  Broader market outperformed the benchmark indices.
• India VIX, a gauge of the market expectations of volatility over the near term, declined by 4.71% to 16.88.
• Finance minister Nirmala Sitharaman today presented the Economic Survey 2023 in the Parliament. The government has projected that India will remain the fastest growing major economy in the world with a GDP growth forecast of 7% in FY23 and 6-6.8% in FY24.

Global Markets:

• Dow Jones index futures were down 147 points, indicating a weak opening in the US stocks today.
• Ahead of U.S. Federal Reserve’s latest policy meeting that starts later today, markets in Europe and Asia slumped across the board on Tuesday as attention turns to 
• Investors widely expect a 25-basis point increase, but will monitor commentary for clues about how much further the Fed intends to hike, or when it plans to cut rates. The Fed will announce its interest rate decision Wednesday.
• European markets will be keeping an eye on fourth-quarter eurozone gross domestic product data that will be published Tuesday, for a gauge on the regions state of health. Preliminary German and French inflation data for January is also due to be released.
• US stocks traded lower Monday, pausing a January rally as investors braced for the busiest week of earnings season and a possible interest rate hike from the Federal Reserve.

Stocks in Spotlight:

• State Bank of India is planning to raise around $500 mn via green bonds to provide sustainable project finance. This plan corresponds with Governments plan of raising Rs. 8,000 crore through sovereign green bonds. The bank has a pipeline of projects in areas including renewable energy for deployment of money raised via green bonds.
• Ambuja Cements rallied 3.5 percent during the day as company denies reports of buyback. With reference to the news item dated 30 January 2023 captioned Adani Group said to plan Rs 3000 cr Ambuja, APSEZ buybacks, However the company has clarified to the stock exchanges that there was no such plan and hence, it was not in a position to comment on the veracity of said media report.
• Despite a negative report published by Hindenburg Research ruining market sentiments India’s largest follow-on public offer or FPO worth Rs 20,000 crore by Adani Enterprises was over-subscribed on the last day today with heavy support from non-institutional investors

News from the IPO world?

• Balaji Solutions gets SEBI’s approval to float IPO
• Enviro Infra Engineers get SEBI nod for raising money through IPO
• FirstMeridian Business Services files fresh draft papers for IPO; cuts issue size to Rs. 740 crore

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