Indices at previous closing
Nifty50: 14,814 ▲ 78 (+0.5%)
Sensex: 50,051 ▲ 280 (+0.5%)
Nifty Bank: 34,184 ▲ 580 (+1.7%)
In the news
Adani Ports to buy stake in Gangavaram Port
- India's largest private port developer is set to acquire a 58.1% stake in Gangavaram Port (GPL) from DVS Raju and family for ₹3,604 crore. Earlier this month, the company announced the purchase of 31.5% stake in GPL from Warburg Pincus.
- With this acquisition, it will have an 89.6% stake in GPL. Adani Port’s stock rose over 2% yesterday and has gained nearly 8.5% so far this month. Other Adani Group stocks gained 5-10% yesterday.
Ircon sets major capex targets
- Public sector transport infrastructure company Ircon will invest ₹10,000 crore as capex in FY22. The funds for capex will be raised via debt and equity.
- Till December 2020, Ircon had an order book of ₹36,800 crore of which projects worth ₹4,158 crore are completed. Shares of Ircon rose 2.2% yesterday, but have dropped about 10% this month.
Govt to sell part stake in Rail Vikas Nigam
- The Central government plans to sell 15% stake in Rail Vikas Nigam for ₹755 crore. Currently, it owns 87.8% stake in the company.
- The offer for sale for the non-retail category opens on Wednesday and for retail investors it will be available on Thursday. Shares of Rail Vikas Nigam were up 0.3% yesterday. But in March they are down about 4%.
Barbeque Nation IPO opens today
- Barbeque Nation Hospitality, which owns restaurant chains like Barbeque Nation and Toscano, aims to raise ₹452 crore from its maiden issue.
- The IPO opens today with a price band of ₹498–500 per equity share and a minimum investment amount of ₹15,000. You can subscribe to it with Upstox here.
Events of the week
- Wednesday: Crude oil inventories (US)
- Thursday: GDP Q4, Initial jobless claims (US)
Sectoral indices (23 March)
| Top gainers | Top losers |
| Nifty PSU Bank ▲ 2.9% | Nifty Metal ▼ 0.6% |
| Nifty Bank ▲ 1.7% | Nifty FMCG ▼ 0.3% |
Global markets (at 8:30 am)
| Indices | Today's movement |
| Nikkei 225 (Japan) | ▼ 1.8% |
| Hang Seng (Hong Kong) | ▼ 1.5% |
| SSE Composite (China) | ▼ 0.6% |
| Dow Jones (US) (23 March) | ▼ 0.9% |
Fact of the day
Nescafe, which is the largest brand of the Swiss giant Nestle, found popularity with the U.S. military during World War II.
Source: Forbes
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