The rupee falls 60 paise against the US Dollar, reaching an all-time low of 77.50.
It was a sharp slump for the Indian rupee as it touched a new all-time low of 77.50/$. The rupee fell by 60 paisa as the US dollar touched a 20-year high. Apart from the dollar strength, the sharp outflows by FPIs has also led to a run on the rupee. Most trades found banks rushing to buy dollars and hedge on behalf of the oil companies. The rupee has lost 115 paise just in the last 2 sessions. The Bloomberg Dollar Index, a gauge of the dollar against a basket of hard currencies is now at 104 levels even as Brent is at $111/bbl.
LIC IPO was subscribed 2.95 times at the close of the sixth day of subscription
The LIC IPO was subscribed 2.95 times at the close of the sixth day of subscription (including Saturday and Sunday). The IPO generated bids worth Rs.43,934 crore. Enthusiasm was seen among retail investors, employees and policyholders while among institutions, it was domestic players that hogged a chunk of the IPO. LIC IPO saw 73.3 lakh retail applications (an all-time record), but slightly lower than the 1 crore applications that the government was targeting. Previously, Reliance Power had got 48 lakh applications.
IndoStar Capital has frozen its lower circuit at 10% due to accounting irregularities
IndoStar Capital Finance was locked at 10% lower circuit at Rs.184.30 after the company found certain discrepancies in its commercial vehicle loan portfolio. The stock has already fallen 68% from its issue price of Rs.572. IndoStar counts Brookfield and Everstone among its co-promoters. IndoStar is engaged in providing used and new CV financing to SMEs. It also provides affordable home finance. IndoStar will now make an additional provision of Rs.557 crore to Rs.677 crore. The full review will be completed shortly.
Avenue Supermarts, the operator of the D-Mart chain, hit an 8-month low of Rs.3,486
Avenue Supermarts, the operator of D-Mart chain, hit an 8-month low of Rs.3,486. The stock has fallen 12% in last 2 days and has corrected 41% from its 52-week high of Rs.5,900. Even in the recent fall, the stock of Avenue Supermarts has fallen 26% against the Sensex falling 10% in the last six months. Blended revenue per square feet was lower by 8%. The stock also got hit because Axis MF is the largest institutional holder with 3.56% stake. There have been concerns over the recent front-running allegations at Axis MF.
PVR intends to add a record number of screens in FY23
PVR plans to shift its strategy to aggressively expand its screen launches as it emerges from the prolonged COVID slowdown. PVR plans to add 120-125 screens in FY23, which is more than the annual accretions in screens in the pre-COVID period. For FY23, it plans capex of Rs.400 crore. It will now look to tap Tier-2, Tier-3 and Tier-4 markets. In FY21, PVR added 13 new screens and in FY22 it added 29 screens. PVR is now at 854 screens and plans to touch 1,000 screens by close of FY23. Cinema advertising continues to la