Emami Share Price Rallies on Buyback News

Indian Markets:

• Nifty 50 Movement: Indices closed a tad above the 17,150 mark.
• Indian equity indices extended gains for the second consecutive session on Wednesday, buoyed by positive global cues. 
• The pharmaceutical, healthcare, and public sector banks were the top performers, whereas the media, consumer durables, and realty stocks struggled to maintain momentum.
• Despite the ongoing bullish sentiment, investors remained cautious as they awaited the outcome of the Federal Reserve policy meeting, scheduled to be announced later tonight.

Global Markets:

• Markets in Europe and Asia advanced on Wednesday as investors looked ahead to the U.S. Federal Reserves latest update on its rate hike decision.
• U.K. inflation data published on Wednesday showed that the consumer price inflation accelerated to 10.4% in February 2023 from 10.1% in January 2023.
• Wall Street closed higher on Tuesday as widespread fears over liquidity in the banking sector abated and market participants eyed the Federal Reserve, which is expected to conclude its two-day policy meeting on Wednesday with a 25 basis-point hike to its policy rate.
• Treasury Secretary Janet Yellen said Tuesday that while authorities believe theyve taken sufficient action to stem liquidity problems in the banking sector, the government is prepared to guarantee even more deposits if the banking crisis gets worse.

Stocks in Spotlight:

• Larsen & Toubro (L&T), a leading engineering, procurement, and construction (EPC) major, saw a marginal increase of 0.24% in its share prices after announcing significant orders for its Water & Effluent Treatment and Buildings & Factories business. As per L&T’s classification, the value of the project falls between Rs 1,000 crore to Rs 2,500 crore, reflecting the company’s strong order book and its continued efforts to expand its presence in key sectors.
• Emami Ltd witnessed a surge of over 8% in its share price during the afternoon session on March 22, following the announcement of the company’s board considering a share buyback program. This move aims to arrest the fall in the stock’s value by reducing its supply, thereby boosting its price-to-earnings (P/E) multiple and elevating the share price
• CLSA Asia-Pacific Markets, a foreign research and broking firm, has recently upgraded its ratings for selected life insurance stocks, including HDFC Life Insurance Co, Max Financial Services, and SBI Life Co. The decision to upgrade the ratings comes after a correction ranging from 7-24 percent in life insurers’ valuations since the budget, indicating an attractive entry point for investors.

News from the IPO world?

• IndiaFirst Life Insurance IPO gets SEBI nod
• Mobikwik to file for IPO again in next 12-18 months
• SBFC Finance refiles DRHP IPO size reduced from Rs. 1600 crore to 1200 crore

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