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04 August 2011
Result of 4th August
Inventure Growth slips below issue price
Inventure Growth and Securities , a Mumbai based brokerage firm, has touched a low of Rs 103.4 in the early trade after opening at its issue price of Rs 117 a share on the National Stock Exchange.
At 9:42 hours IST, the stock was trading at Rs 115.45, down 1.3% from the issue price after hitting a high of Rs 124. Traded volume on both exchanges was more than one crore shares while the issue size was of 70 lakh shares.
In an interview with CNBC-Awaaz, Nagji K Rita, CMD of Inventure Growth said he saw 50-60% growth in FY12 profits. "We will focus more on arbitrage business and finance vertical."
Company raised Rs 81.9 crore through the issue, which it intends to use the proceeds for investment in its subsidiary - Inventure Finance Private Limited and long term working capital.
"We will open merchant banking unit soon. We are also planning to enter in the business of loan against gold," he said.
Sensex bounces back
The benchmark Sensex bounced back on Thursday with marginal gain amid choppy trade. The recovery was on expected lines as the market had seen sharp falls in the last few sessions.
At 9:18 hours IST, the 50-share NSE Nifty gained just 5 points at 5,410 and the 30-share BSE Sensex rose 7 points to 17,948.
Power Grid, DLF, Jaiprakash Associates, Reliance Infrastructure, L&T, Reliance Industries, SAIL, Tata Steel, SBI, ICICI Bank, Infosys and IDFC were supporting the market.
However, ITC lost 1.5% on reports that government may hike excise on tobacco products.
Maruti, M&M and Tata Motors on reports that Finance Ministry may be considering hike in excise on diesel cars.
Dr Reddy's Labs, Bharti Airtel and Wipro were other losers in trade.
The CNX Midcap gained 43 points at 7,928. Even the market breadth looks positive; about 560 shares advanced as against 177 shares declined on National Stock Exchange.
New listing - Inventure Growth was trading at Rs 107, falling 8% from its issue price of Rs 117 a share.
BL Kashyap tanked 20% as the company has been charged with provident fund (PF) evasion of Rs 593 crore, reports The Economic Times.
Results reaction: United Spirits, Hindustan Copper and Oberoi Realty gained 2-3%.
Infrastructure stocks too bounced back. GVK Power and IRB Infra went up 1-2%.
Delta Corp, Dhanlaxmi Bank and Coal India rallied 4% as these stocks will be added in F&O from August 5. Gujarat Fluorochemicals too rose 2% on F&O addition.
Nitin Fire shot up 14%. Educom and Adani Power went up 2% ahead of numbers. Jet Airways gained 3%.
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