– Cairn could forgo tax money if India agrees to pay principal due
– Zomato Q1 net loss widens to Rs 356 crore
– RBI to penalize banks with empty ATMs
– Bitcoin back above $45,000 mark
Now lemme give you a quick glance on the state of the markets.
Dalal Street is set for a positive start this morning. Nifty futures on the Singapore Exchange traded some 16 points higher at 7:50 hours (IST). Asian peers were mixed on Wednesday as investors awaited a key report on US inflation. Shares rose in Japan and Australia and fluctuated elsewhere.
Elsewhere, the US 10-year Treasury yield held at 1.35%. The dollar hovered near a four-month high against the euro while Bitcoin was back above $45,000. Oil prices on Wednesday consolidated strong overnight gains. US WTI crude futures rose 0.1% to $68.35 a barrel, adding to a 2.7% jump on Tuesday.
That said, here’s what is making news.
The National Stock Exchange (NSE) and BSE are creating special platforms at the International Financial Services Centre (IFSC) in GIFT City through which Indians can invest in foreign shares. The system will allow Indians to hold the securities through depository receipts—an instrument that represents a foreign company’s publicly traded securities–in their own demat accounts at the financial centre.
The IPO frenzy on Dalal Street continued with four offers together this week trying to mobilise about 14,600 crore, making it one of the busiest weeks for IPOs in several years. The previous week saw 3,614 crore, while during the week of July 12-16, 9,375 crore was raised from just one IPO — Zomato, data from exchanges and merchant bankers showed. The previous large week for an IPO mobilisation was March 2-6, 2020 when SBI Cards raised 10,355 crore.
The central bank’s draft guidelines easing FEMA regulations will give Indian companies — and their promoters — more flexibility to raise funds abroad, reduce the cost of capital and make overseas acquisitions easier, bankers say. The draft norms have for the first time allowed promoters to give their personal guarantees for raising funds from abroad without seeking the central bank’s permission. Bankers said the draft guidelines intend to make fundraising easier.
LASTLY,
The measures announced by BSE on Monday to curb excessive price movement in smaller stocks further impacted sentiment in the mid- and small-cap stocks. Out of 3,656 stocks traded on Tuesday, 521 ended at lower circuit. To curb excessive speculation, the BSE has further tightened the surveillance measures for some stocks — that have rallied 6 times in six months, 12 times in one year, 20 times in two years and 30 times in three years — by introducing special price limits.
NOW Before I go, here is a look at some of the stocks buzzing this morning…
Metals and mining firm Vedanta will be investing close to $20 billion
(Rs 1,48,900 crore) across all its businesses in the next few years, said Vedanta’s Chairman Anil Agarwal.
Naveen Jindal-led Jindal Steel & Power Ltd (JSPL) on Tuesday posted a
consolidated net profit of Rs 2,516 crore for the June quarter, up 11 times the year earlier.
Chalet Hotels has posted revenue from operations of Rs 69.5 crore for the quarter ended June, up from Rs 53 crore in the corresponding period of the previous fiscal. Its losses were at Rs 42 crore up from Rs 39.3 crore in the corresponding period of the last fiscal.
Spencer’s Retail on Tuesday reported over 7 per cent growth in standalone revenue from operations at Rs 472.23 crore for the first quarter ending June, while loss after tax reduced significantly to Rs 16.94 crore in the period under review as compared to Rs 46.79 crore clocked a year ago.
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!
