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Bengaluru-based insurtech start-up Go Digit General Insurance on Friday announced that its Rs 2,615 crore IPO, which will open on May 15 and close on May 17, will have a price band of Rs 258 to Rs 278 per share.The IPO comprises a fresh issue of shares worth Rs 1,125 crore and an offer for sale (OFS) of 54,766,392 shares, according to the draft prospectus. At the upper price band of Rs 272, the OFS would be worth about Rs 1,489.64 crore.Bids can be made for a maximum of 55 equity shares and in multiples of 55 shares thereafter. About 75% of the IPO has been kept reserved for QIB (qualified institutional buyers), 15% for non-institutional investors and the remaining 10% for retail investors.Also read | Go Digit IPO to open on May 15; Virat Kohli, Anushka Sharma not selling sharesThe PE ratio, based on the diluted EPS for 2023, at the upper range of the price band is 680x as compared to the average industry peer group of 46.13x.In the IPO, promoter Go Digit Infoworks and other existing shareholders are offloading stakes while star couple Virat Kohli and Anushka Sharma will remain investors.In 2020, cricketer Virat Kohli bought 266,667 shares of the company for Rs 2 crore while actress wife Anushka Sharma invested 50 lakh through a private placement.Ahead of the IPO, the promoter group including Canada-based Fairfax, Kamesh Goyal, Go Digit Infoworks, and Oben Ventures, owned an 83.31% stake in the company.Go Digit's IPO hit multiple hurdles over compliance issues, which delayed approval for the public offer. Sebi had returned the draft offer document twice as the regulator raised concerns over share issuance.Go Digit, which operates in the general insurance sector and counts Canadian billionaire Prem Watsa's Fairfax Group and A91 Partners among its backers, refiled its IPO papers with Sebi in March last year, which the regulator approved in March this year.The insurance firm plans to utilise the net proceeds towards augmenting its capital base and maintaining the solvency levels.In the nine-month period ending December 2023, Go Digit's net earned premium rose to Rs 5,115 crore vs Rs 3,767 crore in the corresponding period of the previous financial year. It reported a profit after tax of Rs 129 crore in the 9 months vs Rs 10 crore in the first 9 months of FY23.ICICI Securities, Morgan Stanley India, Axis Capital, Edelweiss Financial Services, HDFC Bank, and IIFL Securities are the book-running lead managers for the IPO.As a digital full-stack insurance company, Go Digit offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other insurance products.

After consistently trading below Rs 72,000 for the past few sessions, gold prices on MCX for June futures contracts rose by Rs 442 or 0.62% to trade at Rs 72,081 per 10 grams on the auspicious occasion of Akshaya Tritiya on Friday.Meanwhile, MCX July silver contracts were up by Rs 418 or 0.49% to Rs 84,917 per kg.Gold prices reached their highest level in over two weeks, supported by new US data suggesting the Fed may reduce interest rates this year. Recent figures showed a rise in unemployment claims, indicating a slowdown in the job market.Lower interest rates would make gold more attractive, as it does not earn interest. Meanwhile, geopolitical tensions in the Middle East have also enhanced gold's appeal as a safe investment. Although gold has pulled back from its mid-April peak, it's still up 14% for the year.In the US, spot gold gained 0.2% at $2,350.87 per ounce by 0212 GMT after hitting a more than two-week high earlier. Prices have risen 2.2% so far this week.US gold futures rose 0.7% to $2,356.90, while spot silver was up 0.2% to $28.38 per ounce and was set to register its best week since April 5.Today, the US Dollar Index, DXY, was hovering near the 105.31 mark, rising 0.09 or 0.08%.“On the daily chart, gold has displayed a bullish engulfing candlestick pattern, suggesting a positive outlook. It has rebounded off its 21-day exponential moving average (EMA) for support. A move above the 72,300 level could signal a continuation of the bullish trend. Key resistance levels to watch are at 72,300 and 72,950, while support levels are found at 71,400 and 70,800,” says Neha Quereshi, senior technical & derivative analyst, Anand Rathi Commodities & Currencies.Intraday Trading Strategy by Neha Quereshi:– Buy MCX JUNE Gold futures at Rs 71,700 with a stop loss of Rs 71,300 and a price target of Rs 72300– Buy MCX JULY Silver futures at Rs 84,600 with a stop loss of Rs 83,600 and a price target of Rs 86600(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

While the entire green energy sector has been on an uptrend, solar companies are being seen as the biggest beneficiary of the push towards renewables with both Ambanis and Adanis vying for a piece of the pie.Smallcap solar company Waaree Renewable Technologies has been the top gainer in the solar pack with a mind-boggling annual return of 1,318%, followed by 561% gain in WAA Solar, 393% in Zodiac Energy and 236% in SJVN.Other top multibaggers in the list include KP Energy, Adani Power, BF Utilities, Orient Green Power, CESC and JSW Energy. <iframe title="Solar stocks outshine on Dalal Street" aria-label="Table" id="datawrapper-chart-duLCh" src="https://et-infographics.indiatimes.com/graphs/duLCh/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="404" data-external="1"></iframe><script type="text/javascript">!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data["datawrapper-height"][t]+"px";e[r].style.height=i}}}))}();</script>Why solar stocks?With the world shifting to renewable sources of energy, solar has surpassed wind to become the largest source of new electricity for the second year running on the world map. Back home, India is also on the cusp of shifting to a green energy ecosystem from a fossil fuels-dominated one by creation of green energy capacity of 340 GW by 2030 at a projected expenditure budget of Rs 20 lakh crore.India's solar generation has been increasing significantly over the last two decades, from just 0.01 TWh in 2000 to 113 TWh in 2023. India has now overtaken Japan to become the world's 3rd largest solar power generator in 2023, shows data from global energy think tank Ember.Solar's contribution to electricity generation in India has increased from 0.5% in 2015 to 5.8% in 2023."It has been a theme which has played out extremely well and given the government support for solar panels, green energy and EV, I think this story will remain in the limelight for another maybe two or three years at least. So, within largecaps the best bets that one can really look at are Reliance Industries, Tata Power, Adani Green," says independent market expert Hemang Jani.HDFC Securities had recently recommended Tata Power as a long-term compounder while Yes Securities has a buy rating on Sterling and Wilson Renewable Energy with a target price of Rs 900."With the company's (Sterling and Wilson) turnaround, significant deleveraging of the balance sheet, a robust order pipeline, and anticipated strong orders in the upcoming year, we are optimistic about the stock's potential for re-rating from its current position," Yes Securities said.With increased domestic manufacturing and fresh impetus from the government, solar panel manufacturing companies are under investor radar. The government's Pradhanmantri Suryodaya Yojana (PSY) which aims to install rooftop solar power systems for 10 million households in India can also be a significant opportunity in the making for solar players."In terms of companies, biggest beneficiaries are expected to be players engaged in panel manufacturing (Waaree Energies/Renewables, Premier Energies, Insolation), followed by players in Inverters (V-Guard, Havells), Wires (Polycab, RR Kabel, Finolex, V-Guard), Batteries (used for few off-grid solar power systems) and metering (HPL, Genus Power)," JM Financial's Achal Lohade said.(Data: Ritesh Presswala)(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)