News Wrap: LIC Ruled By Bears; Pradeep Phosphates IPO; Bharti Airtel's Quarterly Results Hikes Up; Prices Of Wheat Soars; Strong Bullish Market Today
May 17, 2022
Sensex and Nifty 50 are bullish today!
BSE Sensex gained 1,344.63 points (2.54%), a closing price of 54,318.47
Nifty 50 rose by 417.00 points (2.63%), closing price landed at 16,259.30
Bank Nifty hiked by 704.30 points (2.10%), a closing price of 34,301.90
All the sectoral indices were bullish today from the Nifty Media, Oil & Gas and Metal ranging between 3 - 6%
BSE midcap and smallcap indices both gained by 2.51% and 2.54% each.
Trending Stocks on Encome.io Dashboard
LIC Debuts At A Discount of 8% From The Issue Price
On Tuesday, the shares of insurance behemoth Life Insurance Corporation of India (LIC) launched on the stock markets at a discount of more than 8% from their issue price. On the BSE, the LIC script started at Rs 867.20 per share, down 8.62% from the issue price of Rs 949. It opened 8.11 per cent down at Rs 872.00 per share on the National Stock Exchange (NSE).
The LIC stock moved down during its debut session, reaching a high of Rs 920.00 on the BSE and Rs 918.95 on the NSE. The stock fell to Rs 860.10 on the BSE and Rs 860.00 on the NSE. It eventually finished at Rs 875.45 on the BSE, down Rs 73.55 (7.75%) from the issue price, and at Rs 873.00 on the NSE, down Rs 76 (8.01%). According to BSE statistics, the company's market capitalization was Rs 5,53,721.92 crore.
Pradeep Phosphates IPO Subscription On A Good Run
The subscription period for Paradeep Phosphates' Rs 1,501.73 crore initial public offering (IPO) began on Tuesday, May 17. The business plans to sell its shares for between Rs 39 and Rs 42 each.
For the nine months ending December 31, 2021, Paradeep Phosphates was the second-largest private-sector maker of non-urea fertilisers and Di-Ammonium Phosphate(DAP) in terms of volume sales. Under the brand names 'Jai Kisaan-Navratna' and 'Navratna,' the non-urea fertiliser factory, manufactures, trades, distributes and sells a variety of complicated fertilisers.
The primary offering comprises the issuing of new equity shares totalling Rs 1,004 crore, as well as a Rs 497.73 crore offer for sale (OFS) by existing shareholders and promoters.
More To Know:
On Tuesday, industry experts applauded the launch of the self-made 5G testbed by Prime Minister Narendra Modi
The Wholesale Price Index, which measures wholesale inflation in India, jumped to 15.08 per cent in April from 14.55 per cent in March, according to government statistics.
With a $3 billion investment, Andhra Pradesh's Kurnool area would be home to the world's largest Integrated Renewable Energy Storage Project (IRESP).
Wheat prices rose after India banned exports, putting upward pressure on food costs as global supply shortages roiled international markets.
Bharti Airtel reported quarterly sales of Rs 31,500 crore in Q4FY22, rising 22.3 per cent from the previous quarter.