Market recap for 24 March 2021

Nifty50: 14,549 ▼ 265 (-1.7%)
Sensex: 49,771 ▼ 871 (-1.7%)

The markets were weak right from the opening bell and grew even weaker in the last hour of trade. Only three of the Nifty50 stocks closed in the green, which shows that selling pressure was prevalent across the board.
Except for Nifty Pharma, all sectoral indices closed in the red, with Nifty Metal (-3.3%) and Nifty Realty (-3.2%) being the top losers.

Here are the top stories of the day.  

Prestige Estates acquires housing project in Mumbai

• The Bengaluru-based developer will take over a 7.5 million sq.ft. housing project in Mumbai from a bankrupt company, following a court decision. 
• As per reports, Prestige expects a revenue of nearly ₹10,000 crore from this project, of which the first phase will be launched in May. Its shares rose 3.7% intraday and closed 0.5% higher in an otherwise weak market. 

Adani Green to buy solar project in Telangana

• Adani Green will fully acquire 75MW operating solar projects in Telangana from Sterling & Wilson (S&W) for ₹446 crore. S&W is a subsidiary of the Shapoorji Pallonji Group.  
• As per reports, Adani Green has been acquiring solar projects in Telangana. With this acquisition, Adani Green will have an operating renewable capacity of 3,470 MW. Shares of both Adani Green (-1.2%) and S&W (-4.9%) closed in the red.

Rossari Biotech slips on preferential issue

• Specialty chemicals company Rossari Biotech (-3.7%) announced a ₹300 crore preferential issue. The issue’s floor price of ₹996 is about 7% lower than today’s closing price. 
• The company will use the proceeds to diversify its product portfolio, expand its geographical reach, and enter new industrial applications.

Anupam Rasayan makes weak market debut

• Shares of the Gujarat-based specialty chemicals maker listed at ₹520, a discount of 6.3% on their issue price of ₹555, amid a weak market.
• The ₹760-crore issue, which concluded last week was subscribed 44 times. The stock closed marginally weaker at ₹518.5.

Closing bell

Today, the Indian indices fell in line with the drop in major international equity markets. After several days of downward movement, the India VIX rose nearly 9%, indicating that traders expect volatility in the days ahead. While no major domestic events are lined up this week, traders must watch out for any adverse movement in the US dollar, Treasury yields and crude oil prices. Any of these could hurt investor sentiments further.

Good to know

What are topline and bottom line?
Topline, also referred to as gross sales, is the total revenue received by a company from the sale of products or services during a specific period. Meanwhile, bottom line (also called net income) is the profit or loss made by a company after subtracting all expenses from total revenue.

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Investment in securities markets are subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.