Sensex slips 323 points, Happiest Minds IPO lists at 111% premium
After two consecutive days of gains, the domestic stock markets closed today. Domestic markets declined due to negative signals from foreign markets. Today, Asian and European markets have seen an all-round declining trend. In Thursday’s trade, the Sensex lost 323 points to close at 38980 and the Nifty fell 88 points to 11516. Realty and metal sector saw the biggest decline in business, while IT stocks managed to register gains.
How was the business in the market
The market today saw pressure from the very beginning of business day and at the end of the business the market declined further. The major indexes closed near their lows today. The 38 Nifty stocks closed today with a fall. Hindalco closed at 4.33 per cent, Tata Motors 2.54 per cent and Shree Cement by 2.39 per cent. On the other hand, among the stocks that recorded the highest gains, Dr. Reddy’s closed 4.22 percent higher, HCL Tech 2.25 percent and Zee Entertainment 2.25 percent. The realty sector suffered the most in today’s business, with Idex closing down 1.68 percent. The metal sector index closed down 1.37 percent. The index of public sector banks closed down 1.23 percent. Auto, FMCG sectors were also in loss. On the other hand, the Pharma and IT sector index closed with limited gains.
How was the condition of foreign markets
Foreign markets have seen a downward trend today with the Federal Reserve not getting any relief as expected. Investors are now eyeing a meeting of the Bank of Japan and the Bank of England but investors’ sentiments have deteriorated due to signs of the Federal Reserve. Today’s business has seen a decline in European and Asian markets. In today’s trade, China’s Shanghai Composite closed down 0.41 per cent, Hong Kong’s Hangseng 1.66 per cent and Japan’s Nikkei 0.67 per cent. At the same time, the Australian market has fallen by 1.26 per cent. Along with this, there is a declining trend in the European market. At the closing of the domestic stock markets, the FTSE 100 in the UK was down by 0.94 per cent, France’s CAC 40 by 0.67 per cent and Germany’s DAX by 0.6 per cent.
Happiest minds lists at Rs 351 per share
IT company Happiest Minds Technologies on Thursday spread Happiness to all its investors. Its stock has made a bumper listing on the stock markets. The share of Happiest Minds is listed on BSE at a price of Rs 351 per share with a premium of 111 per cent against its IPO price of Rs 166 per share. Its stock was listed at Rs 350 with a premium of 110.8 per cent on the NSE.
Happiest Minds’ IPO was opened on 7 September. The company has raised Rs 700 crore through the issue. The price band of the issue was kept between 165 and 166 rupees. Happiest Minds is a Bangalore-based IT company founded in 2011 by Ashok Soota.
The company’s focus is on providing digital IT services. The company does business in the US, UK, Australia and the Middle East. The issue was well received by anchor investors. 25 anchor investors have invested Rs 316 crore in the company.
The company serves the retail, edutech, industrial, BFSI, hi-tech and engineering sectors. Sales of the company stood at Rs 714 crore in FY 2020, compared to Rs 601 crore in FY 2019. The company had a profit of Rs 71 crore in FY 2020, which was Rs 14.2 crore in FY 2019.
