– ED notice asks for $1.35 bn fine from Flipkart, its founders
– Kumar Mangalam Birla steps down from Vodafone Idea board
– Airtel seeks govt support for telcos
– Maruti reduces production amid parts, chip shortage
Now lemme give you a quick glance on the state of the markets.
Dalal Street is set for a positive start this morning. Nifty futures on the Singapore Exchange traded some 11 points higher at 8 hours (IST). Asian peers were trading mixed on Thursday after US shares dipped amid mixed economic data and comments from a Federal Reserve official that the central bank is on course to taper stimulus support. The Dow fell 323.73 points or 0.92% last night.
Elsewhere, the yield on 10-year Treasuries rose one basis point to 1.19%. The dollar was poised to push higher. Oil prices were supported by tensions in the Middle East. Brent crude oil futures rose 0.2% to $70.52 a barrel.
That said, here’s what is making news.
Retail investors’ appetite for IPOs is showing no signs of waning. The portion of shares set aside for these investors in four IPOs — Devyani International, Krsnaa Diagnostics, Windlas Biotech, and Exxaro Tiles — which opened for subscription on Wednesday were fully subscribed within half an hour of the issue opening.
Brokerages have raised the target price on Dabur India after the company on Tuesday reported a 28.4% jump in June quarter consolidated profit at Rs 438.3 crore, beating estimates. CLSA, HSBC, Jefferies, Nomura, Investec, Kotak Institutional Equities and Edelweiss have raised target prices by over 7-13%.
Fund managers and investment advisors are recommending investors to book profits in their mid- and small- cap share portfolios following the sharp rally in prices. Investors should restrict exposure to these stocks to about 25-35% of their total portfolio, they said. Mid-caps appear better valued than small-caps at this juncture, said fund managers.
LASTLY, Among the Nifty 200 companies, 49 have seen earnings downgrades for FY22 of late compared to 35 upgrades. Out of the Nifty 500 stocks, 78 have seen downgrades compared to 64 upgrades in the last four weeks. Nifty’s earnings per share (EPS) estimate for FY22 has seen 1.1% cut to Rs 725 from Rs 733.
NOW Before I go, here is a look at some of the stocks buzzing this morning…
US private equity fund CA Emerald Investments, an affiliate of Carlyle Asia Partners, is looking to sell its entire 1.9% stake in SBI Life Insurance Company worth Rs 2,160 crore through the stock exchange platform on Thursday.
SBI reported a 55% surge in its June-quarter net profit at Rs 6,504 crore, paced by lower provisions, higher fee incomes, and one-time recovery from the Kingfisher Airlines loan account.
The Competition Commission of India (CCI) has approved Carlyle Group’s proposed Rs 4,000- crore investment in PNB Housing Finance making it the majority shareholder, even as the Securities Appellate Tribunal is yet to give its judgement on the matter.
Adani Group has emerged as the preferred bidder for one more large commercial coal block in Chhattisgarh on the final day of tranche two of commercial coal auctions on Wednesday.
Eminent Power, a subsidiary of CESC Kolkata, has emerged as the highest bidder to take over Chandigarh electricity distribution business for Rs 871 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!
