– Policybazaar, Adani Wilmar and Nykaa file papers for IPO
– Birla offers to hand over Voda stake to keep telco afloat
– Adani Group bags two commercial coal mines
– Several consumer companies report best-ever July sales
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 37 points down at 7:50 hours (IST). Asian stocks slipped as the Delta coronavirus variant spread in key markets in the region and put Chinese authorities on high alert, rattling investor confidence. The Dow fell 97 points or 0.28%.
Elsewhere, The real yield on 10-year Treasuries was close to a record low. The dollar was on the back foot against the safe-haven yen and Swiss franc. Crude oil prices climbed but fuel demand concerns capped gains. Brent crude rose 0.3% to $73.13 a barrel.
That said, here’s what is making news?
While domestic equities are being touted as one of the beneficiaries of the market upheaval in China over the long-term, money managers and strategists said they are not in a hurry to lap up stocks here as valuations remain rich and uncertainty around the spread of the virus is yet to recede.
Windlas Biotech IPO, which opens for subscription tomorrow, is priced steeply at 64 times its FY21 earnings. Excluding the exceptional item of impairment of goodwill, the valuations reduce to a realistic 26.8, making it attractive for investors to consider the IPO in an industry that is likely to be in vogue in the near to medium term.
Ceramic stocks have outperformed in the last two years with returns even tripling for investors as the Indian ceramic industry is emerging as a global leader, getting the second position in exports. While shares of Pokarna more than tripled in the last two years, Somany Ceramics and Kajaria Ceramics have more than doubled. Cera Sanitaryware rose 88% in two years.
From groceries to refrigerators, smartphones and cars, sales of essential goods and discretionary products bounced back sharply last month, with several manufacturers reporting their bestever July numbers this year. Sales of most categories increased 20-50% from a year earlier.
LASTLY,
Aditya Birla Group (ABG) chairman Kumar Mangalam Birla had nearly two months ago offered to hand over the group’s 27.66s% stake in Vodafone Idea (VIL) to any public sector or domestic financial entity who could keep the company afloat, while asserting that without immediate government support, the telco would be driven to an irretrievable point of collapse.
NOW Before I go, here is a look at some of the stocks buzzing this morning…
Adani Group has emerged the preferred bidder for two coal blocks
for commercial use in Maharashtra and Chhattisgarh.
Tata Motors said it has increased prices of its passenger vehicles by 0.8 per cent with effect from today.
Punjab National Bank (PNB) has reported a 231% increase in its net profit at ?1,023 crore for April-June quarter, as compared with the corresponding period last year.
NMDC said its iron ore production rose by 3.6 per cent to 11.96 million tonne (MT) during the April-July period of the ongoing financial year.
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
