News Wrap: IPO Of Hariom Pipe Hikes Up; Government To Sell Its 1.5% In ONGC; Rajkot's Newest Airport; Adani stocks On A Roll
March 30, 2022:
Sensex, Nifty and Bank Nifty are all bullish today!
BSE Sensex is up by 740.3 points (+1.28%), a closing price of 58,683.99.
Nifty 50 rose by almost 172.9 points (+1%), closing price landed at 17,498.25.
Bank Nifty gets a boost of 486.9 points (+1.36%), closing price at 36,334.30.
Except for Nifty Metal, all the other sectoral indices landed in the green today with Nifty Auto, Financial Services and Media rising by 1 - 2%.
BSE midcap and smallcap indices gained 0.78% and 1.09% each.
Top Stocks On Encome.io Dashboard:
Government To Sell Its 1.5% In ONGC To Raise Rs 3000 Crores; OFS Commences Today
The government is set to sell its 1.5% of stake in the country’s leading oil and natural gas producer ONGC. The government tend to sell the shareholding in order to raise Rs. 3000 crores. The Offer-for-sale (OFS) for ONGC will be commencing from March 30th till March 31st.
The government proposes to sell up to 94,352,094 equity shares of the company on March 30 and on March 31 with an option to additionally sell 94,352,094 equity shares. The OFS's floor price has been established at Rs. 159 per share.
Hariom Pipe Industries Received a 64% Subscription On Its Very First Day
On the first day of bidding, March 30, Hyderabad-based Hariom Pipe Industries got bids for 54.35 lakh shares against an IPO size of 85 lakh shares, resulting in a 64% subscription rate.
Qualified institutional purchasers have yet to bid, with retail investors bidding for 1.8 times their quota and non-institutional investors bidding for 2% shares of the reserved quota.
Qualified institutional buyers will receive up to 30% of the issuance, while non-institutional and retail investors would receive up to 35% apiece.
The price range for the 85 lakh share offer is Rs 144-153 per share. The promotion will end on April 5th.
More to know:
On Wednesday, the price of diesel surpassed the benchmark of Rs 100 per litre in Hyderabad.
By August of this year, Rajkot, Gujarat, will have a new "greenfield" airport.
Hero MotoCorp, the world's largest two-wheeler manufacturer will increase the ex-showroom pricing of its bikes and scooters starting April 5.
The stocks of Adani Group are on a roll, Adani Wilmar surges up by 47% in 9 sessions.
Citibank's India retail banking operation, including credit cards, will be acquired by Axis Bank for $1.6 billion in cash, months after Citi said it would close its consumer business in 13 countries.