Lifting investor sentiments, domestic benchmark indices opened higher on Monday. The thirty-share BSE Sensex opened at 60,007.04 points, up 0.33%, while the fifty-share NSE Nifty 50 started the truncated week at 17,680.35 points, up 0.49%. The markets remained closed on Tuesday on account of Holi.
On Friday, the gauges were in the red, extending declines amid weak global cues as Wall Street tumbled overnight, led by a rout in banking stocks caused by the 60% crash in Silicon Valley Bank’s shares. The Sensex and Nifty fell for the second straight day. The Sensex closed for the week at 59,135.13, down 1.12%, while the Nifty closed at 17,412.90 points, down 1.00%.
Top Gainers/ Losers
Some of the top gainers this week were Olectra Greentech (up 34.31%), Swan Energy (up 15.43%), Privi Speciality Chemicals (up 17.19%), Mangalore Refinery And Petrochemicals (up 14.49%), and Swan Energy (up 15.43%).
On the other hand, some of the top losers were Hinduja Global Solutions (down 12.41%), Equitas Small Finance Bank (down 10.56%), Home First Finance Company India (down 9.51%), Macrotech Developers (down 8.50%), and Piramal Pharma (down 8.83%).
The Recap
Bharti Airtel announces 5G rollout in 125 more cities
Telecom major Bharti Airtel on Monday announced the launch of its 5G services in 125 cities. With this, the services will now be available to customers in over 265 cities in the country. It said that its 5G rollout is on track to cover all towns and key rural areas by March 2024. These cities include Nellore, Ananthapur (Andhra Pradesh); Jorhat, Tezpur (Assam); Motihari, Gaya (Bihar), Bilaspur (Chhattisgarh); Dahej, Bharuch, Bhavnagar, Jamnagar (Gujarat), Jhansi, Ayodhya, Shahjahanpur, Raebareli (Uttar Pradesh); Manali, Solan (Himachal Pradesh) among others.
HCL Technologies aims to double the semiconductor business
IT Major HCL Technologies expects to double its semiconductor services business in 3 to 4 years following capabilities that will develop around electronic chip plants to be set by its group firm according to a senior company official. The demand for HCL Tech semiconductor services has increased globally. HCL Technologies has started building capabilities in Brazil, Vietnam, Israel, the Netherlands and Japan while it continues to grow manpower in its Bengaluru office.
Adani group repays share-backed financing worth ₹ 7,374 crore
The embattled Adani Group on Tuesday said it has repaid share-based financing of ₹ 7,374 crore and that it will prepay all such remaining loans by the end of the month, as it looks to allay concerns over leverage and debt to win over investors. This repayment will release the pledge on the shares of promoters in four group companies. CreditSights, a Fitch Group unit, said the group was “deeply overleveraged” in September last year followed by US short seller Hindenburg Research flagged “substantial” debt levels at the group while alleging accounting fraud and use of offshore shell companies to inflate stock prices, in a January report.
Reliance Jio buys US-based Mimosa Networks for USD 60 mn
Jio Platforms, the digital arm of Reliance Industries Ltd will buy communications equipment maker Mimosa Networks for USD 60 million as it aims to bolster its 5G telecom and broadband services. Jio Platforms is the owner of India’s biggest telecom firm, Reliance Jio Infocomm. On the other hand Mimosa has a portfolio of point-to-multipoint products based on WiFi-5 and the newer WiFI 6E technologies as well as related accessories
Titan Case: Sebi disposes of show cause notices against 22 individuals
Market regulator SEBI on Thursday issued show-cause notices against 22 individuals as the allegation of violation of insider trading rules was not established in Titan Company Ltd (TCL) case. It said that the 22 individuals were ‘not designated employees of the company and therefore were not obligated to make disclosures under the PIT (Prohibition of Insider Trading) norms.
Written by Simran Bafna
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