Benchmark indices witnessed sharp gains today as energy prices plunged to allay fears of a slowdown in the global economy.
Crude oil prices fell from multi-year highs the day before, while US Treasury rates and major currencies held steady amid a calming tone.
The BSE Sensex rose 488 points (up 0.8%) at the closing bell.
Meanwhile, NSE Nifty closed with a gain of 144 points (up 0.8%).
Tata Motors and Titan were among them top beneficiary Today.
On the other hand, ONGC and Dr. Reddy’s Lab were the biggest losers today.
At the time of writing the news, SGX Nifty was trading up 201 points at 17,828.
The BSE Midcap index and BSE Smallcap index ended up 1.7% and 1.4%, respectively.
Sectoral indices closed on a positive note with the realty sector, consumer durables sector and auto sector being the biggest buyers.
On the other hand, selling pressure was witnessed in oil and gas stocks.
Shares of Page Industries and Bata India hit their 52-week highs today.
Asian stock markets today closed on a positive note.
The Hang Seng and Nikkei ended the day with gains of 3.1 per cent and 0.5 per cent, respectively.
US stock futures are trading on a positive note today, with Dow futures trading up 172 points.
Rupee is trading at 74.78 against US Dollar.
Gold prices are trading higher by 0.1% for the latest contract on MCX ₹46,851 per 10 grams.
Titan becomes second Tata group company to enter ₹2 TN Market-Cap Club
Titan tops retailing sector news Gulzar Stock Today.
Titan becomes second Tata group firm to achieve market capitalization ₹2 Tons followed by Tata Consultancy Services (TCS).
Titan shares jumped today after the company said it saw a strong recovery in demand after a second wave of the pandemic.
Most stores are now fully operational, with local restrictions excluding a few in select cities, accounting for over 90% of total store operating days for the quarter.
In addition to the digital channel thrust, Titan accelerated the expansion of its retail network during the quarter.
In terms of revenue, the jewelery segment, which contributes a major part of its business, has registered a growth of 78% in the second quarter of FY 2022 as compared to the same period last year.
The demand suspension triggered by the second wave of the pandemic in gift buying, occasions, milestone shopping, weddings, gold investments etc saw a strong return in Q2.
Both the plain and studded segments grew double digits, however, the studded mix remained below pre-pandemic levels due to stronger growth in the plain segment.
According to Titan, now digital gold is a new pilot offering that helps customers buy gold online and lock in gold prices with the ability to convert them into jewellery, later.
The initial response has been good with many digital-savvy young customers enrolling. Golden Harvest Scheme (GHS) enrollment has exceeded pre-pandemic levels.
In watches and wearables, its revenue was up 73% compared to the July-September quarter of the previous fiscal.
In eyewear, Titan’s second-quarter revenue was up 74%. It added 24 new stores in the quarter.
Its other business segments, which include — Tanira, Fragrances and Accessories, posted 121% growth during the quarter.
Titan’s share price on the BSE rose 10.6% at the end of the day.
Speaking of stocks, there is a pattern here that if you see it, you must sell your position. After all, exits are more important than entries.
In the chart below, we can see the head and shoulders pattern – stock goes up, makes higher, falls slightly, moves to higher high, doesn’t make higher low, rallies again, rallies to a new Fails to build high, and then begins to crumble.
see full image
This usually happens in a situation where the stock or index is usually in a bull trend for some time. Finding it the right way can help you save money.
Moving on to the news from the IPO space…
Paytm in talks with sovereign wealth funds, BlackRock to IPO stakes
According to people familiar with the matter, India’s Paytm is in talks with sovereign wealth funds and financial firms to become the anchor investor in its upcoming initial public offering (IPO).
State-backed wealth investors Abu Dhabi Investment Authority and Singapore’s GIC PTE are among the bidders to participate in the IPO.
According to sources, global financial companies such as BlackRock Inc and Nomura Holdings Inc are also in discussions to bid.
One97 Communications, as Paytm is formally known, is seeking a valuation of approximately US$20 bn to US$22 bn, based on feedback from early investors, he said.
There are already more than enough bids to cover the shares allotted for anchor investment in the IPO.
Paytm, backed by SoftBank Group Corp., Berkshire Hathaway Inc. and Jack Ma’s Ant Group company, plans to raise as much as it can ₹166 billion from its share sale, according to its draft prospectus.
How the IPO progresses remains to be seen. In the meantime, stay tuned for more updates from this area.
(This article is syndicated from) equitymaster.com)
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