News wrap: Pharma Stocks Gain; SEBI On IPO Valuations; Andhra Pradesh FY23 Budget; Free Trade Agreement & More…
March 11, 2022
Sensex, Nifty and Bank Nifty closed with green today!
BSE Sensex is up by 85.9 points (+0.15%), closing price of 55,550.30.
Nifty 50 rose by almost 35.6 points (+0.21%), closing price landed at 16,630.50.
Bank Nifty gets a boost of 70.70 points (+0.21%), closing price at 34,546.30
Except for Nifty IT, Media and auto all the sectoral indices turned out to be green, with Nifty Pharma and Healthcare Index rising almost 3%.
BSE midcap and smallcap indices gained 0.45% and 0.90% each.
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Pharma Stocks Outperforming Themselves In This High Volatility Market
Nifty Pharma is up by 322 points (2.46%) in today’s market. All the pharma and healthcare stocks have outshined themselves today. From stocks like Cipla, Sun Pharma to Dr Reddy and Aurobindo Pharma, all the stocks range between 1-5% of growth.
Amongst all the stocks, Cipla was the top gainer for today. The stock is up by almost 6%. Followed by Sun Pharma which is up by 3.73%. Not only Pharma but Healthcare stocks too were on a big hit today. Healthcare stocks like Aster DM Healthcare and Fortis Healthcare gained from 1-3%.
India's IPO Valuations Are Being Examined Rigorously
According to Reuters, India has increased examination of IPO-bound businesses by scrutinising how key internal business measures are used to arrive at values, which has alarmed bankers and corporations concerned about listing delays.
After the failure of SoftBank-backed payments startup Paytm's $2.5 billion IPO in November, which raised criticism of inadequate monitoring of how loss-making firms price issues at what some argue are exorbitant values, India has stepped up its efforts.
Last month, the Securities and Exchange Board of India (SEBI) expressed worry in suggesting tougher disclosures, claiming that more and more new-age IT businesses were applying for IPOs, and traditional financial disclosures "may not assist investors."
More To Know:
According to a recent analysis released, India's e-health sector is expected to reach $9-12 billion in GMV by 2025 and $40 billion by 2030.
Andhra Pradesh Finance Minister Buggana Rajendernath presented the budget for the fiscal year 2022-23, with a budget of Rs 2,56,257 crore, up 11.50% from the previous year.
With the likelihood of a Free Trade Agreement between the two nations in the coming months, India and Australia are experiencing exciting times.
The Competition Commission of India (CCI) has authorised HSBC Asset Management's purchase of L&T Investment Management on a 100% share capital basis.
Due to the current Russian-Ukrainian crisis, commodity costs have risen, putting pressure on India's industrial sector.
The Reserve Bank of India (RBI) ordered Paytm Payments Bank to suspend onboarding new clients
Renault India has given discounts on its whole vehicle range of up to Rs. 1.30 lakh.