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Zinka Logistics Solution IPO was subscribed 1.86 times on the last day of bidding on November 18.

Brokerage firm Emkay double downgraded the stock to “sell” from its earlier rating of “buy” and cut its price target by half to ₹300 from ₹600 earlier.

India’s high valuations make it vulnerable, but Geoffrey Dennis says its growth story remains intact and stabilisation in US bonds and the dollar could drive a modest recovery.

While growth in India appears to be settling at a slightly slower but still comfortable pace, certain risks and challenges to the equity markets remain evident, the brokerage also highlighted.

The expectation that investors have when it comes to returns is “very scary”, according to Thakkar. He explains that equity returns are never linear and returns are unpredictable.

The uptick in the stock price came after Punit Goenka stepped down as the managing director (MD), while continuing as the company’s chief executive officer (CEO).

The government has revised capital restructuring norms for these companies with regards to their share buyback, dividend payouts, bonus issues as well as stock splits.

In India, 24-carat gold is priced at ₹76,320 per 10 grams and 22-carat gold, commonly used in jewelry, is priced at ₹69,960 per 10 grams.

Government spending has yet to pick up, limiting the multiplier effect in the second half of the year, while earnings have been downgraded, noted the CEO of Avendus Alternate Strategies

According to the GJEPC data, exports of gold jewellery increased by 8.8% to $1,124.52 million (₹9,449.37 crore) in October 2024 compared to $1,033.61 million (₹8,603.33 crore) during the year-ago month.