Post Market Analysis: Benchmark indices rose on the last day of 2021; RIL, Tech Mahindra, PB Fintech in news today

Benchmark stock indices closed on a higher note on the last trading day of 2021 on steady gains from metal, auto, banking and FMCG stocks. The Sensex closed 0.80% higher at 58253.82 and Nifty rose 0.87% to 17354.05.

For the year 2021, the indices closed on a positive note with both the S&P BSE Sensex and NSE Nifty 50 index hitting record highs during the year, as markets overcame the negative effect of the delta variant of the coronavirus.

On Friday, the top gainers were Nifty Metal [1.94%], Auto [1.69%], PSU Bank [1.61%], FMCG [1.36%]. All the Nifty sectoral indices closed in the green, although Nifty IT index rose the least by only 0.11%.

Indian rupee rose 8 paise to 74.33 against the US dollar.

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Stock in News Today

Reliance Industries Ltd: The company’s wholly-owned subsidiary Reliance New Energy Solar Ltd (“RNESL”) will acquire 100% stake in Faradion Limited for an enterprise value of GBP 100 million. In addition, RNESL will also invest GBP 25 million as growth capital to accelerate commercial roll out.

Tech Mahindra: The IT major bought 100% stake in Allyis India and Green Investments for $125 million in an all cash deal. The company in an exchange filing said that the acquisition will bolster Tech Mahindra’s capabilities in digital experience solutions, cloud & automation, BI & analytics and technical support services.

PB Fintech Ltd: Shares of the company closed 2.29% after the company’s board approved an investment of Rs 700 crore, in one or more tranches, in its wholly owned subsidiary Policybazaar Insurance Brokers Pvt. Ltd. and Rs 300 crore in Paisabazaar Marketing and Consulting Pvt. Ltd. The company in an exchange filing also said that Policybazaar launched pre-qualified program for personal loans in partnership with Axis Bank.

Cadila Healthcare Ltd: The company’s U.S. Subsidiary Zydus Pharmaceuticals (U.S) Inc. has received tentative approval from the US health regulator FDA to market Pimavanserin Capsules in the strength of 34 mg. Pimavanserin is indicated for treatment of hallucinations and delusions associated with Parkinson’s diseases pyschosis. The drug will be manufactured at its SEZ Ahmedabad plant.

Indigo Paints: The company’s shares closed 9.64% higher on the back buying pressure in the market. Theses developments came after brokerage firm Motilal Oswal initiated a coverage on the stock with ‘Buy’ rating and target price of Rs 2,270. The brokerage report states that Indigo has successfully surpassed the high entry barriers of the Indian Paints industry through differentiated products, building distribution network via the rural markets and high investments in branding among others.

Indian Oil Corporation: Sri Lanka will sign a deal with Lanka Indian Oil Corporation (LIOC), a subsidiary of IOC, to restore 75 oil tanks as the country moves to secure a $500 million fuel credit line from India, its energy minister said on Friday, according to Reuters news report. Under the proposed agreement, LIOC will be given 14 tanks on a 50-year lease and a 49% stake in 61 other tanks that will be held jointly with State-run Ceylon Petroleum Corporation (CPC), the minister said.