– Bharti Airtel, Vodafone Idea to hike prepaid rates to meet AGR dues
– Microsoft finalises strategic investment in Oyo at $9 billion valuation
– 100% FDI allowed in oil PSUs
– HDFC Bank’s retail asset quality takes a hit
Now lemme give you a quick glance on the state of the markets.
Dalal Street looked headed for a weak start this morning. Nifty futures on the Singapore Exchange traded some 80 points down at 8:25 hours (IST). Other Asian markets were trading mixed on Friday morning as traders weighed risks from China’s crackdown on private industries. US stocks ended higher on Thursday, boosted by robust US earnings and forecasts.
Elsewhere, ten-year US Treasury yields trimmed an advance and a dollar gauge headed for its biggest weekly drop since May. The dollar languished near a one-month low while Bitcoin continued to trade around $40,000. Oil prices fell on Friday but were on track to post solid gains for the week.
That said, here’s what is making news
A majority of retail investors in initial public offerings (IPOs) are only in it for the listing pop as they offload shares allotted to them on the debut day. More than half of all IPOs in the last two years did better on listing day compared with returns over a year, analysts say.
Bharti Airtel and Vodafone Idea (Vi) are set to raise prices in the lucrative prepaid smartphone user segment to beef up resources and boost cash generation to meet their upcoming adjusted gross revenue (AGR) dues and other payment obligations, analysts said.
HDFC Bank’s asset quality in the retail segment deteriorated significantly in the last financial year, with gross bad loan ratio rising 50 basis points to 2.3% as of March end from 1.8% a year earlier, its filings with the US regulator show.
LASTLY, Antique, Investec and Kotak Institutional Equities have maintained a sell rating on Maruti Suzuki while Nomura and Centrum have a neutral and reduce rating respectively, on the stock as its June quarter earnings belied market expectations.
NOW Before I go, here is a look at some of the stocks buzzing this morning…
LIC Housing Finance said its quarterly earnings fell 81% as it set aside hundreds of crores of rupees in buffer against defaults by borrowers. signaling a skewed economic recovery.
UTI Asset Management Company’s profit after tax (PAT) rose 72% to Rs 119 crore in the quarter ended June 30 as against Rs 69 crore in the same period a year ago.
Tech Mahindra’s first quarter net profit rose about 39% to Rs 1,353 crore, while revenue was up 12% at Rs 10,198 crore, the IT services provider said on Thursday.
Tata Sons will acquire a controlling stake in telecom equipment maker Tejas Networks to help it access 5G technology and take on the likes of Ericsson, Nokia and Huawei in tapping capital investments made by India and the rest of world as they adopt the next-generation communications system.
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.
