News Wrap: Adani Green Is Pure Bullish; LIC IPO Launch; Elon Musk And Twitter Board; Hariom Pipe IPO; Delta Corp On F&O Ban
April 12, 2022
Sensex, Nifty and Bank Nifty are all bearish today!
BSE Sensex is down by 388.2 points (-0.66%), a closing price of 58,576.37
Nifty 50 plunged by almost 144.6 points (-0.82%), closing price landed at 17,530.30
Bank Nifty rose by 133.6 points (0.36%), closing price at 37,747.40.
Except for Nifty Bank, all the other sectoral indices were bearish with Nifty IT, Media, Metal and Realty plugging by 1 - 2%.
BSE midcap and smallcap indices plunged 1.45% and 1.47% each.
Top Stocks On Encome.io Dashboard:
Adani Green Hikes Up By 50% In One Month
Adani Green Energy Limited, located in Ahmedabad, Gujarat, is an Indian renewable energy firm. The company is owned by the Indian conglomerate Adani Group. Multibagger stock Adani Green rose by 50% in just one month. The stock is extremely bullish holding a strong green candle for the past month. Since the start of the new year in 2022, Adani Green's stock has been rising continuously.
With a market valuation of Rs. 4.41 lakh crore, surpassing ITC, Kotak Mahindra Bank and Bharti Airtel, it is India's 10th most valuable company.
LIC IPO To Launch In End Of April
The government is said to file an updated draft red herring prospectus for LIC’s IPO with the market regulator SEBI. The IPO was supposed to go live in March, but the launch of the largest IPO in history was postponed owing to the market's stagnation as a consequence of the Russia-Ukraine crisis.
But now, the government has agreed to launch the largest IPO of LIC by the end of this month between April 25th - April 29th. The government may sell 5 - 6.5%of its LIC shares on the stock market to raise Rs. 50k - 60k crore. So get your seat belts to fasten because the launch of LIC’s IPO is soon to happen!
More To Know:
Elon Musk, the billionaire who announced earlier this month that he had become Twitter company's largest individual shareholder, backed out of a proposal to join the board of directors this weekend.
Hariom Pipe Industries shares traded with an almost 10% premium on the grey market.
Initial public offerings in India are expected to pick up in the second half of this year, according to Nomura Holdings Ltd.
RBL Bank is still barred from trading futures and options, while Delta Corp is the newest addition to the F&O ban list.
From April 18, trading in markets regulated by the Reserve Bank of India (RBI) will begin at 9 a.m.