Nifty50: 17,222 ▲ 69 (+0.4%)
Sensex: 57,593 ▲ 231 (+0.4%)
- Despite a weak start, the markets were able to recover the lost ground and close near the day’s high.
- Further, most international indices brushed aside lockdown news from Shanghai and were trading in the green. Amid this, commodities prices cooled off.
- In all, 29 of the Nifty50 stocks ended in the green.
Among the Nifty sectoral indices, PSU Bank (+1.2%) and Metal (+0.9%) were the top gainers, while IT and Pharma (-0.3%) were the top losers.
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| Top gainers | Today's change |
| Bharti Airtel | ▲ 3.9% |
| Coal India | ▲ 2.7% |
| Axis Bank | ▲ 2.1% |
| Top losers | Today's change |
| UPL | ▼ 2.3% |
| SBI Life | ▼ 2.0% |
| Nestle India | ▼ 1.7% |
For more updates on F&O, click here.
Here are the top stories of the day.
PVR, Inox escape Monday Blues
Shares of PVR and Inox Leisure soared 10% and 20%, respectively, on an intraday basis as the markets saw value in the merger. As per the merger ratio, for every 10 shares, Inox shareholders will get three shares of PVR.
PVR and Inox Leisure combined control over 40% of the market share and will be able to further expand into tier II and III markets. According to experts, the merged entity is critical for long-term survival, especially in the era of digital OTT platforms.
Adani climbs on launch of its first EV station
After the launch of its first electric vehicle charging station (EVCS) in Ahmedabad, shares of Adani group’s gas distribution arm Adani Total Gas (ATGL) rose 8% intraday. ATGL aims to set up 1,500 EVCS across the country.
Meanwhile, oil marketing companies such as IOC and BPCL have announced the setting up of 22,000 EV charging stations in prominent cities and on national highways across India. The creation of country-wide charging infrastructure could help with faster adoption of EVs.
Godrej Properties announces project in Bengaluru
Godrej Group’s realty arm will develop a 33-acre land parcel in Bengaluru’s Bannerghatta Road. The company hopes to generate ₹2,000 crore revenue from the 3.4 million square feet of saleable area.
This project is in line with the company’s strategy to deepen its presence in key micro markets across India’s large cities. Meanwhile, its management has said that the company will spend around ₹7,500 crore over the next 12-18 months on the development of new projects.
IPO corner
On Day 3, the follow-on public offer (FPO) of Ruchi Soya was oversubscribed 3.6 times. The portion for non-institutional investors was booked more than 11 times.
Meanwhile, edtech player Veranda Learning will launch its ₹200 crore IPO tomorrow. The price band for the public issue is ₹130-₹137 per share. Click here to pre-apply for this IPO.
Good to know
What is a soft landing?
Soft landing of an economy happens when the economy faces a cyclical downturn but averts a recession. For this, central banks raise interest rates to combat high inflation without impacting employment.
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