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Rakesh Jhunjhunwala On Why You Should Be An Investor, Not A Trader
Shares of Macrotech Developers gained as much as 10.5% to trade above its IPO price. The stock closed its debut trade nearly 4.3% lower at Rs 465 apiece.
This was much lower than its issue price of Rs 486. The successful listing of Macrotech ends a more than decade-long effort to take the developer public, after previous attempts in 2009 and 2018 were shelved.
Including Macrotech, 29 debutantes have raised about $3 billion so far in 2021, according to data compiled by Bloomberg.
India’s newest stocks have been performing well overall. The S&P BSE IPO Index, which tracks shares for two years after listing, has rallied 6.8% this year, outperforming the little changed Sensex.
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Shares of the drugmaker rose as much as 4.4% to Rs 5,186, making it the fourth session of gains.
Morgan Stanley analyst Sameer Baisiwala raised the recommendation on Dr Reddy's Laboratories Ltd. to overweight from equal-weight. He set a price target of Rs 5,859 a share, which implies a16% increase.
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The market breadth too was skewed in favour of the bulls. Around 1,688 stocks advanced, 361 declined and 77 remained unchanged on the BSE.
Aditya Birla Sun Life AMC Ltd., a unit of Aditya Birla Capital Ltd., filed a draft red herring prospectus for an initial public offering via a secondary sale of as many as 38.88 million shares, according to a statement to stock exchanges.
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