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BENGALURU (Reuters) - Indian shares and bonds rose on Wednesday after central bank kept interest rates at record lows to support the economy on the back of a record surge in COVID-19 cases, and announced a secondary market government security purchase programme.
A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, February 26, 2016. REUTERS/Shailesh Andrade/Files
The Reserve Bank of India (RBI) stuck to its accommodative monetary policy stance amid concerns that the resurgence in infections could derail the country’s nascent economic recovery.
The NSE Nifty 50 index closed 0.92% higher at 14,819.05 and the S&P BSE Sensex rose 0.94% to 49,661.76.
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Mid- and small-cap shares witnessed strong buying interest.
The Indian equity benchmarks gained for second straight session on Wednesday on the back of buying interest in rate sensitive shares after the Reserve Bank of India held its key interest rates unchanged at record lows to support the economy against the backdrop of a second surge in COVID-19 cases. The Sensex rose as much as 699 points at the day s highest level and Nifty 50 index briefly moved above its important psychological level of 14,850. The Reserve Bank of India (RBI) stuck to its accommodative monetary policy stance amid concerns that rising infections could derail the country s nascent economic recovery.
Barbeque Nation Hospitality, a company operating casual dining restaurant chains, saw its shares gain 18 per cent during their stock market debut on Wednesday. The stock ended at Rs 587.8 with a gain of Rs 87.8 over the issue price of Rs 500 per share. The stock touched a low of Rs 481.85 and a high of Rs 587.8 on the NSE, where Rs 285 crore worth of shares changed hands. During the close of trade, the stock was locked in a 20 per cent upper circuit over its pre-open price of Rs 490. The rally surprised the Street as most were expecting a subdued listing due to the fresh turbulence in the restaurant sector caused by the lockdown measures imposed in Maharashtra to contain the spread of Covid-19 infections.
Barbeque ends 18% higher on Day 1
April 07, 2021
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Shares of Barbeque Nation Hospitality, which was listed in discount of over 2 per cent with respect to IPO price, closed with 18 per cent gains. The restaurant chain s stock listed at ₹492 on the BSE against the the issue price of ₹500. However, the stock closed 18 per cent higher at ₹590.40. The public issue was subscribed 5.98 times and came at a price band of ₹498-500 a share. The IPO was a fresh issuance of equity shares of ₹5 face value, aggregating up to ₹180 crore and an offer for sale of up to 54,57,470 equity shares by the selling shareholders. Barbeque Nation is backed by ace investor Rakesh Jhunjhunwala s investment firm Alchemy Capital.