– ED arrests Gautam Thapar of Avantha Group in Yes Bank fraud case
– Four IPOs open for subscription today
– Govt mulls moratorium on telecom dues
– Stress rising in bank home loan books
Now lemme give you a quick glance on the state of the markets.
Dalal Street is set to open higher this morning, tracking overnight gains in the US markets. Nifty futures on the Singapore Exchange traded some 80 points up at 8 hours (IST). Asian peers traded mixed as China’s clampdown on its technology giants and the spread of the delta Covid-19 strain subdued sentiment. The Dow shot up by 278 points or 0.8% last night.
Elsewhere, the yield on 10-year Treasuries was little changed at 1.17%. The dollar was pinned near recent lows against other currencies. Oil prices fell for a third day. Brent crude oil futures slid 0.3 per cent to $72.19 a barrel.
That said, here’s what is making news.
Nifty could head to 16,300-16,600 in the near term after breaking the elusive 16,000-barrier. The index had been moving in a band of 15,500-15,900 for two months. It has now broken out of the zone and closed above 16,000, which has given further conviction that the rally will continue, said technical and derivatives analysts.
Quick service restaurateur Devyani International (DIL), whose IPO opens today, has a strong franchisee in the form of Pizza Hut, KFC and Costa Coffee. The QSR segment is expected to benefit from the growing consumerism in the country. The IPO seems to be valued reasonably. However, the company is currently loss-making. Given these factors, high-risk investors with a long-term horizon may consider the issue.
The government is preparing a relief package for the telecom sector, but has no plans of responding to Aditya Birla Group chairman Kumar Mangalam Birla’s offer of handing over the group’ stake in Vodafone Idea to any public sector or domestic financial entity.
LASTLY,
Home loan portfolios at many banks have shown signs of stress, with data from a leading guarantor of such advances suggesting an increase of nearly three times in the mortgage delinquency pool over the past 15 months, which witnessed multiple waves of job losses and wage cuts. But a recovery is likely underway, and the worst may be over for the industry.
NOW Before I go, here is a look at some of the stocks buzzing this morning…
Adani Enterprises Ltd reported consolidated profit of Rs 266 crore for the June quarter compared to a loss of Rs 66 crore in the year-ago period.
Sunflag Iron & Steel Company emerged as the highest bidder for a coal block in Maharashtra, offering 9% revenue on Day 2 of the ongoing e-auctions of coal mines for commercial use.
Bharti Airtel posted a consolidated net profit of Rs 284 crore in the
April-June quarter, a sharp sequential fall, with the India wireless business dragged by Covid-induced lockdowns that led to loss of users even as consumers at the lower end spent less on calls.
Adani Ports & SEZ’s profit after tax rose 77% to Rs 1,342 crore in the April-June quarter. Its consolidated revenue doubled to Rs 4,557 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!
