Sensex, Nifty trade sideways; Hariom Pipe Inds makes stellar debut

The key equity benchmarks pared gains and traded sideways in morning trade. The Nifty was trading a tad above the 17,550 mark. Metal shares were in demand.

At 10:27 IST, the S&P BSE Sensex was down 57.46 points or 0.10% to 58,518.91. The Nifty 50 index added 23.90 points or 0.14% to 17,554.20.

In the broader market traded, the S&P BSE Mid-Cap index shed 0.06% while the S&P BSE Small-Cap index gained 0.33%.

The market breadth was positive. On the BSE, shares 1,969 rose and 1,145 shares fell. A total of 140 shares were unchanged

Results Today:

Infosys (down 0.32%) and Den Networks (up 0.59%) will announce their quarterly earnings today.

New Listing:

Shares of Hariom Pipe Industries hit an upper circuit of 5% at Rs 224.70 on the BSE, a premium of 46.86% compared with the issue price of Rs 153.

The scrip was listed at Rs 214, a premium of 39.87% to the initial public offer (IPO) price. The scrip hit an intraday low of Rs 214 in early trade. Over 1.96 lakh shares of the company have changed hands in the counter till now.

The IPO of Hariom Pipe Industries was subscribed 7.93 times. The issue opened for bidding on 30 March 2022 and it closed on 5 April 2022. The price band of the IPO was fixed at Rs 144 - Rs 153 per share.

Buzzing Index:

The Nifty Metal index rose 1.14% to 6,664.65. The index had declined 2.74% yesterday to end at 6,589.25.

Hindustan Zinc (up 2.86%), Welspun Corp (up 1.87%), Vedanta (up 1.77%), JSW Steel (up 1.60%), Coal India (up 1.42%), Hindustan Copper (up 1.40%), APL Apollo Tubes (up 1.14%), Ratnamani Metals Tubes (up 1.07%), Hindalco Industries (up 1.06%) and National Aluminum Co (up 0.96%) advanced.

Earnings Impact:

Anand Rathi Wealth jumped 12.29% to Rs 686.90 after the company's consolidated net profit surged 256.66% to Rs 35 crore on 49% increase in total income to Rs 115 crore in Q4 March 2022 over Q4 March 2021.

Hathway Cable & Datacom declined 4.14% to Rs 19.70 after the company reported a 60.6% fall in consolidated net profit to Rs 28.35 crore in Q4 FY22 from Rs 72.04 crore registered in Q4 FY21. Consolidated net sales grew by 2.3% to Rs 448.79 crore in Q4 FY22 over Q4 FY21.

Tinplate Company of India fell 1.23% to Rs 429.90. The company reported a 103.7% jump in net profit to Rs 114.41 crore on a 59.2% increase in net sales to Rs 1106.07 crore in Q4 FY22 over Q4 FY21.

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