– Aditya Birla not planning to raise Vi stake
– Amex to resume India business from August 7
– Nykaa, Policybazaar to file IPO papers within a week
– LIC IPO only after 3 other PSU selloffs
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 13 points lower at 8 hours (IST). Asian markets are largely up after the US Fed said the progress in the US economy was not enough to start dialing down its support measures.
Elsewhere, yields on longer-term Treasuries were steady. The dollar was hovering around a two-week low while Bitcoin was trading $40,000.
That said, here’s what is making news
Nykaa and Policybazaar are all set to file papers within a week for their initial share sales, with both issuances proposing to raise ?11,000 crore between them at a time when consumer-focused companies are redefining India’s valuation leader-board in bumper over-subscriptions.
Shares of textile makers are in demand as investors bet the local industry would be one of the top beneficiaries of the escalating tensions between Washington and Beijing.
Maruti’s operating profit margins in the June quarter lagged consensus estimates, with the trajectory of commodity prices and management commentary suggesting that the pressure on profitability will sustain through the current quarter. Maruti’s operating profit margin dropped to 4.6% in June — a multi-year low.
LASTLY,
Google is all set to pass on India’s 2% equalisation levy introduced in April 2020 to its clients whose advertisements are visible in India from October. The levy is applicable even in cases where both the buyer and the seller are not based in India, if the advertisement is visible in India.
NOW Before I go, here is a look at some of the stocks buzzing this morning…
IDBI Bank’s net profit tripled to Rs 603 crore in the quarter ended June 2021 from Rs 144 crore a year ago.
The government has decided to divest stakes in National Fertilisers Ltd, Mishra Dhatu Nigam Ltd and Rashtriya Chemical & Fertilizers Ltd through offer on sale, or OFS, route within the next quarter.
PE managers Apollo Global and Synergy Metals will together invest Rs 1,500 crore in JSW Cement to help accelerate the company’s expansion.
Adani Enterprises has acquired 34,275 sq metres of land in Noida for
Rs 103.41 crore to set up a data centre with a total investment plan of Rs 2,400 crore.
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.
