Sensex, Nifty Edge Higher Led by Banks, Realty; Paytm Spikes 15% in 3 Days

The Indian equity market edged higher intraday on February 20, 2024. At 12:06 PM, Sensex was up 224 points at 72,933.03 while Nifty gained 37 points and was trading at 22,159.15.

Around 1226 stocks advanced and 1138 declined while 99 stocks remained unchanged on NSE.

Among the sectors, media, Bank Nifty, and the realty indices added 0.5-2 percent each. However, selling pressure was witnessed in auto, IT, Pharma, and oil & gas spaces.

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One97 Communications: up 5%

Founder and CEO of Paytm, Vijay Shekhar Sharma assured that its QR code and soundbox facilities will continue to work. The assurance comes even after the March 15 deadline set by the Reserve Bank of India for the strict restrictions it has slapped on the bank.

Also read: Gensol Engineering, IPCA Labs Top 2 Stocks That Can Fetch Up to 17% Return

“Paytm QR, soundbox, and EDC (card machine) will continue to work like always, even after March 15. The latest FAQ issued by RBI on point #21 clarifies it unambiguously. Do not fall for any rumor or let anyone deter you from championing Digital India,” Sharma wrote on X.

The RBI confirmed that merchants – around 80 percent as per the management – using Paytm QR or Soundbox linked to another bank account can continue beyond March 15.

Vibhor Steel Tubes: Lists at 181% on Issue Price

The Vibhor Steel Tubes stock is the best-performing listing in the mainboard space of 2024 so far. It showcased an 181 percent premium over the IPO price. The stock opened at Rs 425 on the NSE and Rs 421 on the BSE. It surpassed the issue price of Rs 151.

Investors strongly responded to the IPO, subscribing 320 times. High net-worth individuals (HNIs) led the way, purchasing 770 times the allotted quota. Retail investors acquired 200 times the portion designated for them, while qualified institutional buyers booked 191 times the reserved part.

Zee Entertainment: up 5% Upper Circuit

During morning trades on February 20, Zee Entertainment Enterprises saw a gain of over 4 percent on the NSE. This surge was attributed to reports suggesting that Zee and Sony Pictures Networks (India) were collaborating on another attempt to revive the mega-merger deal.

The Economic Times, on February 20, reported that Zee Entertainment Enterprises Ltd (ZEEL) was working towards revitalizing their $10-billion merger, which had been called off on January 22. The report indicated that meetings had taken place over the last fortnight to “salvage the deal.” The report also mentioned that Zee was expected to communicate its willingness to accept the terms and conditions to Sony within the next 24-48 hours.

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