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Stock Market LIVE: Sensex around 62,000; PSU Bank, IT gain; Metal sheds

FMCG Index drags; most stocks in red 

Dr Reddy’s shines in the early session; gains 1%

Divi’s Lab comes under pressure in early trading, sheds 1.5%

Rupee falls 66 paise to 81.57 against US dollar in early trade

Share Market LIVE Updates: Indices are now trading green with Sensex adding 100 points and Nifty 20. Kotak Bank and Eicher Motors shine, while Hindalco and JSW Steel drag. Bikaji Food lists and Global Health debut at a premium price.

With encouraging inflation data, investors seem to have taken an optimistic viewpoint. However, markets will continue to keep an eye on the Russia-Ukraine war situation with unconfirmed reports stating that two Russian missiles had landed inside NATO-member Poland.

Rupee falls 66 paise to 81.57 against US dollar in early trade

The rupee depreciated 66 paise to 81.57 against the US dollar in early trade on Wednesday, tracking the strength of the American currency in the overseas market and a muted trend in domestic equities.

At the interbank foreign exchange, the domestic unit opened at 81.41 against the dollar, then lost ground to quote at 81.57, registering a loss of 66 paise over its previous close.

Multibagger SME IPO declares preferential issue after rising 700% in one year

Shares of Knowledge Marine & Engineering Works Ltd are one of the multibagger IPOs (Initial Public Offerings) that Indian stock market has produced in recent years. The public issue was launched in March 2021 at a fixed price band of ₹37 per equity share. The public issue had a par listing but the stock has given stellar return to the allottees in around one and half years as Knowledge Marine & Engineering Works share price today is ₹918, ₹881 per equity share higher from its price band.

Beat ‘ O raises USD 33 million from Lightrock India, HealthQuad, Flipkart and others

Digital solution provider for diabetic patients BeatO on Wednesday said it raised USD 33 million (around ₹269 crore) in Series B funding led by Lightrock India with participation from HealthQuad, Flipkart and existing investors.

Founded by Gautam Chopra, Yash Sehgal and Kunal Kinalekar, the startup claims to provide affordable, comprehensive and patient-centric digital solutions to people with diabetes, who have limited access to good quality and continuous care.

The fresh funds will be utilised to expand BeatO’s diabetes care programmes pan-India, invest in strengthening the leadership team and to further invest in its product and technology, the startup said in a statement.

The company will also continue to build the evidence base for its care programmes, setting the standard of care globally for diabetes as it aims to serve over 10 million patients by 2025, it added.

 Shares of Global Health (Medanta)-IPO- list at premium.

Shares of Medanta hospital chain operator Global Health made a decent debut on stock exchanges with shares rising to ₹401 as compared to issue price of ₹336. Global Health IPO was subscribed 9.58 times. The retail portion of this public issue was subscribed 0.88 times whereas its QIB portion got subscribed 28.64 times. The portion for non-institutional investors was subscribed 4.02 times.

Bikaji Foods -IPO-share price lists at 7% premium. Buy, sell or hold? 

Bikaji Foods shares have hit Dalal Street giving ‘fair return’ to its allottees. Bikaji Foods shares today opened on BSE at ₹321, delivering 7 per cent listing premium to the lucky allottees. After opening at ₹321, Bikaji shares surged further and made intraday high of ₹335 apiece.

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