February 21, 2022:

Indian benchmark indices Sensex and Nifty50 shed blood in today’s trade. 

• The 30-Scrip BSE Sensex ended 149.38 or 0.26% lower at 57,683.59.

• The NSE Nifty plunged 69.65 or 0.40% to close at 17,206.65. 

Except for bank, financial services, all other sectoral indices shed blood with capital goods, FMCG, metal, oil & gas, pharma, power, realty plunging 1-2 percent.

BSE midcap plunged 0.80%, and BSE smallcap fell 2.2%.

Top Stocks On Encome.io Dashboard:

News Wrap: 

IPO Alert: Pharmeasy Parent- API Holdings Gets SEBI Approval For Rs 6,250 Cr Worth IPO

API Holdings, the parent company of the online pharmacy store PharmEasy, said that SEBI has given the nod to raise Rs 6,250 crore via an initial public offering (IPO).

API Holdings had filed DRHP papers with SEBI in November last year. 

PharmEasy IPO consists of equity shares of Rs 6,250 crore. 

The IPO proceeds to the tune of Rs 1,929 crore will be used to repay or prepay borrowings. 

Proceeds aggregating to Rs 1,259 crore will be allocated to fund organic growth initiatives. 

Proceeds worth Rs 1,500 crore will be utilized in inorganic growth opportunities through acquisitions and other strategic initiatives.

The company said it will consider private placement amounting to up to Rs 1,250 crore. If such placement pans out successfully, then there is a possibility that the fresh issue size will be trimmed.

Naspers, Temasek Holdings, TPG Growth, CDPQ, Bessemer, B Capital and others are the key investors in API Holdings. The founders and the investors are not offering their share for sale in the IPO.  

Citigroup Global Markets India, JM Financial Ltd, Kotak Mahindra Capital, Morgan Stanley India and BoFA Securities India are the book-runners for the IPO.  

Big News: 

ED Conducts Raids At India Bulls Finance Center In Connection With Money Laundering Case

The Enforcement Directorate (ED) conducted raids at the offices of India Bulls Finance Center in Mumbai and Delhi in the Prevention of Money Laundering case filed against the company and its promoter Sameer Gehlaut in April 2021.

The ED officials had sketched the plan for Monday's raid on Sunday. Separate teams were made to recover a few incriminating documents.

A complaint against the firm and its promoter had already been filed in Palghar, Maharashtra. The real estate business allegedly obtained a loan from IndiaBulls and then invested in India Bulls housing shares, according to the FIR. The corporation had enhanced the value of its stock, and the proceeds were eventually diverted to other organizations.

The ED was barred from pursuing coercive action against the corporation by the Delhi High Court.

More To Know: 

• Singapore Based Online Travel Marketplace Wego To Acquire Cleartrip's Middle East Business From Flipkart.

• Bharti Airtel has become a part of the 'SEA-ME-WE-6' undersea cable consortium to scale up high-speed global network capacity to serve India’s fast-growing digital economy. Airtel will pour 20% of the overall investment in the cable system, which will go live in 2025.

• SEBI approves CMR Green Technologies Limited and Wellness Forever Medicare Limited IPO.

• Foreign portfolio investors (FPIs)pulled out a net Rs 18,856 crore from the Indian markets in February in the middle of an ongoing tiff between Ukraine and Russia and in anticipation of a rate hike by the US Federal Reserve. 

  As per depositories data, overseas investors withdrew Rs 15,342 crore from equities and Rs 3,629 crore from the bonds market in the period between Feb 1 to 18. At the same time, they invested Rs 115 crore in hybrid instruments.

• Hinduja Global Solutions (HGS) announced that its UK arm has received a contract worth Rs 2,100 crore from UK Health Security Agency (UKHSA) to provide critical customer support to UK citizens for an initial period of two years.