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Sensex, Nifty trade with small losses; realty stocks in demand

Published on Feb 16, 2022 10:40

The benchmark indices reversed early gains and were trading with minor cuts in morning trade. Banks stocks were under pressure. The Nifty was trading a tad below 17,350 mark.

At 10:30 IST, the barometer index, the S&P BSE Sensex, fell 68.02 points or 0.12% at 58,074.03. The Nifty 50 index slipped 7.05 points or 0.04% at 17,345.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.58% while the S&P BSE Small-Cap index gained 1.04%.

The market breadth was strong. On the BSE, 2,273 shares rose and 857 shares fell. A total of 95 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,298.76 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,411.60 crore in the Indian equity market on 15 February 2022, provisional data showed.

Economy:

India`s overall exports in January this year are estimated to be 61.41 billion dollars, exhibiting a positive growth of 36.76% over the same period last year and a positive growth of 38.90% over January 2020. Overall imports in January this year are estimated to be 67.76 billion dollars, exhibiting a slower rate of growth of 30.54% over the same period last year and a positive growth of 30.19% over January 2020.

India`s overall exports in April to January 2021-22 are estimated to be 545.71 billion dollars. This is a positive growth of 37.68% over the same period last year and a positive growth of 23.29% over April-January 2019-20. Overall imports in April-January 2021-22 are estimated to be 616.91 billion, exhibiting a positive growth of 54.35% over the same period last year and a positive growth of 20.15% over April-January 2019-20.

New Listing:

Shares of Vedant Fashions (Manyavar) were currently trading at Rs 954.65 on BSE, at a premium of 10.24% as against the issue price of Rs 866. The scrip was listed at Rs 936, representing a premium of 8.08% to the initial public offer (IPO) price. So far, the scrip has hit a high of Rs 975.30 and a low of Rs 926.25. Over 2.91 lakh shares of the company have changed hands in the counter till now.

The initial public offer (IPO) of Vedant Fashions (Manyavar) was subscribed 2.57 times. The issue opened for bidding on 4 February 2022 and closed on 8 February 2022. The price band of the IPO was fixed at Rs 824-866 per share.

Buzzing Index:

The Nifty Realty index rose 1.71% to 458.40. The index gained 4.80% in two trading sessions.

Godrej Properties (up 3.39%), Macrotech Developers (Lodha) (up 2.85%), IndiaBulls Real Estate (up 2.59%), Oberoi Realty (up 2.10%) and Brigade Enterprises (up 1.91%) were the top gainers in the Realty segment.

Stocks in Spotlight:

Tech Mahindra rose 0.49%. The IT major said that its wholly owned subsidiary Tech Mahindra (Singapore) has approved the proposal to acquire 80% equity shares in Geomatic.AI. Tech Mahindra is creating a next-generation artificial intelligence firm Geomatic.AI to focus on digital platforms led non-linear growth, in partnership with AusNet Services, an Australian energy & utilities distributor. Geomatic.AI will build digital twins for linear assets leveraging cloud, drone and mobility technologies in the geospatial domain. As part of this deal, Tech Mahindra will have 80% equity shareholding in Geomatic.AI, for a cash consideration of 6 million Australian dollars (AUD).

Info Edge (India) lost 0.97%. The company said that it has entered into an agreement to acquire securities in Juno Learning (Juno) for an amount of about Rs 11.25 crore. Juno is engaged in the business, which is an interactive, online school that teaches sales techniques, processes, and tools to students and entry-level professionals in an experiential manner, to enhance employability. Juno is newly incorporated and is under first year of its operations. As part of the Info Edge`s strategy, the investment would help the company create and consolidate its presence into a niche vertical of "Sales upskilling". It perfectly fits into the company`s playbook to invest in adjacencies to recruitment and education verticals and create synergies with its existing businesses.

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