IRCTC’s shares surged 7 per cent and are up nearly 20 per cent in the week already as investors continue to chase the swift upward momentum in the platform company. The company is benefitting from an improved outlook for the travel and tourism sector on the back of reopening of the economy.
With high vaccination rates across the country receding the threat of a third wave, investors are increasingly confident that business revival will be durable from hereon.
jumps with oil
The surge in global crude oil prices is heightening anxiety among economists over the country’s inflation dynamics. Global crude oil prices are sitting at multi-year highs and at current evidence look set to top the $90 per barrel mark.
The bad news for the country’s inflation is good news for the country’s largest oil producer, ONGC. The stock rose over 2 per cent as it hit a new 52-week high in the session following the rise in prices of global crude oil.
soars
The stock of the company ended 4 per cent after rising as much as 10 per cent earlier in the session. The move was caused by Vedanta’s founder Anil Agarwal suggesting that the company was open to purchasing the government’s stake in the state-owned copper miner.
Vedanta has good reason to pursue Hindustan Copper given that its copper business has been badly affected by the closure of the Titucorin plant in Tamil Nadu a few years ago. The acquisition could be a happy marriage for both Vedanta and the government as the former’s purchase of Hindustan Zinc shows.
MCX India’s option play
Shares of the commodity exchange operator gained over 2 per cent in a weak market amid media reports that it may receive the Securities and Exchange Board of India’s approval to launch options on commodities.
As the equity market has shown, options are a lucrative, high-volume business as compared to futures and forwards. If MCX India gets SEBI’s approval to launch options on popular commodities like base metals, gold etc it could provide another fillip to the commodity exchange’s revenues.
Metals, realty stocks fall
Shares of metal and real estate stocks became the victim of profit booking from retail investors today. Dealers suggested that the selling pressure in the market was likely led by foreign investors and retail investors.
With metal and real estate stocks both having higher ownership among retail investors, they became obvious candidates for profit booking. The Nifty Metal index fell nearly 3 per cent whereas the Nifty Realty index tumbled 1.6 per cent.
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