Minda Corporation tumbled 4.58% while Pricol dropped 4.44%

Indian Markets:

• Nifty 50 Movement: Indices closed below 17950 mark.
• Negative global cues triggered profit booking in domestic markets. Investors were worried about rising inflation, US bond yields and dollar index.
• On the sectoral front, Nifty Bank, information technology, PSU bank, metal and pharma down 1 percent each. Selling was also seen in the auto and FMCG names

Global Markets:

• The Dow Jones index futures were down 158 points, indicating a negative opening in the US stocks today.
• Shares in Europe and Asia tumbled on Friday as investors digested more economic data out of the U.S. and more hawkish commentary from the Federal Reserve.
• In the U.S., wholesale prices rose 0.7% in January, which was more than expected and encouraged fears over the country’s stubbornly high inflation metrics.
• Reserve Bank of Australia governor Philip Lowe reiterated warnings of inflation risks and hinted at further hikes ahead.
• Wall Street ended sharply lower on Thursday after unexpectedly strong inflation data and a drop in weekly jobless claims added to fears that the US Federal Reserve will keep raising interest rates to tame high price.
  

Stocks in Spotlight:

• Moody’s Investors Service is of the view that India will see strong demand for cement in FY23 and FY24. The outlook jacked up shares of cement producers higher on February 17. Cement production in India is estimated to grow by around 6-8 percent over fiscal years 2023 and 2024, following a 21 percent jump for the fiscal year ended March 2022.
• Minda Corporation acquired 1,91,40,342 equity shares of Pricol, representing 15.70% of the Pricols total issued and paid-up equity share capital. The said shares of Pricol have been acquired by Minda Corporation via the open market, at an average price of Rs 208.9820 per share aggregating to Rs 400 crore. The media reported earlier today that Minda Corporation is looking to acquire up to 15.7% stake in Pricol through a reverse book building process. However Pricol management has clarified that there is no such information in this regard and have not received any communication from Minda Corp on the same.
• RailTel has received the work order from Bangalore Metro Rail Corporation for Supply, Installation Testing and Commissioning of the IT network infrastructure amounting to Rs. 27.07 crore (excluding taxes) and Comprehensive Annual Maintenance Contract amounting to Rs. 6.22 crore (excluding taxes) per year for 5 years extendable to 10 years.

News from the IPO world?

• Macfos IPO oversubscribed on day 1
• Fortis Healthcare arm SRL Diagnostics kickstarts IPO prep to raise Rs. 2000 crore
• Sealmatic India’s IPO issue opens on Friday, 17th Feb 23.

Day Leader Board

Sectoral Performance

Advance Decline Ratio

Numbers? that matter