[31/03 Market Update] Reliance (+4%) is up before shareholders meet on May 2 for the Jio Fin demerger
[31/03 Market Update] Reliance (+4%) is up before shareholders meet on May 2 for the Jio Fin demerger
Tribe Daily
Market Summary
Market posts biggest single-day gains in nearly a month to close at a 3-week high. Reliance, ICICI Bank & Infosys contribute 50% to Nifty’s move.
Companies
Reliance (+4%) is up before shareholders meet on May 2 for the Jio Fin demerger. Nestle (+3%) up as the company is eyes $1 Bn deal for ‘Ching’s Secret’ owner Capital Foods. Sun Pharma (-1%) down as an effect of the ransomware attack on the company.
Sectors
Nifty IT (+2%) up due to the strong performance of MPHASIS, COFORGE, & INFY. Nifty Energy (+2%) up due to the strong performance of RELIANCE, TATAPOWER, & IOC.
Market News
1.Money raised by SMEs via IPO route jumped 130% to ₹2,229 crore in FY23. (Economic Times)
2.Jindal Stainless edges higher as ₹60 crore worth of shares change hands. (Moneycontrol)
3.BEL receives export orders worth $52 million. (PSUWatch)
4.Rakesh Khanna resigns as MD & CEO of Orient Electric w.e.f. April 3. (CNBCTV18)
5.Rail Vikas Nigam Ltd emerges as the lowest bidder for a project worth ₹111.85 crore. (CNBCTV18)
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