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Bloomberg Quint

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Crizac IPO Subscribed 78% On Day Two So Far — Check GMP, Price

  • Crizac Ltd.'s IPO was subscribed 78% on the second day of bidding, with the price band set at Rs 233 to Rs 245 per share. The IPO, closing on July 4, is entirely an offer for sale worth up to Rs 860 crore, with promoters Pinky Agarwal and Manish Agarwal offloading their stake.
  • Equirus Capital Pvt. and Anand Rathi Advisors Ltd. are the book-running lead managers, with MUFG Intime India Pvt. acting as the registrar for the IPO, which offers a minimum bid of 61 shares in multiples thereof.
  • Crizac IPO Subscription Status as of the second day includes a 0.78 times subscription rate, with non-institutional buyers oversubscribed at 1.24 times and retail investors at 0.98 times. The grey market premium (GMP) for Crizac IPO is Rs 39, suggesting a likely listing at Rs 284 per share.
  • The GMP is subject to speculation and not an official price quote. Investors are advised to consider market risks and consult financial advisers before participating in IPOs.

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Tata Steel Share Price Rises On Positive Operational Trends

  • Tata Steel's shares rose nearly 2% after positive operational trends were highlighted in their AGM.
  • The company reported a 5% year-on-year increase in consolidated deliveries and enhanced their domestic raw material position.
  • Investments in mining assets and expansion plans were confirmed, alongside cost reduction targets in Netherlands operations and positive Ebitda expectations in UK operations for 2026.
  • While steel margins remain under pressure due to high supply, Tata Steel expects coal prices to stay stable and spreads to remain constant.

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North American Class 8 Truck Orders Fall To 16-Year Low In June; Bharat Forge, MM Forgings In Focus

  • North American Class 8 truck orders fell to a 16-year low of 8,900 units in June, marking a 36% year-on-year decline and the weakest figure since 2009, reflecting reduced fleet activity and economic uncertainty.
  • Forging companies like Bharat Forge and MM Forgings are sensitive to truck demand changes, as they supply critical components for heavy-duty vehicles. Order levels suggest a potential cyclical bottom, awaiting clarity on economic conditions and regulatory policies.
  • Class 8 truck net orders for the 2025 season have fallen by 15% so far, with a year-to-date drop of 32% compared to a year ago, reflecting fleet operators' hesitance due to freight demand uncertainty.
  • The decline in truck orders is compounded by increased import tariffs on raw materials, impacting production decisions. Uncertainty looms due to potential delays in purchase decisions related to reconsidered emissions standards for heavy-duty trucks by the EPA.

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Bloomberg Quint

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Air India Cancels Delhi To Washington Flight Due To Technical Snag

  • Air India cancelled its Delhi to Washington DC flight due to a technical snag that was identified during refueling in Vienna.
  • The cancellation was a result of an extended maintenance task that required rectification before the next flight, leading to additional time for completion.
  • Flight AI 104 from Washington DC to Delhi via Vienna was also cancelled as a consequence of the technical issues faced by flight AI 103.
  • Passengers of the cancelled flight were rebooked on alternative flights to Delhi or offered full refunds based on their preferences by the airline.

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Asian Paints Share Price Gains Amid CCI Probe

  • CCI launched a formal investigation against Asian Paints for allegedly abusing its dominant position in the market.
  • Shares of Asian Paints rose nearly 2% following the news of the investigation.
  • Asian Paints' stock price rose 1.86% to Rs 2,464.40 apiece but later pared gains to trade 1.15% higher at Rs 2,447.30 apiece.
  • Analysts suggest a downside of 5.5% for Asian Paints as the company faces the CCI probe.

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M&M Finance Shares Rise After Q1 Business Update But Morgan Stanley Flags Asset Quality Concerns

  • Mahindra and Mahindra Financial Services Ltd.'s shares rose over 2% after the company posted its Q1 business update.
  • Morgan Stanley maintained an 'equal-weight' rating on Mahindra Finance but highlighted concerns over asset quality and growth prospects.
  • The brokerage expressed worries about the Gross Stage 3 ratio increasing to 3.8-3.9% and the collection efficiency dropping to 95% in Q1 fiscal 2026.
  • M&M Finance stock rose during trade, with 15 out of 36 analysts having a 'buy' rating on the stock and a consensus target price implying a 7.4% upside.

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Silky Overseas To Pushpa Jewellers: Allotment Status For Five SME IPOs To Be Finalised Today, Details Here

  • Investors can check SME IPO allotment status for Silky Overseas and Pushpa Jewellers today.
  • Five SME IPOs open from June 30 to July 2, with listing scheduled for July 7.
  • Details on how to check allotment status for Vandan Foods, Marc Loire Fashions, and more.
  • GMP for Silky Overseas at Rs 45, Pushpa Jewellers at nil.

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DMart Share Price Falls After Business Update; Brokerages Remain Bearish

  • DMart operator Avenue Supermarts witnessed a 3.80% drop in share price following its first-quarter business update.
  • The company estimated a 16% year-on-year revenue growth for the first quarter of fiscal 2026, reaching Rs 15,932.1 crore.
  • Despite the revenue growth, brokerages like Macquarie and Goldman Sachs maintained bearish outlooks, citing concerns about sales growth and margin contraction.
  • DMart recently opened its first major store in Uttar Pradesh at Ratan Mall in Agra, expanding its presence outside the National Capital Region.

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Market Experts' LIVE Stock Recommendations: Buy, Sell or Hold Today?

  • The GIFT Nifty was trading flat with a positive bias, suggesting a muted start for the Nifty 50 index around 25,300 support.
  • Axis Securities recommended buying SRF Ltd. with a target price of Rs 3,330 and a stop loss at Rs 3,220.
  • Religare Broking advised buying Bank of Baroda with a target price of Rs 258 and a stop loss at Rs 242.
  • Bonanza Portfolio expressed caution on Nykaa due to increased competition in the sector, advising investors to monitor the company's strategic plans in the upcoming quarters.

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Last Day To Buy These 25 Dividend Stocks Before Record Date — Axis Bank, Tech Mahindra, Max Health And More

  • Investors have until the last day, July 3, to buy specific dividend stocks like Axis Bank, Tech Mahindra, Max Health, and more to qualify for receiving the interim dividend before the ex/record date.
  • Shares must be purchased before the record date to be eligible for dividends under India's T+1 settlement cycle.
  • Companies like Axis Bank, Bharat Forge, Biocon, Tech Mahindra, and Mahindra & Mahindra are offering various dividends with an ex/record date of July 4.
  • Dividends serve as a way for companies to reward their shareholders.

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Mid-Year Financial Review: Are You On Track To Achieve Your 2025 Goals?

  • It's crucial to conduct a mid-year financial review to assess progress towards 2025 goals, considering market changes and personal circumstances.
  • Key areas to review include financial goals, insurance coverage, budget, credit reports, retirement savings, and emergency fund balance.
  • Adjusting budgets, increasing investments, reassessing insurance, and monitoring credit reports are essential actions for financial planning.
  • Having a well-maintained emergency fund and consulting a financial advisor if off track are recommended for achieving financial stability.

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Medium

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Why Founders Overpay for Funding Mistakes — and How to Stop It

  • Securing funding is often seen as the finish line for founders, but it can lead to financial challenges and control issues.
  • Many founders overpay for funding they don't fully comprehend, leading to struggles with investor influence and unrealistic financial demands.
  • Rookie mistakes in managing funding are becoming more prevalent in the tech and AI startup scenes as money pours into these sectors.
  • Founders need to understand the true cost of the funding they secure, avoiding pitfalls that can hinder their startup growth.

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Bharat Forge Dividend: Last Day To Buy Shares To Qualify — Details Here

  • Bharat Forge's board announces a final dividend of Rs 6 per share for the financial year ended March 31, 2025.
  • Investors need to own shares by July 3rd to qualify for the dividend as the record date is July 4th.
  • Despite a 7.5% decline in revenue for the quarter, Bharat Forge's net profit rose, with an increase in operating income and margin.
  • Shares of Bharat Forge Ltd. will be of interest on the last session for investors to buy shares to qualify for the dividend payment before the ex/record date.

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India-US Interim Trade Deal Likely By July 4-5 As Talks Intensify

  • An interim trade deal between India and the United States is likely to be finalized by July 4–5, with negotiations currently underway in Washington.
  • The U.S. is pushing for greater market access to Indian agricultural and dairy sectors, while India is seeking tariff concessions on labor-intensive exports like garments and footwear.
  • Indian negotiators emphasize the need for broader tariff cuts to achieve the goal of doubling bilateral trade to $500 billion by 2030.
  • An Indian delegation is in Washington to address key differences and secure a deal before the July 9 deadline for Trump's reciprocal tariffs.

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Punjab National Bank Has Morgan Stanley 'Underweight', Citi In 'Sell' Mode Post Q1 Update

  • Morgan Stanley and Citi Research maintain a bearish stance on Punjab National Bank Ltd. The former has an 'underweight' rating with a target price of Rs 100, while the latter retains a 'sell' rating with a target price of Rs 101.
  • Punjab National Bank's loan growth has decelerated post first quarter update and is now in line with the system. Domestic loans and deposit growth have moderated compared to the previous quarter.
  • Citi expects bank's RAM segments to drive growth, with deposits growth at 12.8% year-on-year and management guiding for loan growth of 11-12%, deposit growth of 9-10%, and NIM of 2.8-2.9% for FY26.
  • The management's guidance suggests a potential fall in NII and NIMs due to the higher EBLR book, but contained credit cost could lead to a RoA of 0.9-1%.

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