Bears wake up

Nifty50: 18,113 ▼195 (-1.0%)

Sensex: 60,754 ▼554(-0.9%)

• The Nifty50 was only about 1% away from its lifetime high before it reversed its course and dived downwards.
• Intense selling pressure was seen in the last one hour of the trading session. 43 of the Nifty50 stocks closed in the red. 
• Asian and European indices gave negative cues. 
• All the Nifty sectoral indices closed in the red with Realty (-2.6%) and Auto (-2.3%) being the top losers.

For more updates on F&O, click here.

Here are the top stories of the day.

Prestige zooms on bumper sales

In the December quarter, the Bangalore-based realtor posted it’s highest ever quarterly sales of ₹4,267 crore, up 111% year-on-year. The strong jump in sales was supported by its newly launched projects. 

The management is optimistic about the business prospects in 2022 and has a robust launch pipeline of over 15 million sq ft.

Dixon and boAt make sweet music

Contract-based manufacturer Dixon has entered into a 50:50 joint venture (JV) with Imagine Marketing (boAt brand) to design and make wireless audio solutions. 

The JV will help boAt to scale up manufacturing with a low cost structure. It will also develop innovative products for India as well as global markets.

TV18 puts up a good show

The news and entertainment channel operator reported its highest-ever quarterly revenue, which grew 15% year-on-year. The double-digit growth in revenue was supported by high advertising volumes due to  strong consumer demand.  

The company was also able to report its highest ever EBITDA of ₹355 crore and 23% margins mainly on the back of a sharp jump in the profitability of the news business. Its stock rose coupled with high volumes in a weak market.

IPO Corner

The logistic company Delhivery has received a nod from the markets regulator SEBI to launch its ₹7,460 crore IPO. Of that, the fresh issue will be of ₹5,000 crore and the remaining ₹2,460 crore would be an offer for sale. The Softbank-backed company plans to use proceeds of the fresh issue for investing in its existing business as well as making acquisitions.  

Good to know

What is Series B funding?

The Series B is the third stage of capital raising by a startup. This is the second round of venture capital financing. The Series B financing is usually for companies that are set for development stage. These are companies that generate stable revenues and earn some profits. The investment is used to support the company’s growth to a next level. It can also be used for sales, marketing, acquiring talent and developing new technologies.

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