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Top business stories of the day: Markets fall for second straight day, two new IPOs kick off and more

Today's Top Business news: From a fall in the Indian stock markets to wholesale inflation hitting a 27-month high. Here's are the top stories that took place in the world of business today.

By: Express Web Desk | New Delhi |
Updated: March 15, 2021 7:19:35 pm
Here are the top business news of the day. (Image source: Getty/Thinkstock)

Here’s a look at the top stories in the world of business on Monday, March 15, 2021:

Markets extend sell-off as macro cues weigh

Benchmark equity indices declined for the second straight session on Monday as lacklustre macroeconomic data and a rising trend in COVID-19 cases dented risk appetite.

A sharp jump in the rupee was not enough to shore up sentiment, traders said.

After gyrating 1,035.71 points during the day, the S&P BSE Sensex ended 397 points (0.78 per cent) lower at 50,395.08. The Nifty 50 on the NSE slumped 101.45 points (0.67 per cent) to close at 14,929.50.

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MTAR Technologies makes a stellar debut in the stock market

Shares of MTAR Technologies on Monday made a blockbuster debut and closed with a premium of over 88 per cent against its issue price of Rs 575.

It listed at Rs 1,063.90, registering a gain of 85 per cent from the issue price on the BSE. During the day, it jumped 100.69 per cent to Rs 1,154. The stock finally closed at Rs 1,082.25, a gain of 88.21 per cent. On the NSE, it debuted at Rs 1,050, a premium of 82.60 per cent. It finally closed at Rs 1,078.30, a gain of 87.53 per cent.

IPOs corner

IPOs of Laxmi Organic Industries and Craftsman Automation kicked off earlier today. At the end of day 1 of bidding, the Laxmi Organics issue was subscribed 2.28 times across both the exchanges, while Craftsman Automation was subscribed 0.55 times, data available on the NSE showed. Bidding for both the IPOs will conclude on Wednesday, March 17, 2021.

Anupam Rasayan India IPO which had opened on Friday was subscribed 2.57 times at the end of day 2 of its bidding. The issue will conclude on Tuesday, March 16, 2021.

WPI inflation rises to 27-month high

The wholesale price-based inflation climbed to a 27-month high of 4.17 per cent in February, as food, fuel and power prices spiked. The WPI inflation was 2.03 per cent in January and 2.26 per cent in February last year.

Stripe becomes top US startup as valuation jumps to $95 billion

Stripe Inc.’s valuation almost tripled in less than a year to $95 billion with its latest funding round, making it the most valuable US startup. The online payments processing firm drew $600 million in its latest fundraising.

(with agency inputs)

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