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Sensex Trades Marginally Higher, Dow Futures Down by 74 Points
Tue, 23 Mar 12:30 pm

Share markets in India are presently trading marginally higher.

The BSE Sensex is trading up by 18 points, up 0.04% at 49,789 levels.

Meanwhile, the NSE Nifty is trading up by 7 points.

Adani Ports & SEZ and Shree Cement are among the top gainers today. Hindalco and ITC are among the top losers today.

The BSE Mid Cap index is trading up by 0.7%.

The BSE Small Cap index is trading up by 0.5%.

On the sectoral front, stocks from the power sector, are witnessing most of the buying interest.

On the other hand, stocks from the metal sector, are witnessing most of the selling pressure.

US stock futures are trading lower today, indicating a negative opening for Wall Street.

Nasdaq Futures are trading down 51 points (down 0.4%) while Dow Futures are trading down 74 points (down 0.2%)

The rupee is trading at 72.29 against the US$.

Gold prices are trading down by 0.2% at Rs 44,800 per 10 grams.

Gold prices in India fell for the second day in a row amid weak global cues. On MCX, gold futures fell 0.2% to Rs 44,795 per 10 grams while silver declined 0.5% to Rs 66,013 per kg. In the previous session, gold had inched 0.2% lower while silver fell 1.6%.

Note that gold has remained in a very narrow range from Rs 44,500 to Rs 45,300 over the past two weeks in Indian markets amid mixed cues. The precious metal had hit a hit a record high of Rs 56,200 in August last year.

Speaking of the precious yellow metal, how lucrative has gold been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...


As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

The recent price volatility in the bullion market has rattled many traders. Even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

Moving on to stock specific news...

Among the buzzing stocks today is Mindtree.

Bengaluru-based IT firm Mindtree on March 22, 2021, announced a multi-year agreement with Knauf, a global manufacturer of building materials and construction systems, to help accelerate the company's IT transformation.

"Mindtree will provide application development services, help to digitize their infrastructure, transforming their supply chain systems, and further develop digital platforms. The engagement will leverage industry-leading IT platforms and will also help Knauf complete post-merger technology integrations," the company said in a statement.

Venu Lambu, Executive Director and President, Global Markets, Mindtree, said the company was proud to partner with Knauf, a brand synonymous with high-quality products and services, on its digital initiatives to help serve customers more rapidly and efficiently.

"Mindtree offers the scale, global operating model and expertise in infrastructure and applications management to help drive their digital transformation initiatives forward and provide the quality of service they are known for," he said.

Knauf delivers compatible system solutions for construction that are innovative, energy-efficient, cost-effective, and known for their performance and design quality.

As a result of growth as well as changing customer expectations, Knauf is transforming its enterprise architecture by adopting new technologies to better support business growth.

We will keep you posted on more updates from this space. Stay tuned.

At the time of writing, shares of Mindtree were trading up by 0.7% on the BSE.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani, shows how he uses his proprietary vertical profits trading system to make regular trading profits in the market, in his latest video for Fast Profits Daily.

Tune in here to find out more:

Moving on to news from the ipo space...

Barbeque Nation IPO to open on March 24, 2021

Casual dining chain Barbeque Nation Hospitality on March 22, 2021, fixed a price band of Rs 498-500 per share for its initial share sale, which will open for public subscription on March 24, 2021. The three-day public issue will conclude on March 26, 2021, according to the company.

Barbeque Nation Hospitality is backed by private equity investor CX Partners and renowned stock market investor Rakesh Jhunjhunwala's investment firm Alchemy Capital.

The initial public offering (IPO) comprises a fresh issue of shares worth Rs 1.8 billion and an offer-for-sale of up to 5.5 million equity shares.

Equity shares aggregating up to Rs 20 million have been reserved for eligible employees.

At the upper end of the price band, the IPO is expected to fetch Rs 4.5 billion. The company has already raised Rs 1.5 billion through a pre-IPO placement from Xponentia Capital and Jubilant Foodworks.

Proceeds from the issue will be utilised to fund the company's capital expenditure for expansion and opening of new restaurants besides, prepayment or repayment of certain borrowings and expenses related to general corporate purposes.

The company is promoted by Sayaji Hotels, Sayaji Housekeeping Services, Kayum Dhanani, Raoof Dhanani and Suchitra Dhanani and is backed by CX Partners, which made its first investment in 2013 and again in 2015.

The promoters hold 60.2%, CX Partners owns 33.8% and Jhunjhunwala's investment firm Alchemy Capital holds 2.1% of the company.

Barbeque Nation Hospitality, which filed preliminary papers in February last year, received the market regulator's approval in July 2020 to float the IPO.

The issue is being managed by IIFL Securities, Axis Capital, Ambit Capital and SBI Capital Markets.

Barbeque Nation Hospitality, owns and operates Barbeque Nation Restaurants. It also operates Toscano restaurants and UBQ by Barbeque Nation Restaurant.

As of December 2020, Barbeque Nation Hospitality operates 147 outlets across India and six outlets across three countries - the United Arab Emirates, Oman and Malaysia.

Earlier in 2017, the company had filed IPO papers with the market regulator seeking to raise Rs 7 billion. However, the regulator kept the processing of the company's proposed IPO in abeyance "pending regulatory action for past violations" and finally approved the IPO plan in January 2018.

How this ipo sails through remains to be seen. Meanwhile, stay tuned for more updates from this space.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary


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