News Wrap: Recovery In Paytm Stock; LIC IPO Approval By SEBI; Colgate-Palmolive, Sun Mobility New CEOs; India’s FY23 GDP Growth & More…
March 10, 2022
Sensex, Nifty and Bank Nifty shade themselves green today!
BSE Sensex is up by 817.06 points (+1.50%), closing price at 55,464.39.
Nifty 50 rises up by almost 250 points (+1.53%), price touches 16,500.
Bank Nifty gets a boost of 660.15 points (+1.95%), price landed at 34,475.60
Except for Nifty IT, all the sectoral indices closed in the green territory, with Nifty Metal, Consumer Durable, FMCG rising 2-3%.
BSE midcap and smallcap indices gained 1.06% and 1.18% each.
Trending Stocks On Encome.io Dashboard:
Paytm Recovers 9% From Historical Low In Only 2 Days, Time To Buy?
The stock finally reversed the downtrend and bounced back around 5% just today. The stock opened at 765.0 and closed approximately at 775.6. Its intraday high is 795.25 which is 9% higher than its lifetime low.
The experts seem to believe that the market will have a breakthrough because of the Russia-Ukraine talks and the success of BJP in Uttar Pradesh and several other states, the price of this stock will tend to reach around 900 in near future. If you are a long-term investor then you might want to wait for a breakout around 1100 for a boost and good successful returns.
LIC IPO Has Been Approved By SEBI
Indian statutory insurance and investment corporation, Life Insurance Corporation (LIC) receives a green signal from SEBI in order to raise funds through a starting share scale.
According to a draft red herring prospectus filed with Sebi, the government plans to offer around 31 crore LIC equity shares. Anchor investors would get a part of the share sale. Besides, policyholders would be given up to 10% of the LIC IPO offering size. The face value of each share is equal to Rs 10.
The LIC public offering will be the largest in Indian stock market history. When LIC gets listed, its market value will be equivalent to that of leading firms like Reliance Industries, Infosys, HUL and TCS.
More to know:
Rating agency Crisil estimates India’s gross domestic product (GDP) growth to come in at 7.8% in FY23.
EV infrastructure provider SUN Mobility appointed NIT Durgapur and INSEAD France alumnus Anant Badjatya as the CEO for its India business.
Domestic cloud kitchen company Curefoods acquired a major stake in the leading milkshake brand, Frozen Bottle.
Sony's gaming unit Sony Interactive Entertainment announced to halt hardware shipments and software launches in Russia.
Japanese brand Uniqlo decided to suspend operations in Russia, days after it announced it would keep its stores open in Russia.
The Competition Commission of India (CCI) okayed the acquisition of Prione Business Services by e-commerce firm Amazon.
Colgate-Palmolive (India) appointed Prabha Narasimhan, a former Hindustan Unilever (HUL) executive as its new CEO and MD.
According to reports, Ashish Chauhan, the CEO of Bombay Stock Exchange (BSE) may apply for the post of MD and CEO at the National Stock Exchange (NSE) as NSE CEO Vikram Limaye is not willing to contest for the second term.