Sensex Ends 125 Points Higher; M&M and Tech Mahindra Among Top Nifty Gainers

Mon, 9 Aug Closing

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Indian share markets witnessed volatile trading activity throughout the day today and ended higher.

Benchmark indices pared morning gains and ended mildly higher in today's session as commodity prices nosedived amid stronger dollar and on concerns over spread of Covid-19.

At the closing bell, the BSE Sensex stood higher by 125 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 20 points (up 0.1%).

M&M and Tech Mahindra were among the top gainers today.

Tata Consumer Products and Coal India, on the other hand, were among the top losers today.

The SGX Nifty was trading at 16,273, up by 4 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended down by 1.1% and 0.7%, respectively.

Sectoral indices ended on a mixed note with stocks in the banking sector, IT sector and finance sector witnessing most of the buying interest.

Metal stocks, on the other hand, witnessed selling pressure.

Shares of Tata Chemicals and Laurus Labs and hit their respective 52-week highs today.

Asian stock markets ended on a positive note today.

The Hang Seng and the Shanghai Composite ended the day up by 0.4% and 1.1%, respectively.

US stock futures are trading on a negative note today with the Dow Futures trading down by 80 points.

The rupee is trading at 74.26 against the US$.

Gold prices for the latest contract on MCX are trading down by 1% at Rs 46,167 per 10 grams.

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IDBI Bank Sale: Seven Firms in Race for Transaction Advisor

In news from the banking sector, IDBI Bank was among the top buzzing stocks today.

As many as seven firms, including JM Financial, Ernst & Young, and Deloitte, have bid for managing the strategic sale of IDBI Bank.

These firms would make a virtual presentation before the department of investment and public asset management (DIPAM), which is handling the sale process.

The companies that have bid for acting as transaction advisor are Deloitte Touche Tohmatsu India limited liability partnership (LLP), Ernst & Young LLP, ICICI Securities, JM Financial, KPMG, RBSA Capital Advisors LLP and SBI Capital Markets.

DIPAM would appoint one transaction advisor for the strategic sale of IDBI Bank, in which the central government and LIC together own more than 94%.

LIC, currently having management control, has a 49.2% stake, while the government holds 45.5% in the bank. Non-promoter shareholding stands at 5.3%.

The exact quantum of stake dilution would be decided later.

The government in June invited bids from reputed professional consulting firms, investment bankers, merchant bankers, financial institutions, for facilitating or assisting DIPAM in the process of strategic disinvestment of IDBI Bank, along with transfer of management control, till completion of the transaction.

IDBI Bank share price ended the day up by 2.5% on the BSE.

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Moving on to news from the IPO space...

Rolex Rings Shares Make a Strong Market Debut

Auto components maker Rolex Rings made its stock market debut today with its shares listing at Rs 1,250 per share on the NSE, surging nearly 39% premium over its issue price of Rs 900 per share.

On BSE, the stock of the auto parts and equipment company opened at Rs 1,249 per share.

Rolex Rings initial public offer (IPO), that had opened for subscription on 28 July 2021 and closed on 30 July 2021, was subscribed 130.4 times on its final day of the bidding.

The company's price band was fixed at Rs 880-900 per share.

Proceeds from the fresh issue would be used towards funding long-term working capital requirements as well as general corporate purposes.

Rolex Rings, based in Gujarat, is one of the top five forging companies in India in terms of installed capacity and a manufacturer and global supplier of hot rolled forged and machined bearing rings, and automotive components.

It supplies bearing rings and automotive components to over 60 customers in 17 countries primarily located in India, USA, Thailand and European countries.

Rolex Rings share price ended the day down by 6.3% from its listing price of Rs 1,249 on the BSE.

How the stock performs going ahead remains to be seen. Meanwhile, stay tuned for more updates from this space.

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

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