Reliance Power hits upper circuit

The Markets Today in a nutshell

• Domestic benchmark indices shrugged of weakness in global markets.
• Investors rushed to the markets at a time when fund managers are getting cautious about concerns from China, which is expected to see slower growth this year. Turmoil in Europe over energy prices has also shifted focus to other economies.

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?Reliance Power hits upper circuit
Reliance Power hit an upper circuit limit of 10% after the company said it will raise long term resources upto Rs 1,200 crore ($150 million) from Varde Partners.

?Foreign Brokerage Morgan Stanley retained its overweight rating on Reliance Industries Ltd
The stock gained after brokerage firm Morgan Stanley said that the company’s new investments could double its net profit by 2027. The brokerage firm believes RIL is entering its fourth capex cycle of this century, with an investment of $50 billion over the next three years in retail, telecom, petchem and green energy.

?ICICI Bank was up over on news of the bank raising capital
The share price was up over a percent after a report said the private sector lender was planning to raise up to Rs 10,000 crore through infrastructure bonds for project financing and affordable housing. Rating agency ICRA has assigned “AAA” rating to the proposed infrastructure bond offering by the lender.

News from the IPO world?

• Tamilnad Mercantile Bank IPO subscribed 0.8x in first day of issue.
• Blue Jet Healthcare file DRHP for public issue.
• Dreamfolks Services IPO listing tomorrow.

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