News Wrap: Ruchi Soya Share Prices Plunge; Flipkart Announces IPO Target; Paytm Share Prices Rise
April 7, 2022
Sensex, Nifty and Bank Nifty are all bearish today!
BSE Sensex is down by 575.46 points (-0.97%), a closing price of 59,034.95.
Nifty 50 plunged by almost 168.10 points (-0.94%), closing price landed at 17,639.55.
Bank Nifty dipped by 75.45 points (-0.20%), closing price at 37,557.35.
All Nifty sectoral indices landed in the red today except for Nifty Pharma, Nifty Realty and Healthcare Index.
BSE midcap and smallcap indices plunged 0.42% and 0.75% each.
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Ruchi Soya Plunges 19% As Board Okays Share Allotment For Fundraising
Ruchi Soya Industries’ share price dipped 19% in early trade on April 6, a day after the board approved the allotment of 6.61 crore shares to raise Rs 4,300 crore, following the recent follow-on public offer (FPO) whose subscription fell as the regulator allowed withdrawals in light of “unsolicited SMSes advertising the issue”.
However, the stock prices have shown a recovery by 9% on 7th April 2022
Flipkart raises the IPO valuation target to $60-70 billion.
Walmart's Indian e-commerce company Flipkart has internally raised its IPO valuation target by around a third to $60-70 billion, and now plans a US listing in 2023 instead of this year.
Flipkart, which competes with Amazon.com Inc in India's booming e-commerce space, had earlier set an IPO valuation goal of $50 billion, Reuters has reported.
The main reason for waiting for the IPO is due to Flipkart's internal plan to boost valuations further by focussing on two of its relatively new businesses- online healthcare services and travel bookings, two of the sources with direct knowledge said.
More to Know:
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Unacademy lays off 600 employees amid cost-cutting exercises.
Paytm share price rises to a 3-week high.
Ride cancellation and surge pricing remain top concerns for Ola and Uber riders.
Coinbase to hire a dedicated team for M&A and investments in India.