Wall Street opens slightly lower as oil falls
U.S. stocks opened slightly lower on Tuesday as weak oil prices weighed on energy stocks amid fading hopes of a deal to limit oversupply.
MUMBAI Shares of PC Jeweller rose as much as 14.6 percent in its stock market debut on Thursday after the company raised 6.1 billion rupees in an initial public offering as investors bet on strong demand for jewellery sales.
Shares in the retailer ended at 149.20 rupees on the NSE, up 10.5 percent from its IPO price of 135 rupees to institutional investors. The shares opened at 137 rupees and rose to as much as 154.70 rupees.
India's domestic jewellery industry is estimated at $45.3 billion and expected to grow to $60 billion in the next two years on the back of rising disposable incomes, according to a recent Aditya Birla Money note to clients.
Gold, a popular investment in India, could contribute 80 to 85 percent of the total of the domestic jewellery market, according to the brokerage.
PC Jeweller sells jewellery through 30 showrooms located across 23 cities in northern and central India.
The retailer, whose IPO was over-subscribed by nearly 7 times, is the second of three stock debuts this week.
Shares in Credit Analysis and Research Ltd (CARE) rose as much as 31.3 percent on Wednesday after raising $98 million in an IPO.
Bharti Infratel will make its debut on Friday after raising around $760 million in an IPO.
(Reporting by Manoj Dharra; Editing by Matt Driskill)
Indian shares closed at their lowest in nearly a month on Tuesday as a slump in European shares offset earlier gains after investors awarded the first U.S. presidential debate to Hillary Clinton over Donald Trump.
MUMBAI Economic Affairs Secretary Shaktikanta Das said the new six-member Monetary Policy Committee, which will set interest rates, will meet before the Reserve Bank of India's (RBI) policy review on Oct. 4 and give their recommendations.