The key equity indices were trading with minor gains in mid morning trade. The Nifty was trading a tad below the 17,950 mark. Auto stocks rose for the third day in a row.
At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 22.09 points or 0.04% to 60,160.55. The Nifty 50 index added 15.55 points or 0.09% to 17,945.20.
In the broader market, the S&P BSE Mid-Cap index gained 0.38% while the S&P BSE Small-Cap index rose 1.13%.
The market breadth was strong. On the BSE, 1992 shares rose and 1024 shares fell. A total of 151 shares were unchanged.
Primary Market:
The initial public offer (IPO) of PB Fintech (Policybazaar) received bids for over 2.03 crore shares as against 3.45 crore shares on offer on Tuesday (2 November 2021), according to stock exchange data at 11:18 IST. The issue was subscribed 0.59 times.
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PB Fintech, owner of Policybazaar and Paisabazaar platforms, is India's largest online platform for insurance and lending products leveraging the power of technology, data, and innovation.
The initial public offer (IPO) of SJS Enterprises received bids for 40.16 lakh shares as against 1.05 crore shares on offer on Tuesday (2 November 2021), according to stock exchange data at 11:18 IST. The issue was subscribed 0.22 times.
SJS enterprises is a "design-to-delivery" aesthetics solutions provider with the ability to design, develop and manufacture a diverse product portfolio for a wide range of customers primarily in the automotive and consumer appliance industries.
The initial public offer (IPO) of Sigachi Industries received bids for over 7.21 crore shares as against 53.86 lakh shares on offer on Tuesday (2 November 2021), according to stock exchange data at 11:18 IST. The issue was subscribed 13.40 times.
Sigachi Industries is engaged in the manufacturing of Microcrystalline Cellulose (MCC), which is widely used as an excipient in the pharmaceutical, food, nutraceuticals, and cosmetic industries.
All the three IPOs opened for subscription Monday (1 November 2021) and will close on Wednesday (3 November 2021).
Buzzing Index:
The Nifty Auto index rose 1.52% to 11,594.45. The index declined 3% in the past three sessions.
Maruti Suzuki (up 3.47%), TVS Motor Company (up 2.79%), Tata Motors (up 1.34%), Bajaj Auto (up 1.04%), Ashok Leyland (up 0.94%) and Hero MotoCorp (up 0.40 %) advanced while Bharat Forge (down 0.65%) and Eicher Motors (down 0.43%) declined.
Stocks in Spotlight:
VRL Logistics jumped 7.89% to Rs 409.40. The company's net profit rose 60.23% to Rs 49.48 crore on 44.87% increase in net sales to Rs 636.37 crore in Q2 September 2021 over Q2 September 2020.
Shipping Corporation of India (SCI) gained 1.66% to Rs 134.60. The PSU company posted a 71.3% rise in consolidated net profit to Rs 243 crore in Q2 FY22 from Rs 141.89 crore registered in Q2 FY21. Revenue from operations grew 44.8% YoY to Rs 1,221.31 crore in Q2 FY22.
Bayer Cropscience declined 5.43% to Rs 4,747.55. The company's standalone net profit dropped 31.4% to Rs 154.10 crore on a 1.2% decline in net sales to Rs 1,365.10 crore in Q2 September 2021 over Q2 September 2020.
Global Markets:
Most Asian stocks were trading lower on Tuesday. Investors are monitoring the US Federal Reserve's two-day meeting Tuesday and Wednesday. The central bank is widely expected to announce that it will begin to unwind its $120 billion in monthly bond purchases and end the program entirely by the middle of next year.
US manufacturing activity slowed in October, with all industries reporting record-long lead times for raw materials. The ISM's index of national factory activity slipped to a reading of 60.8 last month from 61.1 in September.
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