Weekly Finance Update: May 13, 2024, to May 18, 2024

Market Performance

Nifty Bank

- Opening on May 13, 2024: 47,389.80

- Closing on May 18, 2024: 48,115.65

- Change: +725.85 points (1.53%)

The Nifty Bank index showed a positive trend during this period, gaining nearly 726 points.

?Nifty50

- Opening on May 13, 2024: 22,027.95

- Closing on May 18, 2024: 22,502.00

- Change: +474.05 points (2.15%)

The Nifty50 index also performed well, with a substantial gain of over 474 points.

?IPO Updates

? ONGOING IPO Go Digit General Insurance Limited IPO

- Opening Date: May 15, 2024

- Closing Date: May 17, 2024

- Issue Price Range: ?258 - ?272 per share

- Lot Size: 55 shares

- Issue Size: ?2,614.65 Cr

- Listing Date: May 23, 2024.

Go Digit General Insurance aims to raise capital for expansion and working capital requirements. The IPO received moderate subscription interest from retail investors.

?Upcoming IPO :: Awfis Space Solutions Limited IPO

-?? Awfis Space Solutions IPO: A Detailed Analysis ??

?? About the Company

Awfis Space Solutions, incorporated in 2014, is the largest flexible workspace solutions company in India. It caters to start-ups, SMEs, and large corporates with solutions ranging from individual desks to customized office spaces.

?? Company's Work

Awfis operates across 5 verticals: coworking, enterprise, mobility, Awfis Transform, and Awfis Care. With 169 centers across 16 cities in India, it offers flexible workspace solutions for varied seat cohorts.

?? Future Plan

The funds from the IPO will be used for funding capex of new centers, and for working capital requirements.

?? IPO Details

- Opening Date: May 22, 2024

- Closing Date: May 27, 2024

- Price Band: ?364 to ?383 per share

- Face Value: ?10 per share

?? Financials

- Revenue Growth: The company's Revenue from Contract with customers has grown at a CAGR of 74.85% from ?178.36 Cr to ?545.28 Cr.

- ROCE: The ROCE was 25.26% in FY 2023.

?Finance News Highlights (May 13, 2024, to May 18, 2024)

1. Nifty Indices Reconstitution: Trent and Bharat Electronics may get Nifty 50 entry.

2. Cash Withdrawals from ATMs: Despite the rise of digital payments, cash withdrawals from ATMs increased by 5.51% in FY24.

3. Gross NPAs Decline: Gross NPAs in the banking sector decreased from 4.09% (March 2023) to 1.93% (March 2024).

4. RBI Dividend Payout: The Reserve Bank of India (RBI) is expected to transfer around Rs 1 lakh crore to the government in FY25.

5. Digital Payments Impact: India's transition to digital payments is effectively curbing the traditional outflow of currency from its banking system.

6. Robust Government Capex: Robust government capex and improvement in business confidence are expected to push growth.

7. CBAM, Transfer Pricing, and Investment Rules: Environmental concerns and clean energy challenges could impact Indian companies investing abroad.

8. Election Impact on RBI: Six-week long election leaves RBI with liquidity dilemma.

9. India-Nigeria Cooperation: India and Nigeria are ramping up cooperation in several key areas to bolster economic ties.

10. Finance Minister on Stock Market Investments: Union Finance Minister Nirmala Sitharaman said that more and more Indians were now investing in stock markets.