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Budget News

  • Sensex jumps 844 points; Go Fashion makes stellar debut
  • November 30,2021  10:31
  • Equity indices traded at the day's high with robust gains in morning trade. The Nifty scaled 17,300 mark. All the sectoral indices on the NSE traded in the green. IT, banks and financial stocks were in demand. Positive global cues and news reports indicating lower risk from the Omicron variant of COVID-19 boosted sentiment.

    At 10:29 IST, the barometer index, the S&P BSE Sensex, jumped 844.15 points or 1.47% at 58,102.79. The Nifty 50 index added 251.05 points or 1.47% at 17,305.

    In the broader market, the S&P BSE Mid-Cap index gained 2.09% while the S&P BSE Small-Cap index added 2.18%.

    The market breadth was strong. On the BSE, 2361 shares rose and 623 shares fell. A total of 121 shares were unchanged.

    Winter Session of Parliament:

    Parliament passed the Farm Laws Repeal Bill, 2021, with the Lok Sabha and the Rajya Sabha approving it on the first day of the Winter Session yesterday. The bill seeking to withdraw the three farm bills was moved in Lok Sabha by Agriculture Minister Narendra Singh Tomar amid ruckus by the Opposition. It was passed in the Lower House without discussion as Speaker Om Birla said debate is not possible in a noisy scene.

    The three Laws sought to be repealed include the Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Act, 2020, the Farmers' Produce Trade and Commerce (Promotion and Facilitation) Act, 2020 and the Essential Commodities (Amendment) Act, 2020.

    The Winter Session of Parliament began on Monday. It is scheduled to conclude on 23rd December. The Session will be spread over a period of 25 days and will have 19 sittings. Thirty-Six Bills and one financial item have been identified for being taken up during the Session.

    Economy:

    India's Q2 GDP numbers are slated for release later today, 30 November 2021.

    New Listing:

    Shares of Go Fashion (India) were currently trading at Rs 1277.95 on the BSE, at a premium of 85.21% as compared to the issue price of Rs 690. The scrip was listed at Rs 1316, representing a premium of 90.72% to the issue price. So far, the scrip has hit a high of 1341 and a low of 1210. Over 5.23 lakh shares of the company have changed hands in the counter till now. The initial public offer (IPO) of Go Fashion (India) was subscribed 135.46 times.

    The issue opened for bidding on Wednesday (17 November 2021) and it closed on Monday (22 November 2021). The price band of the IPO was fixed at Rs 655-690 per share. The IPO comprised fresh issue of upto Rs 125 crore and an offer for sale of upto 1,28,78,389 equity shares by selling shareholders.

    Go Fashion (India) proposes to utilize the net proceeds of the fresh issue towards roll out 120 new exclusive brand outlets, amounting to Rs 33.73 crore, funding working capital requirements amounting to Rs 61.39 crore and the balance in for general corporate purposes.

    Buzzing Index:

    The Nifty IT index added 1.51% to 35,398.30, rising for second trading session. The index added 2.29% in two days.

    Mindtree (up 3.57%), L&T Technology Services (up 2.59%), Tech Mahindra (up 2.24%), Mphasis (up 1.94%), L&T Infotech (up 1.73%) and Coforge (up 1.66%) were top gainers in IT space.

    Stocks in Spotlight:

    Reliance Capital hit a lower circuit of 5% at Rs 18.10 after the Reserve Bank of India superseded the company's board yesterday. In a statement issued on Monday (29 November 2021), the Reserve Bank said that it has superseded the board of directors of Reliance Capital (RCL) in view of the defaults by RCL in meeting the various payment obligations to its creditors and serious governance concerns which the board has not been able to address effectively. The Central Bank has appointed Nageswar Rao Y (ex-executive director, Bank of Maharashtra) as the administrator of the company.

    Deep Industries jumped 1.49% after the company received a letter of award from Oil and Natural Gas Corporation (ONGC) for hiring of CBM Gas Compression and CO2 removal facilities for a period of three years from GCS - Bokaro, CBM Asset, ONGC, Bakaro worth approx. Rs 67.99 crore.

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