Business: Shares of PN Gadgil Jewellers closed 64 per cent above the issue price in the first trading session on Tuesday. Shares of the jewellery retailer closed at Rs 788, up Rs 308 or 64 per cent from the issue price. The stock touched a high of Rs 848 and a low of Rs 782 on the NSE, where shares worth Rs 2,000 crore changed hands. The PN Gadgil IPO received nearly 60 times more bids than the shares on offer and attracted bids worth over Rs 48,100 crore. The jewellery retailer’s Rs 1,100 crore IPO comprised fresh fund raising of Rs 850 crore and an offer for sale of Rs 250 crore. After a strong first day rally, the company’s shares are trading at 35 times FY26 estimated earnings, in line with its peers Senco Gold and Thangamayil Jewellery, but at a discount to Kalyan Jewellers and Titan Company, which are trading at over 60 times. . .
Tata Motors DVR rollback nears completion
The rollback of Tata Motors’ differential voting rights (DVR) programme is nearing completion after the automaker received approval from the National Company Law Tribunal (NCLT), Mumbai.
The company then sold 11.5 million new common shares on the stock exchanges on Tuesday. The proceeds will be used to distribute fractional stock rights and tax liabilities under the programme. Shares of Tata Motors closed 1.33 per cent lower at Rs 975. Axis Trustee Services, the independent trustee, will now start distributing cash sale proceeds to eligible DVR shareholders and will shortly credit the balance amount of new shares into their respective accounts, subject to their eligibility, the company said in a stock exchange filing.
