News Wrap: Sensex Hikes Up By 4%; Uma Exports IPO Alert; RBI To Prioritize Growth; Current Price Of Petrol; Success Of Ola Electric
March 19, 2022:
Trending Stocks On Encome.io Dashboard:
Sensex Index Surges Up By 4% In A Truncated Week
When the Sensex rises by 4% in a truncated week then it’s time to celebrate with the hope of a bullish trend! After a few volatile weeks, this week brought fortune as the prices of crude oil are diminishing. By the end of the week, Sensex rose by 4.16% and Nifty was up by 3.94%
All sectors indexes closed in the green, with the Nifty Auto, Bank and Realty rising between 4 - 5%. While Nifty large-cap was rising by 4%, BSE Smallcap and Midcap were on a roll as well. Both smallcap as well as midcap rose 2% each. The reason for the market being so bullish is the lowering prices of crude oil and other commodities.
Uma Exports Targeting IPO At Rs. 60 Crores
The Initial Public Offering off Uma Exports, which trades and markets agricultural products and commodities will take place between March 28 to March 30. The company plans to get listed on April 7th.
Uma Exports, which filed draught papers in September 2021, aims to raise Rs 60 crore through the IPO, with Rs 50 crore going toward working capital. The entire sanctioned ceiling for working capital facilities was Rs 85 crore as of March 2021.
Sugar, spices like dried red chillies, turmeric, coriander, foodgrains like rice, wheat, corn, sorghum and agricultural feed like soybean meal and rice bran de-oiled cake are among the products traded and marketed by the firm. The total income of the company stood at 750 Crores for fiscal year ‘21.
More To Know:
Tamil Nadu's agriculture and farmers welfare minister, said that the government will give each of 200 youngsters Rs 1 lakh to establish an agro-business.
In its April 2022 policy meeting, the Reserve Bank of India (RBI) is expected to prioritise growth above inflationary concerns.
The CBI charged a former J&K Bank chairman and 18 others on Friday with causing the bank to lose Rs 800 crore by providing loans in contravention of established rules.
In Mumbai, the price of petrol currently is Rs 109.98 a litre, and diesel Rs. 94.14 a litre.
Bitgert has maintained a significant presence in the cryptocurrency market. Even while the crypto markets were collapsing, Bitgert continued to develop at a rapid pace.
Ola Electric has climbed into the top five list of electric two-wheeler manufacturers in just a few months after it began deliveries.