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Nifty above 17,600 level, Syrma SGS Tech lists at 19% premium over issue price

Published on Aug 26, 2022 10:32

The key equity indices traded with modest gains in the morning trade. The Nifty traded above the 17,600 level. All the sectoral indices on the NSE were in the green with metal, PSU bank and IT stocks recording big gains.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 330.66 points or 0.56% to 59,105.38. The Nifty 50 index gained 100.45 points or 0.57% to 17,622.90.

In the broader market, the S&P BSE Mid-Cap index gained 0.76% while the S&P BSE Small-Cap index rose 0.74%.

The market breadth was strong. On the BSE, 2,141 shares rose and 931 shares fell. A total of 172 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 369.06 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 334.31 crore in the Indian equity market on 25 August, provisional data showed.

Investors focused on Fed Chair Jerome Powell`s speech at the central bank`s economic symposium at Jackson Hole, Wyoming, for clues about the bank`s outlook for the economy and interest rates.

New Listing:

Shares of Syrma SGS Technology were trading at Rs 291.90 at 10.24 IST on the BSE, a premium of 32.68% compared with the issue price of Rs 220.

The scrip was listed at Rs 262, representing a premium of 19.09% compared with the issue price.

So far, the scrip has hit a high of Rs 295 and a low of Rs 257. Over 21.79 lakh shares of the company have changed hands in the counter till now.

The initial public offer (IPO) of electronic manufacturing services firm Syrma SGS Technology was subscribed 32.61 times.

Buzzing Index:

The Nifty Metal index gained 1.82% to 5,905.50. The index shed 0.51% in the past trading session.

Steel Authority of India (up 2.57%), Vedanta (up 2.45%), Ratnamani Metals & Tubes (up 2.1%), Hindalco Industries (up 1.95%), National Aluminium Company (up 1.95%), JSW Steel (up 1.9%), Jindal Steel & Power (up 1.85%), Tata Steel (up 1.69%), Welspun Corp (up 1.49%) and Adani Enterprises (up 1.35%) edged higher.

Stocks in Spotlight:

Nelco hit an upper circuit limit of 10%. Intelsat, operator of one of the world`s largest integrated satellite and terrestrial network and leading provider of inflight connectivity (IFC), announced the beginning of Intelsat`s inflight connectivity services in Indian skies through an agreement with Nelco, India`s leading satellite communication service provider.

Nelco has been offering the Aero IFC services for more than two years with plans to introduce these services to more airlines in collaboration with its global partners. Nelco will provide these services using Intelsat`s IS-33e high throughput satellite. Intelsat`s IS-33e satellite is approved by Indian government regulators, paving the way for coverage with no interruptions or blackout zones. The service is available on Intelsat partner airlines and their passengers on aircraft now.

Eicher Motors declined 2.52%. The auto maker said that Kaleeswaran Arunachalam has tendered his resignation from the chief financial officer (CFO) and key managerial personnel position. Arunachalam`s resignation will take effect after working hours on 2 September 2022. The company stated that the appointment of a new CFO in his place would be intimated in due course.

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