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Nifty trades below 17,750 level; UMA Exports jumps on debut

Published on Apr 07, 2022 10:28

Equity indices traded sideways with modest losses in morning trade. The Nifty traded below the 17,750 level. Realty and pharma stocks saw buying while IT, banking and financial stocks came under selling pressure.

At 10:26 IST, the S&P BSE Sensex fell 369.71 points or 0.62% at 59,240.2. The Nifty 50 index shed 89.15 points or 0.5% at 17,718.1.

The broader market traded with gains. The S&P BSE Mid-Cap index rose 0.58% while the S&P BSE Small-Cap index gained 0.42%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, shares 2087 rose and 1063 shares fell. A total of 112 shares were unchanged.

New Listing:

Shares of UMA Exports were currently trading at Rs 83 on the BSE, at a premium of 22.06% compared with the issue price of Rs 68. The scrip was listed at Rs 80, representing a premium of 17.65% to the initial public offer (IPO) price. So far, the scrip has hit a high of Rs 84 and a low of Rs 76. Over 6.48 lakh shares of the company have changed hands in the counter till now. The initial public offer (IPO) of UMA Exports was subscribed 7.67 times. The issue received bids for 7,08,34,280 shares as against 92,30,769 shares on offer. The issue opened for bidding on 28 March 2022 and it closed on 30 March 2022. The price band of the IPO was fixed at Rs 65-68 per share.

Buzzing Index:

The Nifty Realty index gained 0.81% to 477.55, snapping its two day losing streak. The index saw bargain hunting after falling for two days.

Brigade Enterprises (up 3.13%), Phoenix Mills (up 2.56%), Indiabulls Real Estate (up 1.94%), Sobha (up 1.61%) and Prestige Estates Projects (up 0.95%) were the top gainers. Among the other gainers were Sunteck Realty (up 0.67%) and Oberoi Realty (up 0.4%)

Stocks in Spotlight:

Godrej Consumer Products advanced 2.29% to Rs 770 after the company said that it expects to deliver a higher than mid-single-digit sales growth for the quarter ended 31 March 2022. In its quarterly update for Q4 FY22, the company said that some of the short term challenges such as unprecedented global commodity inflation and the performance of the Indonesia business, continued to play out during the quarter, impacting consumption and margins. The Indian FMCG industry witnessed a consumption slowdown over the last few months. The sector continued to be hit hard by higher inflation levels, leading to successive price increases, and impacting volumes. Despite this, the company said it remains competitive given the relatively non-discretionary, mass pricing of its portfolio. "We have been gaining market share in 85% of our categories," Godrej Consumer said.

HDFC Bank fell 1.63%. The bank said that it plans to raise capital of Rs 50,000 crore by issuing bonds through private placement mode. In a regulatory filing made after trading hours yesterday, the bank announced a proposal to raise funds by issuing perpetual debt instruments (part of Additional Tier I capital), Tier-II capital bonds and long-term bonds (financing of infrastructure and affordable housing) up to total amount of Rs 50,000 crore over the period of next twelve months through private placement mode. The board of directors would consider this proposal at its ensuing board meeting to be held on 16 April 2022.

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