RBI unlikely to tinker with benchmark rates this week
Banks close lakhs of current accounts
DoT may get 5G auction rolling this week
Reliance Retail in talks to buy Subway’s India franchise
Now lemme give you a quick glance on the state of the markets.
Dalal Street looked headed for a strong start this morning. Nifty futures on the Singapore Exchange traded 115 points up at 8 hours (IST). US stocks fell on Friday and registered losses for the week, but the S&P 500 still notched a sixth straight month of gains.
Elsewhere, ten-year US Treasury yields pared a retreat. The dollar held just above a one-month low. Bitcoin slipped back below $40,000. Crude oil prices slid on worries over China.
That said, here’s what is making news?
Reliance Industries is in talks with the world’s largest single-brand restaurant chain, Subway Inc, to buy its India franchise for $200-250 million (?1,488-1,860 crore). The talks, if successful, will provide RIL retail unit a network of 600-odd Subway stores across India and help further diversify its omni-channel initiatives to more segments.
Sun Pharma reported a remarkable performance in the first quarter of this fiscal — satisfying investors who have been waiting to see the company deliver a strong show. The outperformance was driven by a strong showing across all segments (except active ingredients) over the year-ago June quarter and over the preceding March quarter.
The Reserve Bank of India is likely to keep benchmark rates unchanged in the bi-monthly monetary policy on Friday amid efforts to regain the country’s growth impetus, shows an ET poll among 21 banks, funds and financial institutions.
LASTLY, Indian banks have closed hundreds of thousands of current accounts, inconveniencing many small business owners, as the time to comply with a Reserve Bank of India directive has ended. SBI alone is said to have closed more than 60,000 accounts after sending repeated reminders to customers.
NOW Before I go, here is a look at some of the stocks buzzing this morning…
Adani Enterprises has announced its intention to enter the petrochemicals business by registering a new company called Adani Petrochemicals Limited.
Chevron and Total Energies are engaged in separate partnership talks with ONGC for upstream projects in India in a sign of growing interest in the country’s exploration sector that has barely received attention from foreign energy firms in recent years.
Hindalco Industries is planning to invest around Rs 8,000-10,000
crore in Hirakud, Silvassa and Mundra plants.
DLF is planning to develop 27 million sq ft of residential space in the medium term with a revenue potential of Rs 30,000 crore, on the back of higher demand for houses from corporate executives amid the
shift to work from home.
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
