Top business stories of the day: Markets fall for second straight day, two new IPOs kick off and more
Markets continued their downward trend on Monday, marking a second consecutive session of losses. Lackluster macroeconomic data and an increasing number of COVID-19 cases dampened risk appetite, overshadowing a notable rise in the rupee, which failed to uplift sentiment, according to traders. The S&P BSE Sensex closed 397 points (0.78%) lower at 50,395.08 after fluctuating by 1,035.71 points throughout the day. The Nifty 50 on the NSE also fell by 101.45 points (0.67%), concluding at 14,929.50.
In contrast, MTAR Technologies experienced a remarkable entry into the stock market. The company’s shares debuted with an 88% premium over its issue price of Rs 575. Opening at Rs 1,063.90 on the BSE, it showed an 85% gain from the issue price during the day, reaching Rs 1,154. The stock closed at Rs 1,082.25, indicating an 88.21% increase. On the NSE, it began at Rs 1,050 (82.60% premium) and closed at Rs 1,078.30 (87.53% gain).
In the IPO space, Laxmi Organic Industries and Craftsman Automation commenced their offerings. On the first day of bidding, Laxmi Organics was subscribed 2.28 times across both exchanges, while Craftsman Automation had a subscription of 0.55 times, as per NSE data. Bidding for both IPOs is set to conclude on March 17, 2021. Meanwhile, the Anupam Rasayan India IPO, which opened on Friday, was oversubscribed 2.57 times by the end of the second day of bidding. The issue is scheduled to conclude on March 16, 2021.
The Wholesale Price Index (WPI) inflation surged to a 27-month high of 4.17% in February, driven by increases in food, fuel, and power prices. In January, WPI inflation stood at 2.03%, while it was 2.26% in February of the previous year.
Stripe Inc. became the most valuable startup in the U.S., with its valuation soaring to $95 billion in its latest funding round. The online payments processing firm raised $600 million, nearly tripling its valuation in less than a year.
