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The barometer indices rallied during mid-morning trade, buoyed by strong demand in auto, financial services and bank scrips. The Nifty traded 17,450 mark.
The barometer index, the S&P BSE Sensex rose 520.52 points or 0.90% at 58,464.17. The Nifty 50 index gained 137.50 points or 0.79% at 17,462.80.
The S&P BSE Mid-Cap index added 0.72%. The S&P BSE Small-Cap index rose 1.22%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, shares 2,326 rose and 776 shares fell. A total of 104 shares were unchanged.
Economy:
Domestic ratings agency ICRA, on Tuesday, slashed India's FY23 real GDP growth estimate by 0.8% to 7.2%, primarily driven by the fallout of Russian invasion of Ukraine.
Buzzing Index:
The Nifty Auto index rose 1.63% to 10,585.95. The index lost 0.05% in the past trading session.
Hero MotoCorp (up 2.73%), Maruti Suzuki India (up 2.22%), Mahindra & Mahindra (M&M) (up 2.15%), TVS Motor Company (up 2.02%) and Bharat Forge (up 1.80%) were the top gainers in the Auto segment.
Stocks in Spotlight:
Tata Consumer Products jumped 4.39% while Tata Coffee soared 11.72%. Tata Consumer Products (TCPL) on Tuesday announced the merger of all businesses of Tata Coffee with itself as part of a reorganisation plan in line with its strategic priority of unlocking synergies and efficiencies. The plantation business of Tata Coffee (TCL) will demerge into TCPL's wholly-owned arm TCPL Beverages & Foods (TBFL). The remaining business of TCL, consisting of its extraction and branded coffee business, will be merged with TCPL, the company said in a statement.
The demerger will happen as the first step and the merger will happen as the immediate second step, both being proposed through a composite scheme of arrangement. On effectiveness of the scheme, the shareholders of TCL (other than TCPL) as on the record date will receive an aggregate of 3 equity shares of TCPL for every 10 equity shares held by them in TCL. This will be carried out through the issuance of 1 equity share of TCPL for every 22 equity shares of TCL in consideration for the demerger. For the merger, 14 equity shares of TCPL will be issued for every 55 equity shares of TCL.
Rail Vikas Nigam gained 0.60%. The company announced that it has entered into a Memorandum of Understanding with Jaykaycem (Central) for the construction of new railway line in Madhya Pradesh. The EPC company said it entered into a Memorandum of Understanding with Jaykaycem (central), a wholly owned subsidiary of J. K. Cement, for development of new railway line between Devendra Nagar and Puraina in West Central Railway in Madhya Pradesh through SPV mode. The length of the railway line is approximately 50 kilometers.
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