– Govt mulling long-term measures to boost health of telecom sector
– Rolex Rings IPO opens today
– Foreign FIs halt plans to set up investment firms within IFSCs
– Festive season may not boost sales of electronics, mobile phones
Now lemme give you a quick glance on the state of the markets.
Dalal Street appeared to be heading for a muted start this morning. Nifty futures on the Singapore Exchange traded 6 points lower at 7:50 hours (IST). Tracking Wall Street, Asian markets were also trading lower amid a rout in Chinese stocks.
Elsewhere, US Treasuries were up. The US dollar was penned below recent peaks and Bitcoin was trading around $39,000.
That said, here’s what is making news?
The government is considering a slew of long-term measures to improve the health of the debt laden telecom sector, which includes prospectively redefining adjusted gross revenue (AGR) to exclude ‘non-telecom’ items and allowing telcos to surrender unused spectrum for a small penalty. Other measures being discussed include reduction in licence fees and spectrum usage charges.
In its post earnings call, IndiGo’s management said that by the fourth quarter of FY22, its domestic capacity will return to pre-Covid levels. This optimism is based on the assumption that the worst of the second viral wave is over, as evidenced by the improving traffic on metro-to-metro routes.
Consumer electronics and smartphone companies in India are staring at further delays in supplies of components from China ahead of the crucial festive season owing to a shortage of cargo ships and record rains in parts of the neighbouring country, said industry executives. The fresh challenges come at a time when the industry is already facing a shortage of components, which has intensified along with price increases in the past couple of months.
The June quarter performance of drug major Dr Reddy’s Labs turned out to be a washout for the Street. What aggravated matters further was the company getting a subpoena from the US market regulator to furnish documents on certain CIS geographies in relation to the complaint that alleged payments to healthcare professionals in violation of US anti-corruption laws.
LASTLY,
Retail investors could give the share sale of state-owned Housing & Urban Development Corporation (Hudco) a miss as the near term outlook for the company is uncertain due to volatility in its asset quality and delay in construction activities, said analysts. The government is selling up to 8% stake or 16.02 crore shares in the company through an Offer For Sale (OFS). The issue will be open for retail investors on Wednesday.
NOW Before I go, here is a look at some of the stocks buzzing this morning…
DLF will soon enter the Mumbai and Noida market even as the company is finalising plans to monetise its land bank in Nagpur and Pune.
InterGlobe Aviation, which flies IndiGo, reported a net loss of Rs 3,174 crore for the quarter ended June, up from a loss of Rs 2,844 crore a year earlier.
Public sector lender Canara Bank’s net profit nearly tripled to Rs 1,177 crore at the end of the June quarter on a sharp rise in fee income and treasury gains.
IndusInd Bank’s net profit nearly doubled to Rs 1,016 crore in the June quarter due to higher fee income, fall in provisions and a rise in net interest income despite an increase in non-performing assets (NPAs) in the aftermath of the second Covid wave.
Do also check out over two dozen stock recommendations for today’s trade from top analysts on ETMarkets.com.
That’s it for now. Stay with us for all the market news through the day. Happy investing.
