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Persistent Systems approved plans to raise up to $1.25 billion through debt and up to $450 million via equity-linked instruments, subject to approvals. The IT firm reported strong bookings and revenue growth in Q1, though profit declined due to forex losses. Shares have gained 21% over six months.
Swiggy will be removed from MSCIโs Global Standard Indexes effective September 7 after the company capped foreign ownership at 49.5% to qualify as an Indian-owned and controlled company. The move could trigger passive fund outflows and limit fresh foreign investment in the stock.
On Thursday, predictions suggest that the Indian rupee will continue its upward trajectory. This optimism stems from substantial foreign currency deposits enhancing the central bank's ability to provide support. India's unique mobilization schemes attracted over $136 billion, resulting in a marked increase in foreign exchange reserves, coupled with positive movements in other Asian currencies that contribute to the rupee's strength.
The retail portion was subscribed 1.66 times, while the QIB portion, excluding anchor investors, was booked 1.5 times. The non-institutional investor category saw 0.89 times subscription. The companyโs shares are expected to list on BSE and NSE on September 7. Refunds and credit of shares to demat accounts are likely on September 4.
U.S. President Donald Trump said on Wednesday that the renewed U.S. campaign against Iran would not continue for "too long". He said U.S. forces had targeted Iran's radar and missile systems.
The IPO, which opened for subscription on August 27 and closed on August 31, witnessed an extraordinary response from investors, with the issue subscribed a staggering 289 times overall.