PSU banks in the spotlight, Wipro shares fall after CFO’s exit & more

NIFTY50: 19,674 ▼ 68 (-0.3%)
SENSEX: 66,009▼221 (-0.3%)

• Benchmark indices ended the week on a negative note
• In all, 30 of the NIFTY50 stocks closed in the red
• Brent crude oil futures rose nearly 1% today, trading over $94 per barrel after Russia temporarily banned exports of petroleum products

Among the NIFTY sectoral indices, PSU Bank (+3.5%) and Auto (+0.2%) were the top gainers, while Pharma (-1.5%) and Realty (-0.6%) were the top losers.

What's Up

What's Down

Market Sentiment

Stock Buzz

⭐ PSU bank stocks in the spotlight

All 12 constituents of NIFTY PSU Bank index closed in the green today, with shares of Canara Bank, Indian Bank and Union Bank of India hitting new 52-week highs. These gains came after Indian government bonds were added to the JP Morgan Chase emerging market bond index, which is likely to give a boost to India’s debt market. 

⭐ Wipro shares fall after another top level exit 

Shares of the IT major declined 2.4% after its long-serving Chief Financial Officer (CFO) Jatin Dalal resigned. The company has appointed Aparna Iyer, CFO of Wipro’s FullStride Cloud Global Business Line as the new CFO. Wipro has seen a slew of top level exits in 2023, including its Chief Operations Officer Sanjeev Singh and Vice President Gurvinder Sahni. 

⭐ J Kumar and NCC rise on order win 

Shares of J Kumar Infraprojects and NCC rose 2.5% and 0.2%, respectively. Both companies jointly secured a new order worth ₹6,301 crore to design, construct and operate a twin tunnel in Mumbai region. This new project comes from Brihanmumbai Municipal Corporation (BMC) to be executed in five years. NCC will hold 51% stake in this joint venture worth ₹3,213.55 crore, while remaining 49% stake will be with J Kumar Infraprojects. 

⭐ Glenmark Pharma divests stake in subsidiary

Glenmark Pharmaceuticals has agreed to divest 75% stake in its subsidiary Glenmark Life Sciences (GLS) to Nirma at ₹615 per share, aggregating to a total consideration of ₹5,651 crore. Post this transaction, Glenmark Pharma will hold 7.84% stake in GLS, while Nirma will make a mandatory open offer to all public shareholders of GLS. As per the Glenmark Pharma management, the company aims to use the proceeds of the stake sale to reduce its debt and focus more on its other businesses, including branded medicine and complex generics.  

IPO Corner

⭐ The ₹270 crore IPO of Manoj Vaibhav Gems 'N' Jewellers, which operates jewellery-chain in Andhra Pradesh and Telangana was subscribed 13% on Day 1. To know more and apply for these IPOs, click here.

⭐ Meanwhile, the IPO of Signatureglobal India and Sai Silks (Kalamandir) received strong response from investors, with total subscription of 11.8 times and 4.4 times respectively on the last day.

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