– Taxman widens Pandora probe against Indians
– Petrol, diesel prices hiked again today
– Centre revives All-India Judicial Service proposal
– October turns out to be deadliest month in J&K
Now lemme give you a quick glance on the state of the markets.
Asian shares traded mixed during the early hours as post-election jump in Japan’s Nikkei boosted the morale, whereas firm dollar ahead of Fed’s meeting wobbled the sentiments. MSCI’s index of Asia-Pacific shares outside Japan was down by 0.37 per cent.
Elsewhere, the yield on 10-year Treasuries added two basis points to 1.57%. The dollar traded near a 2 1/2-week high to major peers on Monday as quickening inflation in the United States boosted the case for earlier Federal Reserve interest rate hikes. Oil prices fell on Monday after China said it released reserves of gasoline and diesel to boost supply, while investors unwound long positions ahead of an OPEC+ meeting on November 4. Brent crude futures dropped 20 cents, or 0.2%, to $83.52 a barrel.
That said, here’s what is making news.
The crypto party just got bigger this week, as Indian crypto exchanges recorded their biggest investment levels ever, not only in terms of the number of investors, but also in the sums invested. According to crypto research and intelligence business CREBACO, Indian crypto investments have increased to over $10 billion from $923 million in April 2020, as crypto markets touched all-time highs (based on IP traffic and crypto quantities of Indian users).
Vedanta’s September quarter earnings were mainly in line with Street expectations. Aluminium and zinc businesses offset lower earnings from the power, steel and zinc international businesses. But the highlight is the company’s decision to transfer the amount credited to the general reserves to retained earnings. Such a move is usually to provide the company freedom to payout the company reserves, thus giving rise to speculation of a higher dividend payout in the near future.
SJS Enterprises, India’s second-largest automobile graphics maker, plans to raise ?800 crore in an intial public offer at a valuation of ?1,650 crore. The entire amount is an offer for sale by the private equity investor Everstone Capital and the founder of the company. Long-term investors with a high-risk appetite may invest in the IPO owing to rising content per vehicle from premium products, improving contribution from new products, and zero debt balance sheet.
LASTLY,
The recent selloff in the stock market that shaved off almost 5% from the benchmark indices may not have run its course yet, said market experts. In a poll of 21 equity strategists and fund managers by ET over the weekend, the majority said the worst may not be over as the spurt in selling by foreign portfolio investors (FPIs) as well as worries about higher inflation and a possible rise in interest rates have investors on edge.
NOW Before I go, here is a look at some of the stocks buzzing this morning.
Cadila Healthcare (Zydus Cadila) said talks on pricing its Covid-19 vaccine ZyCoV-D had aligned closely with the government, and an announcement was expected in the next 1-2 weeks.
Pune-based Atul and Rahul Kirloskar-led Kirloskar Ferrous Industries Ltd has submitted a Rs 670-crore non-binding offer to the lenders of lossmaking ISMT Ltd, a maker of seamless steel tubes, ET reported.
IDFC First Bank on Saturday reported a nearly 50 per cent jump in its standalone net profit at Rs 151.74 crore in the quarter ended September 2021. The bank had posted a net profit of Rs 101.41 crore in the same quarter a year ago.
Indian Oil Corporation (IOC) on Saturday reported a 1.14 per cent year-on-year (YoY) rise in net profit at Rs 6,235.39 crore for the September quarter compared with Rs 6,164.70 crore in the same quarter last year. Revenue for the said quarter rose 47 per cent YoY to Rs 171,787.19 crore from Rs 1,16,717.62 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!
