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Stock market Sep 17: Tata shares rise after reports of Chandrasekaran's reappointment; NSE IPO opens
Stock market Sep 17: Shares of major Tata group companies saw an uptick on Thursday after media reports said that Tata Sons has approved a fresh five-year term for N Chandrasekaran as executive chairman, reversing his decision.
Stock market Sep 17: Tata group companies' shares rose on Thursday after media reports said that Tata Sons has approved a fresh five-year term for N Chandrasekaran as executive chairman, reversing his earlier decision to not see a reappointment. Meanwhile, the National Stock Exchange of India (NSE) opened its ₹22,569 crore initial public offering (IPO) for public subscription at 10 am on Thursday. The shares are being offered at ₹1,700 to ₹1,785 a share and will close for subscription on September 21....Read More
At the upper end of the price band, the IPO is set to raise ₹22,600 crore ($2.4 billion), making it the second-largest IPO in India after Hyundai Motor India Ltd.'s 2024 listing, which raised ₹27,900 crore, according to data mentioned in a Bloomberg report.
The price would value NSE at about 42.9 times its earnings for the year ended March. While that is a discount to domestic rival BSE Ltd., it is well above the roughly 24 to 25 times earnings multiple for some of the world's largest listed exchanges.
Indian stock market indices BSE Sensex and NSE Nifty had a muted start on Thursday after the US Federal Reserve raised interest rates and signalled further hikes. Elevated crude prices and a busy primary market, led by the National Stock Exchange of India's IPO opening, weighed on sentiment.
The Fed raised rates by 25 basis points in a unanimous decision, its first increase in more than three years. Updated quarterly projections showed that 16 of 18 policymakers expected at least one additional 25-basis-point increase by year-end.
Updates to this live blog have ended.
Stock market LIVE: Sensex, Nifty close flat
Stock market LIVE: Markets closed flat as Sensex declined 21.86 points to settle at 74,314.59 and Nifty closed up 53 points at 23,270.60.
Tata shares LIVE: Tata shares rise after reports of Chandrasekaran's reappointment
Tata shares LIVE: Shares of major Tata group companies rose on Thursday after media reports said that Tata Sons has approved a fresh five-year term for N Chandrasekaran as executive chairman.
Major Tata group stocks rose between 0.15% and 5%, led by Tata Investment Corp. Tata Motors Passenger Vehicles rose 5%, while Tata Motors climbed 3%.
IT major TCS, which had risen as much as 3%, pared gains and was last up 0.2%.
"The strength in Tata group stocks, particularly companies in which Tata Sons has meaningful holdings, reflects investor confidence that leadership continuity could support the next leg of the value-unlocking story," said Aishvarya Dadheech, founder and chief investment officer at Fident Asset Management.
The Economic Times first reported on the board's decision.
(Via Reuters)
Just in | Tata Sons reappoints N Chandrasekaran for fresh 5-year term: Report
The board of India's Tata Sons has reportedly approved a fresh five-year term for N Chandrasekaran as executive chairman, reversing his decision last month not to seek reappointment.
The reasons for the change were not immediately clear, Reuters reported, citing a source familiar with the matter on Thursday. HT could not independently verify the report. Read full report here
NSE IPO LIVE: SEBI chief says no proposal from NSE seeking approval for trading on its own platform
SEBI Chairman Tuhin Kanta Pandey on Thursday said there is no proposal from the National Stock Exchange (NSE) seeking the regulator's approval to trade on its own platform after getting listed.
"No, there is no such letter, and there is no such requirement," Pandey told reporters on the sidelines of the National Bank for Financing Infrastructure and Development (NaBFID) Infrastructure Conclave 2026.
He further said such trading cannot be permitted at present.
The National Stock Exchange's much-awaited ₹22,569-crore IPO opened for subscription on Thursday.
Subscription to the 3-day issue will close on September 21. The IPO is entirely an offer-for-sale of 12.64 crore equity shares by existing shareholders. The company's price band for the offer has been fixed at ₹1,700-1,785 per share.
LCC Projects shares LIVE: LCC Projects shares surge over 31% in market debut trade
LCC Projects shares LIVE: Shares of LCC Projects surged over 31 per cent in market debut trade on Thursday against the issue price of ₹146.
The stock listed at ₹191.90, surging 31.43 per cent from the issue price on the BSE.
At the NSE, the engineering, procurement and construction (EPC) company started trading at ₹189, a premium of 29.45 per cent.
The company commanded a market valuation of ₹5,004.07 crore.
(Via PTI)
NSE IPO LIVE updates: Milestone for NSE as listing goes live after 2-decade-long hurdles
NSE IPO LIVE updates: The public issue marks a significant milestone for NSE, whose listing plans had remained stalled for nearly a decade amid regulatory hurdles, including those linked to the co-location controversy.
NSE is expected to make its market debut on September 24.
NSE IPO LIVE updates: IPO Day 1 subscription stats
NSE IPO LIVE updates: The mega ₹22,569-crore initial public offering of the National Stock Exchange of India (NSE) opened for subscription at 10 am on Thursday, with the issue getting subscribed nine per cent so far on the first day of bidding.
The IPO received bids for 81,99,336 shares against 8,86,42,911 shares on offer, as per BSE data till 10:16 am.
The category for non-institutional investors was subscribed 15 per cent, and the portion for retail investors received 12 per cent subscription.
NSE IPO opens: Should you subscribe?
NSE IPO LIVE updates: Top stock broking platform Angel One has recommended subscribing to the IPO. Its report points to NSE's dominant market position, significantly higher revenue and profitability compared with BSE, strong market share in equity derivatives and the long-term growth potential of India's capital markets.
The research reports point to two different considerations investors will need to weigh.
"At the upper price band of ₹1,785, NSE is valued at a post-issue P/E of 35.4x, compared with BSE's P/E of 54.2x, making the issue attractive relative to its key listed peer. NSE's dominant market position, significantly higher revenue and profitability, strong market share in equity derivatives, and long-term structural growth in Indian capital markets provide further comfort," said a report from Angel One.
"Despite near-term regulatory headwinds to derivatives volumes, we believe the valuation offers a favourable entry point given the company's strong competitive position and earnings potential. We recommend Subscribe for the IPO," it added.
The bullish case rests on NSE's dominant market position, scale, strong profitability, large and expanding investor base and the structural growth of India's capital markets. Angel One also sees the IPO valuation as favourable relative to BSE.
The cautious case centres on valuation and NSE's dependence on trading activity. Nearly 79% of NSE's FY26 operating revenue came from transaction charges, with options being a particularly important contributor. This leaves earnings sensitive to regulatory changes, trading volumes and changes in investor behaviour.
Religare therefore sees a balance between the company's long-term growth opportunity and near-term regulatory and valuation risks, leading it to assign a Neutral rating.
The GMP adds another layer to the picture. At ₹125, it currently indicates an estimated listing price of ₹1,910, implying a 7% premium over the upper issue price. But the GMP has fallen sharply from ₹218 on September 11, suggesting that the grey-market premium has cooled considerably ahead of the subscription opening.
For investors, therefore, the NSE IPO is a story of strong market dominance and long-term capital-market growth on one side, against valuation, regulatory and derivatives-related risks on the other.
The IPO opened on Thursday and closes on September 21. Investors will have to weigh those factors against their own risk appetite and investment horizon rather than treating the current GMP as a guaranteed indication of listing gains.
Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages are their own and do not reflect the views of HT
NSE IPO LIVE updates: National Stock Exchange opens ₹22,569 cr IPO for public
NSE IPO LIVE updates: The National Stock Exchange of India (NSE) opened its ₹22,569 crore initial public offering (IPO) for public subscription at 10 am on Thursday.
MEANWHILE | India issues statement over US passing bill threatening 100% tariff
The Government of India said on Thursday it has noted the passage of the Sanctioning Russia and Iran Act in the US Congress. “We are monitoring further developments on this matter,” an MEA press release stated.
“As stated on several earlier occasions, India remains firmly committed to ensuring energy security for its 1.4 billion people. It will continue to do so through diversified sourcing and on the basis of evolving market dynamics,” it stated.
“This issue has been discussed at high levels in recent months with various US interlocutors. Its potential implications for not just the bilateral relationship but also the international energy market have been very clearly articulated by the Indian side,” it said.
NSE IPO today LIVE: NSE GMP falls sharply ahead of IPO opening
NSE IPO today LIVE: The much-anticipated initial public offering of the National Stock Exchange of India (NSE) opens for subscription today, September 17, with investors eyeing one of the country's biggest public issues even as its grey market premium (GMP) has fallen sharply ahead of the opening.
The ₹22,561.57 crore NSE IPO is a pure offer for sale (OFS), with 12.64 crore shares being sold by existing shareholders. NSE itself will not receive any proceeds from the issue. The IPO will remain open until September 21, with allotment expected on September 22 and the shares tentatively scheduled to list on the BSE on September 24.
The latest available GMP for the NSE IPO stood at ₹125, according to data shared as of 6:58 am on September 17.
At the upper price band of ₹1,785, the GMP implies an estimated listing price of around ₹1,910, representing a premium of about 7% over the issue price.
The GMP has cooled significantly from last week.
It stood at ₹218 on September 11, according to the trend data provided. It then moved to ₹208 on September 12, ₹210 on September 13, ₹208 on September 14, ₹160 on September 15, ₹145 on September 16 and ₹125 on September 17.
Stock markets LIVE updates: Sensex, Nifty open flat, then fluctuate
Stock markets LIVE: BSE Sensex and NSE Nifty opened flat and fluctuated in green and red on Thursday after the US Federal Reserve raised interest rates and signalled further hikes.
At 9:16 am, BSE SENSEX traded at 74,403.42, 66.97 points or 0.09 per cent up.
Sensex LIVE: BSE Sensex slightly down in pre-opening trade
Sensex LIVE: At 9:04 am on Thursday, BSE SENSEX numbers stood at 74,176.60, 159.85 or 0.22 per cent down
Stock market LIVE updates: When is the next stock market holiday?
Stock market LIVE updates: According to the roster on BSE website, the next stock market holiday will be observed on October 2, on the occasion of Gandhi Jayanti.
NSE IPO today LIVE: Initial public offering set to raise whopping ₹22,600 crore
NSE IPO today LIVE: At the upper end of the price band, the IPO is set to raise ₹22,600 crore ($2.4 billion), making it the second-largest IPO in India after Hyundai Motor India Ltd.'s 2024 listing, which raised ₹27,900 crore, according to data mentioned in a Bloomberg report.
US Fed rate decision: Rates raised by 25 basis points in unanimous decision
US Fed rate decision: The Fed raised rates by 25 basis points in a unanimous decision, its first increase in more than three years. Updated quarterly projections showed that 16 of 18 policymakers expected at least one additional 25-basis-point increase by year-end.
NSE IPO updates: National Stock Exchange IPO rolls out today; check prices
NSE IPO updates: National Stock Exchange of India Ltd.’s long-awaited initial public offering starts taking orders on Thursday. The shares are being offered at ₹1,700 to ₹1,785 a share and will close for subscription on September 21.
NSE reduced the number of shares on offer to 126.44 million from 148.9 million planned earlier, according to its updated prospectus, according to a Bloomberg report. The offering is entirely a sale by existing shareholders, meaning the exchange won’t receive any of the proceeds.
Markets today LIVE updates: Sensex, Nifty up for a muted start
Markets today LIVE updates: Indian stock market indices BSE Sensex and NSE Nifty had a muted start on Thursday after the US Federal Reserve raised interest rates and signalled further hikes. Elevated crude prices and a busy primary market, led by the National Stock Exchange of India's IPO opening, were expected to weigh on sentiment.