Sensex jumps 249 pts on late buying, Nifty tops 18,400; Airtel, ICICI lead

CLOSING BELL: A late rally in the market, helped the benchmark indices end the rather lacklustre day with notable gains. Debutant Fusion MicroFinance ended at a 12 per cent discount to issue price.

SI Reporter New Delhi

10:29 AM

Aptech in focus :: Co signs a multi-year MoU with Ministry of Education

10:17 AM

Fusion Microfinance debuts at 2.5% discount; should you buy, sell or hold?

>> Fusion Microfinance has debuted at Rs 359 i.e. (-2.5%) over its issue price. The company’s muted listing can be attributed to unexciting investor subscription levels, high valuation, and the OFS nature of the issue.

>> Fusion Microfinance is one such company that is among the top 10 NBFC MFIs in India. It offers loans to women entrepreneurs. Its business runs on a joint liability group-lending model, wherein a small number of women form a group and guarantee one another’s loans.

>> The company's margins are now in decline mode, and it is facing risk due to the category of borrowers it serves, an increase in the level of NPAs could also be a concern for the company. Secondly, the company demands a price-book (P/B) multiple of 1.8 on a post IPO basis, whereas its peers like CreditAccess command a P/B of 3.3.

>> Those who applied for listing gains can maintain a stop loss of Rs.340.

Views by: Pravesh Gour, Senior Technical Analyst, Swastika Investmart

10:05 AM

Investors react positively to LIC's good showing in second quarter

Strong September quarter results for the 2022-23 financial year (Q2FY23) from the giant Life Insurance Corporation of India (LIC) has led to a spurt in the share price, which is still, however, well below the Initial public offering (IPO) price. READ MORE

9:53 AM

New Listing :: Fusion Microfinance likely to list at Rs 360.5

>> Issue price was Rs 368 per share

9:40 AM

Apollo Tyres rallies 5% post Q2 result

>> The company reported a 6.1 per cent growth in Q2FY23 consolidated net profit at Rs 184.45 crore as against Rs 173.82 crore in Q2Fy22. Total income rose 16.8 per cent YoY to Rs 5,962.90 crore.

9:38 AM

IRCTC falls on profit booking; Q2 revenue rises 99% YoY

>> The company posted a strong 42.5 per cent surge in Q2 net profit at Rs 226.03 crore for the quarter ended September 2022 as against Rs 158.57 crore in the corresponding quarter a year ago. Total income soared 97.5 per cent YoY to Rs 831.80 crore.

9:36 AM

NDTV freezes at 5% upper circuit as Sebi approves Adani's open offer

>> The Sebi approved Adani group's open offer for additional 26 per cent stake in NDTV. Last week, Adani group revised the open offer timeline, setting the date as November 22 to December 5, because of the delay in getting Sebi nod. The open offer price of Rs 294 a share is at a 24 per cent discount to NDTV's closing price of Rs 365.85 apiece on Monday.

9:34 AM

Biocon drops 2% after Q2 net falls 10% toRs 168 crore

>> The pharma company posted a 10 per cent dip in net profit for Q2FY23 to Rs 168 crore on account of tax adjustments. Revenue from operations grew by 26 per cent to Rs 2,320 crore led by 34 per cent year on year growth in the biosimilars business.

9:33 AM

Mindtree gains 1% as LTI-Mindtree merger comes into effect

>> The IT services firms received approval for merger from NCLT. Both Mumbai and Bengaluru Benches of the National Company Law Tribunal (NCLT) have approved, via two separate orders, the scheme of amalgamation and arrangement between the two companies, thus creating India’s sixth largest IT services firm.

9:31 AM

Srei Infrastructure Finance rises 3% even as co reports fraudulent transaction

>> Transactions worth Rs 13,110 crore that were allegedly fraudulent have been flagged in Srei Equipment Finance (SEFL), a subsidiary of Srie Infrastructure Finance, currently undergoing corporate insolvency resolution, by the transaction auditor, BDO India, appointed by the administrator of the company.