Tag: stock

DOMS IPO: GMP jumps on robust subscription status. Should you apply as bidding ends today?

DOMS IPO subscription status: The public issue has been subscribed 15.20 times in the first two days of bidding. (Photo: Courtesy company website)

The GMP of DOMS’ IPO has witnessed a significant surge on the back of strong subscription status. With the bidding phase coming to an end today, market analysts are now weighing in on whether or not investors should apply. The initial response to DOMS’ IPO has been promising, with subscriptions already oversubscribed by more than 3 times. However, experts advise caution, pointing out that investing in IPOs always involves some degree of risk. Anyone considering participating in DOMS’ IPO is advised to consult with a financial expert to help assess the risks and potential returns.

DOMS IPO GMP Status

As mentioned above, shares of the stationery brand are available at a premium of ₹502 in the grey market today. This means DOMS IPO GMP today is ₹502, which is ₹51 higher than its GMP of ₹451 on Wednesday. Market observers said that strong responses by investors and bullish sentiments on Dalal Street could be the possible reason for the sharp rise in DOMS IPO GMP.

DOMS IPO Review

According to Dhruv Mudaraddi, a research analyst at StoxBox, DOMS Industries Ltd.’s IPO presents an attractive opportunity for investors to benefit from the growing stationery and art products industry in India. DOMS boasts a significant market share, particularly in pencils and mathematical instrument boxes, and has optimized its market timing for efficient product delivery. As a result, DOMS has seen strong financial performance and has established a strong presence internationally. However, the IPO is priced at a high P/E multiple of 30x annualized FY24 earnings. Despite this, investors are advised to subscribe to the issue for the benefit of listing gains.

Date:December 15,2023

Indian stocks set to rise after global cues and earnings boost

India stock market: The market continued its exuberance and hit a fresh high amid the dovish commentary from the US Federal Reserve. (Photo: Reuters)

Indian stock markets are likely to open higher on Friday, following positive global cues and strong corporate earnings. The Nifty futures on the Singapore Exchange (SGX) traded 0.4% higher at 21,250, indicating a gap-up start for the domestic benchmark indices.

The sentiment was boosted by the record closing of the US stocks on Thursday, as the investors cheered the robust retail sales data and the European Central Bank’s (ECB) decision to keep the interest rates unchanged. The Dow Jones Industrial Average rose 0.9% to 36,157, the S&P 500 gained 0.8% to 4,537, and the Nasdaq Composite added 0.5% to 15,021. The US retail sales rose 0.7% in September, beating the expectations of a 0.2% decline, and suggesting that consumer spending remained resilient despite the supply chain disruptions and inflation pressures. The ECB, meanwhile, maintained its ultra-loose monetary policy stance, and said that it would start reducing its pandemic emergency bond purchases in the next quarter, but did not provide any clear timeline or amount.

The Asian markets also traded higher on Friday, tracking the Wall Street gains and the easing of the energy crisis in China. Japan’s Nikkei 225 rose 1.6% to 29,665, China’s Shanghai Composite advanced 0.6% to 3,583, and Hong Kong’s Hang Seng Index climbed 0.8% to 25,892. The oil prices eased after China released some of its strategic reserves to ease the supply crunch and lower the fuel costs. The Brent crude futures fell 0.6% to $84.5 per barrel, while the WTI crude futures dropped 0.7% to $81.9 per barrel.

On the domestic front, investors will focus on the second-quarter earnings season, which has been largely positive so far. On Thursday, Reliance Industries, HDFC Bank, HCL Technologies, and Bajaj Finance reported better-than-expected results, boosting their share prices. Reliance Industries posted a 43% jump in its consolidated net profit to ₹13,680 crore, driven by its digital services and retail segments. HDFC Bank reported an 18% rise in its net profit to ₹8,834 crore, as its asset quality improved and its provisions declined. HCL Technologies posted a 9.5% increase in its net profit to ₹3,265 crore, as its revenue grew across all its business segments and geographies. Bajaj Finance reported a 36% surge in its net profit to ₹1,471 crore, as its assets under management and new loans grew.

Some of the key companies that will announce their quarterly results on Friday are Infosys, ICICI Bank, Wipro, and Tata Consultancy Services. The market will also keep an eye on the macroeconomic data, such as the wholesale price index (WPI) inflation and the foreign exchange reserves, which will be released later in the day. The WPI inflation is expected to remain high in September, due to the rising commodity prices and supply chain issues. The foreign exchange reserves, which hit a record high of $642.5 billion in the week ended October 1, are expected to increase further, as the central bank intervenes to curb the rupee appreciation.

The market will also monitor geopolitical developments, such as the Israel-Hamas conflict, the US-China tensions, and the COVID-19 situation, which may have an impact on the risk appetite and the fund flows.

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