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Let’s begin. Rainbow Children’s Medicare IPO opened for subscription today. The Rs 1,581 crore public issue will remain open for subscription till Friday evening. Rainbow Children’s Medicare is a multi-speciality pediatric, obstetrics and gynecology hospital chain in India. The IPO of the company will be a mix of fresh issuance of equity shares and an offer for sale by existing shareholders. Ahead of the issue, Rainbow Children’s Medicare has raised Rs 470 crore from 36 anchor investors. Rainbow Children’s Medicare IPO is the second issue of the current fiscal year. Through the funds raised by the fresh issue of equity shares, Rainbow Children’s Medicare intends an early redemption of NCDs issued by the Company and use the funds for capital expenditure towards setting up of new hospitals and purchase of medical equipment for such new hospitals.
Meanwhile, Reliance Industries share price crossed another record high on Wednesday with the stock touching Rs 2827.10 a piece for the first time. The market cap also crossed Rs 19 lakh crore for the first time in early trading on Wednesday. The company is firing on all cylinders right from its petrol chemical business to telecom business, analysts said. Experts are bullish on the stock and see the stock heading towards Rs 3,000 apiece mark, implying a potential rally of 6 per cent more from current levels.
In some more market news, Edelweiss Alternative & Quantitative Research has said that Adani Power, Jindal Steel & Power, and Tata Elxsi stocks are the most likely to be added to the MSCI indices in the upcoming semi-annual index review. Analysts believe the inclusion of the three stocks could result in a total inflow of $490 million. Meanwhile, Reliance Industries is expected to see an increase in its weightage on the indices. Jindal Steel & Power share price has rallied 36% so far this year and now trades at Rs 524 per share. The market capitalization of Jindal Steel & Power is Rs 53,544 crore. Adani Power shares have zoomed a massive 196% in 2022 and are now trading at Rs 299 per share. The market capitalization of Adani Power is Rs 1.15 lakh crore. Tata Elxsi shares have gained 27% this year, sitting at Rs 7,518 apiece and a market capitalization of Rs 46,872 crore.
Moving on. Finance Minister Nirmala Sitharaman has assured investors that the government will address any possible pain points to encourage investments in the country. Addressing a roundtable on ‘Investing in India’s Digital Revolution’ in San Francisco, the minister encouraged constant engagement with investors to understand and address their concerns. The Finance Minister said she was open to receive suggestions, understand pain points and offer necessary redressal wherever possible. During the meeting, investors from Silicon Valley also expressed that India’s potential in producing Unicorn companies is immense.
In the aviation sector, Tatas-owned Air India plans to acquire no-frills carrier AirAsia India and has sought approval from the Competition Commission for the proposed deal. AirAsia India is majority-owned by Tata Sons Private Ltd with a shareholding of 83.67 per cent and the remaining stake is with AirAsia Investment Ltd, which is part of Malaysia’s AirAsia Group. Full service carrier Air India and its low-cost subsidiary Air India Express were acquired by Talace Private Limited, a wholly-owned subsidiary of Tata Sons Private Ltd, last year. Besides, Tatas operate full service airline Vistara in a joint venture with Singapore Airlines. The latest move is likely a part of the sprawling group’s efforts to consolidate its airline operations.
Next up, industry. Over 65 per cent of around 540 micro and small enterprises surveyed by Crisil recently said they had adopted or upgraded their use of digital channels for growth amid pandemic-led disruption last year. The ratings agency on Wednesday said the survey was conducted to gauge usage of digital channels including online aggregators, social media platforms, and company websites by MSEs during the pandemic. Of the total respondents, 59 per cent were micro enterprises with revenue less than Rs 5 crore and others were small businesses with revenue up to Rs 25 crore. Among sectors, manufacturing reported higher adoption with 71 per cent respondents adopting or upgrading their use of digital platforms in comparison to 66 per cent respondents in the services sector.
And lastly, let’s hear how the stock market performed today. BSE Sensex and NSE Nifty 50 ended nearly one per cent down on Wednesday, a day before monthly F&O expiry of April contracts. BSE Sensex tanked 537.22 points or 0.94 per cent to settle at 56819.39, while NSE Nifty 50 lost 162 points or 0.94 per cent to finish trade at 17,038.
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