– Electronics, handsets short of Diwali demand
– Clear raises $75 million from Kora Capital, Stripe and others
– Groww raises $251m
– Panel for National Employment Policy soon
Now lemme give you a quick glance on the state of the markets.
Asian shares opened mostly lower before giving out mixed cues on Monday as investors await corporate earnings and Japan’s upcoming general election. MSCI’s index of Asia-Pacific shares outside Japan shed 0.13 per cent.
Elsewhere, the yield on 10-year Treasuries rose two basis points to 1.65%. The dollar steadied on Monday after its steepest weekly loss in more than a month, as traders weigh the effect of inflation on the relative pace of looming rate hikes – with a wary eye on U.S. growth data and a European Central Bank meeting. Bitcoin was trading around $61,000. Oil prices rose on Monday, extending pre-weekend gains, with U.S. crude hitting a seven-year high as global supply remained tight amid strong demand worldwide as economies recover from coronavirus pandemic-induced slumps. Brent crude futures climbed 26 cents, or 0.3%, to $85.79 a barrel.
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That said, here’s what is making news.
Shares of Reliance Industries are likely to gain 3-4% after the oil-to-telecom conglomerate reported a 43% rise in consolidated net profit for the September quarter from a year ago. Analysts said strong upsides in Reliance shares could help end the four-day losing streak in the Sensex and Nifty. Reliance shares have gained 24.35% in the past one year while Sensex gained 50% during the same period.
The recent rise in raw material prices and the risk of downcycle or correction in steel prices are unlikely to unsettle JSW Steel. Doubling of its capacity over the next two years, the rising contribution of value-added products and consistent reduction in the cost of production will help JSW Steel log earnings growth even in the downcycle. Besides, it is the only steel company to see capacity expansion through FY24. So, even if the steel cycle reverses, the profits may continue to grow, thus sustaining the current stock price levels.
Many Indian expats are increasingly experimenting with cryptocurrencies to remit money to their families back home and save on commissions charged by wire transfer companies and other middlemen. Industry trackers say that the sudden growth in the crypto investments even in smaller towns across India has also led to people exploring various uses. Remittances in India are pegged at about $80 billion which are mainly transferred through banking or other financial channels.
LASTLY,
The initial trend in second-quarter results show that aggregate sales and profit continue to grow in double digits year-on-year albeit at lower profitability, marred by input cost inflation. A sample of 250 companies reported 27.7% year-on-year growth in revenue on a 6.6% fall in the year-ago quarter. Net profit rose by 23% on top of a 36.4% growth a year ago.
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NOW Before I go, here is a look at some of the stocks buzzing this morning…
Apollo Tyres will soon roll out its European premium tyre brand Vredestein into the country more than a decade after acquiring it, at a time when India’s restrictions on import of tyres are impacting the business of premium vehicle brands.
Gland Pharma expects to begin exports of single-shot Sputnik Light vaccine by November.
The prioritisation of domestic coal supply to the power sector has to “some extent” hit Hindustan Zinc but the company has cushioned itself by tying up imported dry fuel supply till March, a top official
of the Vedanta group firm said.
Biopharmaceutical major Biocon has its eyes set on the US insulin market, which is expected to grow to $29.9 billion by 2025, with its interchangeable biosimilar product Semglee that has received approvals and aspart that the company is hoping will be approved by the first quarter of 2022.
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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!
