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News on Medial
MobiKwik shares skid 6% as investors book profits after 117% returns in 2 sessions
Economic Times
·
7m ago
Medial
Recently, One MobiKwik Systems shares fell by 5.7% following their listing on the BSE. The decline came after a rally of 37% in the previous two days. MobiKwik's IPO was oversubscribed by 119 times due to optimism around its profitability and the digital payments sector. The company plans to use the funds to scale financial and payment services, advance AI and machine learning, and enhance payment device infrastructure. MobiKwik operates a dual-sided payments platform with millions of registered users and merchants. Bajaj Finance, ADIA, and American Express are among the company's stakeholders.
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Gainers & losers: Stocks and sectors that moved the most on October 7
Money Control
·
10m ago
Medial
1. Nifty 50 and Sensex ended in the red for the sixth consecutive session. 2. Natco Pharma's stock rose 3.4% after settling a US patent case over generic Ozempic products. 3. AU Small Finance Bank reported healthy loan and deposit growth, resulting in a 1.7% increase in its stock. 4. NBCC's stock jumped 3% on the ex-bonus trading day, following the announcement of a 1:2 bonus issue. 5. JP Morgan upgraded LTIMindtree to 'overweight', with a 13% upside potential. 6. Mphasis also received an upgrade from JP Morgan, with a target price indicating a 19% upside. 7. Reliance Power's stock continued to decline, hitting the lower circuit for the third consecutive session. 8. Suzlon Energy extended its losses for the eighth straight session following an advisory letter from stock exchanges. 9. Vodafone Idea's shares dropped 6% after the DoT issued a notice for non-payment of bank guarantees. 10. Kalyan Jewellers' stock fell around 1% as investors booked profits after strong Q2 business updates.
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MobiKwik shares skyrocket 14%, rally extends to second day
Economic Times
·
7m ago
Medial
Shares of MobiKwik Systems surged 14% in early trading, reaching a high of Rs 605 on the BSE. This follows a 37% surge over two days after a strong listing on Wednesday. The company's IPO received massive investor interest with a subscription rate of 119 times. MobiKwik, which operates a payments platform serving over 161 million users and 4.26 million merchants, is focused on growth in financial services, AI research, and payment infrastructure expansion. Experts recommend booking profits due to high listing gains, while maintaining profitability and carving a niche in the fintech sector will be essential for continued success.
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IPO-bound MobiKwik raises Rs 50 crore in debt funding from BlackSoil
IndianStartupNews
·
1y ago
Medial
Gurugram-based fintech firm MobiKwik has secured INR 50 crore (approximately $6 million) in debt funding from BlackSoil. The funds will help the company prepare for its upcoming IPO. MobiKwik recently refiled its draft red herring prospectus (DRHP) with SEBI to raise up to INR 700 crore through a fresh issue of shares. Although the company was unprofitable in recent fiscal years, it turned profitable in the six months leading up to September 2023. MobiKwik plans to allocate funds to its financial services, payment services, and product and technology offerings.
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MobiKwik Shares Rally 15% On Block Deal Buzz
Inc42
·
1m ago
Medial
Net1 Applied Technologies Netherlands BV, a subsidiary of South Africa’s Net1 UEPS Technologies, sold its entire 8% stake in MobiKwik through a bulk deal. The sale involved 62.15 lakh shares sold at INR 230.16 each, generating INR 143.06 crore. Investors like Societe General, HDFC Mutual Fund, and Citi Group acquired the offloaded shares. Net1 had initially invested $40 million in MobiKwik back in 2016.
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₹11,000 cr wiped off Ola Electric's m-cap days after stock doubled investor wealth
Inshorts
·
11m ago
Medial
Around ₹11,000 crore was erased from the market value of Ola Electric after its stock declined by 22% in the last five trading sessions. The stock has been on a downtrend since it doubled investors' wealth after hitting a record high of ₹157.53 on August 20. The company made market debut after issuing shares at ₹76 apiece through its IPO.
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The billion dollar question: What to do in the markets now?
Money Control
·
11m ago
Medial
Devina Mehra, Founder and Chairperson of First Global, emphasizes that while there are high risks in certain areas of the market such as industry themes, small caps, and IPOs, she is not negative on mainstream stocks or indices on a two-year basis. She advises investors to book profits and move to a steadier portfolio if they have invested in areas that have seen significant gains. Mehra also highlights the importance of playing conservatively and warns against the misconception that high risk guarantees high returns. She concludes by sharing data on the volatility and unpredictability of small caps and urging investors to be cautious in this segment.
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Antfin Singapore Likely To Offload Up To 2% Stake In Zomato For INR 2,800 Cr
Inc42
·
1y ago
Medial
Antfin Singapore Holdings, a subsidiary of China's Ant Group, is reportedly planning to sell up to 2% of its stake in foodtech giant Zomato. The company is looking to divest 17.64 crore shares in a block deal at around INR 159.4 per share. This move comes as Zomato's shares have tripled in value over the past year, driven by the company's improving financials. Zomato recently reported its third consecutive profitable quarter, with a 283% increase in consolidated profit after tax in Q3 FY24. Other major investors have also sold their stakes in Zomato to secure profits.
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PB Fintech shares drop over 10% on plans of healthcare foray
Economic Times
·
10m ago
Medial
Shares of PB Fintech saw a sharp decline of over 10% on Thursday following news that the company may enter the healthcare sector. PB Fintech believes that improving the speed and efficiency of the claims process would help increase health insurance uptake. However, the company clarified that no decisions have been made yet. Despite the dip in shares, PB Fintech has shown strong performance, delivering 117% returns in the past year. The company reported a net profit of Rs 60 crore for the quarter ending June 30, 2024, and holds a 93% market share among online aggregators.
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Early Nykaa investor to offload $150-million stake via block deal - The Economic Times
Economic Times
·
1m ago
Medial
Harindarpal Singh Banga, founder of The Caravel Group and an early investor in Nykaa, plans to sell a 2-2.5% stake, valued at approximately $150 million, via a block deal. Banga currently holds nearly 5% of the beauty retailer and is offering shares at a 4% discount to Wednesday's closing price. Foreign institutional investors are expected to purchase the shares. Nykaa's parent company recently reported increased profits and revenue growth for the March quarter.
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Elon Musk gets more time to respond to US SEC lawsuit over Twitter stake
Economic Times
·
2m ago
Medial
The U.S. Securities and Exchange Commission extended Elon Musk’s deadline to respond to a lawsuit alleging his delayed disclosure of a significant Twitter stake in 2022. The agreement pushes the response date to July 18, instead of June 6. The SEC claims Musk's delayed disclosure enabled him to purchase over $500 million in Twitter shares at lower prices, impacting investors. The lawsuit seeks a civil fine and forfeiture of unjust profits.
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