Godrej Agrovet shares mark a strong debut on stock exchanges

Shares of Godrej Agrovet Limited marked a stellar debut on the exchanges on Monday after the company has concluded its Initial Public Offering last week. The stock advanced about 35% to Rs 621 from its issue price of Rs. 460 on BSE.

Shares of Godrej Agrovet Ltd rose 37% to hit the record high of Rs 629.85. The IPO of Godrej Agrovet subscribed 95.41 times on the final day bidding and mobilized over Rs 79000 crore for an issue size of Rs 1,158 crore.

Godrej Agrovet is the first IPO of Godrej group in eight years. The company has raised about Rs 341 crore from anchor investors ahead of its IPO. Over 74.17 lakh shares would be allotted to 25 anchor investors at Rs 460 /equity share, as per exchange filing.

MCX gets Sebi nod for gold options.

The Multi Commodity Exchange of India Ltd (MCX) has received the regulator Sebi’s approval for the launch of gold option contracts with 1 kg gold futures the underlying commodity.

The exchange said in its circular that the date for launching options in gold would be announced separately but traders expect it to start trading around Diwali time. 

The regulator has allowed only one commodity option per exchange on a pilot basis. Non-agri commodities want to have an average turnover of Rs. 1,000 crore and the commodity needs to be in the top five list in terms of daily turnover.

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Key indices were hovering in positive territory after hitting fresh intraday high in early trade. The BSE Sensex was trading at 32,050 up 168 points, while Nifty hit at 10,052 up 46 points.

Stocks of Future Consumer lost 1.12% to Rs 66.10 late morning hours on BSE, with the stock sliding on profit booking after recent strong rally. The stock had hit a high and low of Rs 67.95 and Rs 63.70, respectively during the day. 

L&T hits 52-week high after winning order, Stocks of L&T rose 0.42% to Rs 1,222 on BSE after the company said that its construction division won orders of Rs 2525 crore. The stock had hit a high of Rs 1231.95 and a low of Rs 1,219 so far during the day.

Stocks of Strides Shasun Ltd is trading higher Rs. 27.30, at Rs. 968.60 on BSE after the company announced it has obtained approval from the US Food & Drug Administration for its Potassium Citrate extended-release tablets for treatment of certain types of kidney stones.

Stocks of Godrej Industries Ltd rose 3.2%, Godrej Properties Ltd surged 5%, Godrej Consumer Products Ltd rose 1.3%. Godrej Agrovet unit of Godrej Industries Limited received approval from Sebi to raise Rs 1200 crore via IPO.