Saturday, October 10
New York Circle Internet Group shares surged as much as 235% after the company and some of its shareholders raised nearly $1.1 billion in an initial public offering that was upsized twice amid strong demand. Shares of the stablecoin issuer climbed to as much as $103.75 on Thursday, versus an IPO price of $31 each. The stock, which was halted several times for volatility, was trading at $94.54 in New York.If the stock closes at or near its peak, it would mark the largest first-day pop for a US IPO raising more than $100 million since CureVac NV in 2020. CureVac's shares closed 249% higher in debut and continued to soar before disappointing Covid-19 vaccine data drove a collapse in the biotech's stock price.The offering of 34 million shares by Circle and backers including co-founder and Chie
Mumbai: JP Morgan has raised its price target on Reliance Industries to ₹1,568 and maintained its 'Overweight' rating, citing a better earnings outlook over the next two years. The price target implies an upside of 10.2% over the stock's Thursday closing price of ₹1,423.50.Reliance shares have been under pressure due to sharp earnings cuts in FY25, driven by weaker refining and petrochemical margins, said the brokerage. These commodity-linked businesses, which once made up nearly 44% of EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation), now account for only a third.JP Morgan said earnings revisions have mattered for the stock's performance. In the past, Reliance's relative returns have tracked changes in Nifty EPS (earnings per share) expectations. While some estimate
