India’s stock market witnessed a surge in investor confidence on Friday, as the BSE benchmark soared to a record high of 84,544.31, marking a gain of 1,359.51 points. The market cap of six of the top-10 most valued companies also saw a significant increase, adding ₹ 1.97 lakh crore. This bullish sentiment is further fueled by the ongoing IPO boom in the primary market.
Next week, 11 IPOs are scheduled to launch, including two mainboard issues, Manba Finance and KRN Heat Exchanger, expected to raise a combined ₹ 482 crore. This surge in new public offerings highlights the robust investor interest and the optimistic outlook for the Indian economy.
In a separate development, Vodafone Idea, India’s third-largest mobile operator, announced a significant investment in network infrastructure. The company has awarded contracts worth $3.6 billion (approximately ₹ 30,000 crore) to Nokia, Ericsson, and Samsung for network equipment over the next three years. This substantial investment underscores the company’s commitment to enhancing its network capabilities and providing improved services to its customers.
In other news, Arkade Developers’ IPO is generating considerable buzz in the unlisted market, with the grey market premium (GMP) reaching ₹ 63 per share. This suggests that investors are expecting a strong performance from the company’s upcoming public offering.
On the international front, India pledged $2 million for solar projects at the Quad Summit 2024, showcasing its commitment to renewable energy and climate action.
However, not all news was positive. BookMyShow faced criticism after its server crashed on Sunday minutes after tickets went on sale for Coldplay’s India concert, leaving frustrated fans unable to purchase tickets.
Finally, in a politically charged development, Andhra Pradesh Chief Minister YS Jagan Mohan Reddy accused former Chief Minister Chandrababu Naidu of ‘tarnishing the reputation of the Tirumala Tirupati Devasthanams’ in a letter to Prime Minister Narendra Modi. This comes amid a controversy surrounding the Tirupati laddu, a sacred offering at the Tirumala Venkateswara Temple.
