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LG Electronics is holding roadshows for its Indian unit's planned IPO, expected to raise $1-1.5 billion with a valuation up to $15 billion. The Mumbai listing, aided by major banks, follows Hyundai's record Indian IPO last year. Despite initial excitement, Hyundai's stock performance has dipped, reflecting a broader market slowdown.
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We do believe that with the reduction in taxes to boost consumption as well as interest rate cut by the RBI will certainly give boost to private investments.
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Ajax Engineering listed at an 8.4% discount on Monday, debuting at Rs 576 on the NSE and Rs 593 on the BSE, compared to its issue price of Rs 629. However, the stock recovered to close at Rs 593.40 on the NSE, up 3% from the listing price, and at Rs 595.60 on the BSE, gaining 0.44%.
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