Bharti Hexacom made a grand entry into the stock market today, listing at a premium of 32.5% to the issue price on both the National Stock Exchange and BSE. The company’s IPO collected a whopping Rs 4,275 crore from investors, with shares in the grey market commanding a 25% premium. On the other hand, IT major Tata Consultancy Services kicked off the Q4 earnings season for FY24, with analysts expecting strong revenue growth and improved margins.
In the telecom sector, Vodafone Idea announced a follow-on public offer of up to Rs 18,000 crore, marking the biggest FPO in the country. The fundraise is aimed at strengthening the company’s position in the Indian telecom market and aiding in the rollout of 5G services. Meanwhile, Godfrey Phillips India Ltd decided to exit its retail business division, ’24Seven’, due to accumulated losses.
Air India expanded its customer service by operationalizing five new contact centres, including ones in Cairo and Kuala Lumpur, to assist its global clientele. In the technology sector, Realme is set to launch the Wi-Fi variant of the Realme Pad 2 in India, offering a more affordable option for consumers. Lastly, the stock market ended on a weaker note, with Nifty around 22,500 and sectors like healthcare and FMCG witnessing a decline.
Overall, it was a day filled with significant developments across various industries, showcasing the dynamic nature of the business world.