Stocks
India Inc raises Rs1,050 crore via 16 IPOs during H1

Of the 16 IPOs, 15 were from the SME sector. The IPO of Just Dial was the only one from non-SME segment and accounted for 87% of the total mobilisation

Indian companies mopped up Rs1,050 crore through initial public offerings (IPOs) during the first half of FY2014, sharply up by 36% over the same period last fiscal.

 

According to Prime Database, a leading database on primary capital market, 16 companies collectively raised Rs1,050 crore via IPO during the six months to end-September.

 

In the first half of 2012-13, as many as 13 companies had raked in Rs772 crore capital through initial share sale.

 

Of the 16 IPOs, 15 were from the small and medium enterprise (SME) sector. There was only one non-SME IPO, (Just Dial that garnered Rs919 crore), which accounted for 87% of the total mobilisation.

 

Information technology sector led the space with three companies mopping up Rs1,927 crore, which is 29% of the total amount garnered.

 

Market experts attributed the reason for big companies avoiding the IPO route to rake in funds to an uncertain and volatile equity markets, coupled with a lack of appetite among retail investors.

 

Pranav Haldea, managing director of Prime Database said, “With the secondary market still being extremely volatile and overall lack of confidence, no immediate revival of the primary market is seen in balance part of the year... The biggest disappointment for the primary market has again been the lack of divestment by the Government”.

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TTK Prestige Q2 net profit remains stagnant at Rs30.3 crore
The company’s net profit remained stagnant at Rs30.3 crore as its sales grew just 2.9% during the September quarter
 
Bangalore-based TTK Prestige reported a stagnant net profit for the quarter ending September on lower sales.
 
For the second quarter, the kitchen appliance maker said its net profit stood at Rs30.30 crore compared with Rs 30.28 crore, while net sales increased 2.9% to Rs345.5 crore from Rs335.6 crore, same period last year.
 
TTK Prestige has signed Bollywood star couple Aishwarya Rai Bachchan and Abhishek Bachchan as their brand ambassadors, and plans to use them in their mega advertising campaign to market their product line up.
 
On Friday, TTK Prestige closed 1.5% down at Rs3,481 on the BSE while the benchmark Sensex ended 255 points higher at 20,529.
 

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