Weekend Wrap: From Trent to Saraswati Saree, top market movers and news of the week

Top News

1. The cash reserves of mutual funds increased by ₹19,000 crore, reaching a total of ₹1.71 lakh crore in the month of July 2024.

2. Shares of Ceigall India got listed at a premium of 4.49% over the issue price of ₹401. The Ceigall India Limited’s initial public offering was subscribed 13.75 times on the last day of bidding. According to BSE, the offering attracted bids of 30,67,62,708 shares against the 2,23,13,663 equity shares that were offered, with a price range of ₹380–401.

 3. Share of Brainbees Solutions got listed at a premium of 40% over the issue price of ₹465. The Firstcry IPO was subscribed 12.22 times in total as the issue received bids for 60.64 crore equity shares as compared with 4.96 crore shares on the offer, as per subscription data on NSE.

4. Share of Unicommerce eSolutions got listed at a premium of 117.59% over the issue price of Rs.108. 

Shivani Nyati, Head of Wealth, Swastika Investmart, said, “Unicommerce eSolutions made a spectacular debut on the stock market, listing at ₹235 apiece, a staggering 117% premium over its issue price of ₹108. This blockbuster performance far exceeded pre-listing expectations, fueled by the massive oversubscription of 168.35 times and a robust grey market premium.”

Nyati noted that the company’s strong market position as a leading e-commerce enablement SaaS platform, coupled with its proven track record of profitable growth, solidified investor confidence. While challenges like competitive pressures and negative cash flows remain, the initial market response highlights the immense potential of Unicommerce eSolutions in the burgeoning e-commerce ecosystem.

This exceptional listing underscores the company’s strong fundamentals and growth prospects. Nyati advised investors to book profit at the current level, while those who want to hold, may keep a stop loss at ₹210 apiece.

5. Saraswati Saree Depot Limited got subscribed by 107.39 times.

6. DSP AMC has launched the NFO for DSP Nifty Top 10 Equal Weight Fund which closes on 30th August 2024.