Current Market Situation
The barometer index, the S&P BSE Sensex, dropped 680.47 points or 1.12% at 60,074.39. The Nifty 50 index lost 199.55 points or 1.1% at 17,913.05.
In the broader market, the S&P BSE Mid-Cap index lost 0.82% while the S&P BSE Small-Cap index fell 0.4%.
The market breadth was negative. On the BSE, 1,289 shares rose and 2,040 shares fell. A total of 106 shares were unchanged.
Gainers & Losers:
ONGC (up 3.2%), Coal India (up 1.15%), Bajaj Auto (up 1.1%) and Tata Motors (up 0.82%) were top gainers in Nifty 50 index.
Adani Ports & Special Economic Zone (down 3.36%), Asian Paints (down 2.83%), Shree Cement (down 2.78%), Grasim Industries (down 2.76%) and JSW Steel (down 2.7%) were top losers in Nifty 50 index.
IPO Updates:
The initial public offer (IPO) of AGS Transact Technologies received bids for over 1.89 crore shares as against 2.86 crore shares on offer, according to stock exchange data at 12:51 IST on Wednesday, (19 January 2022). The issue was subscribed 66%.
The issue opened for bidding on 19 January 2022 and it will close on 21 January 2022. The price band of the IPO is fixed at Rs 166-175. An investor can bid for a minimum of 85 equity shares and in multiples thereof. The IPO comprises an offer for sale aggregating up to Rs 680 crore.
Stocks in Spotlight:
Bajaj Finance fell 2.74%. The NBFC posted an 85% jump in consolidated net profit to Rs 2,125.2 crore on a 28% increase in total income to Rs 8,535.06 crore in Q3 FY22 over Q3 FY21. The NBFC's consolidated profit before tax rose 84% to Rs 2,868 crore in Q3 FY22 from Rs 1,555 crore posted in Q3 FY21. Net Interest Income (NII) for Q3 FY22 increased by 40% to Rs 6,000 crore as against Rs 4,296 crore in Q3 FY21. Interest income reversal for the quarter was Rs 241 crore as compared to Rs 450 crore in Q3 FY21.
Mahindra & Mahindra (M&M) rose 0.01%. The company today announced a strategic partnership with Hero Electric to cater to the ever-growing demand for EVs in the country. As part of the partnership, Mahindra Group will manufacture Hero Electric's most popular electric bikes Optima & NYX at their Pitampur plant to meet the growing demands of the market. With this collaboration along with the expansion of their existing Ludhiana facility, Hero will be able to meet its demand of manufacturing over 1 million EVs per year by 2022.
ICICI Prudential Life Insurance Company fell 5.4%. On a consolidated basis, ICICI Prudential Life Insurance Company's net profit rose 2.53% to Rs 312 crore in Q3 FY22 over Q3 FY21. While the company's net premium income rose 1.15% to Rs 9,073.97 crore, net income from investments slumped 96.18% to Rs 737 crore in Q3 FY22 over Q3 FY21. Value of New Business (VNB) for 9M-FY2022 was Rs 1388 crore, a growth of 34.8% over 9M-FY2021. With an APE of Rs 5125 crore for the 9M-FY2022, VNB margin was 27.1% for 9M-FY2022 as compared to 25.1% for FY2021. VNB is used to measure profitability of the new business written in a period.
Shares of Paytm declined 3.93% to Rs 1,001.55. The stock hit an all-time record low of Rs 990 in intraday today. The stock entered the bourses on 18 November 2021. It was listed at Rs 1955, a discount of 9.07% compared with the initial public offer (IPO) price of Rs 2150. The counter has declined nearly 53.4% from its IPO price.
The IPO of Paytm was subscribed 1.89 times. The issue opened for bidding on 8 November and it closed on 10 November. The price band of the IPO was fixed at Rs 2080 to Rs 2150 per share.
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