IndiGo IPO Fully Subscribed in India; Dabur, Sun TV Net Soar

Mukesh Buch
28 Oct, 2015
New York City

The parent of IndiGo airline said its public offering was fully subscribed on the second day of sale. Dabur India said quarterly profit jumped 19%. Sun TV profit soared 41% on 12% increases in revenues. Thermax profit declined 25%. Bharat Bijlee net swung to profit.

[R]6:00 PM Mumbai, India – The parent of IndiGo airline said its public offering was fully subscribed on the second day of sale. Dabur India said quarterly profit jumped 19%. Sun TV profit soared 41% on 12% increases in revenues. Thermax profit declined 25%. Bharat Bijlee net swung to profit.[/R]

Stocks in Mumbai traded lower on technical grounds and investors focused on the latest batch of earnings.

Rupee strengthened 5 paisa to 64.91 against one U.S. dollar.

The Sensex Index declined 213.68 or 0.8% to close at 27,039.76. The CNX Nifty slipped 61.70 or 0.8% to 8,171.20.

The parent of profitable domestic airline IndiGo, InterGlobe Aviation Ltd’s initial public offering of ₹3,130 crore is fully subscribed on the second day of selling.

The subscription period ends on October 29 and the airline has set the price range of ₹700 to ₹765 per share.

The airline has a track record of earnings and dividend and in the last six years has nearly paid ₹3,500 crore in dividends.

At the current dividend rate, the stock is likely to yield 5%.

Indian domestic airline market is one of the most under penetrated markets in the wold with only 350 aircrafts in service. However, the domestic airline market is the fastest growing in the world, with the growth rate surpassing China and the U.S.

Gainers & Losers

Bharat Bijlee Limited soared 8.4% to ₹635.50 after the electrical equipment maker reported net in the second-quarter swung to profit of 0.67 crore from a loss of ₹10.01 crore in a year ago period.

Net sales in the quarter dropped 10.8% to ₹132.80 crore.

Dabur India Limited edged up 0.2% to ₹271.50 after the consumer products maker said net in the second-quarter jumped 18.7% from a year ago to ₹341.10 crore.

Net sales in the quarter gained 8.7% to ₹2,092.10 crore.

Deepak Nitrite Limited soared 7.9% to ₹67.80 after the chemical products maker received an annual contract from Bayer Crop Science.

PI Industries Limited declined 3.4% to ₹658.40 after the agrochemical maker said net in the second-quarter jumped 18.9% from a year ago to ₹58.22 crore.

Net sales in the quarter increased 4.5% to ₹444.11 crore.

Sun TV Network Limited decreased 1.9% to ₹378.10 after the broadcasting services provider reported net in the second-quarter soared 41.4% from a year ago to ₹218.38 crore.

Total revenues in the quarter advanced 11.6% to ₹568.09 crore.

Thermax Limited plunged 5.4% to ₹845.15 after the engineering solutions provider said net in the second-quarter declined 24.6% from a year ago to ₹64.83 crore.

Total revenues in the quarter dropped 9.4% to ₹1,069.62 crore.

Trident Limited jumped 6.1% to ₹46.40 after the wheat straw based paper maker said net in the second-quarter surged 142.8% from a year ago to ₹51 crore.

Total revenues in the quarter edged down 0.5% to ₹961 crore.

Wipro Limited rose 0.6% to ₹578.40 after the software developer secured a five-year information technology contract from Norway-based Coop Norge Handel AS.