The Australian market closed higher for the second straight session on Tuesday, 09 March 2021, as investors risk sentiment continued to received support after a prominent survey showed business confidence rose to decade highs in February and hopes for faster economic recovery from the coronavirus pandemic.
At closing bell, the benchmark S&P/ASX200 advanced 31.59 points, or 0.47%, to 6,771.16. The broader All Ordinaries rose 28.78 points, or 0.41%, to 7,000.43.
The heavily-weighted financials advanced as major banking names rose. ANZ shares closed up 1.3%, Commonwealth Bank added 0.7%, Westpac rose 0.7% and National Australia Bank was up 0.8%.
AMP rallied 2.5% after the wealth manager decided to sell the global equities business of its asset management arm to Canadian investment manager Fiera Capital for an undisclosed sum.
The Government of India (GoI) has announced the Sale (Re-issue) of (i) 3.96% Government Security, 2022 for a notified amount of Rs 3,000 crore (nominal) through price based auction, (ii) 5.15% Government Security, 2025 for a notified amount of Rs 12,000 crore (nominal) through price based auction, (iii) 5.85% Government Security, 2030 for a notified amount of Rs 12,000 crore (nominal) through price based auction, and (iv) GoI FRB 2033‟ for a notified amount of Rs 4,000 crore (nominal) through price based auction. GoI will have the option to retain additional subscription up to Rs 2,000 crore against each of the above securities. The auctions will be conducted by the Reserve Bank of India, on March 05, 2021 (Friday) using multiple price method. Up to 5% of the notified amount of the sale of the Securities will be allotted to eligible individuals and Institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.
Apollo Tricoat Tubes surged 8.20% to Rs 1000 after its board approved a draft scheme of amalgamation of the company and Shri Lakshmi Metal Udyog with APL Apollo Tubes.
The scrip gained 10.36% to hit an intraday high of Rs 1,020 in trade today, which is also a record high for the counter.
Meanwhile, shares of APL Apollo Tubes shed 0.12% to currently trade at Rs 1069 on the BSE.
APL Apollo and Apollo Tricoat are engaged in the business of production of ERW steel tubes. Shri Lakshmi is engaged in the business of production of ERW steel tubes and GP Coils.
The amalgamation would combine the businesses under APL Apollo brand with wide product offerings and geographical footprint leading to a stronger market presence.