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The initial public offer of Tamilnad Mercantile Bank got fully subscribed in morning trade on Tuesday, the day two of subscription. The Rs 831.6-crore public offer received bids for 88,32,292 shares, against 87,12,000 shares on offer, according to an update available with the NSE till 10:51 am. Retail Individual Investors (RIIs) category received 2.15 times subscription. The portion for non institutional investors got subscribed 84 per cent and Qualified Institutional Buyers (QIBs) quota was subscribed Read More

OPEC and allied oil-producing countries are weighing how much crude to ship to a troubled global economy as recession fears have sent prices far down from summertime peaks. And that is a concern for producers like Saudi Arabia and Russia, whose state coffers benefited from oil prices that peaked in June at over USD 120 per barrel, but a blessing for US drivers who have seen pump prices fall along with the cost of crude. Read More

The Indian stock market’s performance in August showed resilience with NSE Nifty 50 recovering by 16 per cent from the bottom touched on on 17th June. In broader markets, both mid and small cap indices, too, recovered by 22% and 18% for the same period, respectively. Axis Securities in its report noted that the recovery was led by positive FII flows and a robust earning season. The Research and brokerage firm has maintained Nifty’s March Read More

Petrol sales in India rebounded in August but diesel continued to show a decline over the previous month as rains in several parts chipped away demand in some sectors, preliminary industry data showed. Petrol sales, which had dipped 5 per cent in July, increased 5.8 per cent to 2.81 million tonnes in August when compared with 2.66 million tonnes of demand in the previous month. The consumption was almost 16 per cent higher than August Read More

Adani Transmission on Tuesday entered the top 10 list of most valuable companies. Gautam Adani-led power transmission firm became the 8th most valued firm by market capitalisation. Adani Transmission’s market cap stood at Rs 4.4 lakh crore today morning at about 10.30 am, BSE data showed. Adani Transmission m-cap surpassed that of Housing Development Finance Corporation (HDFC) (Rs 4.31 lakh crore), LIC (Life Insurance Corporation of India) (Rs 4.27 lakh crore), Bajaj Finance (Rs 4.33 Read More