Stock Market Live: Sensex up over 300 points, Nifty below 14,850; banks, metals jump
Stock Market Live: Indian indices were trading higher on Thursday tracking gains in global markets after the US Federal Reserve kept interest rates unchanged and projected a rapid jump in US economic growth this year. Domestically, broad-based gains were seen across all the sectors with auto, banking and metals boosting the most.
BHEL shares rally 7% after co emerges as the lowest bidder for NPCIL’s Rs 10,800-cr tender.
The share price of Bharat Heavy Electricals Ltd (BHEL) jumped more than 7 percent in early trade on Thursday after the company announced that it emerged as the lowest bidder for a tender floated by Nuclear Power Corporation of India (NPCIL). In an open competitive bidding process, BHEL has emerged as the lowest bidder for Rs 10,800 crore fleet mode tender floated by NPCIL for the 6×700 MW Turbine Island package projects, BHEL said in a regulatory filing. With this, BHEL has retained its market leadership position of being the sole Indian supplier of Nuclear Steam Turbines, it said.
India Inc wants to go back to the office, but employees seem comfortable at home: Study
The COVID-19 pandemic disrupted India’s labor market and concepts like work-from-home or work-from-anywhere — which were quite rare in India Inc — became the norm. Job site Indeed conducted a study to find out how white-collar jobs, employers and employees changed over the past year. Indian companies appear less willing than their global counterparts to support remote work post-pandemic. Around 59 percent of employers are not in favor of remote working in the new normal and seven out of 10 say they will not continue it once a solution to the pandemic is in place, even as three out of four employers highlight no decline in employee productivity due to remote working. Moreover, 67 percent large and 70 percent mid-size Indian firms — as opposed to their global counterparts (60 percent large and 34 percent mid-size) — are not in favor of a post-pandemic, remote working set-up.
Oil falls for a fifth day lower after US stockpile build
Oil prices dropped for a fifth day on Thursday after official data showed a sustained rise in US crude and fuel inventories, while the ever-present pandemic clouded the demand outlook. Brent crude was down 12 cents, or 0.2 percent, at USD 67.88 a barrel by 0119 GMT after dropping by 0.6 percent on Wednesday. US oil was also down 12 cents, or 0.2 percent, at USD 64.48 a barrel, having fallen 0.3 percent the previous session. Government data on Wednesday showed US crude inventories have risen for four straight weeks after refineries in the south were forced to shut due to severe cold weather. An industry report estimating a 1 million barrel-drop had raised hopes the run of gains might have stopped.
Laxmi Organics IPO subscribed 106 times on the final day of bidding
The initial public offering (IPO) of Laxmi Organics was subscribed 106.74 times on the final day of bidding on March 17, primarily led by retail investors and QIBs. The issue received bids for 347.51 crore shares against a total offer of 3.25 crore shares. The portion reserved for retail investors is subscribed 19.95 times and that of qualified institutional buyers 175.43 times, while the non-institutional investors bid 21.62 times. A leading manufacturer of specialty chemicals, Laxmi Organic plans to raise Rs 600 crore through the issue. The IPO, which will close today, has set a price band of Rs 129-130 per share.
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