Morning Update for 24 March 2021

24 Mar , 2021 By : Admin

Indices at previous closing

Nifty50: 14,814  ( 0.5%)
Sensex: 50,051  ( 0.5%)
Nifty Bank: 34,184  ( 1.7%)

In the news

Adani Ports to buy stake in Gangavaram Port

India's largest private port developer is set to acquire a 58.1% stake in Gangavaram Port (GPL) from DVS Raju and family for 3,604 crore. Earlier this month, the company announced the purchase of 31.5% stake in GPL from Warburg Pincus.
With this acquisition, it will have an 89.6% stake in GPL. Adani Port’s stock rose over 2% yesterday and has gained nearly 8.5% so far this month. Other Adani Group stocks gained 5-10% yesterday.

Ircon sets major capex targets

Public sector transport infrastructure company Ircon will invest ?10,000 crore as capex in FY22. The funds for capex will be raised via debt and equity.
Till December 2020, Ircon had an order book of ?36,800 crore of which projects worth ?4,158 crore are completed. Shares of Ircon rose 2.2% yesterday, but have dropped about 10% this month.

Govt to sell part stake in Rail Vikas Nigam

The Central government plans to sell 15% stake in Rail Vikas Nigam for ?755 crore. Currently, it owns 87.8% stake in the company.
The offer for sale for the non-retail category opens on Wednesday and for retail investors it will be available on Thursday. Shares of Rail Vikas Nigam were up 0.3% yesterday. But in March they are down about 4%.

Barbeque Nation IPO opens today

Barbeque Nation Hospitality, which owns restaurant chains like Barbeque Nation and Toscano, aims to raise ?452 crore from its maiden issue.
The IPO opens today with a price band of ?498–500 per equity share and a minimum investment amount of ?15,000. You can subscribe to it with Upstox here.

Events of the week