Here are today’s highlights: Markets End Slightly Up, Route Mobile IPO, India’s GDP Projections, & More

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Sensex +0.04%; Nifty +0.13%


The markets ended slightly up with Sensex which was more or less flat while Nifty up 0.13%.

Top gainers: SBI, TCS, Tech Mahindra, Bajaj Finance

Top losers: IndusInd Bank, Power Grid Corporation, Asian Paints, Bharti Airtel

Route Mobile IPO Final Day: Subscribed 74.28 Times

Route Mobile Ltd.’s initial public offering (IPO) was subscribed almost 74.28 times on the final day of bidding.

The IPO received bids for around 89.14 crore shares with 1.2 crore shares that were on offer.

Non-institutional investors bids subscribed 195.61 times while institutional investors bid a little more than 90 times. Retail investors subscribed 12.7 times.

The price band for the issue was Rs 345-350 per share and the minimum lot size was 40 shares.

Route Mobile is a cloud communications platform provider.

NCD Update: Motherson Sumi Upsizes NCD, Adani Ports Raises Money

Motherson Sumi Systems
Motherson Sumi, an automotive components manufacturer, upsized its NCD(non-convertible debentures) issue. The original size was Rs 1,500 crore which was scaled up to Rs 2,130 crore.

This, the company said, is due to rising investor demand.

The NCD was upsized using the greenshoe option.

Adani Ports
Adani Ports and Special Economic Zone raised around Rs 900 crores through an allotment of NCDs.

On a private placement basis, the company had allotted 9,000 listed, redeemable, rated and secured NCDs with a face value of Rs 10 lakh each.

India GDP Projections by Rating Agencies 
Moody's Investors Service, a U.S.-headquartered rating agency projected India's GDP to contract 11.5% in FY21.

A couple of rating agencies announced their projections of India's GDP this week. Here's a quick snapshot:

  • Goldman Sachs: -14.8%
  • Fitch Ratings: -10.5%
  • India Ratings: -11.8%

India-China Reach Consensus Regarding Border Issues 

After 4 months of border tensions, the external affairs minister of India and his Chinese counterpart met for nearly 2 hours in which they came up with a five-point consensus to ease border tensions.

India raised concerns about the presence of a high number of troops on the Chinese side of the LAC.

Earlier, the defense ministers of both countries met in Russia. That meeting had proven to be inconclusive.

After the border skirmish in June, the two countries had reached a consensus too but there were flare-ups after that.

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