The benchmark indices closed near the day's high on Tuesday, backed by strong demand in pharma, consumer durables and financial service scrips. The Nifty managed to end above 17,300 mark.
As per provisional closing figures, the barometer index, the S&P BSE Sensex rose 350.16 points or 0.61% at 57,943.65. The Nifty 50 index gained 103.30 points or 0.60% at 17,325.30.
The S&P BSE Mid-Cap index added 0.66%. The S&P BSE Small-Cap index rose 0.63%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, shares 1,432 rose and 1,978 shares fell. A total of 107 shares were unchanged.
Veranda Learning Solutions IPO:
The initial public offer (IPO) of Veranda Learning Solutions received bids for 67,92,900 shares as against 1,17,88,365 shares on offer, according to stock exchange data at 15:18 IST on Tuesday (29 March 2022). The issue was subscribed 0.58 times.
The issue opened for bidding on Tuesday (29 March 2022) and it will close on Thursday (31 March 2022). The price band of the IPO is fixed at Rs 130 - 137 per share. An investor can bid for a minimum of 100 equity shares and in multiples thereof.
Veranda Learning Solutions is engaged in the business of offering diversified and integrated learning solutions in online, offline hybrid and offline blended formats to students, aspirants, and graduates, professionals and corporate employees enrolled with its courses through multitude of career-defining competitive exams, professional courses, exam-oriented courses, short term upskilling and reskilling courses.
The company provides comprehensive long-term and short-term preparatory courses in a simple and lucid manner for Students preparing for UPSC Exams, State Public Service Commission, Staff Selection Commission, Banking, Insurance, Railways and Chartered Accountancy. The company also provides customised short term skilling courses, long term courses and other corporate courses to its learners. The company also delivers these courses to employees of corporates through its B2B offerings.
Buzzing Index:
The Nifty Financial Services index rose 1.27% to 16,878.85. The index added 1.57% in two trading sessions.
ICICI Prudential Life Insurance Company (up 3.52%), Housing Development Finance Corporation (HDFC) (up 3.05%), SBI Life Insurance Company (up 2.25%), HDFC Life Insurance Company (up 2.03%) and HDFC Bank (up 1.33%) were the top gainers in the Financial Services segment.
Stocks in Spotlight:
Aurobindo Pharma declined 2.07%. The company, after market hours on Monday, 28 March 2022, announced the acquisition of Veritaz Healthcare's business and certain assets for a cash consideration of Rs 171 crore. The pharmaceutical company is planning to expand its footprint into the Indian domestic formulations market. The transaction comes into effect from 1 April 2022 and expected to close by May 2022.
Goldiam International dropped 3.19%. The company announced the receipt of confirmed additional export orders worth of Rs 60 crore from its International clients. The orders are for manufacturing of diamond studded gold and larger carat lab-grown diamonds jewellery. The aforesaid larger carat lab-grown diamonds will be utilised from in-house diamond growing subsidiary Eco-Friendly Diamonds LLP, which gives full backward integration to further enhance profit margin of the company.
Deep Industries lost 2.57%. The company said that it has received a letter of award (LoA) from Oil and Natural Gas Corporation (ONGC). The award is for hiring of gas compression services of 4.5 LSCMD capacity at Linch GGS for a period of 3 years. The total estimated value of the said award is approximate Rs 71.97 crore.
Engineers India advanced 3.83%. The company said it secured consultancy services from Bharat Oman Refineries (BORL) for electrolyser-based green hydrogen plant at Bina Refinery. BORL has selected EIL for providing consultancy services for electrolyser-based green hydrogen plant at Bina Refinery. "It shall be one of the largest Green Hydrogen Plant in the country with a capacity of approx. 8.5 TPD (20 MW)," EIL said in a statement.
Tata Power Company slipped 0.10%. On Monday, the company announced that it has collaborated with Rustomjee Group to provide end-to-end EV charging solutions across all its residential and commercial projects in Mumbai Metropolitan Region (MMR). Under this collaboration, Tata Power will install charging infrastructure for residents of Rustomjee in Mumbai MMR. 28 EZ charging points will be set up at Rustomjee Groups' residential and commercial projects. EV owners will have the access to a 24x7 charging facility along with maintenance support.
Ashoka Buildcon shed 1.88%. On Tuesday, the firm announced that it has been declared as L-1 bidder by the National Highways Authority of lndia (NHAI) for greenfield highway project. The scope of the project involves development of six lane access controlled greenfield highway from Baswantpur to Singondi of NH 150 C on hybrid annuity mode under Bharatmala Pariyojana Project. The quoted bid project cost for the project is Rs 1,079 crore with construction period of 912 days from the date of appointment.
Alembic Pharmaceuticals gained 0.25%. The pharmaceutical company said that it has acquired the balance 40% stake in Aleor Dermaceuticals from its JV partner Orbicular Pharmaceutical Technologies to strengthen its skin-related manufacturing and marketing footprint. Aleor is a 60:40 joint venture between Alembic and Orbicular Pharmaceutical Technologies formed in April 2016 focusing on commercialising dermatology products globally. Aleor has product offerings across cream, gel, ointment, shampoo, lotion, solutions, sprays, foams, microsponge and nanoparticulate platform-based products.
Global Markets:
Shares in Europe and Asia advanced on Tuesday. Investors remain focused on developments in Russia's invasion of Ukraine. Ukraine's President Volodymyr Zelensky said Kyiv's negotiators were studying a Russian demand for Ukrainian neutrality. The comments came ahead of new face-to-face talks between Ukraine and Russia, set to start Tuesday in Turkey.
Meanwhile, crude oil prices slumped overnight on demand concerns arising from a new lockdown in Shanghai, diving more than 8%.
In Washington, President Joe Biden released an annual $5.8 trillion (S$7.89 trillion) budget plan that would steer $6.9 billion towards Ukraine to assist in defending against Russia's invasion, as well as to aid NATO.
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