– Petrol and diesel prices hiked yet again
– India rejects net zero carbon emissions target
– Adani in talks for $2-bn mega fundraise
– SC orders comprehensive probe into Pegasus row
Now lemme give you a quick glance on the state of the markets.
Dalal Street is likely to have a flat start this morning. Nifty futures on the Singapore Exchange traded 1 point lower at 8:30 hours (IST). Asian shares opened mostly lower on Thursday, extending falls on Wall Street as investors awaited a monetary policy decision from the Bank of Japan and European Central Bank (ECB) later in the day. MSCI’s index of Asia-Pacific shares outside Japan was down by 0.09 per cent.
Elsewhere, the yield on 10-year Treasuries rose about one basis point to 1.55%. The Bloomberg Dollar Spot Index rose 0.1%. Bitcoin retreated below $60,000, falling further back from the peak of almost $67,000 reached last week. Oil prices fell for a second straight day, with Brent hitting its lowest in two weeks after official figures showed a surprise jump in U.S. inventories of crude. Brent crude dropped $1.36, or 1.6%, to $83.22 a barrel.
———–
That said, here’s what is making news.
The Rs 5,352 crore IPO of Nykaa’s parent FSN E-commerce Ventures will open on Thursday. Most brokerages are optimistic about the issue and have given it a subscribe rating. Analysts said Nykaa is likely to get a ‘scarcity premium’ compared to its global peers. The three-day stake sale will close on Monday, November 1. The company has fixed a price band of Rs 1,085-1,125.
Fintech firm Paytm’s parent One97 Communications is looking to launch its initial public offering (IPO) on November 8 with a price band of Rs 2,080 to Rs 2,150 a share, ET reported. The IPO is expected to close on November 10 and the scrip aims to start trading on the bourses a week after that. The firm, founded by Vijay Shekhar Sharma, is targeting a valuation of $20 billion in the IPO.
Adani Enterprises, the flagship entity of the Adani Group, is in talks with at least half a dozen sovereign and global pension funds and energy majors, such as the Abu Dhabi Investment Authority (ADIA), the Qatar Investment Authority (QIA), a BNP Paribas arm and TotalEnergies SE, to raise up to $2 billion in equity sales. The proposed fundraising is part of the Adani Group’s broader plan to make Adani Enterprises a ‘sustainable’ energy major while decarbonising transportation and industrial sectors and help achieve India’s green objectives.
LASTLY,
Investors borrowing funds to put into initial public offerings (IPO) will have to pay nearly double the usual rates to avail funding for the upcoming share sales. As liquidity tightens and fails to match surging demand toe to toe, interest rates have jumped from 6-7% to 12-13% in two months. With a dozen IPOs set to hit the market over the next couple of weeks, brokers expect liquidity to tighten and funding rates to go up further.
———–
NOW Before I go, here is a look at some of the stocks buzzing this morning…
ITC Ltd on Wednesday reported a 12 per cent jump in standalone revenue from operations at Rs 13,553.52 crore for the second quarter ending September as compared to the same period last year, while net profit went up by 13.6 per cent at Rs 3,697.18 crore. The results were largely in line with street expectations.
Bharti Airtel has raised Rs 5246.85 crore in the first tranche of its Rs 21,000-crore rights issue with its board clearing the allotment of 392,287,662 rights equity shares to eligible applicants, with Rs 133.75 paid on application. The balance amount of the issue is to be paid in two more additional calls as may be decided by India’s second-largest telco as part of the issue.
Two- and three-wheeler major Bajaj Auto on Wednesday reported a sharp increase in revenues for the September quarter, helping it improve its net profit despite pressure on margins from high input costs.
United Spirits on Wednesday reported over two-fold jump in consolidated net profit at Rs 286.4 crore for the second quarter ended September 2021 helped by a double-digit growth in sales. The Diageo-controlled liquor maker posted a net profit of Rs 125.1 crore in July-September a year ago, United Spirits Ltd (USL) said in a regulatory filing.
——-
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!
