Nifty50: 17,511 ▼-5 (0.03%)
Sensex: 58,786 ▼-20 (0.03%)
- The markets recovered from their intraday lows and closed almost flat.
- Meanwhile, 29 stocks from the Nifty50 pack declined.
- Among the Nifty sectoral indices, PSU Bank (+2.6%) and Media (+2.4%) were the top gainers.
- Financial services (-0.2%) and FMCG (-0.03%) indices were the top losers.
| Top gainers | Today's change |
| Asian Paint | ▲ 3.1% |
| Grasim | ▲ 1.3% |
| SBI Life | ▲ 1.2% |
| Top losers | Today's change |
| Divis Lab | ▼ 1.5% |
| Titan | ▼ 1.5% |
| HDFC | ▼ 1.1% |
For more updates on F&O, click here.
Here are the top stories of the day.
Lupin launches diagnostic business
The pharma major has launched its diagnostics business to provide integrated healthcare services. The company has set up a 45,000 sq. ft laboratory facility in Navi Mumbai, which has all major diagnostic facilities, health checkups and offers a wide range of tests.
The laboratory will be connected to a nation-wide network of regional, satellite and collection centers and will work as a hub-and-spoke model.
Bajaj Electricals jumps on restructuring plans
Mumbai-based Bajaj Electricals announced that it is reviewing opportunities to unlock value of its business segments. Bajaj Electricals’ (BEL) has two key verticals viz. consumer product segment (fans consumer lighting products) and engineering procurement and construction (EPC) segment (power transmission and distribution projects).
Housing each segment under separate entities could help in improving their market position, strategic focus and attract relevant investors.
Deepak Fertilisers rises on capex plans
The fertiliser producer plans to invest ₹2,200 crore for setting up a technical ammonium nitrate complex in Odisha through its wholly owned subsidiary, Smartchem Technologies Limited. The plant will have an annual capacity of 377 kilo tonnes.
It expects the project to be ready by August 2024. The plant is strategically located near the mining belt and Gopalpur port, which opens up opportunities for local and export sales. It is also expected to cut down import bills of ₹4,500 crore over 10 years.
Closing bell
Markets rose for a second consecutive week and the rise was supported by broad-based buying across all major sectors. The RBI interest rate decision was as per street expectation and the continuation of an accommodative stance soothed investor sentiments. Next week, global IT services and consulting major Accenture is expected to announce its results. Based on its business outlook, one could expect movement in India IT stocks. It could also help the Nifty IT index to breakout (or breakdown) from a three month long consolidation.
IPO corner
India’s largest private health insurer Star Health listed at a 6% discount against the issue price. It’s important to note that this public issue had received a weak response from investors.
Meanwhile, on day 3, Shriram Properties IPO was oversubscribed more than 4.5 times. Similarly, MapmyIndia (C.E. Info) was oversubscribed 5 times on day 2 and Metro Brands was subscribed more than 25% on day 1. To apply for IPOs on Uptox, click here.
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Good to know
What is amalgamation?
Amalgamation is when two entities merge together and operate as a completely new entity. The two companies that merge are usually engaged in the same line of business or share similarity in operations. Amalgamation helps to eliminate competition and achieve economies of scale. Sometimes it can also lead to a monopoly if competition is cut out.
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