– Centre to privatise 13 airports by the end of this fiscal year
– Govt may not infuse capital in PSBs in FY23
– Q3 growth poised for rebound, says Nomura
– Tesla hits $1 trillion market cap
Now lemme give you a quick glance on the state of the markets.
Dalal Street is likely to have a positive start this morning. Nifty futures on the Singapore Exchange traded 34 points higher at 8:40 hours (IST). Asian shares opened mostly higher on Tuesday, boosted by gains in US shares that hit record highs as Tesla topped $1 trillion in value. MSCI’s index of Asia-Pacific shares outside Japan was up by 0.17 per cent.
Elsewhere, the yield on 10-year Treasuries rose one basis point to 1.64%. The dollar has bounced off recent lows and was firm in choppy trade on Tuesday ahead of a handful of data releases and central bank meetings which investors expect to guide the rates outlook. Bitcoin traded around $62,800. Oil prices edged lower on Tuesday, taking a breather from a sustained rally driven by strong demand in the United States, the world’s biggest consumer of oil and its products. Brent crude was down 20 cents or 0.2% at $85.79 a barrel by 0143 GMT, after gaining 0.5% on Monday.
That said, here’s what is making news.
Tesla Inc. joined an elite group of companies with market values of at least $1 trillion on Monday, a key milestone for the Elon Musk-led carmaker whose shares have been on a tear amid a global shift to electric vehicles. The maker of the Model 3 sedan — the top-selling electric car worldwide — is now the second fastest company ever to reach this mark, taking just over 11 years since its public debut in June 2010.
The Securities and Exchange Board of India (Sebi) last week approved seven initial public offerings (IPO), including that of Paytm, which plans to raise a minimum of Rs 16,600 crore in the biggest ever scheduled share sales in India. Others that got the regulator’s nod are Policybazaar, ESAF Small Finance Bank, Anand Rathi Wealth, Tarsons Products, Sapphire Foods and HP Adhesives, Sebi said on Monday.
The unlisted shares of PB Fintech have gained nearly 15% after the parent of online marketplaces Policybazaar and Paisabazaar received the market regulator’s approval for its proposed initial public offering. The shares in the grey market are now trading around ₹2,000-2,100 apiece from the earlier price of ₹1,800. The grey market IPO premium, however, still remains low at ₹180-200, from a high of ₹700 before it crashed due to fears over a delayed listing.
LASTLY,
A sharp reversal in the recent run-up in smaller stocks has caught hordes of retail investors on the wrong foot. Brokers say the intense sell-off in several small-cap and penny stocks in the past week or so has led to volumes drying up, resulting in investors facing the risk of holding the duds at higher levels. Analysts say many newbie investors, who took up trading in recent months enticed by the prospect of making a quick buck in the stock market rally have been trapped in the sell-off.
