Nifty50: 17,086▲+82 (+0.5%)
Sensex: 57,420 ▲+295 (+0.5%)
- Despite a weak opening, markets saw buying interest and rose for rest of the day.
- The rise was supported by continued buying in IT stocks and renewed interest in pharma stocks amidst rising virus cases.
- Toward the end of last week, the intensity of FII selling pressure reduced. This is favourable for the markets, in general.
- Further, despite rising cases major European indices are trading in green today. This also acts as a sentiment booster.
- Among the Nifty sectoral indices Pharma (+1.6%) and Financial services (+0.9%) were the top gainers. Whereas, Media (-1.0%) and FMCG (-0.1%) were the top losers.
| Top gainers | Today's change |
| Tech Mahindra | ▲ 3.4% |
| Cipla | ▲ 2.2% |
| Dr Reddy | ▲ 2.0% |
| Top losers | Today's change |
| Hindalco | ▼ 1.4% |
| Britannia | ▼ 0.9% |
| ONGC | ▼ 0.8% |
For more updates on F&O, click here.
Here are the top stories of the day.
Adani Transmission bags RE evacuation deal
Power transmission and distribution arm of Adani group has won two renewable energy evacuation projects. These projects located in Gujarat and Tamil Nadu, will be handled by the company for next 35 years.
Both these projects involved a total capital investment of ₹1,400 crore. Meanwhile, while most companies announce projects of setting up renewable energy plants, one must remember that power transmission is also a critical part of the supply chain.
Drama unfolds at RBL Bank
The Christmas wasn’t merry for the Mumbai-based bank this year. On 25 December, the bank suddenly announced that its MD and CEO Vishwavir Ahuja is going on a medical leave. Also on the same day, the RBI had stepped in and appointed an additional director on the bank’s board
This comes at a time when there are concerns being raised over the deterioration in the bank’s asset quality. Meanwhile, yesterday the bank said that its financial performance is improving. The RBI also tried to allay investors fears today, saying the bank is well capitalised and its financial position of the bank is satisfactory.
Kabra Extrusiontechnik gung-ho on EV batteries
Plastic extrusion machinery maker plans to raise ₹301 crore to expand its EV battery making capacity. It provides lithium-ion battery packs with smart battery management systems under its brand Battrix.
It plans to raise battery making capacity from 1 lakh units to 7 lakh units by fiscal ‘24. The company will use equity as well as debt routes to raise funds.
IPO corner
Shares of HP Adhesives listed at a premium of 15% against their issue price. After making the debut, the shares of the company continued on their upward trajectory and ended 20% higher. Further, active pharmaceutical ingredient maker Supriya Lifescience is expected to hit the exchanges tomorrow.
Good to know
What is an exit strategy?
Exit strategy is an entrepreneur or investor's strategic plan to sell their ownership in a company to other investors, company or general public. Business exit strategies could include IPOs, sell-offs or even exiting a bankrupt company. If the business is successful, the owner makes a profit. If the business is not successful, an exit strategy enables the entrepreneur to limit losses.
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