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Market LIVE Updates: Nifty around 16,100, Sensex surges over 800 pts; April WPI inflation at 15.08% – Moneycontrol

May 17, 2022 / 08:01 AM IST

Follow our LIVE blog for the latest updates on listing day of LIC

May 17, 2022 / 12:29 PM IST

Paradeep Phosphates IPO Subscription Updates:

May 17, 2022 / 12:28 PM IST

Zydus Wellness Q4 Earnings:Zydus Wellness has reported consolidated net profit at Rs 133.3 crore in the quarter ended March 2022 versus Rs 133.1 crore in the same quarter last fiscal.Revenue was up 5.8 percent at Rs 640 crore versus Rs 605 crore, YoY.Earnings before interest, tax, depreciation and amortization (EBITDA) was down 2 percent at Rs 141.7 crore versus Rs 144.6 crore and margin was down at 22.1 percent versus 23.9 percent, YoY, reported CNBC-TV18.     

Zydus Wellness Q4 Earnings:     Zydus Wellness has reported consolidated net profit at Rs 133.3 crore in the quarter ended March 2022 versus Rs 133.1 crore in the same quarter last fiscal.    Revenue was up 5.8 percent at Rs 640 crore versus Rs 605 crore, YoY.    Earnings before interest, tax, depreciation and amortization (EBITDA) was down 2 percent at Rs 141.7 crore versus Rs 144.6 crore and margin was down at 22.1 percent versus 23.9 percent, YoY, reported CNBC-TV18.     

May 17, 2022 / 12:25 PM IST

Mohit Ralhan, Managing Partner, TIW Capital Group:

The 8% lower debut of LIC shares is a commentary on the current state of global markets rather than the company itself. In terms of subscription, the LIC IPO was extremely successful given the fact that it was the biggest IPO of India. 

LIC has a solid business, trusted brand, and market leadership in an underpenetrated insurance market. In FY-21, LIC’s market share was about 75% for individual policies and 81% for group policies. It is the top life insurance company by a wide margin. 

The insurance industry in India is growing at an annual rate of about 15% and the growth is expected to sustain over a long period of time given that insurance penetration in India is a meagre 3.2% which tends to be more than 8% for developed economies and it is about 5% in China. 

LIC is a typical blue-chip company which is expected to give steady returns over a long period of time and therefore returns over a day is not relevant. It is expected to remain quite attractive for investors.

May 17, 2022 / 12:14 PM IST

Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services:

Rupee fell fresh all-time low as broader strength in the dollar continued and also as global crude oil prices continued to trade higher. 

Last week’s inflation number released on the domestic front and from the US came in higher that disturbed the overall market sentiment. 

We expect the momentum for the USDINR to remain positive and quote in the range of 77.40 and 78.20.

May 17, 2022 / 12:11 PM IST

Indian rupee hits record low:The Indian rupee weakened on Tuesday, to touch a record low of 77.73 versus the dollar, tracking broad gains in the U.S. currency alongside weakening in offshore markets, with traders watching the domestic share market for clues to fund flows.The partially convertible rupee was trading at 77.73/74 to the dollar by 0358 GMT, versus Friday’s close of 77.45. The 1-month non-deliverable forward was trading at 77.96/97 to the dollar.Indian share markets were trading up 0.7% with all eyes on the listing of state-run Life Insurance Corp, the country’s biggest IPO, set for later in the session.Traders will also watch for central bank intervention if the currency racks up sharper losses during the session.

Indian rupee hits record low:     The Indian rupee weakened on Tuesday, to touch a record low of 77.73 versus the dollar, tracking broad gains in the U.S. currency alongside weakening in offshore markets, with traders watching the domestic share market for clues to fund flows.    The partially convertible rupee was trading at 77.73/74 to the dollar by 0358 GMT, versus Friday's close of 77.45. The 1-month non-deliverable forward was trading at 77.96/97 to the dollar.    Indian share markets were trading up 0.7% with all eyes on the listing of state-run Life Insurance Corp, the country's biggest IPO, set for later in the session.    Traders will also watch for central bank intervention if the currency racks up sharper losses during the session.

May 17, 2022 / 12:09 PM IST

Buzzing:Minda Industries share price rose 4 percent on May 17 as company’s board meeting will be held on Tuesday, 24 May, 2022, to consider and approve the audited standalone and consolidated financial results of the company for the quarter and year ended on 31 March, 2022.The board is going to consider and recommend final dividend on equity and preference shares, if any, for the Financial Year 2021-22 and also consider and recommend issue of bonus shares, subject to shareholders and other requisite approvals.It also consider raising of funds through issue of debt securities up to Rs 1000 crore in one or more tranches, subject to shareholders and other requisite approvals.

Buzzing:     Minda Industries share price rose 4 percent on May 17 as company's board meeting will be held on Tuesday, 24 May, 2022, to consider and approve the audited standalone and consolidated financial results of the company for the quarter and year ended on 31 March, 2022.    The board is going to consider and recommend final dividend on equity and preference shares, if any, for the Financial Year 2021-22 and also consider and recommend issue of bonus shares, subject to shareholders and other requisite approvals.    It also consider raising of funds through issue of debt securities up to Rs 1000 crore in one or more tranches, subject to shareholders and other requisite approvals.

May 17, 2022 / 12:04 PM IST

JUST IN | April WPI Inflation stood at 15.08 percent against 14.55 percent, MoM.

April Food Inflation was at 8.88 percent versus 8.71 percent and Primary Articles Inflation was at 15.45 percent versus 15.54 percent, MoM.

May 17, 2022 / 12:01 PM IST

Market at 12 PMBenchmark indices extended the gains and trading at day’s high level with Nifty above 16100.The Sensex was up 895.39 points or 1.69% at 53869.23, and the Nifty was up 275.20 points or 1.74% at 16117.50.  About 2352 shares have advanced, 690 shares declined, and 97 shares are unchanged. 

Market at 12 PM     Benchmark indices extended the gains and trading at day's high level with Nifty above 16100.    The Sensex was up 895.39 points or 1.69% at 53869.23, and the Nifty was up 275.20 points or 1.74% at 16117.50.  About 2352 shares have advanced, 690 shares declined, and 97 shares are unchanged. 

May 17, 2022 / 11:54 AM IST

Gold Updates:Gold prices firmed on Tuesday, as a pullback in the dollar supported demand for greenback-priced bullion and countered pressure from a recovery in U.S. Treasury yields.Spot gold was up 0.2% at $1,826.95 per ounce, by 0542 GMT. U.S. gold futures gained 0.6% to $1,824.40.

Gold Updates:     Gold prices firmed on Tuesday, as a pullback in the dollar supported demand for greenback-priced bullion and countered pressure from a recovery in U.S. Treasury yields.    Spot gold was up 0.2% at $1,826.95 per ounce, by 0542 GMT. U.S. gold futures gained 0.6% to $1,824.40.

May 17, 2022 / 11:48 AM IST

BSE Information Technology index added 1 percent led by the Intellect Design Arena, Datamatics Global Services, Ramco Systems:

BSE Information Technology index added 1 percent led by the Intellect Design Arena, Datamatics Global Services, Ramco Systems:

May 17, 2022 / 11:41 AM IST

Lupin’s Somerset facility inspected by USFDA with 13 observationsCNBC-TV18 accessed Form 483 issued to Lupin’s Somerset facility which was inspected from March 7-30, 2022 with 13 observations.5 out of 14 observations to Lupin’s Somerset Facility are repeat observations, which were not resolved from the previous inspection.The said facility has a warning letter issued to by USFDA in June 2021, reported CNBC-TV18.

Lupin’s Somerset facility inspected by USFDA with 13 observations     CNBC-TV18 accessed Form 483 issued to Lupin’s Somerset facility which was inspected from March 7-30, 2022 with 13 observations.    5 out of 14 observations to Lupin’s Somerset Facility are repeat observations, which were not resolved from the previous inspection.    The said facility has a warning letter issued to by USFDA in June 2021, reported CNBC-TV18.