1 week ago
Indian Stocks Mixed as Jewellers Debuts, Orders Lift Shares
Indian share prices were slightly lower overall on Tuesday afternoon.
Some individual companies still saw big moves.
Shankesh Jewellers rose when its shares began trading above their IPO price.
Ceigall India gained after winning a large road-building project in Arunachal Pradesh.
Sigma Advanced Systems reached its daily trading limit after signing another long-term contract with Rolls-Royce.
IIFL Finance dropped after its subsidiary received a large income tax demand.
IIFL Finance said it has factual and legal reasons to challenge the tax order.
Hexaware Technologies and Vishal Mega Mart had made large gains during the previous trading session, but their Tuesday midday moves were not provided.
Indian benchmarks traded marginally lower at midday on Tuesday, August 25, with the Nifty down 0.13% near 24,180 and the Sensex down 0.02% around 77,350.
Shankesh Jewellers gained 11% in its market debut, listing above its Rs 93 issue price after its Rs 367 crore IPO was subscribed 2.80 times.
Ceigall India rose as much as 5.14% after securing a Rs 704.70 crore Frontier Highway project from the Ministry of Road Transport & Highways.
IIFL Finance fell as much as 7.5% after its housing-finance subsidiary received a Rs 963.39 crore income tax demand.
Sigma Advanced Systems hit its 5% upper circuit after securing a nearly Rs 1,600 crore long-term Rolls-Royce contract.
- Who
- Indian equity benchmarks and companies including Shankesh Jewellers, Ceigall India, IIFL Finance, Sigma Advanced Systems, Hexaware Technologies and Vishal Mega Mart.
- What
- Stocks traded mixed, with Shankesh Jewellers making a strong debut, Ceigall India and Sigma Advanced Systems gaining on contract news, and IIFL Finance declining after a tax demand.
- Where
- Indian stock markets; the Ceigall India project is in Arunachal Pradesh, India.
- When
- Midday on Tuesday, August 25; some reported Hexaware Technologies and Vishal Mega Mart moves occurred during the previous session on August 24.
- Why
- The reported stock movements followed an IPO listing, a road-project award, Rolls-Royce contract news, and an income tax demand.
Company Positions
External Actions or Market Response
IIFL Finance tax demand
Company Positions
IIFL Finance said it has substantial factual and legal grounds to contest the Rs 963.39 crore income tax order, which covers issues including overriding commission income, deductions, interest strip assets and ESOP expenses.
External Actions or Market Response
The tax authorities issued the demand following a block assessment, and IIFL Finance shares fell as much as 7.5% after the disclosure.
Key facts
- Nifty midday level
- Near 24,180, down 0.13%
- Sensex midday level
- Around 77,350, down 0.02%
- Shankesh Jewellers IPO
- Rs 367 crore issue; subscribed 2.80 times
- Ceigall India order
- Rs 704.70 crore Frontier Highway project
- IIFL Finance tax demand
- Rs 963.39 crore against subsidiary IIFL Home Finance
- Sigma Advanced Systems contract
- Nearly Rs 1,600 crore long-term Rolls-Royce agreement
- Hexaware 2029 target
- Management expects revenue to reach $3 billion from around $1.5 billion
Sources
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