PN Gadgil Jewellers made an amazing debut on the NSE, closing 64% more than its issue price of Rs 480, ending at Rs 788 per share. The stock saw a trading capacity between Rs 782 and Rs 848, with an amazing Rs 2,000 crore worth of shares exchanging hands.
The jewellery retailer’s IPO received high demand, drawing proposals worth more than Rs 48,100 crore, about 60 times the shares on offer. The IPO comprised a new issue of Rs 850 crore and an offer for sale of Rs 250 crore, valuing the company at Rs 10,692 crore.
The stock now sells at 35 times its tossed FY26 earnings, aligning with peers like Thangamayil Jewellery and Senco Gold but at a discount to industry giants Kalyan Jewellers and Titan Co, which trade at around 60 times earnings.
Tata Motors DVR Program Nears Conclusion
Tata Motors is nearing the completion of its differential voting rights (DVR) program cancellation. The National Company Law Tribunal (NCLT) Mumbai has approved, letting Tata Motors to move with the sale of 11.5 million new ordinary shares on Tuesday. The profits will address the distribution of fractional share entitlements and tax liabilities associated with the scheme.
The company’s shares dropped just by 1.33% to Rs 975 after the news. Tata Motors has also revealed that Axis Trustee Services, an separate trustee, will handle the distribution of sale proceeds in cash to suitable DVR shareholders and give the balance of new shares to their individual demat accounts soon.
Market Implications and Future Outlook
PN Gadgil’s successful market entry highlights strong investor confidence in the Indian jewellery sector, driven by strong demand for IPOs and a favorable market view. The valuation of PN Gadgil, set below top-tier players like Titan and Kalyan Jewellers, suggests possible upside as the company capitalizes on growth prospects in a burgeoning market.
Conversely, Tata Motors’ move to withdraw its DVR program shows an effort to streamline its capital structure and align with global investor expectations. The streamlined share structure could improve liquidity and request to a broader investor base, although the short-term market reaction was stopped.
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Disclaimer
This article is for informational purposes only and does not constitute financial advice. Please conduct your own research or consult a financial advisor before making investment decisions. The data provided is accurate as of the date of publication.
