News for Linde India Limited (LINDEINDIA.NS)

Ellenbarrie Industrial Gases' IPO saw 52% subscription on its final day, driven by NII and QIB interest, though grey market premium dipped. The IPO aims to raise ₹400 crore through fresh equity and an OFS, planning debt repayment and capacity expansion. SBI Securities recommends subscribing, citing strong financials and attractive valuation compared to peers.

Ellenbarrie Industrial Gases IPO saw decent response from retail interest on Day 2. The Rs 400 crore issue includes a fresh issue and OFS, with proceeds earmarked for debt repayment and capacity expansion. The company plans to add three new plants by FY26.

Ellenbarrie Industrial Gases' IPO opened today, witnessing modest initial subscription rates of 2% overall, with retail investors at 2% and NIIs at 1%. The IPO includes a fresh issue and OFS, aiming to raise funds for debt repayment and expansion. SBI Securities recommends subscribing, highlighting the company's strong financials and strategic growth plans.

Ellenbarrie Industrial Gases, a Kolkata-based industrial gas manufacturer, is launching its Rs 852.5 crore IPO on June 24, with a price band of Rs 380-400 per share. The IPO includes a fresh issue and an offer for sale, aiming to repay debt and expand capacity. SBI Securities recommends subscribing, citing the company's strong financials and strategic growth plans.

Thursday was another tough day on Dalal Street as the equity market extended its losing streak to a third straight session, with broader markets taking the bigger hit. While the benchmark Nifty 50 managed to slip just 0.08%, it was a different story in the mid- and smallcap segments, where the pain was sharper.

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India's benchmark indices fell sharply, with Sensex down 1.59% and Nifty 1.62%, driven by broad-based selling and cautious investor sentiment over Human Metapneumovirus (HMPV) cases and global economic uncertainties, including the Fed's hawkish stance and strong dollar.

Indian indices extended their losing streak for the sixth consecutive session, dragged by corporate earnings concerns and Middle East tensions. Nifty fell 0.87% to 24,795, and Sensex dropped 0.78%. Analyst Rupak De sees a bearish trend, with support at 25,400. Jatin Gedia sees a short-term target of 24,500.

The Supreme Court refused to interfere with the valuation exercise being conducted on Linde India by an NSE-appointed valuer in connection with a related-party transactions case. The SAT had earlier dismissed the company's plea against the valuation exercise.

Linde India had approached the top court challenging a recent Securities Appellate Tribunal’s order that also rejected the company’s appeal against the Sebi-directed valuation exercise on Friday.

Sebi had directed NSE to carry out the valuation of the business by the company

Sebi had asked NSE to appoint a registered valuer to carry out a valuation of the business foregone and received, including by way of geographic allocation, in terms of the JV and shareholders agreement between Linde India and Praxair India that led to the formation of Linde South Asia Services.

SAT upheld a Sebi order for a valuation exercise regarding to Linde India’s related party transactions. The tribunal has directed Sebi to ensure that the NSE-appointed valuer adheres to Unpublished Price-Sensitive Information confidentiality rules during the valuation process.

Directs Sebi and NSE to maintain confidentiality on price-sensitive information

Market regulator had directed NSE to appoint a valuer in its interim order in April

Sebi had instructed NSE to conduct a valuation to assess the business foregone and received by Linde India due to certain transactions with related parties

While the Nifty's overall trend appears positive across different time frames, it is currently facing resistance around the 24,400 level, which coincides with a 1.618% Fibonacci Extension. This suggests the possibility of a temporary consolidation or minor dip in the upcoming trading sessions before the index potentially resumes its upward movement.

The 30-share BSE Sensex pack soared more than 500 points to hit a day high of 76,968, while the broader NSE Nifty index moved 155 points up to hit an all-time peak of 23,420.

Stay updated with the latest Q4 earnings reports of top Indian companies like IRCTC, GIC, Aditya Birla Fashion, and more on May 28.