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The shares of Vikran Engineering will debut on the bourses tomorrow after its Rs 772 crore IPO was completed successfully with strong subscription. While the issue attracted robust demand across all investor categories, the grey market premium (GMP) signals only a modest listing gain of around 4%. Notably, the GMP has been steadily declining since the IPO opened for subscription, contrary to expectations.Priced at around Rs 97 per share, the issue was subscribed nearly 25 times. Post-issue, the company will command a market capitalization of approximately Rs 2,500 crore. The IPO comprised a fresh issue worth Rs 721 crore and an offer for sale of Rs 51 crore.Investor Interest and Subscription Momentum Investor interest was robust, with bids flowing in across QIBs, NIIs, and retail investors. Analysts note that the strong subscription momentum reflected the company’s proven track record in executing large-scale EPC projects and its sizable order book, which provides clear revenue visibility for the next two years.Vikran Engineering Backed by Marquee Investors The company is backed by The Wealth Company (via India Inflection Opportunity Fund) and prominent investors Ashish Kacholia and Mukul Aggarwal through a pre-IPO placement.Business Snapshot Founded in 2008 and headquartered in Thane, Vikran Engineering specializes in turnkey EPC projects in power transmission, water supply, and railway electrification.The company has successfully executed projects including high-voltage substations up to 765 kV, railway traction substations, and water systems under the government’s Jal Jeevan Mission.As of June 2025, it had completed 45 projects across 14 states with a total contract value of Rs 1,919 crore and was executing 44 ongoing projects worth Rs 5,120 crore. Its unexecuted order book stood at Rs 2,442 crore, spread across 16 states.Financially, revenue grew at a CAGR of 32% from FY23 to FY25, reaching Rs 916 crore in FY25. Net profit for FY25 stood at Rs 78 crore, up from Rs 43 crore in FY23. The company operates an asset-light model, leasing equipment for projects, which enhances efficiency and return ratios.Valuation and Concerns At the upper price band, the IPO was valued at a P/E of 22x FY25 earnings, compared with 31–39x for listed peers such as KEC International and Techno Electric. Analysts noted that while the pricing appeared fair, concerns remain around working capital requirements and a regulatory ban imposed by the Railway Board last year, which could impact sentiment.Listing OutlookDespite heavy oversubscription, the 4% GMP suggests investors should expect only a modest listing gain. This indicates that while fundamentals and growth visibility remain strong, much of the optimism may already be priced in.Vikran Engineering’s post-listing performance will likely depend on the execution of its large order book, effective working capital management, and its ability to diversify beyond its current verticals.(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Starting today, the National Stock Exchange (NSE) has shifted the weekly expiry for Nifty contracts from Thursday to Tuesday, a move that reshapes trading dynamics that have remained unchanged for over two decades. Effective August 28, 2025, the change impacts how millions of retail and institutional participants approach weekly strategies, risk management, and time decay.For 25 years, Thursday was ingrained in the market’s DNA as “expiry day,” a weekly ritual shaping volumes, volatility, and trader psychology. By moving the Nifty expiry forward by two days, the NSE is not just altering a schedule, it's redistributing volatility, compressing positioning windows, and unlocking new strategic opportunities.The change also reflects a broader effort to optimize market efficiency and balance trading activity between NSE and BSE.While the transition may disrupt established routines in the short term, market experts believe it will lead to more efficient price discovery and greater flexibility for traders. Here are 10 key things to know about this historic shift and what it means for options trading in India:1. Tuesday is the new expiry day for NiftyStarting today, all Nifty weekly F&O contracts will now expire on Tuesdays, replacing the long-standing Thursday schedule. This change applies to Nifty Weekly, Bank Nifty, Fin Nifty, Midcap Nifty, Nifty Next 50, and all single-stock weekly derivatives.2. Why the shift?The move aims to reshape trading dynamics and decompress weekly trading pressure. Thursday's experiences had led to crowded trade setups. By moving Nifty expiry to Tuesday, the NSE clears Thursday for BSE’s Sensex contracts, creating a dual-expiry week that offers more flexibility to market participants.3. Sharper time decay between Friday and MondayThe shift brings a major change in how traders approach weekends. With expiry now on Tuesday, time decay (theta) will accelerate between Friday and Monday, rather than midweek.“Option premiums will now face their sharpest time decay between Friday and Monday, making Mondays far more dynamic,” said Rupak De, Senior Technical Analyst at LKP Securities.4. Mondays become high-stakesPreviously, traders had a cushion on Mondays to assess weekend news and build positions. Not anymore.“Monday is now sandwiched between the weekend and expiry,” said Anand James, Chief Market Strategist at Geojit. “There is always optimism… but with expiry falling on Tuesday, such vibes will be restrained.”5. Strategies need to be recalibratedThe new structure forces traders—especially option sellers—to rethink entry and exit timelines.“Premium expansion and directional entry-exits will be front-loaded, with the opportunity to escape theta decay post Thursday,” added James.6. Monthly and quarterly contracts remain on ThursdaysOnly weekly Nifty and stock derivatives have moved to Tuesday. Monthly, quarterly, and half-yearly contracts will still expire on Thursdays, maintaining partial continuity in the system.7. Sensex takes over ThursdaysAs Nifty vacates the Thursday slot, Sensex derivatives now enjoy exclusive focus midweek. BSE is expected to benefit from increased volumes.“Post-policy-day moves could be better captured through BSE options… making BSE’s Thursday expiry more strategically aligned for such plays,” said De.8. Impact on volume and volatilityWhile the initial weeks may involve adjustment stress, analysts expect long-term participation to increase.“Tuesday, being the new expiry day, is expected to see heightened volatility—offering more opportunities for intraday traders,” De noted.9. Historic shift after 25 yearsThis is the first major expiry change since the NSE launched derivatives trading in June 2000. The Thursday expiry had become a cornerstone of Indian market behavior—this marks the start of a new era.10. Ripple effects between exchangesAnalysts believe this move could redistribute expiry-related activity between NSE and BSE.“Market participants are expected to move towards BSE contracts on Wednesdays and Thursdays for expiry-related strategies,” De pointed out.(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Singapore Prime Minister Lawrence Wong will pay a three-day official visit to India from Tuesday, reaffirming the commitment to strengthen bilateral ties, his office announced here. Wong's introductory visit at the invitation of Prime Minister Narendra Modi coincides with the 60th anniversary of the establishment of diplomatic ties between the two countries. The visit also reaffirms Singapore and India's mutual commitment to enhance ties, it said. In New Delhi, Prime Minister Wong will call on President Droupadi Murmu and meet Prime Minister Modi, who will host a banquet lunch for the Singaporean leader. Wong, also the Finance Minister of the city-state, will meet several leaders, including Minister of Health and Family Welfare J P Nadda, Finance Minister Nirmala Sitharaman, External Affairs Minister S Jaishankar, and National Security Advisor Ajit Doval, the statement said. He will also visit the Rajghat to pay tribute to Mahatma Gandhi. PM Wong will also meet overseas Singaporeans in New Delhi at a reception to celebrate the 60th anniversary of Singapore-India diplomatic relations and Singapore's 60th year of independence (SG60). He will also engage a group of Indian business leaders in a closed-door roundtable. PTI

Indian government bond yields are expected to trade around the previous session's levels on Tuesday, with the 10-year benchmark bond yield sticking close to the 6.60% mark, as traders brace for heavy supply from state governments. The benchmark 10-year bond yield is expected to trade in the 6.55%-6.61% range till the debt auction, after ending at 6.5850% on Monday, a trader with a private bank said. "Nothing much has changed from last week's state debt auction in terms of sentiment, so getting the auction through would definitely be a challenge," the trader said, and "Especially if large long-term investors do not do the heavy lifting." Indian states aim to raise 316.50 billion rupees ($3.6 billion) through sale of bonds maturing in two years to 35 years later in the day. The quantum is over 100 billion rupees more than scheduled, and if successful, this would be the highest fundraising by states through an auction this financial year. The fresh debt supply comes at a time when investors are exhausted absorbing a continuous flow of new notes, with little clarity on the country's fiscal policy. Bond yields have been on an uptrend after the government announced plans to cut goods and services tax (GST) rates, fuelling fears that it could borrow more in the second half of the year. States have broadly accepted the changes but are wrangling to protect revenues. The GST council is scheduled to meet on Wednesday and Thursday. Bond market participants will meet the central bank this week to discuss second-half borrowing. The meeting comes at a time when traders have been calling for the Reserve Bank of India's intervention to support bonds. RATES India's overnight index swap rates are expected to be little changed, moving higher over the last two sessions. The one-year OIS rate ended at 5.5450%, while the two-year OIS rate ended at 5.5250%. The five-year OIS rate ended at 5.81%. KEY INDICATORS: ** Benchmark Brent crude futures were 0.4% up at $68.40 per barrel, after easing 0.1% in the previous session ** Ten-year U.S. Treasury yield was at 4.2536%; two-year yield at 3.6351% ** Indian states to raise 316.50 billion rupees via sale of bonds ($1 = 88.1950 Indian rupees).

State Bank of India plans to raise funds through the issuance of dollar-denominated bonds with a maturity of five years, three merchant bankers said on Tuesday, days after S&P Global Ratings upgraded India's sovereign credit rating for the first time in 18 years in August. SBI, the country's largest lender by assets, is eyeing at least $500 million through the issue, and based on the response, could go as high as $1 billion, one of the bankers said. The issue would be finalised over the next few days, the bankers added. SBI did not reply to a Reuters email seeking comment, while the bankers requested anonymity as they are not authorised to speak to the media. The lender has provided an initial guidance of U.S. Treasury yield plus a spread of 105 basis points, but the bankers feel the actual cutoff may come below 100 bps, as the issue is set to receive strong demand. The notes will be rated 'BBB' by S&P, in line with the issuer's ratings. Last month, the global rating agency upgraded India's long-term sovereign credit rating to 'BBB' from 'BBB-'. Yields on dollar bonds of SBI, widely considered as a so-called quasi-sovereign issuer with credit ratings closely linked to the sovereign rating, had dropped after the upgrade, and will benefit the lender for fresh fundraising. More favourable placement opportunities are arising for state-linked entities and a broader category of banks and non-banking finance companies, said Maksim Zenkov, deputy head of emerging markets fixed income at financial data aggregator Cbonds. "The upward trend in the government bond yields serves as an additional stimulus to consider tapping the dollar debt market." In November 2024, SBI had raised $500 million through five-year dollar bonds at a yield of 5.13%, which was at a spread of 82 bps over Treasury yield with similar maturity, the tightest spread achieved by the lender, per bankers.