MARKET OVERVIEW :
Currency Market Overview April 18, 2024
Sensex Today Live Updates: Sensex up 350pts, Nifty at 22,280; Broader markets, PSB, O&G, up; Health, FMCG under pressure
Vodafone Idea FPO opens today: Shares rise; GMP, price, other details. Should you apply?
Vodafone Idea FPO GMP today is ₹1.50, which is 50% higher than Tuesday’s GMP of Re 1, say market observers. Vodafone Idea FPO price: The telecom company has fixed Vodafone Idea FPO price at ₹10 to ₹11 per share. Vodafone Idea share price today is around ₹13 per share.
Vodafone Idea FPO: The Follow-on Public Offer (FPO) of Vodafone Idea Ltd is going to hit the primary market today. The Vodafone Idea FPO will remain open till 22nd April 2024. The telecom company has fixed the Vodafone Idea FPO price band at ₹10 to ₹11 per equity share, which is around ₹2 below Tuesday’s Vodafone Idea share price closing. According to stock market observers, Vodafone Idea FPO shares are trading at a premium of ₹1.50 per share in the grey market today. This means Vodafone Idea FPO GMP today is ₹1.50. The net proceeds of Vodafone Idea FPO will be used for capacity expansion of the company and payments of debt and other dues, the telecom company claims in its Red Herring prospectus (RHP).
Vodafone Idea share price today
Meanwhile, ahead of the Vodafone Idea FPO opening on Thursday, Vodafone Idea share price today opned upside at ₹13.10 apiece on NSE and went on to touch an intraday high of ₹13.50 per share level within a few minutes of stock market’s opening bell.
Vodafone Idea share price target
Speaking on the outlook for Vodafone Idea shares, Sumeet Bagadia, Executive Director at Choice Broking said, “Vodafone Idea shareholders are advised to hold the scrip maintaining stop loss at ₹11 (upper price band of Vodafone Idea FPO). The scrip may touch 16 per share levels, onece it manages to breach the current resistance placed at ₹14.50 apiece.”
Vodafone Idea FPO subscription status
By 11:39 AM on day one of bidding, the follow-on issue has been subscribed 0.02 times whereas the retail portion of the FPO has been booked 0.02 times. The NII portion was booked 0.04 times.
Important Vodafone Idea FPO details
1] Vodafone Idea FPO GMP today: Vodafone Idea FPO grey market premium (GMP) today is ₹1.50, which is ₹0.50 higher than Tuesday’s Vodafone Idea FPO GMP of Re 1, say market observers.
2] Vodafone Idea FPO price: The telecom company has fixed Vodafone Idea FPO price at ₹10 to ₹11 per share.
3] Vodafone Idea FPO date: The Follow-on Public Offer has opened today and it will remain open till Monday next week.
4] Vodafone Idea FPO size: The telecom company aims to generate ₹18,000 crore through the issuance of 16,363,636,363 fresh Vodafone shares.
Sensex Today Live Updates: Sensex up 350pts, Nifty at 22,280; Broader markets, PSB, O&G, up; Health, FMCG under pressure
Foreign institutional investors (FIIs) net sold shares worth ₹4,468.09 crore, while domestic institutional investors (DIIs) purchased ₹2,040.38 crore worth of stocks on April 16, provisional data from the NSE showed.
Infosys, Bajaj Auto, HDFC Life Insurance Company, ICICI Securities, Mastek, Network18 Media & Investments, TV18 Broadcast, Eimco Elecon (India), Gujarat Hotels, Accelya Solutions India, Oriental Hotels, Reliance Industrial Infrastructure, Surana Solar, and Swaraj Engines, are the companies reporting Q4FY24 results on April 18.
Asian stocks were mixed at the open after US shares extended their losing streak to the longest since January.
Japanese stocks fell from the start of trade while Australian and South Korean equities rose. Equity futures in Hong Kong indicate early losses while similar contracts in China gained. US futures were little changed after the S&P 500 fell for a fourth day Wednesday, extending declines from last week’s record high to more than 4%.
Asian chipmakers such as Taiwan Semiconductor Manufacturing Co., which reports earnings later Thursday, and Tokyo Electron Ltd. will be closely watched in early trading. Europe’s most valuable tech firm ASML Holding NV said Wednesday orders tumbled in the first quarter, and its China sales are likely to be hampered by US export control measures. Nvidia Corp. led losses in US megacaps.
Investors have been increasingly skeptical about how much further US stocks can go after their 10% rally in the first quarter — the strongest start to a year since 2019. The latest pullback takes place even as US data point to continued strength in the economy.
Just a day after Jerome Powell threw cold water on rate-cut bets, dip buyers emerged in the Treasury market, with two-year yields dropping further below 5% and a $13 billion sale of 20-year bonds drawing solid demand. The benchmark 10-year Treasury yield was steady in Asian trading.
The dollar was little changed in Asia after falling for the first time in six days Wednesday as officials in Japan and Korea continued to express concern over the declines in their currencies. The yen has fallen almost 9% and the won has dropped roughly 7% this year against the dollar.
The equity risk premium for US equities — a measure of the differential between stocks and bonds’ expected returns — is now deep in negative territory, something that hasn’t happened since the early 2000s.
While this isn’t necessarily a negative indicator for the stock market, it all depends on the economic cycle. The lower premium can be seen as a promise of a future boost in corporate profits, but also that a bubble is in the making.
Elsewhere, oil held most of Wednesday’s 3% decline, weighed by weaker Chinese industrial data and as US crude inventories swelled, while gold edged higher.