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Investors may not have made much money from the secondary market in August, with Nifty falling 0.6% during the month. But IPO investors had a far better run, as most new listings delivered gains on debut and continued to trade above their issue prices.

Out of 17 IPOs that listed in August, 15 gave positive listing-day returns, translating into a hit rate of about 88%. The same number of issues are also trading above their issue price as of the latest available data, which means nearly 90% of August IPOs are still in the green.

The performance shows that the primary market remained strong even as the broader secondary market stayed selective. Investor appetite was healthy across sectors such as healthcare, logistics, engineering, dairy, energy, jewellery, industrials and consumer-facing businesses.

Tempsens leads gains

Tempsens Instruments was the standout listing of the month. The company doubled investor money on debut, making it the biggest winner among August IPOs. Among others, Dhoot Transmission delivered the strongest current return. The stock was issued at Rs 871 and is now trading at Rs 1,499, giving investors a gain of 72%. It had already listed strongly at Rs 1,187, a listing-day gain of 36%.
Technocraft Ventures was another big winner. The stock listed at around Rs 311 against an issue price of Rs 212, giving a listing gain of 47%. It is now at Rs 358, up 69% from the issue price. Behari Lal Engineering also rewarded investors sharply. The stock listed at Rs 502 against an issue price of Rs 285, a gain of 76% on listing day. It is currently at Rs 469, still up 64% from the IPO price.

Also Read: Reliance Jio IPO: 7 risk factors investors should know as firm gets Sebi nod for Rs 37,000-crore issue
Milky Mist Dairy Food gave investors both listing gains and follow-up gains. The stock listed at Rs 181 against an issue price of Rs 140, a gain of around 30%. It has since moved to Rs 217.31, taking total gains to 56%.MV Electrosystems was another strong performer. It listed at Rs 624 against an issue price of Rs 425, a gain of 47%, and is currently at Rs 646.8, up 52%.

Most IPOs hold gains

Several IPOs that listed with decent gains continued to trade above issue price. Molbio Diagnostics is currently trading nearly 42% higher over the issue price, while Shiprocket is still up 37%. Manipal Health Enterprises also held firm after listing. The stock was issued at Rs 590, listed at Rs 667 and is now at Rs 798, giving investors a gain of 35%.

Only two IPOs turn negative

Only two August IPOs are currently below their issue prices. Shankesh Jewellers listed with a small gain of 2%, but has slipped below issue price and is trading about 4% lower. Horizon Industrial Parks had a weak debut, listing 3% below issue price, and is currently down 5%.

September pipeline remains strong

The strong August report card comes just as the IPO pipeline is set to get heavier in September. Investment banking sources expect more than 20 companies to tap the market during the month, with the total fundraising pipeline potentially going up to Rs 70,000 crore if one of the two mega issues, Jio Platforms or NSE, is launched.

Jio Platforms has already received Sebi approval for its much-awaited IPO. The Reliance Industries-backed digital services company is expected to raise around Rs 37,700 crore, which could make it one of India’s largest-ever public issues. NSE is also likely to receive Sebi approval soon and may launch its IPO as early as September, according to people aware of the matter. The exchange’s tentative issue size is pegged at around Rs 30,000 crore.

The pick-up follows a busy July and August for the primary market. Companies raised about Rs 28,000 crore in July and more than Rs 23,000 crore in August, showing that issuers have returned after holding back during the volatile first half of the year.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Budget airline easyJet is expected to return to the FTSE 100 in this week’s index reshuffle after its shares were boosted by a recommended £5.7 billion takeover offer from the American private equity firm Apollo Capital Management.

As things stand, the airline would be joined in the top flight by Ithaca Energy, the North Sea oil and gas producer, while the gambling group Entain and the housebuilder Persimmon face relegation to the FTSE 250. Aston Martin Lagonda, the lossmaking carmaker, is set to fall out of the FTSE 250 altogether and drop into the FTSE SmallCap index.

The changes are not yet official. Index provider FTSE Russell’s indicative review is based on market data from 21 August, and the review proper will be conducted using prices at the close of trading on 1 September. The confirmed changes will be announced after the market closes on 2 September.

Under FTSE Russell’s ground rules for its UK index series, most recently updated in July, a company is removed from the FTSE 100 at the quarterly review if it has fallen to 111th place or below when companies are ranked by full market capitalisation.

Takeover bid powers easyJet’s return

For easyJet, promotion would mark a return to an index it has been in and out of over the years, and it comes despite issues with price-sensitive customers over the summer and heavy losses last winter.

Quite how long the airline stays in the premier index is another matter. That will depend on how long the regulatory investigation into the Apollo deal takes, and on whether Brussels is prepared to wave through the new ownership structure.

Ithaca Energy’s market value has climbed to about £4.5 billion, helped by strong financial results and higher oil and gas prices. The British oil and gas company’s shares have risen about 64 per cent this year, with investors also attracted by its growth pipeline.

Gambling tax rise and budget nerves take their toll

At the other end of the table, Entain has fallen about 30 per cent this year. The owner of Ladbrokes and Coral has been hit by the rise in UK remote gaming duty from 21 per cent to 40 per cent, which applies to accounting periods beginning on or after 1 April this year.

Persimmon is also expected to leave the FTSE 100 after its shares fell about 13 per cent this year. The housebuilder is contending with weak housing activity, concerns over mortgage affordability, uncertainty in the run up to the October budget and higher costs, including national insurance and stamp duty.

Aston Martin heads the other way

Aston Martin’s relegation from the FTSE 250 is the latest setback for the carmaker, which announced plans to cut about 600 jobs, around a fifth of its workforce, earlier this year after net losses widened by 52 per cent to £493.2 million.

Two companies are on course to take places in the mid-cap index in its wake. Pinewood Technologies Group, the automotive technology company that is itself the subject of a takeover offer, and Volex, Lord Rothschild’s electrical manufacturing company, are both set for promotion to the FTSE 250.

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of ALVO either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Wall Street major Jefferies has slashed the target price of HDFC Bank shares to Rs 880 from Rs 1,050 per share, forecasting a fresh upside of 22% from current levels after the lender announced that its CEO Sashidhar Jagdishan won’t seek extension beyond his term that ends on October 26.

“We will watch out if this leads to an exit among senior leaders of the bank. This can impact business and performance in the near term,” analysts at the firm said.

The brokerage said its conversations with investors suggest they are comfortable with a leadership change, but believe the appointment of former leaders from PSU banks should be avoided as it could complicate the transition.

Also read: HDFC Bank shares after Jagdishan: What lies ahead for the country’s largest private lender?

Who can become new HDFC Bank CEO?

Jefferies sees Kaizad Bharucha, HDFC Bank’s Deputy Managing Director who leads corporate, business banking and retail assets, among others, as a key internal candidate for the CEO role.

The brokerage said Bharucha could be a simpler choice, with a potential tenure of 2.8-3 years, given that he was appointed Executive Director in June 2014. It believes one option for the bank could be to allow Bharucha to lead HDFC Bank while preparing for a smoother transition over the longer term.
Jefferies identified Anup Bagchi, currently CEO of ICICI Prudential Life and formerly an Executive Director at ICICI Bank overseeing retail banking; Paresh Sukthankar, former DMD at HDFC Bank who left in 2018; Vibha Padalkar, CEO of HDFC Life; Rajiv Sabharwal, CEO of Tata Capital; and Amitabh Chaudhry, CEO of Axis Bank, as potential external candidates.

Jefferies on HDFC Bank outlook

The brokerage has lowered its FY27-29 earnings estimates by 3% each. It does not see a risk to asset quality, noting that the bank has maintained high asset quality and that the book value of its exposure to the Essel group was nil at the time of the merger, with the claim including principal and interest.

Analysts say the uncertainty could raise the cost of equity and lead to a lower valuation, prompting it to base the revised target on 1.6x September 2028 adjusted price-to-book value. However, with HDFC Bank trading at 1.5x one-year forward price-to-book and 12x PE, the brokerage believes valuations are not as demanding.

The bank said in an exchange filing over the weekend that its board had tried to persuade Jagdishan to continue, but he remained firm on his decision not to seek re-appointment. HDFC Bank’s board has now decided to accelerate the process of identifying his successor, well within the timeframe stipulated by the regulator.

Read more: HDFC Bank shares gain 3% as CEO Jagdishan rejects new term; Morgan Stanley, Jefferies, others weigh in

Among the names being considered internally is current Deputy Managing Director Kaizad Bharucha, who has been with HDFC Bank’s board since 2014 and became Deputy MD in April 2023. However, the 15-year cap set by the Reserve Bank of India on the tenure of a Whole-Time Director at a private bank presents a limitation. Bharucha’s current term on the board runs until 2029.

HDFC Bank stock performance

The stock has remained under pressure this year. HDFC Bank shares have fallen 27.33% on a year-to-date basis and are down 24.80% over the past one year, according to NSE data. Over five years, the stock has declined nearly 6.97%.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

MELBOURNE — Few founder stories in Australian digital marketing carry the weight of Harry Sanders’, who built StudioHawk from a one-person operation run by a homeless teenager into what has become the country’s largest dedicated search engine optimization agency. As the company marks its tenth year of operation, here is a closer look at its origins, its growth and the man who built it.

1. Sanders founded the company at 17, while living under a bridge in Melbourne.

Sanders’ path into the search engine optimization industry began years earlier than most. He taught himself SEO at age 13 in order to help promote his father’s small business, developing a foundational understanding of how search algorithms worked well before he had any formal business training. By the time he turned 17, Sanders had launched StudioHawk — during a period when he was homeless and living under a bridge in Melbourne, according to SmartCompany, which profiled the company as part of its Smart50 awards coverage.

That period of hardship has remained a defining thread in how Sanders talks about the company’s origins. He has said the challenges he faced during that time shaped him and fueled his passion for the industry he would go on to help define in Australia. Rather than distancing the company from that history, Sanders has built it into the core of StudioHawk’s public identity, frequently referencing the experience in interviews, speaking engagements and the company’s own marketing materials.

2. He remains an active advocate for youth homelessness.

Sanders has translated his personal history into ongoing philanthropic work. He serves as an ambassador for the Lighthouse Foundation, an Australian charity focused on supporting young people experiencing homelessness, and donates 100% of his speaking fees to the organization’s efforts to address the issue. The arrangement reflects a broader pattern in how Sanders has approached his public profile as StudioHawk has grown — using the platform the company has built to draw continued attention to an issue he experienced firsthand as a teenager.

3. StudioHawk has grown into Australia’s largest specialist SEO agency.

What began as a solo operation has expanded significantly over the past decade. Founded in 2015, StudioHawk now employs more than 120 SEO specialists across offices in Melbourne, Sydney, London and Atlanta, according to the company’s own profile on the review platform Clutch. The firm has built its growth strategy around specialization rather than diversification, structuring itself as a dedicated SEO and AI search agency rather than expanding into adjacent services like paid media or social media management — a deliberate positioning the company has said differentiates it from larger, full-service digital agencies.

That growth has translated into measurable financial gains. According to SmartCompany’s Smart50 rankings, StudioHawk’s revenue climbed from $5.3 million in the 2020-21 financial year to $8.7 million in the most recent year reported, a growth rate of more than 29%, while the company added 26 new employees over a single 12-month period. The agency’s client roster has come to include major Australian brands such as Ryobi, Vodafone and Officeworks, a list Sanders has attributed to the company’s straightforward strategy of delivering measurable results rather than relying on flashy marketing promises.

4. The company has collected a string of major industry awards.

StudioHawk’s growth has been accompanied by significant recognition within the digital marketing industry. The agency has been named a four-time winner of “Best Large SEO Agency” at the APAC Search Awards, alongside additional honors including Semrush’s Agency of the Year and Optus’s Media Marketing and Advertising Business of the Year. In one notable instance, the company took home the grand prize at the Global Search Awards, a competition judged by a panel that has included the head of digital at Samsung, the deputy general manager at Nissan Motors, HubSpot’s chief marketing officer and Lego’s global search marketing lead.

Sanders himself has drawn individual recognition as well. He has been named to Forbes’ 30 Under 30 Asia list and won B&T’s Entrepreneur of the Year award, in addition to accumulating more than 40 industry honors over the course of his career. Those accolades have positioned Sanders as one of the more prominent public figures in Australia’s digital marketing sector, a status he has used to expand his influence beyond StudioHawk itself.

5. Sanders holds industry leadership roles and has built additional ventures.

Beyond running StudioHawk day to day, Sanders sits on the board of the Australian Web Industry Association and holds status as a Google Partner Specialist, positioning him as an active voice in shaping broader industry standards rather than simply running his own agency. He has also branched into education, launching Hawk Academy, a training program the company says reaches thousands of students annually with instruction on SEO and AI search fundamentals.

Sanders has also diversified beyond the SEO industry entirely, co-founding a separate luggage brand called Kadi that emphasizes design and quality. The venture reflects a broader entrepreneurial pattern that has emerged as Sanders has moved from running a single-person operation to overseeing a multinational agency, using the platform and credibility built through StudioHawk to expand into adjacent business interests.

Looking ahead, StudioHawk has positioned itself to compete in an SEO landscape increasingly shaped by artificial intelligence and AI-driven search summaries, rebranding portions of its service offering around what the company describes as “AI Search” alongside traditional organic optimization work. That shift mirrors broader changes across the digital marketing industry, as agencies nationwide adapt their strategies to account for how consumers increasingly discover information through AI-generated answers rather than traditional search engine results pages.

For a company whose founder once had no permanent address, StudioHawk’s evolution into a firm with offices spanning four cities across two continents represents one of the more striking growth trajectories in Australian digital marketing — one that Sanders has continued to frame publicly not just as a business success story, but as evidence of what he has described as his belief that “most people overestimate what they can do in one year and underestimate what they can do in five.”

California utility PG&E shares tumbled 19%, on pace for their biggest drop since the Covid-19 selloff of March 2020.

Other California-based utility stocks also sank, including Edison International. Its shares are down 20%, on pace for their biggest loss in more than 25 years.

Newsom and California lawmakers have clashed this month over updates to the state’s wildfire response. The administration initially proposed blocking insurance companies from suing utilities over wildfire claims—a move proponents argue is necessary to prevent higher electricity bills for California residents and to prevent utilities from facing bankruptcy.

BOSTON — Unrefined Foods is adding to its portfolio of frozen foods with a line of frozen breakfast muffins.

The organic muffins are formulated with stone-milled whole grains and are sweetened with maple syrup. The muffins are available in banana bread, cinnamon swirl and loaded blueberry varieties.

“We created Unrefined Foods to eliminate a trade-off parents shouldn’t have to make,” said Melissa Bermudez, co-founder of Unrefined Foods. “Convenience shouldn’t require compromise. Busy families need packaged foods that are quicky and easy to eat on the go; they just deserve packaged foods made from healthy, wholesome ingredients they’d actually choose themselves.”

The breakfast line may be purchased at select retailers across New England and online through the company’s website.