RIL, banks drag Sensex 871 pts lower at 49,180, Nifty below 14,550

Weightage-wise, Reliance Industries, ICICI Bank, HDFC Bank, HDFC, Infosys, Axis Bank, ITC, and SBI were responsible for 600 points cut in the Sensex

Stock broker, broker, market crash, market fall, loss, trader, marker, markets, stock markets, stock

1:36 PM

SECTOR WATCH:: Pharma stocks gain in an otherwise weak market

Company	LATEST(rs)	CHG(%)
Sequent Scien.	248.80	2.70
Granules India	320.30	0.99
Sun Pharma.Inds.	592.45	0.77
Cipla	791.70	1.98
IOL Chemicals	593.65	4.39

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1:27 PM

Barbeque Nation IPO opens for subscription today; Should you buy?

The Rs 453-crore initial public offering (IPO) of casual dining chain Barbeque Nation Hospitality opened for subscription on Wednesday. The IPO comprises fresh equity worth Rs 180 crore and secondary share sale worth Rs 273 crore. The price band for the IPO is set at Rs 498-Rs 500 per share. The issue will close on March 26. Proceeds of the fresh issue will be utilised to fund the company's capital expenditure for expansion, besides prepayment or repayment of certain borrowings and expenses related to general corporate purposes. READ MORE

1:19 PM

Musk says Tesla vehicles can now be bought using bitcoin

Tesla Inc chief Elon Musk said on Wednesday that a Tesla vehicle can now be bought using bitcoin and the option will be available outside the United States later this year. "You can now buy a Tesla with bitcoin," he tweeted here on Wednesday. "Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency."

(Source: Reuters)

1:14 PM

IPO Update :: Barbeque Nation

Subscription status:

Overall: 0.65 times

QIB: 0.00 times

NII: 0.04 times

Retail: 3.56 times

Employee: 0.12 times

1:07 PM

COVID-19 UPDATE :: New variants found in 18 states, says Health Min

1:07 PM

This Adani Group stock has zoomed 93% so far in March

Thus far in the month of March, the stock of the electric utilities company has zoomed 93 per cent, as compared to 0.57 per cent rise in the S&P BSE Sensex. Till 12:12 pm, a combined 6.9 million shares had changed hands on the counter and there were pending buy orders for 4.3 million shares on the NSE and BSE. READ MORE

12:57 PM

Breezy summer ahead for consumer durables financiers, say analysts

Above-normal temperatures in the north and other parts of India are expected to push sales for consumer durable makers, especially cooler, air conditioner, and refrigeration system manufacturers.

The rub-off, analysts say, will be seen on banks and non-banking financial companies (NBFCs) engaged in financing these products. READ MORE

12:48 PM

Shyam Sekhar of iThought on Barbeque Nation

12:40 PM

Market Check :: Sensex off 250 points from day's low

12:35 PM

Nifty Metal index worst sectoral performer, down over 2%

12:27 PM

EXPERT TAKE :: Hemang Jani, Head Equity Strategy, Broking & Distribution at MOFSL on Anupam Rasayan

Anupam Rasayan Ltd (ARL), engaged in manufacturing of custom synthesis (CSM) and specialty chemicals in India, saw a lacklustre listing today on the exchanges – down 6% against its issue price of Rs555/share. The Rs760crore IPO of ARL was subscribed 44 times earlier this month but given market volatility, its grey market premium had fallen substantially to just ~Rs100/share. Despite some GMP, the stock made a weak debut at Rs520/share. ARL has a diversified product portfolio with life science related specialty chemicals (agrochemicals, personal care and pharmaceuticals) contributing 94% of revenue, while other specialty chemicals (specialty pigment and dyes, and polymer additives) formed 6% of revenue.

With major capex behind, the sweating of assets would help ARL capitalize on the growth opportunities of CSM market (expected to grow at 12% CAGR over next 5 years). The funds raised will be utilized to repay debt of INR5.6bn, post which the company would become debt free. However the valuations were little on a higher side and given the current market sentiment, this led to a weak listing. Further there are too many IPOs hitting the market at the same time which is resulting in quick rotation of money. Speciality chemical segment is also getting over-crowded; thus companies with over-valuation are not well supported at a time of weak market cues

12:21 PM

Sector Watch :: Nifty Pharma index bucks weak trend; only sector in the green

> All constituents of the Nifty Pharma index trade on a positive note

12:15 PM

Top Sensex drags at this hour

12:04 PM

Rail Vikas Nigam shares decline 9% as govt begins stake sale via OFS

Shares of Rail Vikas Nigam Limited (RVNL) pplunged 9 per cent to Rs 27.80 on the BSE in the intra-day trade on Wednesday as the government's two days stake sale through offer for sale (OFS) began today. The floor price has been fixed at Rs 27.50 a share, a 9.54 per cent discount to Tuesday's closing price of Rs 30.40 apiece on the BSE. READ MORE