> MobiKwik may defer IPO as valuation dips
> Centre may better its FY22 fiscal deficit target
> ITC adds breakfast items to its menu
> Jio loses over 19 million mobile users in September: Trai
Now lemme give you a quick glance at the state of the markets.
Asia’s stock market slipped Tuesday as Jerome Powell’s renomination to head the Federal Reserve fueled bets on quicker policy tightening. Australia’s S&P/ASX 200 Index rose 0.6%, South Korea’s Kospi index fell 0.4% and Hong Kong’s Hang Seng Index shed 1%.
The yield on 10-year Treasuries advanced eight basis points to 1.62% on Monday. The dollar was near a four-and-a-half-year top against the yen on Powell’s reappointment. Bitcoin was stuck in the doldrums at $56,784.
Oil prices dropped on growing talk the United States, Japan and India will release crude reserves to tame prices despite the threat of demand faltering as COVID-19 cases flare up in Europe. US WTI crude futures fell 0.6% to $76.32 a barrel. Brent crude futures fell 0.4% to $79.40 a barrel.
That said, here’s what is making news.
Fintech startup MobiKwik could delay its initial public offering (IPO) by two to three months and might even push it to the next financial year as it struggles to find foreign institutional backers at the right valuation amid growing scepticism around fintech business models, people in the know told ET.
Reliance Jio lost over 19 million wireless subscribers in September, dragging its gross user base down to 424.83 million, reflecting the massive clean-up of low-paying customers recently undertaken by the Mukesh Ambani-led telco in the fiscal second quarter. By comparison, Airtel added 0.27 million wireless customers while Vodafone Idea (Vi) lost another 1.07 million.
The stock of Hindustan Aeronautics (HAL), a maker of fighter planes for the Indian Air Force, is expected to show a sustained momentum following improving financial performance, healthy order pipeline, and wide valuation discount with global peers.
LASTLY,
Analysts have advised investors against tendering their entire ownership in the open offer at Escorts as they believe Kubota’s takeover will substantially improve Escorts’ medium-term growth outlook, potentially triggering a sharp re-rating in the stock.
NOW Before I go, here is a look at some of the stocks buzzing this morning.
Latent View Analytics, whose Rs 600-crore initial public offer (IPO) attracted a record 338 times bids, will make market debut on Tuesday.
Fitch Ratings has affirmed SBI’s long-term issuer default rating (IDR) at ‘BBB-‘. The outlook is negative. The agency also affirmed the bank’s viability rating (VR) at ‘BB’.
Realty major DLF said its rental arm has raised Rs 1,000 crore through debentures to refinance its existing debt.
Cigarettes-to-hotels conglomerate ITC has forayed into the Indian breakfast segment with a ready-to-cook and ready-to-mix range and staples under its FMCG brand ‘Aashirvaad’, pitching itself against multinationals Kellogg, PepsiCo and Nestle, and Indian companies MTR and Gits Food.
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!
