Sensex Today Rises 300 Points | IndiGo Shares Fall 5% Post Block Deal | IT and Metal Stocks Rally

Thu, 16 Feb 10:30 am

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Asian share markets rose today after US shares rallied overnight as investors weighed fresh data that indicated Federal Reserve tightening ahead.

The Nikkei is up 0.7% while the Hang Seng is trading higher by 2.3%. The Shanghai Composite is up by 0.8%.

Wall Street's three major indices closed higher on Wednesday and the dollar rose along with US Treasury yields after US retail sales data for January 2023 rose by the most in nearly two years, suggesting a resilient economy while fueling concerns about further interest rate hikes.

The Dow Jones ended 0.1% higher while the tech heavy Nasdaq Composite ended higher by 0.8%.

Here's a table showing how US stocks performed yesterday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	97.1	2.15	2.26%	97.34	94.36	144.16	83.45
Apple	155.33	2.13	1.39%	155.5	152.88	179.61	124.17
Meta	177.16	-2.32	-1.29%	178.19	175.33	236.86	88.09
Tesla	214.24	4.99	2.38%	214.66	206.11	384.29	101.81
Netflix	361.42	1.46	0.41%	362.88	354.24	402.87	162.71
Amazon	101.16	1.46	1.46%	101.17	98.45	170.83	81.43
Microsoft	269.32	-2.17	-0.80%	270.73	266.18	315.95	213.43
Dow Jones	34,128.05	38.78	0.11%	34,130.49	33,833.10	35,492.22	28,660.94
Nasdaq	12,687.69	97.01	0.77%	12,689.34	12,486.42	15,265.42	10,440.64

Source: Equitymaster

Back home, Indian share markets are trading on a positive note tracking the trend on SGX Nifty.

At present, the BSE Sensex is trading higher by 340 points. Meanwhile, the NSE Nifty is trading higher by 97 points.

Tech Mahindra and TCS are among the top gainers today.

Maruti Suzuki and HUL are among the top losers today.

Broader markets are trading on a positive note. Both the BSE Mid Cap and the BSE Small Cap index are up 0.7%.

Sectoral indices are trading on a positive note. Stocks in the IT sector, realty sector, and oil and gas sector witness buying.

Shares of Persistent Systems and Siemens hit their 52 week high today.

The rupee is trading at Rs 82.64 against the US dollar.

In the commodity markets, gold prices trade higher by Rs 53 at Rs 56,179 per 10 grams.

Meanwhile, silver prices are trading lower by 0.4% at Rs 65,720 per 1 kg.

Speaking of stock markets, Vetri Subramaniam shares his thoughts on how to pick stocks and build a portfolio, in the latest episode of Investor Hour podcast.

In the podcast, he discusses about position sizing in length. And a bit more about how to detect fraud in a company.

Tune in to the below video to find out more:

Adani Power's deal with DB Power

Adani Power's planned Rs 70.2 billion (bn) (about Rs 7,017 crore) acquisition of thermal power assets of DB Power has collapsed as the deadline to complete the transaction expired. The agreement to acquire the company was announced in August 2022.

By announcing the expiry of the long stop date, the power sector arm of the Adani Group has virtually called off the acquisition deal.

The date to complete the process of acquisition of DB Power was extended four times after the initial deal was signed in August 2022.

This development comes at a time when US-based short seller Hindenburg Research has accused Adani Group companies of improper use of offshore tax havens and stock manipulation. The conglomerate has denied any wrongdoing.

Earlier in August 2022, Adani Power had informed the bourses that it has agreed to acquire DB Power, which owns and operates a running 2x600 MW thermal power plant at district Janjgir Champa in Chhattisgarh.

DB Power has long and medium-term power purchase agreements for 923.5 MW of its capacity, backed by fuel supply agreements with Coal India, and has been operating its facilities profitably.

Speaking of Adani Power, the multibagger stock of 2022 has corrected a fair amount from its peak. In 2023 so far, Adani Power share price is down over 50%.

How this pans out remains to be seen. Meanwhile, check out the below articles to stay updated on the latest developments of Adani group:

• The 5 Most Overvalued Stocks in India. Will These Companies Crash in 2023?
• Adani Group Stocks: Should You Catch These Falling Knives?
• The Adani Group Stocks Selloff - 10 Things You Need to Know
• The Adani Correction: An Opportunity of a Lifetime?
• What Should You Think About Aswath Damodaran's View on Adani Enterprises?
• Say NO to High PE Stocks like Adani

IndiGo promoter stake stake

According to reports, Shobha Gangwal, the wife of IndiGo co-promoter Rakesh Gangwal, will sell shares amounting to 4% stake in the aviation company via a block deal today, 16 February 2023 2023.

The block deal, as per the report, has been launched for 15.6 m shares. The total deal size is of Rs 29.3 bn.

The maximum discount will be up to 5.6% of the current market price, the sources added, further noting that the floor price has been set at Rs 1,875 per share.

Reportedly, Goldman Sachs is the banker assigned to broker the block deal. There will be a 150-day lock-up period post-block deal for the investors.

As per IndiGo's latest shareholding pattern, IndiGo's promoter and promoter group presently hold a total of 71.9% stake in the company.

In September, Gangwal and his wife had offloaded a 2.7% stake in InterGlobe Aviation, the parent firm of IndiGo, for Rs 20.1 bn through open market transactions.

The block deal comes days after the company reported a 1,000% surge in net profit during the third quarter of financial year 2022-23.

PTC Industries enters into an agreement with Hindustan Aeronautics

PTC Industries (PTC), a manufacturer of high-quality high-precision metal components for various critical and super-critical applications, and Hindustan Aeronautics - SED (HAL SED), a defence public sector undertaking (DPSU) under ministry of defence, government of India.

HAL SED is global leader in the aerospace and defence sector with expertise in design, development, production, upgradation and life time product support of aircraft, aero-engines and its systems.

The companies signed a memorandum of understanding (MoU) on Wednesday to explore opportunities for mutual cooperation and business development for indigenisation of aviation grade raw materials, components, sub-systems and systems of Aero-Engines of Russian origin aircraft in the presence of the honourable defence minister, Rajnath Singh at the Bandhan Ceremony held at Aero India 2023 in Bengaluru, Karnataka.

This partnership will be a huge step towards reducing India's dependence for materials, components and spares for various platforms and equipment of Russian origin and support the creation of a true indigenous manufacturing ecosystem for building an Aatmanibhar Bharat.

Speaking of defence sector, here are the top 5 defence companies in India by growth.

Time Technoplast receives largest order

Time Technoplast received single-largest order worth Rs 1.3 bn (about Rs 134 crore) from Maharashtra Natural Gas for supply of CNG Cascades made from Type - IV Composite Cylinders, company said in its press release.

The supply of the order will be completed within one year from the date of purchase order.

The buyer reserves the right to place a repeat order within six months of upto 50% of present purchase order value on the same terms and conditions (including rates).

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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