Share Market LIVE: SGX Nifty hints at positive start for indices; RIL forays into e-pharmacy, acquires Netmeds
Share Market News Today | Sensex, Nifty, Share Prices LIVE: SGX Nifty was trading up by 17 points during the early hours of trade on Wednesday, hinting at a positive start for domestic equity indices. S&P BSE Sensex and NSE Nifty 50 enter Wednesday’s trading session on the back of a two-day gaining streak. Global cues were mixed with Dow Jones slipping into the red on Tuesday but NASDAQ and S&P 500 gaining momentum. Stock markets in Germany, France, and the United Kingdom were seen trading with losses. In Asia too equity markets sent mixed signals on Wednesday morning. Shanghai Composite was trading lower with losses but Hang Seng was trading flat, while equity indices in South Korea and Japan were up with gains.
Reliance Industries Ltd, after foraying into grocery delivery earlier this year, has now entered the e-pharmacy space as the conglomerate announced the acquisition of Netmeds in the early hours of Wednesday. Reliance Retail Ventures Limited, a subsidiary of Mukesh Ambani’s Reliance Industries Ltd, has acquired a 60% stake for around Rs 620 crores in cash. Interestingly, Amazon has also stepped into the space recently selling prescription drugs under the brand name Amazon Pharmacy. The recent acquisition by Reliance will see Mukesh Ambani battle it out with Jeff Bezos in the online pharmacy space.
Eicher reported 1Q Ebitda of just Rs 38 million as the Covid-related lockdown took a toll on operations. Demand commentary was strong, though, with Royal Enfield (RE) bookings close to pre-Covid level, and the build-up of a waitlist amid supply constraints. RE also plans to launch a new product in 2QFY21. We find Eicher well-placed to benefit from a potential demand revival given its strong franchise, aggressive product pipeline and big dealer expansion. Retain ‘buy. ~ Jefferies
Nifty set up is ready for the rangebound to positive move for the day. Global markets are a mixed bag. The US market is consolidating near to high. The Asian markets are a mixed bag. For the day, one should implement the strategy of buy on the dip for intraday. The positional trader should wait for the levels 11320-11350 for a small swing trade. The bears should have an aggressive hedge in case of Nifty heavyweights and indices positions. ~ Visha Wagh, Research Head, Bonanza Portfolio
Sensex and Nifty enter Wednesday’s trading session on the back of a two-day gaining streak. The 50-stock Nifty managed to close above the 11,350 mark, analysts believe that Nifty has more upwards potential in the near-term after the recent rally. Global cues were mixed on Wednesday morning with Shanghai Composite trading with losses along with Hang Seng. However, stock markets in Japan and South Korea surged higher. Overnight, both the S&P 500 and Nasdaq reached record highs, nudged by strong sales growth reported by major retailers including Walmart and Kohl’s.
After picking up a stake in housing finance major HDFC, the Chinese central bank People’s Bank of China has acquired a very small stake in ICICI Bank through the recently closed Rs 15,000 crore share sale by the country’s second largest private sector lender. The People’s Bank of China was among 357 institutional investors which included domestic mutual funds, insurance companies and global institutions that subscribed to the issue, sources said.
Yes Bank on Tuesday divested more than 8 per cent stake worth over Rs 75 crore in CG Power and Industrial Solutions through open market transactions. The lender offloaded 5.18 crore shares worth over Rs 75 crore through the BSE and the NSE, as per bulk deal data. The quantum of shares amount to 8.28 per cent shareholding in the company.
Mukesh Ambani has further upped the ante to take on e-commerce biggies in multiple segments. After grocery, Reliance Industries has ventured into the online pharmacy space with the acquisition of a majority stake in digital pharmacy startup Netmeds by its subsidiary Reliance Retail Ventures Limited (RRVL). Reliance Retail has acquired the stake in Vitalic Health and its subsidiaries, collectively known as Netmeds, for around Rs 620 crores in cash, the company announced on Wednesday. The deal would give Reliance Retail approximately 60 per cent stake Netmeds and 100 per cent direct equity ownership of its subsidiaries including Tresara Health Private Limited, Netmeds Market Place Limited, and Dadha Pharma Distribution Pvt Limited.