US stocks rallied to close higher on Friday, as the S&P 500 and Dow snapped a three-session losing streak and the Nasdaq rose more than 2%, as quarterly earnings helped lift Netflix, while Google parent Alphabet climbed after announcing job cuts. Shares of Netflix jumped as the streaming company added more subscribers than expected in the fourth quarter and said co-founder Reed Hastings was stepping down as chief executive. Alphabet Inc was the most recent company to announce job cuts as it said it was cutting 12,000 jobs, sending shares higher.

The board of the Mumbai-based firm asked managing directors Ganashyam S. and Arpita Vinay to leave due to a “loss of confidence,” the group’s spokesman said in an emailed reply, without elaborating.

The full divestment value is about ₹450-₹475 crore, according to Centrum Capital, which advised on the deals. Centrum Capital is the investment banking arm of the Centrum Group. Axis Asset Management Company, which runs the AIF, did not respond to ET's query. IIFL Asset Management Company did not want to comment. The deal marks renewed investor interest in the insurance space, which was badly hit by the pandemic.

Proceeds from the fresh issue will be used for investment in its material subsidiary BDJ Oxides. It will use Rs 45 crore in repayment of borrowings availed by its arm, Rs 5.31 crore will be used for setting up a Research & Development centre, Rs 65 crore will be used to fund the long-term working capital requirements of its material arm.

Two promoter entities, Harmonic Ventures and Suresight Ventures, bought nearly 6.7 million shares from the open market, trading data on promoters and insiders showed. Promoter holding in UPL has increased from 27.96% in September 2021 to 30.74% as of December 2022.

"The year 2023 will be tough, with growth slowing down globally, we are bound to see some repercussions in India. I expect a slower or quieter market in 2023, and I suspect money garnered through IPOs next year will be lower than or on the same level as 2022," said Nikhil Kamath, co-founder of True Beacon and Zerodha.

Both the companies will work closely with private and public sector companies and financial institutions to offer scalable investment banking products, groundbreaking solutions and actionable insights for more sustainable development along with an extensive outreach to long-term investors, including Impact funds, they said in a statement.

The Nifty Auto index closed 2.0 per cent down at 11165.65.

The Nifty Realty index closed 3.15 per cent down at 387.85.

The Nifty Pharma index closed 1.83 per cent down at 12191.85.

Bajaj Finserv, Bajaj Finance, IndusInd Bank, Tech Mahindra and Hindalco were among the top losers on NSE in today's trade.

Sonu Infratech Ltd., Tree House Edu, Marathon Nextgen, Destiny Logistics & Infra Ltd. and Kohinoor Foods, hit their fresh 52-week highs during the day.

Centrum Broking expects adjusted profit after tax (PAT) to decline about 19 per cent compared to the corresponding quarter last year to Rs 1,040 crore. It expects revenue to rise about 14 per cent in the same period. The broker further expects Ebitda to decline over 10 per cent with margins shrinking by about 14 percentage points.

On the rating front, brokerages that maintained a buy said the order backlog is strong and that the automaker is on a gradual recovery to profitability.

“The upgrade cycle will continue and I see a very good performance delivered. We had around Rs 1800 odd PAT estimates whereas they have delivered around Rs 2,000 plus and that is definitely a beat on our numbers.”

Shares of Centrum Capital have zoomed as much as 175 per cent in the calendar year 2021 so far, against a 27 per cent rise in BSE Sensex. The counter has gained more than 35 per cent in the last one month.

A new bank license has been issued after a gap of nearly 6 years, and we thank the RBI for the confidence shown in the abilities of Centrum and BharatPe.

Premier Energies will invest the equity capital to consolidate its presence as a leading integrated solar cell and module manufacturer by adding capacity of 2 GW cell manufacturing and 2 GW of module manufacturing based on the latest Monocrystalline PERC technology, along with a planned investment of over Rs 1,200 crore over the next two years.

he company recently started a 750 MW solar cell and 750 MW solar module manufacturing facility, one of the largest in south India. Around $70 billion has been invested in Indias renewable energy space in the past seven years, power minister RK Singh said in June.

The initial public offer (IPO) comprises fresh issuance of equity shares worth Rs 150 crore and an offer for sale (OFS) of 4,266,666 equity shares by Banyantree Growth Capital II, LLC, according to the draft red herring prospectus (DRHP) filed with Sebi on Wednesday.

JV to set up a Small Finance Bank to acquire PMC Bank a landmark event for fintech firms in the country

“While more than Rs 3 lakh crore will be invested, about 97,000-98,000 crore will come from the centre.”

Apollo Hospitals Enterprises, Allcargo Logistics, Schneider Electric Infrastructure and Hindustan Construction Company will announce their March quarter results today.

Centrum Capital scrip closed at Rs 47.50 apiece on BSE, down 9.95 per cent.

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NMDC, Bharat Electronics, ITI, Aster DM, Avanti Feeds, Sobha and Religare Enterprises will announce their March quarter results today.

The joint venture floated by the Centrum Group and digital payments startup Bharatpe for launching a small finance bank will infuse Rs 1,800 crore capital into troubled Punjab & Maharashtra Cooperative Bank (PMC) on its merger with the proposed bank, a top Centrum official has said. On Friday, the RBI gave an in-principle approval to Centrum Financial Services, to set up a small finance bank (SFB) provided it took over the troubled PMC Bank.

The joint venture floated by the Centrum Group and digital payments startup c for launching a small finance bank will infuse Rs 1,800 crore capital into troubled Punjab & Maharashtra Cooperative Bank (PMC) on its merger with the proposed bank, a top Centrum official has said. On Friday, the RBI gave an in-principle approval to Centrum Financial Services, to set up a small finance bank (SFB) provided it took over the troubled PMC Bank.

This paves the way for ending nearly two anxious years for the PMC depositors whose over Rs 10,723 crore are still stuck in the crippled cooperative bank that has been under RBI administrator since September 2019.

“The RBI would consider granting a licence for commencement of banking business on being satisfied that the applicant has complied with the requisite conditions laid down by RBI as part of “inprinciple” approval,” the central bank said in a notification Friday.

Centrum Institutional Research has a buy call on Bajaj Auto with a target price of Rs 4487. The current market price of Bajaj Auto is Rs 3825.8.

Centrum Institutional Research has a buy call on Sanofi India with a target price of Rs 10230. The current market price of Sanofi India is Rs 7550.

Centrum Institutional Research has a sell call on Hindustan Zinc with a target price of Rs 289. The current market price of Hindustan Zinc is Rs 308.1 .

30 firms raised Rs 31,277 crore through initial public offerings (IPOs) in 2020-21, significantly higher than Rs 20,352 crore mopped up through 13 initial share-sales in the preceding fiscal year.

“We are very hopeful that next year will be very good both in terms of earnings as well as equity pricing."