India’s foreign exchange reserves saw a significant boost, increasing by USD 12.588 billion to reach an all-time high of USD 704.885 billion as of the week ending September 27, 2024
This increase in reserves can be attributed to a variety of factors, including increased foreign investment, good export patterns, and possible Reserve Bank of India (RBI) measures to stabilize the currency market. The surge shows strong external economic health, which aids in mitigating vulnerabilities to global financial uncertainty.
A greater reserve also means that India is better positioned to pay for imports and manage short-term debt obligations. In unpredictable global times, such reserves give India a buffer against potential external threats, such as fluctuating oil prices or geopolitical concerns.
Manba Finance made a great start on the stock market, listing at a 25% premium to its issue price of ₹120 per share. Similarly, KRN Heat Exchanger and Refrigeration had a strong start, listing at a 114% premium to its issue price of ₹470.
This high premium demonstrates optimism about the company’s market position and future prospects. Northern Arc Capital, a financial services business that provides finance to underserved industries, listed at a 15% premium over its issue price of ₹188.
The mild premium indicates trust in the company’s involvement in bridging credit gaps in the Indian market, while it is not as high as the premiums seen with the other two corporations.