The IPO is currently commanding a Grey Market Premium (GMP) of Rs 44, indicating an estimated listing price of around Rs 143 against the upper price band of Rs 99—a potential gain of nearly 45%.
The IC Electricals IPO is set to debut on the NSE SME platform on July 10, with strong demand in both the primary market and the grey market fueling optimism for a healthy listing.The IPO is currently commanding a Grey Market Premium (GMP) of Rs 44, indicating an estimated listing price of around Rs 143 against the upper price band of Rs 99—a potential gain of nearly 45%. However, investors should note that the grey market is unofficial, and GMP is only an indicator of market sentiment, not a guarantee of listing performance.The IC Electricals IPO received an overwhelming response from investors, with the public issue being subscribed 420.09 times by the close of bidding. The retail investor segment witnessed subscriptions of 372.51 times, while the Qualified Institutional Buyers (QIBs) portion was booked 241.75 times. Demand was strongest in the Non-Institutional Investors (NIIs) category, which was subscribed 764.38 times.The IPO was open for subscription from July 3 to July 7, 2026. The company raised Rs 47.91 crore through an entirely fresh issue of 48.39 lakh equity shares, with the price band fixed at Rs 94–99 per share.The company plans to use the IPO proceeds primarily to strengthen its working capital, allocating Rs 33.60 crore for this purpose. The remaining funds will be utilized for general corporate purposes, supporting business expansion and operational requirements.About IC ElectricalsEstablished in 2005, IC Electricals Company Limited manufactures advanced electronic equipment and engineering solutions for the Indian Railways. Operating largely under a Business-to-Government (B2G) model, the company supplies products to various government departments, including the Ministry of Railways.Its product portfolio includes:Electronic Rectifier-cum-Regulating Units (ERRU)Vigilance Control Devices (VCD)Regulated Battery ChargersEmergency Lights and InvertersGPS-based Passenger Announcement & Information Systems (PAPIS)Alternators, Traction Motors and Permanent Magnet AlternatorsApart from manufacturing, IC Electricals undertakes turnkey railway electrification projects involving the design, supply, installation, testing and commissioning of 25 kV AC overhead electrification systems and traction substations.The company has successfully executed key railway projects, including the Gorakhpur–Kaptanganj–Valmiki Nagar section under North Eastern Railway and the Ara–Sasaram section under East Central Railway.As of May 31, 2026, the company employed 288 permanent employees.For the financial year ended March 31, 2026:Total income increased 18% to Rs 143.81 crore, compared with Rs 122.39 crore in FY25. Profit after tax (PAT) surged 50% to Rs 14.10 crore, up from Rs 9.41 crore a year earlier.Over the last three financial years, IC Electricals has maintained consistent growth, with revenue rising from Rs 99.75 crore in FY24 to Rs 143.81 crore in FY26, while net profit nearly tripled from Rs 4.62 crore to Rs 14.10 crore during the same period.Lead ManagersThe IPO managed by NEXGEN Financial Solutions Pvt. Ltd. as the Book Running Lead Manager, while Skyline Financial Services Pvt. Ltd. is acting as the registrar. Mansi Share & Stock Broking Pvt. Ltd. has been appointed as the market maker.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
“The stock MARKET is not the economy” might be a cliché, but it is still jarring to see quite how far the two can part ways. Surely economic growth should be good for shareholders? Yet study after study has suggested the opposite. One by Jay Ritter of the University of Florida, for instance, compared the returns on 16 countries’ stock markets with their GDP growth per person between 1900 and 2002. The two appeared, if anything, to be negatively correlated—meaning that the faster a country became richer, the worse its investors tended to do.Brief flirtations aside, it has been a long time since Europe’s big markets have thrilled international investors, and there are no prizes for guessing why. (Unsplash)Mr Ritter’s results are worth bearing in mind when contemplating some of the world’s most underloved shares. Brief flirtations aside, it has been a long time since Europe’s big markets have thrilled international investors, and there are no prizes for guessing why. The IMF reckons GDP growth in the euro area will be just 1.1% this year, compared with 1.8% for advanced economies the world over and 2.3% for America. Some of Europe’s peripheral and emerging bourses are buzzing; the mainstays are not.Worse, Europe appears increasingly ill-equipped for the 21st century. It has neither artificial-intelligence giants to compete with those in America and China nor enough data centres to host their models. Its electricity grid is strained even without them. So is its power supply, since Europeans import nearly 60% of their energy—a vulnerability laid bare by wars in Ukraine and Iran.In spite of all this, European shares deserve a lot more affection than they are getting. More than anywhere else in the world, the old continent’s stock markets are not its economy. Even as GDP growth languishes, their fundamentals look surprisingly good.For a case study, consider what happened after the Iran war closed the Strait of Hormuz. Until then, one European equity strategist says, she had spent much of her time fielding calls from international investors who worried they were overexposed to America and wanted to diversify. Capital was flowing into European equity funds more quickly than it had been for some time. When the bombs began to fall, the phone calls stopped and the capital flows all but dried up. Share prices tanked pretty much everywhere, but those of European firms then recovered far slower than American ones. It is only in recent weeks, as Hormuz has tentatively reopened, that European shares have begun to catch up.The irony is that the strait’s closure probably boosted Europe’s corporate profits, even as it threatened the continent’s economy. Morgan Stanley finds that 20% of the earnings underlying the MSCI Europe share index come from firms that would have benefited from the spike in commodity prices, such as energy and chemicals producers. The investment bank also estimates that only 10% of European earnings (from car- and foodmakers, for example) would have been harmed by the supply-chain disruption. Investors nevertheless took the war as a cue to shun European stocks en masse.Europe’s sclerotic growth, similarly, need not condemn its companies’ bottom lines. Taken in aggregate, over half their revenue comes from outside Europe’s developed economies; weighted by firms’ market value (as share indices tend to be) this rises to 60%. No other similarly sized region has stock markets that are so exposed to countries beyond its borders. Investors in European share indices are betting more on the rest of the world than they are on Europe.Even the burst of inflation brought on by the Iran war should be no bad thing for European shares. Around 40% of them by market value represent firms that derive earnings from real assets, from commodities and machinery to the semiconductors that power AI. Such assets tend to perform well when consumer prices are rising. Another 20% or so of Europe’s stock market is made up of banking shares, which also do
At least eight institutions raised a combined ₹17,060 crore through bond issuances on Friday as falling benchmark yields made corporate debt financing more attractive.Yields on the benchmark 10-year government bond have declined 28 basis points over the past month, lowering borrowing costs and encouraging issuers to tap the debt market, market participants said. One basis point is a hundredth of a percentage point."There has been a rebound in issuances in the past month as market sentiments turned favourable after the central bank announced the ECB and FCNR(B) measures," said Venkatakrishnan Srinivasan, managing partner, Rockfort Fincap, a debt advisory firm. "Government bond yields are also softening because there is an expectation that Indian debt will be added to the Bloomberg Global Aggregate Index."On Bond Street, falling yields spur a Rs 17,000-crore fundraiseIndian institutions secured over ₹17,000 crore via bond sales as falling benchmark yields made borrowing cheaper. Nabard notably raised ₹8,000 crore at a competitive 7.16% for three-year debt. This surge in issuances is attributed to favorable market sentiment, central bank measures, and expectations of India's inclusion in a global bond index, with conditions likely to persist until September.The bulk of the money was raised in the three-year tenure window.Among these, National Bank for Agriculture and Rural Development (Nabard) got the lowest rate of 7.16% for ₹8,000 crore. Aditya Birla Capital and Bajaj Finance raised money in the 10-year bucket.ET BureauBorrowing costs declined as global crude prices fell after the US-Iran peace deal and the Reserve Bank of India eased foreign currency funding for public sector companies in June. The benchmark 10-year government bond yield has declined to 6.72% from a peak of 7.13% late May. "I expect these favourable conditions to continue into the second quarter. What happens after September will have to be seen, because that is when the central bank schemes end," Srinivasan said.The special RBI forex swap window to boost foreign currency inflows is valid for overseas funds mobilised until September 30.
SpaceX shares ended higher on Tuesday, snapping a three-day selloff that wiped out more than $600 billion from the Elon Musk-led rocket and satellite company’s market value.The stock gained 1% to close at $156.11 after a choppy session that saw shares slip as much as 4.8%, then jump 7.1% before paring much of that advance by market close. The volatility came amid a broad-based slide in technology and other high-momentum stocks after a selloff in Korean chipmakers stoked fears about the rally in companies involved in artificial intelligence. Still, the rebound helped reverse some of Monday’s 16% plunge that erased $400 billion in market value, marking the second-largest one-day loss on record. Only Nvidia Corp.’s roughly $590 billion plunge last year is bigger. SpaceX’s market capitalization was about $2 trillion at Tuesday’s close. The stock moves are following a typical IPO pattern where “everybody was enjoying the hype and the mania,” said Louis Navellier of Navellier & Associates, adding that pressure on shares will build as lockups that keep insiders from selling expire and the company reports earnings figures. “It’s just a lesson that you have to follow fundamentals.” BloombergAfter pulling off a record $86 billion IPO in mid-June, SpaceX, officially named Space Exploration Technologies Corp., raised $25 billion of bonds in its debut offer Tuesday, making it the latest megacap technology company to tap investors for its AI expansion.The highest demand was for the bond deal’s least risky tranche, Bloomberg News reported. Separately, SpaceX also inked a multibillion-dollar agreement to provide computing resources to Reflection AI, an AI startup, the company said Monday. Also on Tuesday, Susquehanna Financial started coverage on the stock with a neutral rating and $170 price target. That target represents upside of nearly 9% from the stock’s Tuesday close.Currently, six of the firms tracked by Bloomberg recommend buying the stock, while two including Susquehanna have hold-equivalent ratings. There is one sell rating. The average price target stands at nearly $227, suggesting return potential of about 45% off Tuesday’s close.
Investors should get used to lower nominal equity returns, said Rajeev Thakkar, chief investment officer and director at PPFAS Mutual Fund. In an interview with Nishanth Vasudevan, Thakkar, who manages ₹1.62 lakh crore of investor money, discussed various topics, including valuations, investing abroad, his fund's cash positions, and the theme of AI. Edited excerpts:Is the worst over for the markets, now that there is some semblance of peace in West Asia?There has been some time correction in specific stocks and some price correction as well. From that point of view, things are looking better.There will be challenges in the June quarter, and maybe even one or two quarters, because of supply chain issues and higher input costs. After that, things will normalise. Earnings may not be that robust, which is okay because people are factoring that in. This creates a base for more reasonable valuations and returns.In 2024, one big concern about India was valuation excesses. Have those excesses gone away after 2 years?They have not completely gone away. The average market is at average multiples. The Nifty is at around 20 times earnings. There is a segment of the market that is attractive and cheap. There is still a segment that looks frothy. That segment still must either time-correct or price-correct.So, what does that mean for equity returns?People must get accustomed to lower nominal returns, given that corporate profits have not been growing that fast. This get-rich-quick kind of thing will not work. People coming into equities expecting 15-20% returns may be disappointed. If someone is willing to give it five years and accept that if fixed income is giving 7, I am happy with 10-12%, then it can work.Where do you see the biggest mispricing in the market?The newer listings and extremely competitive spaces where profitability is hard to come by. The food delivery and quick commerce space, for example. Two listed players, a third one about to get listed, two MNCs competing in that space, and some bigger corporate houses in India wanting to compete there.As a consumer, of course, there is a strong value proposition. They are seeing revenue growth. But cash flows and profits are tough, given the elevated competition.In the case of discount brokers, the profit growth has come in a benign environment. Now, in an environment where the end customer is not making too much return, trading volumes could be subdued.Similarly, there are risks in consumer-facing companies trading at 80, 90 or 100 times earnings. These stocks are pricing in all the favourable outcomes in the future. If something even small goes wrong, investors could end up losing money.You have been criticised by a section of the industry for holding higher-than-average cash in your portfolios. What is your response?I think people should focus on what they do rather than what others are doing. The Flexi Cap category allows a minimum of 65% in equities and up to 35% in debt and money market instruments. It is permissible, and from day one, we have been saying this is our style. If you don't like this approach, don't invest in it. Invest in funds where money is deployed 100% all the time. I don't see why the criticism is so intense.If there were no restrictions on investing abroad, what would your portfolio look like?India's market cap is 3-4% of the global market cap. The fund structure allows us to invest up to 35% in global stocks. But that is constrained by the RBI's limit. If those restrictions were not there, we would probably be 30% invested in global stocks, like we were before the limit was set.There is a growing view among domestic investors that if they want alpha, investing only in India is not enough. Do you agree?It is not about getting extra returns. It is about reducing risk in the portfolio.From 2000 to 2010, Indian markets would have done far better than the US. US markets had 10 years of zero returns. Over the last three or four years, US markets have done much b
SynopsisWall Street tumbled as a strong U.S. jobs report dimmed hopes of rate cuts, triggering a sharp selloff in overheated tech and chip stocks. The Nasdaq plunged over 4%, ending a nine-week rally, while persistent Middle East tensions and rising yields further pressured investor sentiment.Listen to this article in summarized formatReutersWall Street's nine-week winning streak ended with a thud on Friday, as red-hot technology stocks suffered their largest daily decline this year after a hot May jobs report fueled fears of a hawkish policy pivot from the U.S. Federal Reserve.Selling was concentrated among chip stocks and other technology favorites that have surged higher in recent weeks as the Nasdaq Composite Index and S&P 500 rose repeatedly to fresh highs.All three major U.S. stock indexes closed sharply lower, with plunging chip stocks dragging the tech-laden Nasdaq down by its largest one-day percentage loss since last year.The S&P 500 ended its nine-week run of Friday-to-Friday gains, its longest weekly winning streak since one that ended in December 2023."After the record run we've seen the last nine weeks in equities, specifically tech and semiconductors, the dam just broke today," said Ryan Detrick, chief market strategist at Carson Group in Omaha. "Obviously, the stronger-than-expected jobs report puts the Fed in a tough spot regarding any interest rate cut for the rest of the year. And the market is throwing a fit by hitting the big winners so far this year."Rising interest rates and the Iran war weighed on sentiment heading into the weekend, but many investors said they expected tech stocks to continue rallying."The market reaction today was more driven by positioning rather than fundamentals," said Ohsung Kwon, chief equity strategist at Wells Fargo. "The semiconductor sector was way overbought. That's why we're seeing the selloff. I don't think it's the end of the semi bull market." The U.S. economy added 172,000 jobs in May, according to the Labor Department, more than double analyst expectations, while the unemployment rate held firm at 4.3%. The robust report was double-edged: it provided reassurance of U.S. economic health, but all but killed any hopes of an interest rate cut from the Fed in the near future.Financial markets are pricing in a growing likelihood of a rate hike at the conclusion of the Fed's December meeting, according to CME's FedWatch tool.Fading hopes for a near-term resolution to the Middle East war and reopening the Strait of Hormuz are stirring fears that energy price pressures could morph into wider, systemic inflation. Iran reaffirmed its support for Hezbollah and demanded that Israel withdraw its troops from southern Lebanon, further complicating efforts to secure a near-term peace deal that would include the resumption of traffic through the crucial strait. U.S. President Donald Trump's administration has negotiated three truces, and while fighting has been greatly reduced, the two sides continue to trade airstrikes.According to preliminary data, the S&P 500 lost 199.64 points, or 2.63%, to end at 7,384.67 points, while the Nasdaq Composite lost 1,117.38 points, or 4.16%, to 25,713.58. The Dow Jones Industrial Average fell 684.53 points, or 1.33%, to 50,877.40.Nvidia, the largest company by market value, fell sharply, as did smaller rivals Intel, Micron, AMD and Broadcom. Lululemon Athletica slumped after the athletic apparel maker cut its annual profit forecast and projected second-quarter earnings well below Wall Street estimates. Cooper Companies rose after the contact lens maker beat estimates for second-quarter results.Cryptocurrency firms Coinbase and Strategy were pulled lower by bitcoin's sharp drop. S&P Global said it would not change the eligibility requirements for its major indices, which effectively rules out a swift entry for Elon Musk's SpaceX to the benchmark S&P 500 after it goes public in what would be the world's biggest initial public offering.
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