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Shares trade decent gains; PSU banks extend losses.

Key equity indices continued to trade with decent gains in morning trade. IT, auto, FMCG shares advanced. The barometer index, the S&P BSE Sensex, was up 134.19 points or 0.31% at 43,734.15. The Nifty 50 index added 46.35 points or 0.36% at 12,818.05.

In the broader market, the S&P BSE Mid-Cap index gained 1.05% while the S&P BSE Small-Cap index rose 0.78%.

The market breadth was strong. On the BSE, 1434 shares rose and 816 shares fell. A total of 148 shares were unchanged.

New Listing:

Shares of Gland Pharma were trading at Rs 1802.80 at 10:10 IST on the BSE, a premium of 20.19% over the initial public offer price of Rs 1500.

The stock was listed at Rs 1701, a premium of 13.4% to the initial public offer (IPO) price. So far the stock hit a high of Rs 1819.70 and low of 1701. On the BSE, 4.41 lakh shares were traded on the counter so far. While on NSE, 51.25 lakh shares exchanged hands.

IPO of Gland Pharma was subscribed 2.06 times. The issue opened for bidding on 9 November 2020 and it closed on 11 November 2020. The price band for the IPO was set at Rs 1490-1500 per share.

The qualified institutional buyers (QIBs) category was subscribed 6.40 times. The non-institutional investors category was subscribed 51% and the retail individual investors category was subscribed 24%.

Hyderabad-based Gland Pharma is one of the largest and fastest growing injectable-focused companies, with a global footprint across 60 countries, including the United States, Europe, Canada, Australia, India and other markets.

Buzzing Index:

PSU Bank index slipped 0.27% to 1,450.40. The index has lost 3.13% in two sessions while the benchmark Nifty 50 index has shed 0.80% during the same period.

SBI (down 0.77%), Bank Of Baroda (down 0.63%), Canara Bank (down 0.62%) and Punjab National Bank (down 0.50%) declined.

Jammu and Kashmir Bank (up 11.40%), Indian Bank (up 0.48%), Central Bank of India (up 0.43%), Union Bank of India (up 0.40%) and Bank of India (up 0.24%) bucked the trend.

Stocks in Spotlight:

Syngene International shed 0.11% to Rs 566.80. The company and Deerfield have signed an agreement to collaborate to advance therapeutic discovery projects, from target validation through to pharmacological proof of concept and preclinical evaluation. This five-year collaboration unites the core skills of the investment management company Deerfield, through its drug discovery and development arm Deerfield Discovery and Development Corporation (3DC), and Syngene’s integrated drug discovery (IDD) services.

Emami rose 1.40% to Rs 386.20 after the company announced the launch of a complete range of home hygiene products under the brand name of ‘EMASOL’. With this launch, Emami has forayed into the homecare segment. In this segment, the company will manufacture and sell disinfectant floor cleaner, toilet cleaner, bathroom cleaner, antibacterial dish wash gel and all-purpose sanitizer.

Mphasis gained 1.93% to Rs 1,325.55 after the IT company announced the acquisition of Datalytx, a leading next-gen data engineering and consultancy company, for consideration up to GBP 13.3 million. The company said that the acquisition is expected to provide access to strengthen company’s Next-Gen Data GTM Strategy and provide higher value partnership status with Snowflake and Talend for cloud-based data services. The acquisition also provides access to highly skilled data professionals and sales professionals thereby creating an offshore pool of Snowflake and Talend expertise.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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