The Indian equities rose further in the morning session on Tuesday, hours ahead of the Budget presentation in the Parliament.

At 10:55 a.m., Sensex traded at 58,724 points, up  by 710 points from the previous close, while the broader Nifty traded at 17,544 points, up 203 points from the previous close.

Except oil and gas stocks, all other sectoral indices are trading in the green with pharma, metal, power, bank, capital goods up by 1-2 percent. 

Sensex
IANS

The robust mood in the markets followed the presentation of Economic Survey by the Finance Minister on Monday raising the hope of an economic recovery despite the Omicron wave surgin in some parts of the country.

On IPO front, Adani Wilmars was subscribed more than 17 times on the last bidding day on Monday. The company is known for its wide range of offerings comprising soya bean oil, sunflower oil, mustard oil, rice bran oil, wheat flour, rice, pulses, sugar among others.

The company has 22 plants in India, which are strategically located across 10 states, comprising 10 crushing units and 19 refineries. The issue size was Rs 3,600 crore with a price band of Rs 218-230 per share.

Adani
Youtube screenshot

Of the overall subscription, institutional investors subscribed 5.73 times of the total allotment, while non-institutional investors subscribed 56.3 times, retail investors 3.92 times, employees 0.51 times, and shareholders 33.33 times, data showed.

"The company has shown strong growth in revenue where it grew from Rs 29,766 crore to Rs 37,195 crore over the period of FY20 to FY21 and during the same period, profit has grown from Rs 460 crore in FY20 to Rs 727 crore in FY21," Aayush Agrawal, senior analyst at Swastika Investmart, said recently in a note.

It will be the seventh listed company of the Adani Group.

(With inputs from IANS)

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