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Sensex edges higher, DMart operator Avenue Supermarts surges for second day

Livemint logo Livemint 06-02-2020

Indian markets advanced today tracking Asian markets higher. The Sensex rose over 100 points while the broader Nifty jumped 0.3% to 12,122. Among heavyweights RIL, ITC and TCS led the gains. Shares of DMart operator Avenue Supermarts surged for the second day when it rose 4% to 2346.20 today.

a close up of a tree: Sensex edges higher in early trade © Provided by Livemint Sensex edges higher in early trade

DMart in the previous session moved into the list of top-20 most valued companies by market capitalisation. Shares of Avenue Supermarts had jumped 4.35% in yesterday's trade. Avenue Supermarts had got listed on the bourses on March 21, 2017.

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Avenue Supermarts on Wednesday launched a qualified institutional placement (QIP) offering to raise up to 4,098 crore. In a stock exchange filing, the company said it will sell as many as 20 million shares through the QIP, at a floor price of 1,999.04 apiece.

"The promoters hold 80.21% stake in the company. Sebi's minimum public shareholding (MPS) rule for listed companies stipulates that promoters cannot own more than 75 percent and that public shareholders should own a minimum 25%," HDFC Securities said in a note.

Later in the day, the RBI will announce its monetary policy. The central bank is is widely expected to hold the rates steady.

Elsewhere, shares of public sector unit ITI surged 10% after the company withdrew 1,400 crore follow-on public offer, citing markets conditions.

Asian markets were higher today despite the coronavirus outbreak in China claiming more lives. Investors welcoming another record close on Wall Street and strong US jobs data.

Investors remained hopeful that the outbreak, which has spread to more than 20 countries, can be contained and the economic impact will limited. Huge cash injections by the Chinese central bank into the country's financial markets have also soothed investor concerns. China's markets were up about 1% today. (With Agency Inputs)

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