Morning Update for 26 March 2021

Indices at previous closing

Nifty50: 14,324 ▼ -224 (-1.5%)
Sensex: 48,440 ▼ -740 (-1.5%)
Nifty Bank: 33,006 ▼ -286 (-0.8%)

In the news

Cadila gets tentative approval for 2 HIV drugs

• The pharma major has received a tentative approval from the USFDA for its Emtricitabine and Tenofovir Disoproxil Fumarate tablets, used for treating HIV.
• The company will manufacture the drugs at its facility in Ahmedabad. Shares of Cadila Healthcare, the listed entity of the Zydus Group, closed 2% lower yesterday.

Jubilant FoodWorks to bring Popeyes to India

• Food services major has signed an exclusive master franchise agreement to own and operate the Popeyes restaurant chain in India, Bangladesh, Nepal and Bhutan.
• Popeyes is a US multinational fast-food chain, which has over 3,400 restaurants in over 25 countries around the world. Shares of Jubilant FoodWorks fell 1.3% in a weak market yesterday.

H.G. Infra wins NHAI road project in AP

• Jaipur-based H. G. Infra has emerged as the lowest bidder for six-laning a section of the Raipur-Vishakhapatnam Economic Corridor.
• The NHAI project is reportedly valued at ₹1,060 crore and is expected to be completed over a period of two years. The stock has risen nearly 30% so far in 2021.

Barbeque Nation IPO receives muted response

• The IPO of Barbeque Nation Hospitality was subscribed nearly 2 times on Day 2. The ₹452 crore public issue consists of a fresh issue of ₹180 crore.
• Today is the last day to bid for the IPO, and you can subscribe to it on Upstox.

Sectoral indices (25 March)

Global markets (at 8:30 am)

Fact of the day

Opened in 1869, the Suez Canal is a vital trade link between Asia and Europe. About 12% of all global trade is said to pass through the nearly 200km-long canal. The current blockage is costing the world an estimated $400 million per hour. 

Source: CNBC
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