Sensex rises 300 points, Dow Futures down 32 points
Premium- Benchmark BSE Sensex rose 312 points, while the NSE Nifty was 80 points higher.
Share markets in India traded on a strong note on Tuesday. The BSE Sensex is trading up by 312 points, up 0.6%, at 54,714 levels, while the NSE Nifty is trading up by 80 points
Bharti Airtel and Tech Mahindra are among the top gainers today. Shree Cement and Power Grid Corporation of India are among the top losers today.
The BSE Mid Cap index is trading up by 0.1%. The BSE Small Cap index is trading down by 0.4%.
On the sectoral front, stocks from the real estate sector are witnessing most of the selling pressure. On the other hand, stocks from the telecom sector are witnessing most of the buying interest.
US stock futures are trading lower today, indicating a negative opening for Wall Street.
Nasdaq Futures are trading down by 8 points (down 0.1%) while Dow Futures are trading down by 32 points (down 0.1%)
The rupee is trading at 74.22 against the US$.
Gold prices are trading down 0.9% at ₹46,245 per 10 grams.
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Gold prices edged higher in Indian markets today after a sharp selloff in the previous two sessions. Gold edged 0.4% higher to ₹46,065 per 10 grams.
In global markets, gold prices struggled near multi-month lows, weighed down by a rise in US bond yields and a stronger dollar after robust US jobs data last week raised bets over the Federal Reserve tapering stimulus earlier than expected.
Spot gold was flat at US$ 1,730.5 per ounce. The dollar index was near a two-week high, making gold more expensive for holders of other currencies.
Moving on to stock-specific news
Among the buzzing stocks today is Reliance.
Reliance New Energy Solar (RNESL), a wholly-owned subsidiary of Reliance Industries (RIL), has started off the group’s new energy plans with an acquisition.
Along with Paulson & Co. Inc and Bill Gates, and a few other investors, it has announced an investment of US$ 144 m in Ambri Inc, an energy storage company based in Massachusetts, US.
The investment will help the company commercialise and grow its long-duration energy storage systems' business globally, RIL said in a statement.
RNESL will invest US$ 50 m to acquire 42.3 m shares of preferred stock in Ambri.
Based on patented technology and designed to last between 4-24 hours, Ambri’s long-duration energy storage systems will break through the cost, longevity and safety barriers associated with lithium-ion batteries used in grid-scale stationary storage applications.
They will enable a crucial energy storage solution capable of supporting the increasing amounts of renewable energy being integrated into electric power grids.
RNESL and Ambri are also in discussions for an exclusive collaboration to set up a large-scale battery manufacturing facility in India, which could add scale and further bring down costs for Reliance’s green energy initiative.
We will keep you posted on more updates from this space. Stay tuned.
At the time of writing, Reliance shares were trading up by 1% on the BSE.
Speaking of stocks, here is an illustration of the four phases that a stock goes through during its life cycle. The cycle repeats itself after the stock goes through all these for stages.
View Full Image
This cycle defines everything in markets. If you can master this cycle, then nothing can stop you from making huge profits.
Moving on to news from the IPO space:
Chemplast Sanmar Mobilises ₹17.3 bn from Anchor Investors Ahead of IPO
Specialty chemicals manufacturer Chemplast Sanmar on 9 August 2021 garnered ₹17.3 bn from anchor investors ahead of its initial public offering (IPO) opening.
The company in consultation with book running lead managers and shareholders finalised an allocation of 32 m equity shares to anchor investors at ₹541 per share.
Some of the marquee investors which participated in the anchor book were Abu Dhabi Investment Authority, CLSA, Goldman Sachs, Nomura, and Societe Generale.
Domestic investors including SBI Mutual Fund, Axis Mutual Fund and Edelweiss also invested in the company.
The company’s IPO opens today with a price band of ₹530-541 per equity share. It will close on 12 August 2021.
Chemplast Sanmar aims to raise ₹38.5 bn through its public offer. The IPO comprises a fresh issue of ₹13 bn by the company, and an offer for sale of ₹24.6 bn by promoters, Sanmar Holdings and Sanmar Engineering Services.
The net proceeds from the fresh issue will be utilised for early redemption of non-convertible debentures ( ₹12.4 bn), besides general corporate purposes.
Chemplast is a specialty chemicals manufacturer in India with a focus on specialty paste PVC (polyvinyl chloride) resin and custom manufacturing of starting materials and intermediates for the pharmaceutical, agro-chemical and fine chemicals sector.
How the IPO sails through remains to be seen. Meanwhile, stay tuned for more updates from this space.
(This article is syndicated from Equitymaster.com)
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