Daily Snippets – 16 August 2022

• The domestic equity benchmark closed with strong gains.
• Better-than-expected domestic inflation data also lifted sentiment. Interest rate sensitive realty, automobile and banking stocks advanced on hopes that easing inflation may limit the pace of rate hikes by the RBI.

Capital Flows

?HDFC AMC rallies over 11 percent on block deal news
HDFC AMC surged over 11 percent after a large block trade took place on the counter. As many as 11.95 million shares, or 5.6 percent stake, in the company changed hands on the BSE at Rs 1,944.3 per share. Currently, only Life Insurance Corporation of India, Housing Development Finance Corporation and Aberdeen Investment Management hold more than 5.6 percent stake in the asset management firm.

?Apollo Tyres rally on strong quarterly results
Apollo Tyres jumped 6 percent after the tyre-maker clocked a 49% year-on-year growth in consolidated profit at Rs 190.7 crore for the quarter ended June 30, 2022 on a low base. Strong operating income and topline lifted the bottomline. Revenue grew by 30% to Rs 5,942 crore compared to the year-ago period.

?Adani Transmission hits Rs. 4 trillion market cap
Adani Transmission hit Rs 4 trillion in market capitalisation for the first time after its shares rallied over 104 percent this year. The stock touched an all-time high after gaining for three consecutive sessions. The stock has become the 15th Indian listed firm and the second Adani Group company to achieve this milestone.

News from the IPO world?

• Virat Kohli backed Digit insurance files for IPO.
• Concord Biotech files DRHP with SEBI for Rs. 2,000-2,500 crore IPO.
• Balaji Solutions files draft papers with SEBI to raise funds via IPO.

Numbers? that matter