The plan, once implemented could push foreign investors, who account for about a fifth of the India’s market capitalization, to not only upgrade their custodial arrangements but also spend more on foreign exchange charges and other costs.

Upstox currently has 5 million users a shade below Zerodha’s over 6 million users. The online discount broker has managed to double its users from around 2.5 million in March, reflecting the sheer pace of user acquisition in the market.

“More than sectors, I find the prices at which the IPOs are coming in a little worrying and that includes in the IPOs in the old economy sectors as well.”

On the technical charts, the RSI of the stock stood at 57.7.

Evergrande’s main unit Hengda Real Estate Group will make coupon payment on onshore bonds after successful private negotiations with bond holders, Reuters said.

A total of 253,331 shares changed hands on the counter till 01:38PM (IST).

The stock quoted a 52-week high price of Rs 1823.0 and a 52-week low of Rs 1322.8.

"It remains to be seen whether the current promoters of Zee with just 4% of the holding can choose to have their own board members and how in the combined entity, the right to select board members would pan out,"

One major reason behind the exuberance may be the massive demand for shares in the grey market. Paras Defence has fixed the price band at Rs 165-175 apiece for the issue, whereas the shares are trading a hefty premium of about 120 per cent over its issue price.

As of 30-Jun-2021, promoters held 69.49 per cent stake in the company, while FIIs held 12.08 per cent and domestic institutional investors had 3.84 per cent.