The Nikkei closed with a gain of 0.7% and the Hang Seng 0.3%. Shanghai Composite is trading on a flat note.
Wall Street indices ended a volatile day of trading in the US stock markets. The S&P 500 touched a record high and touched its seventh straight session of gains.
The Dow Jones Industrial Average ended flat, while the Nasdaq jumped 0.6%.
Back home after the SGX Nifty trend, Indian stock markets have opened on a strong note.
After three consecutive days of decline, the benchmark indices gained some strength today.
Reliance Industries, Hindustan Zinc, HDFC Life Insurance and Tata Consumer Products are among the companies that will announce their September quarter results today.
BSE Sensex is trading up 371 points. Meanwhile, NSE Nifty is trading with a gain of 98 points.
Titan and HDFC are among the top gainers today. On the other hand, Asian Paints is the biggest loser today.
BSE Mid Cap Index and BSE Small Cap Index opened with gains of 0.7 per cent and 0.8 per cent respectively.
Barring metals, all sectoral indices are trading in the green with realty sector and finance sector stocks being the biggest buy.
Shares of RVNL and Shoppers Stop hit 52-week high today.
Rupee is trading at 74.80 against US Dollar.
Gold prices are trading higher by 0.3% ₹47,550 per 10 grams.
Meanwhile, silver prices are trading higher by 0.4%. ₹65,254 per kg.
In the latest developments in the IPO sector, The long wait for Nykaa’s IPO is over as the online retailer of cosmetics and personal care products will launch its three-day initial public offering (IPO) on October 28.
the company will raise the same ₹52 billion from this share sale.
up to an anchor placement ₹23.4 billion will open on Wednesday, October 27, and the IPO will close on Monday, November 1.
NS ₹The 52-billion Nykaa IPO involves a primary issue of stock, as much as ₹6.3 billion, and one Offer for Sale (OFS) In which existing shareholders will sell 43.11 million shares.
Investors likely to sell stake include TPG, Light House India Fund, JM Financial, Yogesh Agencies, Sunil Kant Munjal, Harinderpal Singh Banga, Narottam Sekhsaria and Mala Gaonkar.
Promoter Sanjay Nair Family Trust will sell 48 lakh shares.
Founder Falguni Nair and his family will continue to hold majority stake after the IPO. They currently hold over 53% stake in Nykaa’s parent firm FSN E-Commerce Ventures.
While all the details are awaited, reports suggest that the company is seeking a valuation of around $7.4 billion in the IPO.
hero One of the few profitable retailers in India. It reported a net profit of ₹619.6 million in the financial year ended March 2021 as compared to a net loss of Rs. ₹163.4 million in the year-ago period.
Revenue up 38% year-on-year (YoY) ₹24.5 billion in FY 2021.
How this IPO pans out remains to be seen.
Stocks are moving up on specific news…
Indian Energy Exchange (IEX) is among the top stocks today.
IEX reported a 69% jump in its standalone net profit on Thursday ₹780 million for the September quarter compared to ₹460 million in the year-ago period.
Company revenue from operations jumped 54% annually ₹1,091.6 million in the reported quarter.
During the quarter, the company’s costs remained largely constant: ₹compared to 179.7 million ₹178 million in the year-ago quarter.
The board of IEX has also approved a 2:1 bonus issue, under which existing shareholders will get two shares for every share they hold.
The company announced this bonus news after the market closed on October 18.
As per the shareholding pattern, Dalmia Bharat Group held an overall 14.81 per cent stake in IEX as of 30 September 2021. In this, Dalmia Cement (India) held 4.14% stake, Dalmia Power held 3.71% stake and DPVL Ventures LLP held 6.96%. IEX.
IEX is the first and largest energy exchange in India that provides a nationwide, automated trading platform for physical distribution of electricity, Renewable Energy Certificates (RECs) and EScerts (Energy Saving Certificates).
The IEX share price rose 10% on the day, but lost gains and is currently up 4%.
Coming to the power sector, it is interesting to note that the electricity exchange in India accounts for about 4.5% of the total electricity generation, as can be seen in the chart below.
see full image
According to Tanushree Banerjee, co-head of research at Equitymaster, India’s power sector is currently in transition. This is driven by an increasing reliance on short-term contracts and power spot markets.
This transition to the short-term market is due to the dynamics of the rapidly evolving industry.
Tanushree believes that the Indian power sector will see an increase in the quantum of spot power due to certain factors.
This article is syndicated from equitymaster.com
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