A calm day

Nifty50: 18,308 ▲ 52(+0.2%)

Sensex: 61,308 ▲85(+0.1%)

• After a subdued start, the markets turned positive and moved sideways for the rest of the day. 
• Major Asian and European markets were up and provided positive cues. 
• As the result season continues, stock-specific volatility could rise, especially, ahead of index heavy-weight Reliance Industries’ results on Friday. 
• Among the Nifty sectoral indices, Auto (+2.0%) and Realty (+1.2%) were the top gainers, whereas Pharma (-0.7%) and Bank (-0.5%) were the top losers.

For more updates on F&O, click here.

Here are the top stories of the day.

Hero invests in Ather

The leading two-wheeler maker will invest upto ₹420 crore in electric scooter company Ather Energy. Hero Motocorp has been an investor in Ather energy since 2016 and before this investment held nearly 35% stake. 

Apart from the electric scooters, Hero Moto is also exploring collaboration with Ather Energy in the areas such as charging infrastructure, technology and sourcing. Hero Moto was the top gainer today with its shares rising over 5%.

HSIL rallies on divestment move

The glass containers and sanitaryware maker will sell its building products division consisting of manufacturing of sanitaryware, faucets, and plastic pipes to Brilloca for ₹630 crore. 

With this, HSIL will be a focussed packaging player. Brilloca, a wholly-owned subsidiary of Somany Home Innovation, which is currently into distribution would turn into a backward integrated company. HSIL will use the funds to pre-pay loans and expand its packaging business. 

Glenmark receives USFDA approval

The Mumbai-based pharma major has received a tentative approval from the USFDA for its generic Regadenoson injection. It is used to increase blood flow through the heart to test for coronary artery disease.

The Regadenoson injection is the generic version of lexicon injection, which posted an annual sales of nearly $660 million (about ₹4,950 crore)

Budget buzz

Ahead of the budget, the automobile dealers’ association - FADA - is seeking a cut in the GST on two-wheelers from 28% to 18%. The association states that this will help to spur demand and improve consumer sentiment.

Good to know

What is Series A funding?

The Series A is the second stage of capital raising by a startup. This is the first round of venture capital financing. The Series A financing is used to ensure the company keeps its growth momentum. In this round, product development milestones are set and new talent is acquired. This round also tracks the business progress using seed capital and the efficiency of the management team. 

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