Nifty nears 16,750 mark, Aether Industries spurts on debut
Published on Jun 03, 2022 10:32
The domestic equity barometers traded with strong gains in the morning trade. The Nifty traded a tad below 16,750 mark. IT stocks advanced for the second consecutive session. Positive global cues supported buying.
At 10:27 IST, the barometer index, S&P BSE Sensex was up 501.63 points or 0.90% to 56,319.74. The Nifty 50 index rose 114.65 points or 0.69% to 16,742.65.
In the broader market, the S&P BSE Mid-Cap index fell 0.12% while the S&P BSE Small-Cap index added 0.21%.
The market breadth was strong. On the BSE, 1,885 shares rose while 1,100 shares fell. A total of 123 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 451.82 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 130.63 crore in the Indian equity market on 2 June 2022, provisional data showed.
Shares of Aether Industries hit an upper circuit of Rs 776.75 at 10:20 IST on the BSE, a premium of 20.99% compared with the issue price of Rs 642.
The scrip was listed at Rs 706.15, representing a premium of 9.99% compared with the IPO price.
So far, the scrip hit a low of Rs 699.85. Over 3.90 lakh shares of the company have changed hands in the counter till now.
The IPO of Aether was subscribed 6.26 times. The issue opened for bidding on Tuesday (24 May 2022) and it closed on Thursday (26 May 2022). The price band of the IPO was fixed at Rs 610-642 per share.
The Nifty IT index rose 2.16% to 30,434.75. The index advanced 4.01% in two trading sessions.
Mindtree (up 3.58%), L&T Technology Services (up 3.39%), Mphasis (up 3.35%), Tech Mahindra (up 3.05%), Coforge (up 3.04%), Infosys (up 2.98%), HCL Technologies (up 2.79%), Wipro (up 2.76%), Larsen & Toubro Infotech (up 2.63%) and Tata Consultancy Services (up 1.26%) edged higher.
Tech Mahindra rose 3.05% after the IT solutions provider announced that it has collaborated with Anritsu to launch an IoT (Internet of Things) experience lab in Tech Mahindra`s Fremont, CA facility. The lab aims to create a simple, cost-effective environment for 5G IoT device manufacturers to verify device performance to ensure greater product confidence during pre-commercialization.
Stocks in Spotlight:
Deepak Nitrite slipped 2.7% after the company informed about a fire incident that occurred yesterday (2 June 2022), around warehouse section of its manufacturing site located at Nandesari, District Vadodara, in the State of Gujarat. The company said that an emergency response team, with the support of local authorities, brought the fire under control within couple of hours. There has been no casualty and few people are being given first aid treatment.
The company has kept all concerned authorities informed and the plant operations are expected to resume in a day or two upon clearance of damaged warehouse. The cause of fire is being investigated and the company is committed to extend all assistance to the relevant authorities investigating into this matter.
G R Infraprojects advanced 2.02% after the company`s wholly owned subsidiary, GR Madanapalli Pileru Highway, executed concession agreement with National Highways Authority of India (NHAI) for Rs 1,577 crore. The agreement constitutes construction of four lanning of NH-1 from Madanapalli to Pileru and package-1 on hybrid annuity mode (HAM) in Andhra Pradesh under Bharatmala Pariyojna. The completion of the project is expected to be within 730 days from appointed date. The operational period stands for 15 years from commercial operation date.
UltraTech Cement fell 3.25% after the cement major`s board approved capex of Rs 12,886 crore towards increasing capacity by 22.6 mtpa with a mix of brown field and green field expansion. This will be achieved by setting-up integrated and grinding units as well as bulk terminals. The additional capacity will be created across the country.
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