The domestic equities hovered near the flat line in afternoon trade. The Nifty was trading above 14,400 mark. Gains were capped amid concerns that climbing new COVID-19 cases in the country could derail the economic recovery.
At 13:20 IST, the barometer index, the S&P BSE Sensex, rose 32.40 points or 0.07% at 48,113.07. The Nifty 50 index gained 7.50 points or 0.05% at 14,413.65.
Axis Bank (up 2.49%), Reliance Industries (up 0.36%) and PowerGrid Corporation of India (up 4.06%) supported the indices.
The broader market outperformed the benchmarks. The S&P BSE Mid-Cap index rose 0.80%. The S&P BSE Small-Cap index added 1.07%.
Buyers outnumbered sellers. On the BSE, 1,774 shares rose and 1,034 shares fell. A total of 159 shares were unchanged.
India’s largest power transmission company state-owned Power Grid Corporation of India (PGCIL) will launch its Infrastructure Investment Trust (InvIT) on April 29, a first for any government sector company. After IndiGrid and IRB InvIT fund, this will be the third publicly listed InvIT for the country and second in the power transmission sector. The company in its regulatory filings with Sebi said its issue comprises Rs 4,993.5 crore of fresh issuance and an offer for sale, whose size was not disclosed. “The selling unitholder will be entitled to the proceeds of the offer for sale and the proceeds received from the offer for sale will not form part of the offer proceeds. The Trust will not receive any proceeds from the Offer for Sale,” said the filing by PGCIL
IPO Alert: PSU Power Grid to likely launch first-ever InvIT next week, says report
Freepik
Power Grid Corporation of India is likely to launch its first-ever InvIT (infrastructure investment trust) IPO next week. According to news reports, the IPO by a state-owned firm on April 29 will be a landmark deal for the Indian capital markets. Earlier in 2017, IRB InvIT and India Grid Trust went public.
Power Grid is a public limited company incorporated on October 23, 1989. As of December 31, 2020, the government of India held 51.34 percent of the shares of the company, with the remaining being held by public shareholders including mutual funds, financial institutions, insurance companies and foreign institutional investors.