– Vodafone Idea in talks with banks for loan recast
– General Electric to split into 3 public firms
– Pharma cos seek govt nod to hike drug prices
– Bharti Telecom raises Rs 1,380 cr via bonds
Now lemme give you a quick glance on the state of the markets.
Asian shares opened lower Wednesday after US shares dropped on inflation worries. MSCI’s index of Asia-Pacific shares outside Japan was down by 0.25 per cent. Japan’s Nikkei tanked 0.32%
Elsewhere, the yield on 10-year Treasuries rose about three basis points to 1.47%. The dollar held a three-day loss against major peers and traded near a one-month low to the yen on Wednesday, with highly anticipated U.S. inflation data looming that could guide the timing of a Federal Reserve interest rate increase. Bitcoin was trading around $67,000, not far from the record high it scaled on Tuesday. Oil prices rose on Wednesday, extending strong gains in the previous session, after industry data showed U.S. crude stocks unexpectedly fell last week just as near term travel demand picked up with pandemic curbs easing.
That said, here’s what is making news.
Foreign portfolio investors (FPIs) have softened their opposition to the shorter stock market settlement cycle after exchanges notified final operational guidelines on Monday. Asian Securities Industry and Financial Markets Association (ASIFMA), which has opposed the T+1 settlement cycle, said the phased implementation of the new system in a phased manner is ‘good news’.
Die-hard equity investors looking to make lump sum investments into the market could consider schemes that follow value investing and bet on companies with cheaper valuations. Underperformance of these schemes over the last five years, early signs of the value theme picking up and a broader recovery in earnings growth make them safer bets at this juncture, said analysts and investment advisors.
The earnings momentum of Hindustan Petroleum Corporation (HPCL) is expected to improve on account of capacity expansion at its existing refineries amid improving gross refining margin (GRM) and a recovery in the marketing volume of fuels. This may result in 20-25 per cent earnings upgrade for FY23. The stock has gained over 13 per cent in five trading sessions following its September quarter result on November 2.
LASTLY,
Most brokerages have a neutral to bearish view on Britannia Industries after the company’s margins in the second quarter were dented by cost pressures. Retaining a neutral rating, Credit Suisse said Britannia’s consolidated profit before tax fell 21% year-on-year which was significantly before estimates.
NOW Before I go, here is a look at some of the stocks buzzing this morning…
Vodafone Idea (Vi) has held talks with lenders, including consortium lead State Bank of India (SBI), for a possible recast of loans through a potential standstill on interest payments, longer repayment tenures or lower rates, ET reported.
The Inox Group, with diverse interests in chemicals, renewable energy, modern film exhibition and industrial gases, has reached an amicable family settlement for the division of businesses.
Indian Hotels Co Ltd (IHCL) has fixed the rights issue price at Rs 150 per share to raise a total of Rs 1,982.10 crore from the eligible shareholders. Last month, the company’s board had given nod to raise Rs 4,000 crore, against Rs 3,000 crore approved earlier in August this year.
HDFC on Tuesday said it will raise Rs 3,000 crore by issuing bonds on a private placement basis. The issue for the secured redeemable non-convertible debentures (NCDs), bearing a coupon rate of 7.10 per cent per annum, will open for subscription on November 11, 2021, and close on the same day.
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!
