Mumbai: Urban Company created a big buzz on its first day in the stock market. The company’s IPO (Initial Public Offering) was listed on September 17 on both the BSE and NSE. The issue price was Rs 103 per share, but it opened much higher at Rs 162.25 per share. This gave investors an immediate listing gain of almost 60 percent, which is a huge return on the first day itself.

The Rs 1,900 crore IPO opened for subscription from September 10 to 12, and it received an overwhelming response. The IPO was subscribed more than 103 times in total. This means demand was over 100 times more than the number of shares available. Big institutional investors showed the most interest, but retail and high-net-worth investors also participated in large numbers.

Out of the total IPO amount, Urban Company raised Rs 472 crore as fresh issue, and the rest came through an Offer for Sale (OFS) of Rs 1,428 crore. The company plans to use the fresh funds for marketing initiatives and technology upgrades, which will help it grow faster. Before the IPO, Urban Company also raised Rs 854 crore from major anchor investors, including names like SBI Funds, HDFC Mutual Fund, Fidelity, Nomura, Goldman Sachs, and others.

Urban Company is a popular platform that offers home and beauty services. Customers can book services such as cleaning, pest control, plumbing, carpentry, electrical work, painting, beauty treatments, grooming, and massage therapy. The company currently operates in 51 cities across India, UAE, and Singapore, and it is also present in Saudi Arabia through a joint venture. Urban Company is growing quickly and aims to become a global leader in home services.

Mumbai, Sep 16: The Indian benchmark indices opened higher on Tuesday amid mixed global cues, as US Chief Negotiator Brendan Lynch arrived in India to resume trade negotiations between the two nations.

As of 9.25 am, the Sensex was up 184 points or 0.23 per cent at 81,970, and the Nifty was up 47 points or 0.19 per cent at 25,117.

The broadcap indices outperformed benchmark indices, as Nifty Midcap 100 inched up by 0.26 per cent, and the Nifty Small cap 100 moved up 0.70 per cent.

Kotak Mahindra, Axis Bank and Hero Motocorp were the top gainers on NSE Nifty 50 index. Titan Company, SBI Life Insurance, Asian Paints and Tata Consumer Products weighed on the Nifty 50 index.

Among sectoral indices, Nifty Media, the top gainer, jumped 1.08 per cent. Nifty Auto (up 0.65 per cent) and Nifty Oil and gas (up 0.57 per cent) were the other major gainers. Except Nifty FMCG and Nifty PSU Bank, which were marginally down, all other indices were in the green.

Analysts said that, from a technical standpoint, a sustained move above the 25,160 level could pave the way for a rally toward 25,250 and 25,500 zones. The immediate support lies at 25,000 and 24,900 zones.

“The bold reforms – both fiscal and monetary – implemented this year have started yielding results and is likely to gather momentum in near future. An India-US trade agreement without the penal tariffs can be a shot in the arm for markets,” said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

Major US indices ended firmly in the green zone overnight as the Nasdaq rose 0.94 per cent, the S&P 500 gained 0.47 per cent, and the Dow advanced 0.11 per cent.

Most of the Asian markets made strong gains during the morning session. While China’s Shanghai index dipped 0.1 per cent, and Shenzhen inched down 0.26 per cent, Japan’s Nikkei rose 0.54 per cent, while Hong Kong’s Hang Seng Index inched up 0.07 per cent. South Korea’s Kospi inched up 1.2 per cent.

The US markets are pricing in a 96.4 per cent probability of a 25-basis-point rate cut on September 17, with additional cuts expected through year-end.

On Monday, foreign institutional investors (FIIs) sold equities worth Rs 1,268 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 1,933 crore.

Mumbai, Sep 15: The Indian benchmark indices opened on the flat note with a positive bias on Monday, on the back of positive domestic inflation data and growing expectations of a US Federal Reserve rate cut.

As of 9.30 am, the Sensex was up 4.5 points or 0.005 per cent at 81,909, and the Nifty was up 4.15 points or 0.017 per cent at 25,118.

The broadcap indices outperformed benchmark indices, as Nifty Midcap 100 inched up by 0.26 per cent, and the Nifty Small cap 100 moved up 0.53 per cent.

Bajaj Finance, Tata Motors, Hero Motocorp and Bajaj Finserv were the top gainers on NSE Nifty 50 index. Infosys Ltd., Tata Consultancy Services, Sun Pharmaceutical Industries, Dr. Reddy’s Laboratories Ltd., and Shriram Finance Ltd. weighed on the Nifty 50 index.

Among sectoral indices, Nifty Realty, the top gainer, jumped 1.19 per cent. Nifty PSU bank (up 0.39 per cent) and Nifty Auto (up 0.38 per cent) were the other major gainers. Nifty Pharma was the top loser down 0.78 per cent.

Inflation had cooled to 2.07 per cent well below the RBI’s projection of 3.1 per cent in August, latest government data said.

Analysts said that Indian equities, which have recently underperformed compared to global peers, now appear attractively valued. Positive factors such as ongoing GST reforms, anticipation of a Fed rate cut, and improving US–India trade ties are expected to further support the market.

Last week, Nifty 50 notched its eighth consecutive advance, closing above the symbolic 25,100 mark for the first time since July—its longest winning streak in a year and the biggest weekly gain in nearly three months.

“Nifty has been gradually taking out the crucial resistances and on the weekly chart, the Nifty has confirmed a pattern of higher tops and higher bottoms, which is an encouraging sign for a sustained positional bullish trend,” said Devarsh Vakil, Head of Prime Research at HDFC Securities.

Nifty seems to be heading towards the next resistance of 25,250, while the 24,900 level could offer support, he added.

Major US indices posted strong weekly gains and closed near all time highs. The Nasdaq rose 2.0 per cent, the S&P 500 gained 1.6 per cent, and the Dow advanced 1.0 per cent, marking the best week since early August.

Most of the Asian markets made strong gains during the morning session. While China’s Shanghai index advanced 0.22 per cent, and Shenzhen added 1.07 per cent, Japan’s Nikkei rose 0.89 per cent, while Hong Kong’s Hang Seng Index jumped 0.32 per cent. South Korea’s Kospi inched up 0.52 per cent.

The US markets are pricing in a 96.4 per cent probability of a 25-basis-point rate cut on September 17, with additional cuts expected through year-end. Softer labour data and persistent inflation support the dovish shift, boosting demand for equities and cryptocurrencies, said analysts.