December 6, 2022

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Sensex and Nifty remain unchanged; Ujjivan SFB falls 7%, while Sobha rises 6%

Image Courtesy: Business Standards

On Tuesday, frontline indices opened flat with a negative bias due to profit taking in the banking, metals, and FMCG sectors.

On Tuesday, frontline indices opened flat with a negative bias due to profit taking in the banking, metals, and FMCG sectors. The 30-pack Sensex index stood at 60,531 levels in early trade, down 14 points or 0.02 percent.

Meanwhile, the Nifty50 on the NSE remained flat at 18,068 points.

The top performers on the 50-share index were Divi’s Labs, ONGC, M&M, Hindalco, and Tata Motors, while the top laggards were Britannia, HDFC, HDFC Bank, Infosys, and Power Grid.

The BSE’s MidCap and SmallCap indices, on the other hand, were up 0.6 and 0.4 percent, respectively.

In the mid-cap market, TVS Motor Company jumped 10% on news that the company is considering a fund-raising exercise for its Electric Vehicle business.

Sobha, a real estate player, also gained over 6% after the business announced a nearly threefold increase in net profit for the September-ended quarter, to Rs 48.3 crore, compared to Rs 16.2 crore the previous year. The Bengaluru-based company’s total revenue increased to 832.3 crore in the September quarter, up from 545.9 crore the previous quarter.

Ujjivan Small Finance Bank, on the other hand, fell 7% after reporting a net loss of Rs 274 crore for the quarter ended September 30, due to poor asset quality and greater provisions. In the preceding quarter, the lender posted a net loss of Rs 233 crore. However, a year ago, it declared a net profit of Rs 96 crore.

Overall, the market breadth favoured buyers, with over 1,700 stocks increasing on the BSE compared to 740 stocks declining on the BSE.

Pre-opening session

Equity markets were neutral in the pre-open session, contrary to SGX Nifty’s predictions. The BSE Sensex was up 102 points at 60,648 points at 9:06 a.m., while the Nifty50 was down 7 points at 18,061 points.

Update on the Primary Market

The Rs 18,300-crore IPO of One97 Communications, the parent company of Paytm, was 18% subscribed by the end of Day 1 of the issue.

Sapphire Foods IPO, which owns iconic restaurants like KFC and Pizza Hut, will open for subscription on Tuesday in the price range of Rs 1,120 to Rs 1,180.

 

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