Benchmark indices traded on a tepid note, tracking weak cues from other Asian markets. Concerns over inflation intensified globally, with Brent crude prices hitting the $85 a barrel mark and China factory inflation surging to a 26-year high. For domestic investors, foreign outflows were a concern, with the dollar remaining steady against a basket of six major world currencies. Meanwhile, all eyes were on Nykaa listing.
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Paytm IPO closes today; issue subscribed 51% so far
BREAKING NOW: Nykaa m-cap hits Rs 1 lakh crore on debut
The company demands a price-earnings multiple of 43.7 considering annualised June 2021 quarter net profit and implied market cap. It identifies Happiest Minds as a peer, which earned revenues of ?798 crore in FY21 and currently trades at a forward P/E of 118. Some of the other mid-tier IT companies trade at trailing P/Es between 28 and 60.