RIL zooms as demerger of financial services arm begin

Indian Markets:

• Nifty 50 Movement:  After opening at 17,210.35, the Nifty 50 index marched higher as the session progressed to settle above the 17,350 mark.
• The Indian benchmark indices posted healthy gains on the last day of the financial year 2022-23 and extended the winning streak to the second day, closing more than a percent higher on March 31.
• For the week, the Sensex and the Nifty 50 rose more than 2 percent. BSE mid and small-cap index gained  1-2 percent. Most of the sectoral indices reported positive gains during the week. However, the BSE power index gave negative returns.

Global Markets:

• Shares in Europe and Asia advanced on Friday as technology stocks continued to see renewed interest and led gains on Wall Street, with some shaking off concerns of a further banking crisis.
• US stocks rose on Thursday as investors are looking towards more clarity from US regulatory agencies on struggling banks and shares of technology and bank stocks mostly remained flat.
• President Joe Biden urged federal regulators Thursday to take up a set of reforms to safeguard the banking system, following the failures of Silicon Valley Bank and Signature Bank.
• The administration wants regulators to take a range of steps to reinstate safeguards for banks with assets between $100 billion and $250 billion and strengthen oversight and regulation of larger banks so that we are not in this position again, the White House said on Thursday.

Stocks in Spotlight:

• Nestle India shares gained almost 3 percent on March 31 afternoon following a report that parent Nestle SA is among the final bidders for Capital Foods Pvt Ltd, which owns the famous Ching’s Secret brand. Capital Foods’ topline growth has also been strong. From Rs 145 crore in FY13, when Kishore Biyani exited the company, revenue has compounded over 18 percent over the last ten years.
• One97 Communications Ltd (OCL) rose nearly 3 percent as 8.75 lakh shares or 0.13 percent equity worth Rs 56.78 crore changed hands in a block deal on March 31.OCL had last month said that it had narrowed its consolidated net loss to Rs 392 crore in the third quarter ended December 2022. Its revenue from operations jumped about 42 percent to Rs 2,062.2 crore during the quarter from Rs 1,456.1 crore in the year-ago period.
• Reliance Industries (RIL) zoomed 4.29%. The company initiated the process of demerging its financial services business. RIL has convened a meeting of creditors and shareholders on 2 May 2023 to seek their approvals for demerging its financial services business into a separate entity and subsequent listing it on the stock exchanges. The voting will commence on 27 April 2023 and end on 1 May 2023, RIL said in a regulatory update. The conglomerates board had approved the demerger in November 2022.

News from the IPO world?

• IPO fundraising more than halves from record high in 2021-2022
• SPC Lifesciences files draft papers with SEBI for IPO
• Haldiram’s look to expand, mulls IPO on merger of Noida, Nagpur business

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