Stock Market News: Sensex lost 671 points, IIP data, Tata Technologies has filed IPO

Stock Market News

The Indian stock market witnessed a sharp decline as the Sensex lost 671 points and Nifty dipped 176 points. On Thursday, foreign institutional investors (FIIs) were net sellers as they offloaded shares worth Rs 561.78 crore, according to exchange data.

Index of Industrial Production (IIP)

However, the Indian economy showed some positive signs as industrial output grew by 5.2 percent in January, up from 4.7 percent in December, as per the Index of Industrial Production (IIP) data released on March 10. The growth in industrial output for the first 10 months of 2022-23 was 5.4 percent, down from 13.7 percent in the corresponding period of the previous year.

Gautam Adani to sell stake in cement business for $450mn to reduce debt

Gautam Adani to sell stake in cement business for $450mn to reduce debt

In the business world, Gautam Adani, the chairman of the Adani Group, is reportedly seeking to sell a stake worth around $450 million in his cement business, Ambuja Cement, to reduce debt and restore investor confidence in his conglomerate. Adani has made a formal request to international lenders to sell 4 to 5 percent of Ambuja Cement, but it is not finalised who would buy the stake.

Tata Technologies has filed IPO

On the other hand, Tata Technologies has filed IPO papers with SEBI, and shares of Tata Motors were trading over 1 percent higher in a weak market on the same day. The IPO intends to sell 81,133,706 shares of its subsidiary, and two other shareholders – Alpha TC Holdings and Tata Capital Growth Fund I – of the company are also selling shares in the offer.

Mutual Fund Schemes Surged in Feb

Investments in equity mutual fund (MF) schemes in India have surged to a nine-month high of Rs 15,700 crore in February, according to the Association of Mutual Funds in India (Amfi). The increase in inflows can be attributed to strong collections by new fund offerings (NFO) and higher inflows across sub-categories.

The data shows that the mutual fund industry has witnessed a steady rise in investments over the past few months, as investors are showing confidence in the equity market. The rise in inflows is also a positive sign for the Indian economy as a whole, as it indicates a growing interest in the country’s financial markets.

Experts predict that the trend is likely to continue, with investors expected to take advantage of the market volatility and invest in equity mutual funds as a means of diversifying their portfolio. Mutual funds have emerged as a popular investment option among retail investors in recent years, offering a range of schemes to suit different investment needs.