Benchmarks at day's high; Mrs Bector Food makes bumper listing

Benchmark indices were trading at day's high with decent gains in morning trade. The Nifty scaled the 13,700 mark and edged higher. Barring IT index, all the sectoral indices on the NSE were in the green.

At 10:30 IST, the barometer index, the S&P BSE Sensex, rallied 415.79 points or 0.9% at 46,859.64. The Nifty 50 index added 124.75 points or 0.92% at 13,725.15.

In broader market, the S&P BSE Mid-Cap index was up 0.7% while the S&P BSE Small-Cap index was up 1.09%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1805 shares rose and 614 shares fell. A total of 111 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 7,86,74,527 with 17,29,984 deaths. India reported 2,83,849 active cases of COVID-19 infection and 1,46,756 deaths while 96,93,173 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

New Listing:

Shares of Mrs. Bector Food Specialities were trading at Rs 589.65 at 10:25 IST on the BSE, a premium of 104.74% over the initial public offer price of Rs 288. The stock was listed at Rs 501, a premium of 74% to the initial public offer (IPO) price. So far the stock hit a high of Rs 601.2 and low of Rs 500. On the BSE, 20.17 lakh shares were traded on the counter so far.

The initial public offer (IPO) of Mrs. Bectors Food Specialities was subscribed 198.02 times. The non-institutional investors category was subscribed 620.86 times. The qualified institutional buyers (QIBs) category was subscribed 176.85 times. The retail individual investors category was subscribed 29.33 times. The issue opened for subscription on 15 December 2020 and closed on 17 December 2020. The price band for the IPO was set at Rs 286-288 per share.

Buzzing Index:

The Nifty Metal index gained 2.64% to 3,216.75. The index has surged 6% in three days.

Steel Authority of India (up 3.98%), Hindalco Industries (up 3.03%), Hindustan Zinc (up 2.83%) and National Aluminium Company (up 2.56%) were the top gainers. Among the other gainers were Coal India (up 2.33%), NMDC (up 2.19%), JSW Steel (up 2.02%), Jindal Steel & Power (up 1.96%) and Tata Steel (up 1.55%).

Vedanta jumped 11.53%. Anil Agarwal's Vedanta Resources, which failed to garner the required number of shares to delist its Indian arm Vedanta, will buy around 4.9% stake through block deals. Promoters have fixed the price range between Rs 150 and Rs 160 per share for the offer. With this transaction, promoters stake in the company will likely to increase from 50.14% to 55.04%. On BSE, 1264.55 lakh shares were traded on the counter so far as compared to a 2-week daily average of 23.47 lakh shares.

Stocks in Spotlight:

Shares of ACC and Ambuja Cements gained 4% to 5% in trade after the companies announced the renewal of technical know-how fees (TKH) to parent at 1% of net sales for the next two years. In separate BSE filings made after market hours yesterday, ACC and Ambuja Cements said that their respective boards had approved the renewal of the existing technology and know-how agreement (TKH Agreement) with Holcim Technology (HTL) under which they pay TKH fees at 1% of net sales each year, to HTL, for a period of 2 years with effect from 01 January 2021, i.e., on the same terms of the existing TKH Agreement.

ARSS Infrastructure Projects jumped 5%. The construction company in a regulatory filing made after market hours on Wednesday announced that it has received order of Rs 301.20 crore for execution of work of four laning of Itanagar to Banderdewa section of NH-415 on EPC mode in Arunachal Pradesh.

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