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Stock Market Live: Sensex opens over 150 points lower, Nifty around 15,250; financials, banks drag

EVENT HIGHLIGHTS:   Oil prices up today too !

Rakesh Jhunjhunwala, wife made Rs 18.4 crore per day trading in NCC Ltd stock in last 11 sessions

Stock Market Live: Indian indices opened lower on Wednesday, tracking mixed cues in Asian peers, as losses in banking and financial stocks weighed on the indices. Heavyweights HDFC, HDFC Bank, ICICI Bank, Axis Bank, and Nestle dragged the most.

Opening Bell: Sensex opens over 150 points lower, Nifty around 15,250; financials, banks drag

Indian indices opened lower on Wednesday, tracking mixed cues in Asian peers, as losses in banking and financial stocks weighed on the indices. Heavyweights HDFC, HDFC Bank, ICICI Bank, Axis Bank, and Nestle dragged the most. At 9:18 am, the Sensex was down 154 points to 51,949 while the Nifty fell 55 points to 15,258. Broader markets, however, outperformed benchmarks, with the Nifty midcap and smallcap indices flat but in the green. Among sectors, Nifty Bank and Nifty Fin Services shed 0.6 percent each while Nifty Metal lost 0.5 percent. The FMCG and Auto indcies were also in the red.

Lodha Developers files papers for a Rs 2,500 crore IPO: Report

Macrotech Developers (formerly Lodha Developers) has filed a draft red herring prospectus with market regulator Sebi to raise about Rs 2,500 crore through an initial public offer (IPO), according to a media report. The Moneycontrol report, citing sources, said the Lodha IPO is mainly a primary issue of shares and the proceeds are likely to be used for debt reduction, land acquisition and new projects. This is the third attempt by the Mumbai-based firm to launch an IPO. Lodha Group tried to list in 2009 and 2018, but deferred plans due to unfavourable market conditions. According to the report, Axis Capital, JP Morgan and Kotak are the lead advisors followed by ICICI Securities, Edelweiss Securities, IIFL Securities, SBI Capital, JM Financial, Yes Securities and Bank of Baroda Capital for the issue.

Bitcoin goes past $50,000; what’s next for the crypto currency!

Widely-known crypto currency Bitcoin has scaled a record high of $50,000 on Tuesday. The rally is fuelled by the signs that the virtual currency is gaining acceptance among the investors. So far this year, bitcoin has gone up nearly 72 percent. Vikram Rangala, CMO of ZebPay, said, “This latest high for bitcoin is not the big news. The big news is why. It’s not just speculation. It’s smart value investing by institutions, individuals, and even governments in a breakthrough technology.” According to Rangala, Bitcoin is an inflation-proof, corruption-resistant store of value backed by more reliable and transparent accounting. On February 10, Bitcoin had crossed $48,000-mark after electric carmaker Tesla invested $1.5 billion, becoming the biggest company yet to back the controversial crypto currency.

Mumbai-based Seven Islands Shipping files for Rs 600 crore IPO

Mumbai-based Seven Islands Shipping has filed its papers with the regulator for Rs 600 crore Initial Public Offering (IPO). The public issue comprises of a fundraise via fresh issue amounting to Rs 400 crore and an ‘Offer for Sale’ aggregating up to Rs 200 crore by selling shareholders FIH Mauritius Investments aggregating up to Rs 100 crore and promoter selling shareholder, Thomas Wilfred Pinto aggregating up to Rs 85.64 crore and Leena Metylda Pinto aggregating up to 14.35 crore, the company said in its ‘Draft Red Herring Prospectus’ (DRHP). The portion reserved for ‘Qualified Institutional Buyers’ will be up to 50 percent of the offer, non-institutional investors will have up to 15 percent of the portion reserved while up to 35 percent will be reserved for the retail investors, it said

Rakesh Jhunjhunwala, wife made Rs 18.4 crore per day trading in NCC Ltd stock in last 11 sessions

Ace investor Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala have made a whopping Rs 18.40 crore per day in the last 11 trading sessions dealing in the stock of NCC Ltd. The Jhunjhunwala couple owned 7.83 crore shares in the infrastructure firm for the quarter ending December 2020, reported Business Today. Of the 7.83 crore shares, Rakesh held 11.60 shares in the company, while Rekha owned 6.67 crore shares for the period. The Jhunjhunwalas together hold 12.84 percent of the net NCC shares.

On January 29, the NCC stock had closed at Rs 58.95, valuing the stake of Jhunjhunwalas in that session at Rs 461.77 crore. However, on February 15, as a result of 43.85 percent increase in the value, the infrastructure firm’s stock closed at Rs 84.80, taking the Jhunjunwala couple’s stake to a staggering Rs 664.26 crore. The massive rise in stock prices meant the couple made a profit of Rs 202.49 crore in the 11 trading sessions.

Petrol & Diesel prices hiked by 25-26 paise today.

First up, here is quick catchup of what happened in the markets on Tuesday

Indian indices ended flat but in the red on Tuesday as losses in banking and IT stocks overpowered gains in the metal and pharma space. The Sensex ended 50 points lower at 52,104 while the Nifty fell 1 point to settle at 15,313. However, in intra-day deals, the benchmarks hit record high levels for the third straight session. The Sensex breached 52,500 level for the first time ever, touching its all-time high of 52,516, up as much as 362 points. Meanwhile, the Nifty surged 114 points to hit its fresh high of 15,431. Broader markets, however, ended positively for the day with the midcap and smallcap indices up 0.4 percent and 0.2 percent, respectively. On the Nifty50 index, Powergrid, ONGC, Tata Steel, Hindalco and NTPC were the top gainers while ICICI Bank, Axis Bank, Eicher Motors, Nestle, and Tata Motors led the losses.

Tata Group to buy majority stake in Big Basket-FMCG- for approx Rs 9,100 crore

ata Group will buy a 68 percent stake in online grocery startup BigBasket for Rs 9,100-9,200 crore ($1.31 billion). BigBasket top management, including co-founder Hari Menon, are likely to stay on. However, it is further learnt that Alibaba, Abraaj will exit Big Basket completely and the Competition Commission’s (CCI) approval is awaited.

Big Basket Institutional Investors (Before the deal)

Alibaba Group (29.1%)                                  Abraaj Group (16.3%)

Ascent Capital (8.6%)                                    Helion Venture Partners (7%)

Bessemer Venture Partners (6.2%)               Mirae Asset Naver Asia (5%)

International Finance Corporation (4.1%)     Sands Capital (4%)                                  CDC Group (3.5%)

The salt-to-software conglomerate has been planning to launch a “super app” that will tie in all its consumer businesses, according to media reports, as it competes against Amazon.com Inc and Reliance Industries Ltd in India’s booming e-commerce market.

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