SAT lets PNB Housing go ahead with EGM
NBFCs facing loan recast risks in 10% accounts
Goldman makes a case for RIL’s re-rating
Bitcoins buying to get costlier for Indians
Now lemme give you a quick glance on the state of the markets.
Dalal Street looked headed for a good gap-up start, as Nifty futures on the Singapore Exchange traded some 60 points higher at 7 hours (IST). Other Asian markets opened higher: Japan outperformed, while Australia and South Korea saw more subdued gains. Wall Street rallied overnight, with the Dow completing its strongest session in over three months to end 1.76% higher.
Elsewhere, the dollar has stabilised after retreating. Bitcoin sank to hit a two-week low after China intensified its cryptocurrency clampdown. Crude oil was little changed after Monday’s jump.
That said, here’s what is making news?
The Securities Appellate Tribunal has allowed PNB Housing Finance to hold its extraordinary general meeting on Tuesday, as part of the controversial Rs 4,000 crore investment proposal by PE major Carlyle Group and its associates in the mortgage lender. The SAT, however, has asked PNBHFL to not announce the result of the shareholders’ voting on the proposed deal, which is the most important part of the EGM.
With NBFCs rushing to mitigate the impact of the second Covid wave on their balance sheets, estimates suggest that about one-10th of their loan books could be going in for recast — nearly three times that during the first wave. Chief executives ET spoke with said that profitability, too, could take a beating in the June quarter despite collection efficiencies improving in the past month.
Brokerage firm Goldman Sachs says it is confident that after the telecom-led rerating in Reliance Industries’ business over the past few years, the retail vertical will take the centrestage going forward after having been adversely affected by the Covid-19 pandemic. The brokerage firm said RIL has spent the past year building strong digital capabilities and its scale-up of the omni-channel offerings is driving substantial market share gains for Reliance Retail.
Bitcoin buying is all set to get costlier for Indians. The cost of buying Bitcoins and other cryptocurrencies may have increased about 2% for investors, who purchased them from exchanges outside the country, as they are all set to face additional tax in the form of equalisation levy. The tax department is now looking into whether the 2% levy is applicable on crypto assets bought online by Indians from overseas exchanges, people in the know said.
LASTLY,
The second wave of Covid-19 and resultant lockdowns in several states significantly impacted about 58% of Indian companies but India Inc remains optimistic about a strong recovery in the coming months, a private industry survey has said. About 58% of respondents cited weak demand as a major challenge in the current environment, the survey conducted this month by Ficci and Dhruva Advisors showed.
NOW Before I go, here is a look at some of the stocks buzzing this morning…
Bharti Airtel will pilot and deploy 5G network solutions locally developed by Tata Group as part of its fifth-generation mobile service rollout plans for the country
Maruti Suzuki, the country’s largest carmaker, said on Monday it would raise prices across its range of vehicles next quarter to offset an increase in input costs.
Brokerages have maintained a bullish view on HDFC after the mortgage lender said its board has approved the sale of a 4.99% stake in HDFC Ergo General Insurance to HDFC Bank.
SBI on Monday said its central board has approved a proposal to raise up to Rs 14,000 crore by issuing Basel-III compliant bonds.
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 put with us for all the market news through the day. Happy investing
