In the broader market, the S&P BSE Mid-Cap index fell 0.05% while the S&P BSE Small-Cap index gained 0.58%.
The market breadth was strong. On the BSE, 1,912 shares rose and 1,279 shares fell. A total of 139 shares were unchanged.
Meanwhile, a foreign brokerage reportedly expects Indian economy to continue to show positive surprises and record up to 9% growth in the next fiscal. For the current financial year too, the brokerage anticipates growth to be higher than the consensus forecast of 8.4-9.5%, and printing in at around 10.5%, media reports said.
Gainers & Losers:
Asian Paints (up 3.06%), Grasim Industries (up 1.56%), Mahindra & Mahindra (up 0.79%) and Sun Pharmaceutical Industries (up 0.62%) were top gainers in Nifty 50 index.
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Titan Company (down 2.46%), HDFC (down 1.76%), Divi's Laboratories (down 1.64%), Bajaj Finserv (down 1.39%) and Axis Bank (down 1.17%) were top losers in Nifty 50 index.
New Listing:
Shares of Star Health and Allied Insurance Company were currently trading at Rs 901.05 on the BSE, at a premium of 0.12% as compared to the issue price of Rs 900.
The scrip was listed at Rs 848.80, representing a discount of 5.69% to the initial public offer (IPO) price.
So far, the scrip has hit a high of 940 and a low of 827.50. Over 4.89 lakh shares of the company have changed hands in the counter on BSE till now.
The IPO of Star Health and Allied Insurance Company was subscribed 79%. The issue opened for bidding on 30 November 2021 and it closed 2 December 2021. The price band of the IPO was fixed at Rs 870-900. Star Health and Allied Insurance Company is the largest private health insurer in India with a market share of 15.8% in the Indian health insurance market in FY2021 in terms of Gross Written Premium (GWP).
Stocks in Spotlight:
Lupin declined 0.25%. The company intimated regarding the launch of Lupin Diagnostics, a wholly owned subsidiary of the company in India, as part of its strategy to provide integrated healthcare in India.
JMC Projects (India) fell 2.14%. The construction engineering company has approved to issue unsecured, rated, listed, redeemable non-convertible debentures worth Rs 99 crore on a private placement basis.
Ratnamani Metals & Tubes added 2.36% after the company said that it has bagged new orders worth Rs 189.63 crore. The company has received new domestic orders aggregating to Rs 136.79 crore and new export orders aggregating to Rs 52.84 crore for supply of tubes and pipes, from the Oil & Gas and Power Sectors, to be executed between February 2022 to May 2023.
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