April 18, 2022

Sensex, Nifty and Bank Nifty are all bearish today!

• BSE Sensex is down by 1,172 points (-2.01%), a closing price of 57,166.74.

• Nifty 50 plunged by almost 302 points (-1.73%), closing price landed at 17,173.65.

• Bank Nifty dipped by 734.4 points (-1.96%), closing price at 36,729.

Except for Nifty FMCG and Auto, all the other sectoral indices landed on the bearish side with Nifty Bank, Financial Services and IT ranging between 1 - 4%

BSE midcap and smallcap indices both plunged by 0.95% and 1.01% each.

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News Wrap:

Big News:

L&T Infotech and Mindtree To Merge To Build $22 Billion Entity

Larsen and Toubro Ltd, an Indian Multinational Conglomerate merged two of its publicly traded software firms. In 2019, Larsen took ownership of Mindtree. the boards of Mindtree Ltd. and Larsen & Toubro Infotech Ltd., two software divisions controlled by the Mumbai-based engineering giant, might explore share swap ratios for the merger as soon as next week, although the information isn't public. 

The conglomerate has a 61% share in the firm, which is valued at $8.3 billion, and a 74% stake in L&T Infotech, which is valued at $13.6 billion.

The two companies have nothing in common in terms of operations or clientele, so a merger would provide them with more pricing power and cheaper expenses. The merger is still being discussed, and the idea might be postponed or fall apart.

IPO Alert:

Senco Gold files IPO papers with Sebi for Rs 525 crore.

Senco Gold Ltd, a jeweller, has filed preliminary paperwork with the capital markets regulator SEBI to raise Rs 525 crore through an IPO. The IPO consists of a new issue of equity shares worth Rs 325 crore and an OFS of equity shares worth Rs 200 crore by the selling shareholder, SAIF Partners India IV Limited.

In addition, the business may pursue a pre-IPO equity share offering of up to Rs 65 crore. If such a placement is made, the size of the new issue will be lowered. The business intends to use Rs 240 crore of the net proceeds from the new issuance to meet working capital requirements, with the remaining funds going to general corporate purposes.

More To Know:

• On Sunday, India's daily domestic aviation passenger volume surpassed 4 lakh for the first time in two years.

• The high cost of 'fuel and power' as a result of the Russia-Ukraine conflict, as well as the cost of fundamental goods, propelled India's wholesale inflation to a four-month high in March 2022.

• On Monday, equity investors lost roughly Rs 2.5 trillion as the benchmark indexes plummeted.

• Varun Beverages' stock has been steadily climbing in recent sessions, owing to expectations of strong demand for cool drinks and beverages as summer approaches.

• Tata Group's stock plummeted after the firm reported that its subsidiary Tata Power Renewables had secured Rs 4,000 crore from a consortium led by BlackRock Real Assets, which included Mubadala Investment Company.