PN Gadgil jumps 64% on debut; Tata Motors DVR cancellation nears completion
Source: Business Standard
PN Gadgil Jewellers ended 64 per cent higher over their issue price during their trading debut on Tuesday. Shares of the jewellery retailer ended at Rs 788, up Rs 308, or 64 per cent over its issue price.
The stock hit a high of Rs 848 and a low of Rs 782 on the NSE, where Rs 2,000 crore worth of shares changed hands. PN Gadgil’s IPO saw nearly 60 times more bids than shares on offer and attracted bids of more than Rs 48,100 crore.
The jewellery retailer’s Rs 1,100 crore IPO consisted of a fresh fundraise of Rs 850 crore and an offer for sale of Rs 250 crore. At the last close, PN Gadgil was valued at Rs 10,692 crore. After the day one surge, the company trades at 35x its estimated earnings for FY26, in line with other listed peers Senco Gold and Thangamayil Jewellery but at a discount to Kalyan Jewellers and Titan Co, which trade at over 60x.
Tata Motors DVR cancellation nears completion
The winding up of Tata Motors’ differential voting rights (DVR) programme is nearing its completion, with the auto major obtaining a nod from the National Company Law Tribunal (NCLT) Mumbai.
Following this, the company sold 11.5 million new ordinary shares on stock exchanges on Tuesday. The proceeds will be used for the distribution of fractional share entitlement as well as towards tax liabilities under the scheme. Shares of Tata Motors fell 1.33 per cent to end at Rs 975.
In an exchange filing, the company said Axis Trustee Services, an independent trustee, will now proceed to distribute sale proceeds in cash to the eligible DVR shareholders and credit the balance of new shares as per entitlement to their respective demat accounts shortly.
First Published: Sep 17 2024 | 5:25 PM IST
