April 28, 2022:

Sensex, Nifty and Bank Nifty are all bullish today!

• BSE Sensex is up by 710.6 points (+1.23%), a closing price of 57,521.06. 

• Nifty 50 rose by almost 206.65 points (+1.21%), closing price landed at 17,245.05.

• Bank Nifty gets a boost of 393.35 points (+1.09%), closing price at 36,422.20

Except for Nifty Media, all the other sectoral indices landed in the green today with Nifty IT, Oil & Gas and FMCG rising between 1 - 2% 

BSE midcap and smallcap indices gained 0.83% and 0.12% each.

Top Stocks On Encome.io Dashboard:

News Wrap:

Big News:

Vedanta Net Profit Falls By 5%

Vedanta Ltd's net profit for the March quarter dropped 5% to $7,261 crore, compared to $7,628 crore in the previous fiscal quarter. 

Meanwhile, revenue from operations increased by 41% to 39,342 crores during the year under review. In the same period the previous year, the figure was 27,874 crore.

Vedanta shares fell 0.35% on Thursday, closing at 411.20 per share on the NSE. For the fiscal year 2022-23, the Board has authorised the first Interim Dividend of $31.5 per equity share. 

In the fourth quarter, Vedanta reported its highest ever consolidated EBITDA of Rs 13,768 crore, up 51% year over year and 26% quarter over quarter. Despite increasing costs of production owing to raw commodity inflation, the gain was mostly attributable to increased sales volume, supporting commodity prices, and operational savings.

IPO News:

Everything you need to know about LIC’s IPO 

The insurance behemoth Life Insurance Corporation of India's Initial Public Offering (IPO) will open for subscriptions on May 4 and finish on May 9, with anchor investment beginning on May 2.

The issue size of this IPO is narrowed down to 21,008 Crores. Despite the shortened size, it will still be the largest IPO in India's history. The lot size will be 15 shares and the insurance company will be listed on NSE and BSE on 17th May 2022. 

LIC has agreed to set aside up to 10% of the proceeds from its much-anticipated initial public offering (IPO) for policyholders. Employees and retail investors would receive a reduced discount of Rs 45, while LIC policyholders will receive a discount of Rs 60 per share.

More to know:

• On Thursday, shares of TV18 and Network 18 Media & Investments plummeted by 17%.

• InterGlobe Aviation Ltd's IndiGo Airlines became the first airline in Asia to deploy the Localiser Performance with Vertical Guidance (LPV) approach.

• Mukesh Ambani, the Indian billionaire, is said to be contemplating a takeover attempt for the Boots high street business in the United Kingdom.

• ICICI Bank has announced the launch of a complete digital ecosystem for all Micro, Small and Medium Enterprises (MSMEs) in India.

• Gautam Adani and Mukesh Ambani, Asia's two wealthiest men, are doubling down on India's media business, escalating rivalry in a market where Netflix Inc. and Amazon.com Inc. are also battling for over a billion users.

• Bajaj Finance's stock fell more than 7% on Wednesday, despite the business reporting its highest-ever consolidated net profit for the quarter ended March.