May 27, 2022

Sensex and Nifty 50 are bullish today!

• BSE Sensex gained 632.13 points (1.17%), a closing price of 54,884.66

• Nifty 50 rose by 182.3 points (1.13%), closing price landed at 16,352.45

• Bank Nifty hiked by 518.4 points (1.48%), a closing price of 35,613.30

Except for Nifty Oil & Gas, all the sectoral indices were bullish today from the Nifty Media, IT and Media ranging between 1 - 2%

BSE midcap and smallcap indices both gained by 1.69% and 1.20% each.

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News Wrap:

Big News:

Nykaa Falls By 49% Net Profit At Rs 8.56 Crores

Nykaa, an Indian beauty good online, announced a 49% drop in quarterly net profit on Friday, owing to rising expenditures and sluggish demand for its personal care and fashion products.

Nykaa's parent firm, FSN E-Commerce Ventures Ltd, has recorded severe profit declines in each of the three quarters since going public, owing to its attempts to double focus on promoting the brand as it emerges from the epidemic.

Due to the pandemic, the cosmetics-to-fashion platform, led by Falguni Nayar, stated its marketing expenditures in 2020 were unusually low since it did not invest as much on promotion. Total costs for the fourth quarter ended March 31, however, increased to Rs 979 crore from Rs 725 crore the previous year.

According to a regulatory filing, the company's consolidated net profit decreased to Rs 8.56 crore ($1.10 million) from Rs 16.88 crore a year ago.

Pradeep Phosphates Rises By 4.5% On Its Market Debut

On Friday, shares of Paradeep Phosphates made their stock market debut, trading at 44 on the NSE, a premium of more than 4% over the IPO issue price of 42 per share. Paradeep Phosphates shares began trading at 43.5 on the BSE.

On the last day of its subscription period, Paradeep Phosphates' initial public offering (IPO) was subscribed 1.75 times. Bids for 47,02,00,150 shares were received, compared to 26,86,76,858 shares on offer. 

There was a fresh issuance worth up to 1,004 crores and an offer for sale (OFS) of up to 11,85,07,493 equity shares in the public offering. The offer's price range was 39-42 per share. Prior to its share sale, Paradeep Phosphates secured a little over 450 crores from anchor investors.

More To Know:

• Manish Maheshwari, the founder of Invact Metaversity, an online platform for education and Web3.0, stated on Friday that he is quitting the company to "pursue other possibilities."

• SankhyaSutra Labs, a Bengaluru-based subsidiary of Jio Platforms that creates high-fidelity multi-physics and aerodynamics simulation software, debuted its products and solutions at the 'Drone Festival of India 2022' on Friday.

• The Delhi High Court granted Avantha Group promoter Gautam Thapar interim bail for eight weeks. Thapar was detained in connection with the embezzlement of a Rs 515 crore loan from Yes Bank.

• According to a top corporate executive, India Cements Ltd would monetize part of its land to pay off debt and fund capital investment.

• At the World Economic Forum (WEF), Karnataka Chief Minister Basavaraj Bommai asserted that his state is at the forefront of luring investment.

• JB Chemicals and Pharmaceuticals Limited, India's fastest-growing pharmaceuticals firm, has rebranded as JB while maintaining its basic principle of "Excellent people for good health."