Weekly Market Update (21st to 24th May 2024)

Market Indices Performance

Nifty50:

???- Opening on 21st May 2024: 22,404.55

???- Closing on 24th May 2024: 22,957.10

???- Change: Up by 552.55 points

Bank Nifty:

???- Opening on 21st May 2024: 47,927.10

???- Closing on 24th May 2024: 48,971.65

???- Change: Up by 1,044.55 points

1. SEBI Introduces New Regulations for Real-Time Price Data Sharing:

???- The Securities and Exchange Board of India (SEBI) has implemented stringent regulations governing the sharing of real-time price data with third parties. These measures aim to enhance transparency and protect investors.?

2. ITC Q4 Results Review: Should You Buy, Sell, or Hold the FMCG Major?:

- Analysts have closely examined ITCs Q4 results. While the company faced challenges, its diversified portfolio remains a key strength. Investors should consider their risk appetite before making decisions.?

3. Zee Share Price Jumps Over 4% After Posting Q4 Profit; Should You Buy the Stock?:

???- Zee Entertainment Enterprises witnessed a 4% surge in share price after announcing its Q4 profit. Investors should assess the company's long-term growth prospects.?

4. Somany Ceramics Stock Climbs Over 17% as Brokerages Lift Target Price Following Strong Q4 Earnings:

???- Somany Ceramics impressed with robust Q4 earnings. Brokerages have raised the target price, reflecting confidence in the company's fundamentals.?

5. Silkflex Polymers Listing: Stock Makes Decent Market Debut, Lists at 15% Premium at ?60:

???- Silkflex Polymers made a decent market debut, listing at a 15% premium at ?60. Investors should monitor its performance in the coming weeks.

Silkflex Polymers (India)'s IPO was subscribed 35.12 times. The issue opened for bidding on 7 May 2024 and it closed on 10 May 2024. The price of the IPO was fixed at Rs 52 per share.

The IPO comprised fresh issue of 34,82,000 equity shares. The promoter and promoter group shareholding diluted to 69.89% from 99.84% pre-IPO.

The company intends to utilise the net proceeds to meet working capital requirements of the company, acquisition of land, to meet funding of capital expenditure requirements of company towards purchase of plant and machineries and general corporate purposes.

6. NSE to Suspend Trading in Shankar Sharma Portfolio Stock Brightcom Group from June 14:

???- The National Stock Exchange (NSE) will suspend trading in Shankar Sharmas portfolio stock, Brightcom Group, from June 14 due to regulatory concerns. Investors should stay informed.?

In two separate circulars, the exchanges said Brightcom Group has not complied with Regulation 33 of Sebi's (Listing Obligations and Disclosure Requirements) norms that deals with submission of financial results for two consecutive quarters, i.e. September 30, 2023 and December 31, 2023.

7. Go Digit stock gains 11% over IPO price after muted listing

???- Go Digit General Insurance made a quiet debut on the stock exchanges on May 23 after listing at Rs 286. That's a premium of just 5.14 percent over the issue price of Rs 272.

Soon after the listing, the share price gained 6 percent further to trade 11 percent higher at Rs 301.

The listing gains are largely in line with grey market estimates where shares were trading at a premium of 3 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.

8. Current SME IPO: GSM Foils Ltd:

???- The offer received bids for 5.72 crore shares as against 34.40 lakh shares on offer.

The initial public offer (IPO) of GSM Foils received bids for 5,72,08,000 shares as against 34,40,000 shares on offer, as per NSE data as of 17:00 hours on Friday (24 May 2024). The issue was subscribed 16.63 times.

The issue opened for bidding on Friday (24 May 2024) and it will close on Tuesday (28 May 2024). The price of the IPO is fixed at Rs 32 per share. The minimum order quantity is 4,000 equity shares. The equity shares will list on NSEs SME platform.?